tag:blogger.com,1999:blog-2149523431587168680.post6910975593314832690..comments2024-01-16T00:12:23.220-05:00Comments on Oddball Stocks: Investing in Horizon Kinetics through the back door with FRMONate Tobikhttp://www.blogger.com/profile/05660387777171986124noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-2149523431587168680.post-86954666512658987602020-12-03T14:09:47.007-05:002020-12-03T14:09:47.007-05:00I have held this for about two decades -- and they...I have held this for about two decades -- and they still haven't fixed the structure. (And Stahl's intemperate predictions of course necer came true.<br />Suddenly the stock takes a big leap with no company press release. Either someone is crazy or maybe the lawyers are going to have a small feast with an insider trading case. Very strange.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-76129456923178166012017-08-31T07:58:33.334-04:002017-08-31T07:58:33.334-04:00Stock Advisory Company Market Magnify is the bes... <a href="https://www.marketmagnify.com" rel="nofollow"> Stock Advisory Company </a> Market Magnify is the best Trading tips advisory in India offering excellent MCX market tips. Anonymoushttps://www.blogger.com/profile/14825667732420041523noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-36556323182596551332017-07-05T07:23:53.932-04:002017-07-05T07:23:53.932-04:00This great post includes a informative content. St...This great post includes a informative content.<a href="https://www.marketmagnify.com" rel="nofollow"> Stock Advisory Company </a> Miss Call This No 7879881122Anonymoushttps://www.blogger.com/profile/14825667732420041523noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-50758069819567707622015-07-06T22:36:10.526-04:002015-07-06T22:36:10.526-04:00Look at the insider buying during that time. Speci...Look at the insider buying during that time. Specifically, who sold the top perfectly.<br /><br />https://www.sec.gov/litigation/admin/2008/34-58031.pdf<br /><br />I like Stahl, and Bregman seems nice too.<br /><br />Hard to know what happened, really. Is anybody game to ask on the next conference call?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-14554718721258550052015-01-09T10:23:18.502-05:002015-01-09T10:23:18.502-05:00any updates on FRMO? any updates on FRMO? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-70222269233401168392013-10-20T18:15:35.237-04:002013-10-20T18:15:35.237-04:00would you purchase at current prices. growth reco...would you purchase at current prices. growth record notwithstanding, it seems pretty expensive.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-2878926989660814932013-10-01T08:00:58.895-04:002013-10-01T08:00:58.895-04:00I doI doNate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-84954920075540508112013-10-01T07:26:28.718-04:002013-10-01T07:26:28.718-04:00Do you still own FRMO ? Do you still own FRMO ? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-17556396064848704892013-04-23T15:30:55.821-04:002013-04-23T15:30:55.821-04:00They had an issue with the SEC. They owned a port...They had an issue with the SEC. They owned a portion of a fund that couldn't disclosure their financials on a basis that the SEC wanted. The SEC forced them to delist. They intend to re-list, there is a period, three years I believe from the time of delisting before a company is eligible for re-listing. Once the company received a clean audit they changed their fiscal year so re-listing would happen quicker.<br /><br />If you read the old shareholder letters on their site Stahl and Bregman explain the issue in detail. It's really a semantics issue that forced them onto the pinks.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-59591609722766648942013-04-23T15:26:33.901-04:002013-04-23T15:26:33.901-04:00Same here. share purchases etc have been interesti...Same here. share purchases etc have been interesting and I have tought why they arent listed?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-54580455463545695702013-04-23T11:23:41.686-04:002013-04-23T11:23:41.686-04:00I have thought about selling, I haven't yet. ...I have thought about selling, I haven't yet. The gain has been substantial, I'm up 70+% since my initial purchase a year ago.<br /><br />I'm encouraged by the announcements, I think FRMO is slowly becoming Horizon Kinetics. I also think they're looking to re-list which would be positive for the stock. For now I'm just being patient.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-76939542862652935172013-04-23T11:03:19.783-04:002013-04-23T11:03:19.783-04:00How do you find the recent gain and announcements,...How do you find the recent gain and announcements, stock purchases and, have you considered selling ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-37179190568947861852012-11-10T03:59:49.244-05:002012-11-10T03:59:49.244-05:00There is also a great deal of information about wh...There is also a great deal of information about what FRMO does, what are its goals and interests etc. all that is majorly covered in transcriptAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-23840422700937157822012-11-10T03:51:50.215-05:002012-11-10T03:51:50.215-05:00Anyone who'd like to read about indexation and...Anyone who'd like to read about indexation and FRMO's ideas about that, read the Annual meeting of shareholders transcript from research centerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-18836701665770584942012-11-08T22:46:43.829-05:002012-11-08T22:46:43.829-05:00Thanks Nate. Much appreciated.
