About that LTRPA NAV-discount

Liberty TripAdvisor (NASDAQ:LTRPA) is a publicly trading holding company that is effectively the controlling shareholder of TripAdvisor, Inc. (NASDAQ: TRIP). Since the TripAdvisor stake is the company’s main asset, its fairly easy to track whether LTRPA stock is trading at a discount or premium to the current market value of TripAdvisor. Since 2018, Liberty TripAdvisor … Continue reading About that LTRPA NAV-discount

Embedded Optionality | FRMO Case Study

When people talk about the Quality of Earnings, what they usually mean is how well do current earnings predict future earnings. This is, literally, the textbook definition of earnings quality. The problem with this definition, however, is that it favours the stability of earnings above anything else.  What if, as an example, a future stream … Continue reading Embedded Optionality | FRMO Case Study

Return on (re)Invested Capital | TripAdvisor Case Study

TripAdvisor will announce its 2019 fourth quarter and full-year results in a couple of days.  The company began its life as a publicly-traded company on December 21, 2011, when it was spun-off from its parent Expedia (which itself had been spun-off Barry Diller’s IAC in 2005). Under the ticker symbol TRIP, TripAdvisor shares opened trading … Continue reading Return on (re)Invested Capital | TripAdvisor Case Study

Overstock | Retail Value and Risk Factors

On May 15, Overstock (OSTK) filed a Form 4 with the SEC. The filing disclosed that Patrick Byrne, Overstock's CEO and Chairman, had sold 500,000 shares of common stock in the open market. That revelation sent Overstock down about 15% on the day. For me, going long Overstock has been a humbling experience. The thesis … Continue reading Overstock | Retail Value and Risk Factors