tag:blogger.com,1999:blog-2080506270244832638.post3192610740664895736..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: PICO HoldingsMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2080506270244832638.post-68499929364118216982015-06-24T12:47:13.057-05:002015-06-24T12:47:13.057-05:00Yes - Barrons has been on this thing for quite som...Yes - Barrons has been on this thing for quite some time. This name has also been written up several times on VIC... it has proven to be a true value-trap. After reading the latest proxy and looking at the shareholder value destruction under this guy Hart's "regime", I am going to stay on the sidelines. The sum-of-parts case is I think at least five, if not ten years old. The US Govt's seizing water is down the list of my worries - my issue is - how much longer will Hart stay in charge? He has actively destroyed value while his pay has gone from $800K in 2008 to $5M in 2014!! I think that the few recent moves by the Board/management are simply window-dressing to give a false impression of change. If this guy is fired or resigns, then it becomes very interesting.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-88838264506092788632015-06-23T16:56:47.731-05:002015-06-23T16:56:47.731-05:00Yes, still on my radar and it's tempting to me...Yes, still on my radar and it's tempting to me as well. <br /><br />My big question is what's Vilder worth? The west coast is in the middle of a water crisis and there still doesn't seem to be much movement or price discovery on that asset. I'm also concerned about potential eminent domain risk? Would the US government potentially seize water assets if the crisis got bad enough? Have any idea how to value it? But the activists seem to have the right idea, PICO in hindsight had no business starting Northstar from scratch and it's destroyed value, UCP appears to be under-managed as well. John Hart is fairly entrenched in there despite not owning a lot of shares, bloated salary and a potential golden parachute, good work if you can get it. <br /><br />The price looks about right as it's come down after spiking on the activist news and another Barron's mention.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-48750649512731471632015-06-23T10:02:27.502-05:002015-06-23T10:02:27.502-05:00Hi MDC -
Any chance this is still on your radar?...Hi MDC - <br /><br />Any chance this is still on your radar? I noticed a new activist in the stock so piqued my curiousity...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-16341640585449933772013-10-07T09:19:05.311-05:002013-10-07T09:19:05.311-05:00Barron's wrote up PICO, nice bounce today (10/...Barron's wrote up PICO, nice bounce today (10/7/13):<br />http://online.barrons.com/article/SB50001424053111903320604579107361558477556.html?mod=BOL_twm_fsMDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.com