Thanks Nate. Much appreciated.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-91063281019825255832012-11-08T21:27:38.619-05:002012-11-08T21:27:38.619-05:00I can agree with that for sure. This isn't a ...I can agree with that for sure. This isn't a slam dunk bargain, but for excellent managers I think paying this price is fair for sure.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-50352086653466070742012-11-08T21:26:46.261-05:002012-11-08T21:26:46.261-05:00It was .86%, but as of the last quarter I believe ...It was .86%, but as of the last quarter I believe it's closer to 1% now.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-13021560865286420732012-11-08T19:39:06.387-05:002012-11-08T19:39:06.387-05:00Thanks Nate.
Other thing that I was wondering abo...Thanks Nate.<br /><br />Other thing that I was wondering about was why this company exists? i.e why is it not private? <br /><br />The only thing I can think of is that Stahl & Bregman would like a public record of their work.<br /><br />Having read the shareholder letters, and some other articles I like the way these guys think.<br /><br />Regarding valuation, tell me if I am on the right track:<br /><br />Valuation= net assets of ~ $55.9 million + 10 x pre tax net income (advisory fees, partnership investment) or (10 x 50% x $4.6 million)<br /><br />=~$78 million for ~ 39 million shares<br />=~ $2 per share<br /><br />A fair price for excellent business /run by excellent managers who own 1/3 of the company<br />biaggionoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-64072535986031829592012-11-08T12:12:05.666-05:002012-11-08T12:12:05.666-05:00Do you know how much exactly FRMO owns kinetics?Do you know how much exactly FRMO owns kinetics?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-82224996110697779012012-11-08T11:49:03.241-05:002012-11-08T11:49:03.241-05:00I think the $3 says a little bit about where Murra...I think the $3 says a little bit about where Murray and Steven think this should be as well. Shareholders have asked a few times what they think FRMO is worth, and they're very coy, but they have indicated they are not selling, and think this is attractive here. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-53079480285697211502012-11-08T11:47:57.380-05:002012-11-08T11:47:57.380-05:00I don't really know what caused the runup, or ...I don't really know what caused the runup, or the plumet, investor mentality or psychology or something. I don't have any special insight into the future, but if this suddenly ran up to $16 I can confidently say I'd be a seller. That would be about a nine-bagger from my puchase price, I'd be happy with that for sure.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-7377934028103442242012-11-08T11:46:22.718-05:002012-11-08T11:46:22.718-05:00I think someone has the same thought for most stoc...I think someone has the same thought for most stocks I post about.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-87708543093184291442012-11-08T11:45:18.452-05:002012-11-08T11:45:18.452-05:00Partially, I mention the breakdown above, some of ...Partially, I mention the breakdown above, some of the earnings are from investment income, some are from intellectual property licensing.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-5953682122259251742012-11-08T11:43:51.584-05:002012-11-08T11:43:51.584-05:00Good question, if you look this traded at an absur...Good question, if you look this traded at an absurd multiple to book value a few years ago, that value has contracted. I guess you could say investors overpaid back then, and maybe being burned now feel like it's not worth as much. <br /><br />Book value is $1.43 a share or so, it's $58m (shareholder equity) divided by 39m shares outstanding. I say rough because I rounded heavily.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-23836467656292657822012-11-08T11:41:31.525-05:002012-11-08T11:41:31.525-05:00This is covered in the shareholder letters. In sh...This is covered in the shareholder letters. In short a new accounting rule came out that required holdings over a certain percentage publish up audited financials. The interest in Kinetics Advisors at the time was above the threshold, and they were a private company whose accounting was on a cash basis not GAAP, so they couldn't provide the financials. The SEC required them to delist. The merger with Kinetics and Horizon solves this problem, the holding is below a threshold now, and they're working on getting relisted. So yes, a technical reason.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.com