Special Situation and Value investor
Cincinnati, OH
Joined January 2019
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@graham_disciple retweeted
This is the probable cause justifying the FBI raiding my home Nov 5th, 2021. The Govt took my sources in my Signal and leaked them.
It has been five years and every single word of the probable cause is still completely redacted. The ACLU and reporters committee filed amicus in support of unredacting.
The people who did this roam free without consequence. Journalists like @MZHemingway and others get spied on.
Without accountability our notion of “freedom” is just an illusion.
@graham_disciple retweeted
I hate that I have to do this, it’s my least favorite part about my life. I knew my life would get even more dangerous when I announced I am suing California and began accepting invitations to speak on college campuses this semester.
I need to raise money again for security. Doing the right thing and exposing evil now puts your life in danger in today’s society. For example, a UC Irvine “lecturer” (teacher) is insinuating it would be funny to assassinate me and leftist are threatening to kill me constantly.
I will not cower to the radicals or the far left who threaten and plot to kill and destroy our country, yet the $30k–$50k a month it costs me just to stay safe doing my job is unsustainable. I make enough for my needs and my employees, but this added expense produces no return and is unsustainable on my own.
If you can donate, please donate here: Nickshirley.us Donations are tax-deductible and go strictly toward security/operations, anything helps 🙏🏼 If you cannot donate no worries please like and share this so more may see it!
God bless,
Nick
In the comments of @harvardrepclub's recent Instagram post announcing @nickshirleyy's visit to campus, UC Irvine and Chapman lecturer Matthew Goldman endorses a potential act of violence against Shirley, just before the one-year anniversary of Charlie Kirk’s assassination.
A thread 👇
@graham_disciple retweeted
When you talk to voters in Cali, and you discuss Prop 40, do you tell each voter how they will benefit ?
The state estimates that it could generate 100b, which will be paid over the 5 yr term, or 20b a year. Give or take.
The state lost about 30b In federal Medicaid funding? Which means, even if you took 100pct of the Prop 40 funds each year , to subsidize the loss funding, it doesn’t cover it.
The good news is that a few million people who lost coverage, could get it back. And people working at providers that accept medi-cal could keep their jobs. That’s great
But it also means that only a few million Californians will benefit. Great.
The rest get no benefit. None at all. Zero. Anyone you talked to that didn’t lose Medicaid , won’t get shit.
Affordability? Nope. Lower healthcare costs ? Nope. Lower gas prices Nope. Lower home insurance. Nope. Wildfire protections. Nope.
Here is the math as I see it, and feel free to correct me. Right now cali collects 13.3 pct on ANY income above 1m a year. You also collect 8.8 pct on cali corporate earnings.
Which would rather have 13.3 pct and 8.8 pct that people have been paying. Annually.
Or a one time 5 pct tax, which probably equates to about 20b a year , plus some unknown number of wealthy people leaving and taking their companies and jobs with them.
It’s a math problem. Not an easy one.
Now if you went to those same voters and told them you are going to cut their healthcare, food, housing, home/renters insurance , and more, which do you think they would prefer?
A billionaire tax or lower costs at home ?
But that would require actually doing things outside your comfort zone.
The government would still collect from the vast majority of billionaires who are not illiquid. 72 percent of their wealth is in public stock. We are talking here about true paper billionaires with illiquid assets. And in those cases, the government would make out if the company succeeds in terms of collection but founders would not be personally liable if the company somehow failed.
Mark, come on a road trip with me around California, Pennsylvania and the country and ask ordinary Americans how they feel about a billionaire tax. Most say, I promise you, why only 5 percent?
There used to be a time where everyone deeply admired business leaders. We always had our suspicion with politicians. But business leaders were different. Andy Grove, Lee Iacocca, Warren Buffett. I know people respect you, especially with shark tank! But doesn't it concern you that today's business leaders do not have the same esteem today. Why is that? It's because many Americans feel the system is not working for them, that the success of a few is not tied to their success.
What I am trying to do is offer a new social contract for this country. I am a progressive capitalist --I want a future economy that works for everyone, not just the capital class in a few places. I want thoughtful business leaders like you to help me build that country.
Thats what FDR did with recruiting Bill Knudson from GM, railing against economic royalists, and then getting business leaders to industrialize America and build the greatest middle class!
@graham_disciple retweeted
O’KEEFE INVESTIGATES DUPLICATE ABSENTEE BALLOT RETURN ENVELOPES IN DETROIT, MICHIGAN
GOES DOOR TO DOOR INTERVIEWING AFFECTED VOTERS
"That's illegal right? you couldn't... scrape one of them off?"
“They probably sent her two ballots, and she just signed them, I guess.”
"Keep them [cameras] pointed from my house... Do you want me to get the dog?"
@graham_disciple retweeted
Japan is the canary. Nobody is listening.
For thirty years Japan ran the largest monetary experiment in human history. Zero rates. Yield curve control. A central bank that ended up owning roughly half its own government bond market. The theory was that a sovereign borrowing in its own currency faces no real constraint. For three decades the theory held, and every trader who bet against it got carried out on a stretcher. They called it the widowmaker.
The widowmaker is collecting now.
Debt above 200% of GDP. The 10 year JGB touched 2.91% last week, the highest in thirty years. The policy rate sits at 1%, a level last seen in 1995. Debt servicing in the fiscal 2026 budget hit 31.3 trillion yen, roughly a quarter of the entire national budget, and the Ministry of Finance now assumes a 3% bond rate, the highest assumption since 1997. Social security and interest payments together consume close to 60% of all government spending.
