Thompson Clark @rtclark Twitter profile

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Thompson Clark

@rtclark

4 years

A few articles I've dug up on Bill Foley, billionaire and founder of $FNF. "As Founder, former CEO, and now Chairman of FNF, Mr. Foley, has built the largest title insurance company, growing equity value from $3 million to $13 billion at its peak." (1/x)

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Thompson Clark

@rtclark

7 years

Steve Roth's annual $VNO letter. Great commentary on state of retail on p 15

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Thompson Clark

@rtclark

7 years

Level III, pass! Quite the journey...

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@rtclark

7 years

"Retail in America is Brookfield's number one investment idea."

Brookfield Property CEO on Real Estate, Retail (Video)

www.bloomberg.com

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Thompson Clark

@rtclark

6 years

"...the Stilwell Group installed the following sign near the WHLR corporate headquarters along Virginia Beach Boulevard." $WHLR

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Thompson Clark

@rtclark

6 years

Westfield spin-off Onemarket ($OMN.AU) exhibiting typical spin dynamics. REIT investors dumping. Approx. 100M market cap, 200M in cash. Business worth -100? Maybe. Nordstrom and Westfield as clients...more to come?

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Thompson Clark

@rtclark

7 years

$100k insider buy at $SMHI Spun out at $20...down to $12.50, or 40% of book.

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Thompson Clark

@rtclark

8 years

Old/rare 60 minutes profile on George Soros. Highly ironic comment by Jim Grant at the very end...

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@rtclark

8 years

Back of envelope on $NFLX. Do they disclose churn/gross adds? Haven't seen in any filings... Also, note the very low discount rate...

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Thompson Clark

@rtclark

5 years

Don't see this everyday...employee-owned (via ESOP) government contractor selling 20% to the public. Remaining 80% owned by employees $PSN

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Thompson Clark

@rtclark

8 years

Just arrived. One more on the way. Thanks for the idea, @jtkoster !

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Thompson Clark

@rtclark

7 years

$HBB post-spin investor deck $NC

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Thompson Clark

@rtclark

6 years

Damn...Lloyd Miller died! Can't find an obituary anywhere. Anyone seen it? A true dumpster diver. Saw it mentioned in a proxy statement for one of his holdings "...advised by the late Lloyd I. Miller, III"

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Thompson Clark

@rtclark

7 years

Interesting little nano-cap $STLY ; possibly trading below cash+note receivable PF for the deal. NOLs to boot.

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Thompson Clark

@rtclark

5 years

11 years on this platform. I figured it's time I go public. So, hello world...

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Thompson Clark

@rtclark

8 years

@PunchCardBlog Ubben on going-in FCF yield. He looks for 20% return from growth + coupon. 10% going in + 10% growth, for example

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Thompson Clark

@rtclark

8 months

$RILY redeeming the bulk of the 2024 $RILYO baby bonds on schedule and as planned.

B. Riley Financial Announces Partial Redemption of 6.75% Senior Notes due 2024

B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that it has called for the partial redemption of $115,492,400 aggregate principal amount of its 6.75% Senior...

ir.brileyfin.com

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Thompson Clark

@rtclark

8 years

Level II - pass. On to Level III.

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Thompson Clark

@rtclark

8 years

Very rough $SHLD SOTP build...any comments/criticisms would be mucho appreciated! cc: @eenoch01

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Thompson Clark

@rtclark

5 years

My two cents, but think this platform would be a lot more valuable if discussions on quality businesses also included reasons why, at these prices, they are a compelling investment.

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Thompson Clark

@rtclark

6 years

Really solid Q2 letter from @Choice_Equities Talks $BECN, $REED, $BXC, others. Beacon worth a look. Big recent deal going unappreciated by market + public LBO with insiders actively buying

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Thompson Clark

@rtclark

1 year

The railcar manufacturing industry is going from a bad business to a good business and the market is missing it. Consolidation is a good thing, especially for the remaining players. I want to talk about $GBX and $TRN - the Boeing and Airbus of the railcar world (1/9)

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Thompson Clark

@rtclark

7 years

Form 10 for upcoming $IDT spin, Rafael Holdings $RFL

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Thompson Clark

@rtclark

9 years

"100-baggers since 1962..."

