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Steel Partners Holdings L.P Message Board

  • glaschutte glaschutte Sep 25, 2012 3:12 PM Flag

    can u say...DEAD money for LONG LONG time?

    geniuses investing just looking at made up numbers instead of focusing on the folks behind the "fund"

    Sentiment: Strong Sell

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • There is considerable value buying at $11. It may not perform well in the near term, who cares. But many of its holdings are trading at discounted values: HNH and SXCL are the two largest holdings and are both undervalued now. They are trading at a discount and then you have a 30% discount at the SPLP hold co level.

      I understand the criticism of SPLP: the compensation, the fact that WL continues to hold a high level of cash in spite of the markets at four year highs, the events around transitioning into a public holding company from a hedge fund, etc. However, I can't find fault in any of his investment decisions thus far. He is being slow and careful in investing the capital. The current discount to NAV reflects that.

      This will work out well for investors buying around these levels. I am long. Substantially. And very patient.

      • 1 Reply to chrisnd01
      • glaschutte: so SPLP is up about 5% in the two days since your 'dead money' post. Your post didn't make any sense to me. You said something about 'made up numbers,' and 'focusing on the folks behind the fund.'

        Do you care to comment again using complete sentences with grammar close to being correct? It would be nice if you could state your case using facts to back your position.

        Were you drunk when you posted that? Or is that post a reflection of your true abilities and IQ?

 
SPLP
16.60-0.01(-0.06%)Aug 22 4:00 PMEDT

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