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Monday, August 17, 2026

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@marginofdanger 2 clicks

marginofdanger on X

I don't know if I fully agree with that. $CBBI trades at 0.4x for two reasons: 1) OTC listing and 2) no buyback. If there was a company sponsored buyback, it would probably trade at 0.6-0.7x and therefore the buybacks would be less accretive. Also if you look at my numbers you'll see that the projected share price in the non-buyback scenario is $16.16 in five years plus $2.50 in dividends vs. $19.10 in the buyback scenario. Pretty close. If you're a short-term holder, you want the buyback to re-rate this to 0.6-0.7x. If you want to long-term compound, it's not clear the buyback is that much better to me.
@marginofdanger 1 click

marginofdanger on X

$CBBI followers- the tables below show two scenarios assuming a sale in 5 years at 100% of TBV: 1) Investor reinvests the .50/yr dividend into more shares 2) CBBI suspends dividend and instead does a share repurchase The analysis shows that the results are roughly the same (BEFORE TAXES). The point here is to show that if you reinvest your dividend you can somewhat replicate the economics of a buyback. One assumption that is likely optimistic in the company buyback scenario is that they'd continue to be able to buy back at 0.4x TBV. If you tinker with that, the buyback is less valuable. cc: @mwphnh

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Entravision Q2 Notes

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The Value Road 13 clicks

40 Stock Pitches (3rd-9th August)

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The Oak Bloke 7 clicks

A Venezuela Lottery Ticket for 41 Cents

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Triple S Special Situations Investing 7 clicks

Vistance Networks (NASDAQ: VISN)

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USO · short

United States Oil Fund Lp

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Value Investors Club 2 clicks

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scuttleblurb 3 clicks

Seer

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An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…

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The Mikro Kap 3 clicks

RI(N)sing higher

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Treasure Hunting 4 clicks

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