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Thompson Clark

@rtclark

4 years

All of Foley's vehicles: $FNF $BKI $CNNE $CDAY $FG His latest SPAC and Dun and Bradstreet () (5/5)

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Thompson Clark

@rtclark

7 years

New $CLNS spin-off/IPO, $CLNC, investor deck: cc: @PlanMaestro

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Thompson Clark

@rtclark

3 years

@EventDrivenMgr And Soros’ in today’s WSJ…. “The BlackRock managers must be aware that there is an enormous crisis brewing in China’s real-estate market.”

Opinion | BlackRock’s China Blunder

Pouring billions into the country now is a bad investment and imperils U.S. national security.

www.wsj.com

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Thompson Clark

@rtclark

5 years

Went to a big charity event last night...in a dark Sears box. Add that to the list: Trampoline parks, indoor go karting and an event hall. Wedding events in a dark Sears? Why not!

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Thompson Clark

@rtclark

7 years

$CKH annual letter. Discusses upcoming spinoff, state of offshore market and more

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Thompson Clark

@rtclark

9 years

CFA Level I - pass. Level II next...

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Thompson Clark

@rtclark

8 years

Fairfax 2016 Annual Letter $FRFHF

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Thompson Clark

@rtclark

6 years

Day at the office... $DS

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Thompson Clark

@rtclark

9 years

After a successful 2015, time for the 2016 reading log. January: and attached

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Thompson Clark

@rtclark

4 years

My first $GGP 2.0 candidate... $CCO. Provides update on liquidity, Europe, leverage, etc:

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Thompson Clark

@rtclark

7 years

Good write-up. Sort of reminds me of $GKNT which was acquired in 2015 at a 100%+ premium // $PRSS

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Thompson Clark

@rtclark

8 years

One to watch. David Sokol going activist on a bank he's owned for years... $MBRG

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Thompson Clark

@rtclark

7 years

Foley's good...but comparing yourself to $BRK...kiss of death. At least it was for Icahn. This, from 2015 $IEP deck. Not in there anymore!

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Thompson Clark

@rtclark

6 years

“Moving the Mountain” documentary, featuring Li Lu. Really excellent so far. ht: @CohoCap

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Thompson Clark

@rtclark

4 years

Where’s the $PM love amongst the $MO bulls? Their Iqos device may surpass Juul/vaping big time. Just starting to roll out in the US. Saw them everywhere in Portugal last year.

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Thompson Clark

@rtclark

6 years

Zell talking $EQC, deregulation and supply/demand balance for real estate

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Thompson Clark

@rtclark

6 years

Howard Jonas keeps winning. Big move from $IDT spinoff $RFL

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Thompson Clark

@rtclark

6 years

24% of Dorsey's portfolio in...$FB. Hmm

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Thompson Clark

@rtclark

7 years

$SIGM an interesting liquidation scenario. Suspect we'll see close to $7.00 per share in next twelve months.

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Thompson Clark

@rtclark

10 years

January reading log. Plus http://t.co/DoPvX6wSUD http://t.co/swbRtGL0qr

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Thompson Clark

@rtclark

7 years

Mario on the $CBB $HCOM deal call today... funny as always.

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Thompson Clark

@rtclark

3 years

$IDW seems way too cheap here. Nearly $20M in cash after August secondary, no debt. Forecast assumes ~4 new shows per year. Locke and Key, they got ~$3M from Netflix with no costs to produce the show - just a licensing deal. Jonas bought $2.3M at $3.60 in late October.

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Thompson Clark

@rtclark

3 years

Here come the $RILY Form 4's. Bryant with a $5M buy. Others stepping up with sizable purchases as well.

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Thompson Clark

@rtclark

7 years

So-so book, but great location.

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Thompson Clark

@rtclark

7 years

Anyone else catch this at the Yellen testimony? Hah!...

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Thompson Clark

@rtclark

7 years

Link to Trian slide deck $PG

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Thompson Clark

@rtclark

9 years

Interesting

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Thompson Clark

@rtclark

8 years

New Year's Day in Vietnam. Happy New Years to all-

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Thompson Clark

@rtclark

5 years

Think I’m doing this right... $RUBI

Rad Kapital

@radkapital

5 years

The Trade Desk $TTD numbers are mind boggling 🤯 Anyone know of good reads / links / threads on the company or what they do?

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Thompson Clark

@rtclark

10 months

Excellent rebuttal to the shorts at $RILY from @valuedontlie

B Riley ($RILY) - A "Short" Rebuttal

Quick Value Weekly

www.valuedontlie.com

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Thompson Clark

@rtclark

7 years

$VIVHY "As for Universal Music Group, it 'remains the jewel of Vivendi...."

