tag:blogger.com,1999:blog-2080506270244832638.post1837428251992329934..comments2024-03-27T17:05:53.544-05:00Comments on Clark Street Value: Year End 2015 Portfolio ReviewMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-2080506270244832638.post-65630577345142909322016-01-16T13:24:24.427-06:002016-01-16T13:24:24.427-06:00At this point I'm more worried about Houston, ...At this point I'm more worried about Houston, they have built a lot of commercial real estate, which as you point out is overheated, and they're in a bad market there. Most of their development assets are long lived, there's going to be some ups and downs, but I think over a long time period they'll create some value. I like management, their warrants (which they paid out of their pocket for) are expiring in a couple years, I'd guess we see some additional value creation between now and then. Thanks for the comments.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-34613638917882285302016-01-15T14:27:56.069-06:002016-01-15T14:27:56.069-06:00Well, I am not going to pretend to know the story ...Well, I am not going to pretend to know the story down to that level of detail but I do know that SSP was a good part of SOP value and and then Woodland's is in Houston and I can only imagine what must be going on there in the aftermath of energy crash. I assume they are still involved in that project?<br /><br />Back in 2005, I was in a meeting with a bunch of activist investors - we were all in a proxy contest. I recall one of them (I think he was based in Israel) turn and say "uh, we don't to be long any real estate in the U.S." That turned out to be a very smart comment. I think I can say today "I don't want to be involved in any commercial real estate in the U.S." Cap rates were ridiculous, we all knew it and here we are now.. the unraveling has just begun. Best of luck though.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-37881840376922623282016-01-14T11:45:40.224-06:002016-01-14T11:45:40.224-06:00Fair comment, I don't have a great grasp on NY...Fair comment, I don't have a great grasp on NYC commercial real estate, but I do agree that anything people say will never happen like "there is only one Manhattan" is a dangerous line of thinking. <br /><br />Do you have specific concerns about the Seaport? It appears HHC has dialed back their plans of building adjacent mixed use towers around the Seaport after tiring of fighting the local community there, so that de-risks HHC's NYC risk a bit. I'd be curious to hear your thoughts on the viability of the Seaport? Will locals go there or will it just be a tourist trap?MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-44972191702863124722016-01-14T11:07:44.252-06:002016-01-14T11:07:44.252-06:00Hi - Noticed HHC as a decent sized holding of you...Hi - Noticed HHC as a decent sized holding of your's. I say this without trying to be "cheeky" or even sarcastic. Have you not heard about the bubble that has formed in NYC commercial real estate? I live right outside NYC and keep hearing BS arguments like "there is only one Manhattan" blah blah blah. Bubbles are bubbles, no matter where they form and bubbles eventually burst, all of them. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-30901251033620738042016-01-13T17:36:28.943-06:002016-01-13T17:36:28.943-06:00Good site.Good site.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-79748601839805597172016-01-04T09:37:58.363-06:002016-01-04T09:37:58.363-06:00I just use Excel, it's mostly manual, no great...I just use Excel, it's mostly manual, no great insights in how to make it more automated but I just link a table to my beginning of year portfolio and let Excel do the rest. I'd share it, but everything's on my work computer and we're restricted from Google Docs and all the rest. Thanks for the comment and happy new year.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-83679761888696457342016-01-04T09:36:20.796-06:002016-01-04T09:36:20.796-06:00I loosely follow all the BDCs, have a general disd...I loosely follow all the BDCs, have a general disdain for the industry, but that's a good watchlist of similar companies. I'm waiting for some real distress, not just prices falling in anticipation of it which I think is where we are now. Also waiting for the ACAS situation to play out a bit more before getting too heavy into these. Thanks for the comment and happy new year.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-28065181934274552342016-01-04T01:14:40.980-06:002016-01-04T01:14:40.980-06:00Great blog and very interesting posts you put up, ...Great blog and very interesting posts you put up, thank you for all of them. Would you mind sharing how you get your performance attribution per individual securities? Do you do it manually or get it from your broker? If manually, is there any guide you could give? Would love to do that for own portfolio too, thanks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-60891218542079440902016-01-03T23:40:59.414-06:002016-01-03T23:40:59.414-06:00Have you looked into kcap, ticc, and THL credit? T...Have you looked into kcap, ticc, and THL credit? They are similar companies that invest in CLO's and have high yields.eclecticvaluenoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-67307279882342635242016-01-01T10:18:31.756-06:002016-01-01T10:18:31.756-06:00Congratulation for squeezing out 16.9% in 2015 &am...Congratulation for squeezing out 16.9% in 2015 & wish you all the best for 2016.Anonymousnoreply@blogger.com