I started buying at $36, so I have a different perspective. I was originally valuing the company at $65. Since then I've moved it to $100. It's fully valued here but he has liquidity and when he hit's a vein it pops the stock. FDML is splitting into two companies in the spring. The stock usually drifts lower through January then moves in February. Sell $95 February puts on a down day pocket some cash. When the stock pulls back buy a call a February call @ $100. Or just grab a 5% yield.
I think they had a big short position that was not reflected in investment return for the quarter. They probably made some profit with the October pull back. I think 4th quarter will be good. There is a risk FDML's foreign exposure could drag down IEP. FDML assets in Russia and Brazil can always be taken or currency devalued .
"New Technology", a trade magazine for the giant "Oil Patch" industry has just awarded BioLargo (BLGO) AOS Filter technology with their coveted “New Technology” award.
The word about the breakthrough AOS Filter technology has been leaking out since early this year, but now with a recognized industry publication featuring BioLargo’s AOS Filter, the big oil companies are likely to be accelerating talks with BioLargo for licensing deals and strategic partnerships/investments.
The AOS Filter has been validated by the University of Alberta to decontaminate water in seconds versus the hours required by current technology . . . and to require only 1/20th of the operating cost of the closest competing technology.
This is by far the biggest breakthrough in water decontamination/filtration in decades and is expected to have an enormous impact on every sector of the water treatment industry.
The University is working with BioLargo and a consortium of large oil companies that are active in Canadian oil sands production to commercialize the AOS Filter in an actual field recovery operation. BioLargo is the Chair of this joint effort.
Since the AOS Filter is so efficient and so inexpensive to operate and since it is effective against so many pathogens and toxic pollutants, its value is likely to be extraordinary. The water treatment industry is estimated to be over $350 billion today and projected to be in the trillions by 2020.
BioLargo (BLGO) has been trading between $.40 and $1.24 since April.
Sentiment: Strong Buy
Adjusting for HLF and things aren't looking very good at the moment. That said, some of IEP's O&G portfolio has rebounded from lowpoints in October.
Just to follow up here, based on results reported this AM, net asset value per share for IEP is $76.68 (net asset value / shares outstanding). These shares are trading at a 57% premium to their underlying value...how do folks possibly get comfortable with that? I can understand a 10-20% premium for Carl's alpha generation track record, but this is an awfully large delta for even a terrific HF manager to overcome.
Right - I get all of that. I guess it just comes down to what premium one is willing to pay for Carl's alpha generation. I do not doubt his abilities or track record, I just worry about the dislocation. It's kind of like paying 2 layers of fees to get into a hedge fund via the retail route (a bank wealth manager, for instance). At some NAV-premium (or fee level), the alpha gets destroyed. Competing for a a "share of Carl" with retail investors and paying 20-30% more per "share" than his direct LPs seems tough to me. Particularly if that dislocation with underlying value grows. Love the concept, though.
Hi. I am just looking into IEP (think Carl has a great history of generating alpha), but have some questions. I read a report that IEP is overvalued relative to underlying assets, and actually ran an analysis on his long-only portfolio accounting for 13D adjustments. I calculate that his portfolio is down about 8% from 6/30 to 9/30 (O&G, Netflix, offset by AAPL and others), and flat from 9/30 to today. That works out to only a couple of percentage points decline when you take into account his net exposure and the debt he uses to lever IEP. That said, IEP traded up 5% over the same period? How do you get comfortable with this investment given the premium to the underlying stock and the disconnect with underlying performance? I've heard estimates that NAV for this is as low as 70 dollars per share? I know access to a manager has value, but how do you think about this? And before anyone freaks, I am not a short or long...can check my yahoo history. Honest question here - just trying to figure this one out.
So will the market drag AAPL down and will Netflix have an effect on the tech sector and kill all his tech holdings tomorrow? Nuan, Aapl, ebay, and Netflix are looking a little tipsy to me
About 1.8m shares as of June 30th.. and had been selling every Q since unloading 50% Oct 2013.
I feel great. I was out of IEP quite a while ago, thanks to my stop. I've been waiting to get back in. I may get back in if this goes to 90. Thanks for asking :)