Canal Plus’ Accent on Content Starting to Pay Dividends for Parent Vivendi

Pay-TV unit Canal Plus adds subscribers as parent Vivendi adds IP, allies with telecoms and makes major cost cuts.

variety.com

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Thompson Clark

@rtclark

9 months

@FriendlyBearSA @AlderLaneEggs If Kahn is charged and is guilty, what does that mean for the value of $RILY? I genuinely am curious for the connection here or what you think the stock is worth in that event -- and why it's worth that. Kahn going to jail doesn't therefore mean FRG is a zero. The

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Thompson Clark

@rtclark

8 years

Tilson on suicide watch.

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Thompson Clark

@rtclark

7 years

"...attracting backers including Berkshire Hathaway vice chairman Charles T. Munger."

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Thompson Clark

@rtclark

8 years

Big, ~$4M (1m share) buy from Wes Edens at $DS. Second big buy this year. Dig it.

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@rtclark

2 years

“So 2 years ago, we were making $2 billion in revenues. So now I'm making $23 billion in revenue in 2 years. That's not a crypto company. It's real. It's Cleveland-Cliffs, we're 175 years old company.” The always colorful LG $CLF

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Thompson Clark

@rtclark

3 years

$KD spin math. Undemanding valuation. Maybe a melting ice cube? Might still be cheap, though.

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Thompson Clark

@rtclark

8 years

If you sue Trump, he sues you back. But if you sue Bollore, he buys 30% of your company and demands board seats. Love it! cc: @GWInvestors

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Thompson Clark

@rtclark

7 years

Good MSR Primer from $TWO

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Thompson Clark

@rtclark

7 years

Tim Draper (VC) gets a SPAC: $DOTA

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Thompson Clark

@rtclark

4 years

$HUD - Dufry IPO'd half their stake in 2018 at $19. Now, buying it back for $7.70. Nice -

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Thompson Clark

@rtclark

5 years

Initial highlights from Warner Music Group S-1 (1/x):

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@rtclark

8 months

$CONN stock is up over 50% since the $RILY shorts claimed the FRG/Badcock deal was a total disaster. Yet another dramatically wrong call.

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Thompson Clark

@rtclark

8 years

The post-bankruptcy $SHLD playbook, with some minor differences:

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Thompson Clark

@rtclark

7 years

Wes Edens ain't messing around at $DS...nearly $4M in November

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Thompson Clark

@rtclark

9 years

$SWSH 10K just filed. $1.14 in net cash...solid IRR if liquidation occurs in next 12 months. I think it takes six. What am I missing?

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Thompson Clark

@rtclark

1 year

2021-vintage thrift conversion $WMPN upping the buyback yet again: They do what they say they’re going to do. 3 year mutual conversion anniversary is coming up in March…

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Thompson Clark

@rtclark

8 years

Exhibit A of forced selling this year...Luxor at $HMTV cc: @PlanMaestro

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Thompson Clark

@rtclark

6 years

Unexpected endorsement of Mauboussin’s “Expectations Investing”...

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Thompson Clark

@rtclark

7 years

@BluegrassCap Sub 5 cap for the NAV calc just doesn't seem that compelling. Also, fwiw, Zell / $EQC selling somewhat similar properties in low 6 range.

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Thompson Clark

@rtclark

5 years

$RH, $LULU, $GOOS others all doing interesting things with stores

Canada Goose’s new store has no inventory—but it does have real snow

Canada Goose has taken experiential retailing to new heights.

chainstoreage.com

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Thompson Clark

@rtclark

1 year

$BAYRY might start to actually work here. The glyphosate/Monsanto overhang may finally be behind the company. And now, European regulators say they see no issue with glyphosate. Next up is likely an a announced spin-off of Monsanto, Pharma and Ag divisions to unlock value.

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Thompson Clark

@rtclark

7 years

Former $HRG CEO Omar Asali forms a $300M SPAC, $OMAD. and prospectus:

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Thompson Clark

@rtclark

6 years

Sam Zell on Bloomberg today: "I don't buy markets. I buy opportunities."

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Thompson Clark

@rtclark

7 years

$AABA liquidation proposal "SC 13D - TCI Fund Management Ltd (0001647251) (Filed by)"

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Thompson Clark

@rtclark

7 years

$REV responds to the Mittleman's. Says not looking to takeover the company or go above 89% without board approval

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Thompson Clark

@rtclark

4 years

What’s recovered since the GFC, and what hasn’t. Any other good ones? I had a great boat chart but can’t find it. Don’t think boats have recovered.

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Thompson Clark

@rtclark

8 years

$SPE 2016 Semi-Annual Comments re: $EMG, $NYRT, $FUR, $HIL

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Thompson Clark

@rtclark

3 years

@ThomasBraziel $RILY

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Thompson Clark

@rtclark

7 years

Hmm....even at 70% of book, not sure if $BCRH is all that cheap. Getting up to speed on business...found this gem.

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Thompson Clark

@rtclark

8 years

JPM note comparing airline balance sheets in 2008 versus 2015

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Thompson Clark

@rtclark

9 years

Bulldog liquidation in process at $xrdc. What's it worth? NAV is $5+...$2 share price, $1.60 in net cash. Good bet we see $3+ in the end...

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Thompson Clark

@rtclark

7 years

$IDT $RFL

IDT Announces Timeline for Rafael Holdings Spin-Off

/PRNewswire/ -- IDT Corporation (NYSE: IDT) today announced that the record date for the spin-off of its subsidiary, Rafael Holdings, Inc. (Rafael), to IDT...

www.prnewswire.com

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Thompson Clark

@rtclark

4 years

@310Value @HillfieldCap @ElliotTurn @LennyIce @Ricksalin @phoenixvalue @ClarkSquareCap @icebergdevalor @ValueIdeaLog @wondurrrrboy @danielpsegundo @ConstantineD12 @lockedupcap 6 books in the queue and 6 tags @Valuedontlie @JumpyGarbage @chipperPat @chriswmayer @GWInvestors @DennyCrane550

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Thompson Clark

@rtclark

7 years

Outside BRK...

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Thompson Clark

@rtclark

7 years

"In the past few weeks, Amazon has started talks to buy scores of small television channels..."

A hungry Amazon has its eyes on your cable channels

Amazon is holding talks to supersize its video-channel business, not just in the U.S. but around the globe.

www.nbcnews.com

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Thompson Clark

@rtclark

7 years

REITs and ecommerce, from "The Real Estate Game." Published in...1999! cc: @DonutShorts @TicePBrown

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Thompson Clark

@rtclark

1 year

Pickleball is the fastest growing sport for the 3rd year in a row, with 8.9 million players in 2022. After I burned out from tennis and got beat up playing squash, I picked it up in 2019. So - how can you invest in its future? And what could be the *next* Pickleball? (1/5)

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Thompson Clark

@rtclark

2 years

@ClintFiore No payroll?

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Thompson Clark

@rtclark

7 years

@BluegrassCap @HurriCap Seems a lot of this analysis is captured here: Curious if you agree/disagree...

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Thompson Clark

@rtclark

4 years

“I’m a serial acquirer,” he says. “I can’t seem to stop, whatever flaw that is. And then I can’t stand it until it is perfect. I have to keep on fooling with it. I wish I could figure that one out. My golf game would get a lot better.” (4/x)

Montana’s Cash Cowboy

Billionaire Bill Foley has bought a ski resort, a cattle ranch and a couple of restaurant chains in Montana — and the self-described “serial acquirer” may be just getting started.…

struckman.wordpress.com

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Thompson Clark

@rtclark

1 year

Mudrick Capital presentation: "Generational Opportunity in Distressed Debt"

Mudrick Capital Distressed Debt 2023 Outlook

This is "Mudrick Capital Distressed Debt 2023 Outlook" by Mudrick Capital on Vimeo, the home for high quality videos and the people who love them.

vimeo.com

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Thompson Clark

@rtclark

1 year

The S&P 500 vs S&P 600 valuation spread is at historical levels. Small and mid caps are very cheap on a forward basis relative to large caps. Reminiscent of post-2000 dot com bubble bursting. And small caps did very well in that time frame - dramatically outperforming large caps.

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Thompson Clark

@rtclark

8 years

Early Christmas gift to myself...

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Thompson Clark

@rtclark

8 years

Nice end to the day...

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Thompson Clark

@rtclark

5 years

Why does $SIG trade at lower multiple than $GME? Why does it trade at 3x FCF? Jewelry not going all e-com. They sold the credit book. New management. What’s the bear case from here? One of few retailers who capitalize leases in their total leverage metrics, which I like. 3x FCF.

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