Six of every ten yen Tokyo spends now goes to promises made in the past. The remaining four have to cover defense, education, infrastructure, and everything else a modern state is supposed to do.
The yen sits at 163, a 40 year low. Japan burned roughly 11.7 trillion yen defending it and bought a few weeks of relief. This is the trap they built for themselves. Hike enough to defend the currency and the interest bill detonates. Hold rates to protect the fiscal position and the currency keeps bleeding out. Japan imports 90% of its energy and 60% of its calories, so every tick of depreciation lands directly on the grocery bill.
Now the part almost nobody models correctly. Hyperinflation is a distraction. Four percent for fifteen years cuts purchasing power roughly in half, and it arrives so slowly that no single year ever registers as a crisis. There are no wheelbarrow photographs from a 4% decade. There is a retiree in 2041 who did everything right and is poor anyway.
The Japanese saver pays for this twice. Thirty years of zero rates already moved wealth quietly out of household balance sheets and into the state's. Now the debt those zero rates financed gets inflated away in real terms while consumption taxes climb and benefits get quietly trimmed. A bond issued at 0.2% rolls at 3%, and the gap comes out of somebody's standard of living. Extraction, spread thin enough that nobody can point to the day it happened.
Now look west.
US publicly held debt is at 99% of GDP, the highest since 1946, and the CBO baseline puts it at 120% by 2036. Net interest runs from about 1 trillion this year to 2.1 trillion by 2036. The number that should keep you up: the primary deficit, excluding interest, actually declines over that window, from 2.6% of GDP to 2.1%. The entire deterioration is interest compounding on itself. CBO's own baseline has the average rate on the debt crossing above the growth rate around 2031, the threshold where the arithmetic stops correcting itself and starts feeding itself.
The 30 year is at its highest since 2007. The Fed just held with three members dissenting in favor of a hike. And Japan, sitting on 1.19 trillion of Treasuries as the largest foreign holder, sold nearly 30 billion in the first quarter alone. When domestic bonds pay 2.8% with no currency risk attached, Japanese insurers have no reason to own American paper. The most reliable marginal bidder in the world is packing up and going home.
Central planning dies slowly. It ends as a grinding transfer from everyone who saved to everyone who borrowed, administered by people who will call it stability the entire time it is happening.
Japan is fifteen years ahead of us on this road. Everything happening to them is a broadcast from our own future, running in real time, with the sound turned off.
@graham_disciple retweeted
🚨 Here is the full 53 minutes of my crew and I exposing New York fraud, we uncovered over $190,000,000 in fraud as these fraudsters use the elderly and needy to commit fraud through adult and personal home care scams in NYC. Your tax dollars are paying for elderly Koreans and Chinese to play ping pong and do tai chi, while the fraudsters give $ kickbacks to those who enroll. Like it and share this video, the fraud must STOP.
We ALL work way too hard and pay too much in taxes for fraudsters to steal from our pockets. These fraudsters have been able to defraud American taxpayers for years without any pushback from the public and politicians. Time is up.
EXPOSE IT ALL AND END THE FRAUD.
@graham_disciple retweeted
Washington State needs another 100,000 signatures by January 2nd
if you want “proof of citizenship to register to vote” on the ballot in November 2026.
Everyone talks about election integrity.
Everyone says they want election integrity.
Where are the volunteers?
@graham_disciple retweeted
Yesterday, Capital Light published its third immediately actionable idea.
This undiscovered Japanese gem has accelerating revenue growth, ROIC inflecting from negative to +45%, and trades at just 8X estimated FY26 FCF.
Link in bio!
@graham_disciple retweeted
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@graham_disciple retweeted
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@graham_disciple retweeted
🚨 JUST IN: Elon Musk calls for an amendment that makes all sitting members of Congress ineligible for reelection if there is a deficit more than 3% of US GDP.
@graham_disciple retweeted
This!!!!! 🇺🇸🇺🇸🇺🇸
@graham_disciple retweeted
A number of my good friends and family have been surprised about my decision to support @realDonaldTrump for president. They have been surprised because my political giving history has been mostly to Democrats, my voting registration has typically been Democrat (in NY, you must be registered to the party in order to vote in the primary, and usually the Republican candidate has no chance to win), and many of our philanthropic initiatives have supported issues that are consistent with Democratic priorities.
All of the above said, I have always considered myself to be a centrist and/or moderate, and I have voted for the candidate and supported the issues and policies that I believe are in the best interest of the country. Some have accused me of supporting Trump because doing so will somehow benefit me financially. Fortunately, I do not need any financial benefits as I and my family have well more than we need. I have also committed to give away the substantial majority of my resources at or by the time I am no longer, so I don't consider personal financial benefits in the determination of whom I support for office.
Some have suggested that I am supporting Trump because I am seeking a position in his administration. To be clear, I haven't been offered one and I wouldn't take a job in the administration (I love my job and it is the wrong time in my life to work in an administration). I will, however, do everything else I can to help the president succeed in helping our country and its citizens.
All of the above said, I am an investor who manages funds that own some of the best, principally American, businesses in the world. In a better governed and managed America, these business will do better and increase in value faster. One might therefore argue that being 'long' America is somehow a conflict, so I thought to disclose this potential 'conflict' here.
Some of my friends and family who support @KamalaHarris are ok with my supporting Trump, but don't want me to attempt to convince others to support him. Because I strongly believe that a Trump administration will be better for the country and the world than a Harris administration, I think it is important to share my thinking to the extent it helps others come to the right conclusion.
Three months ago, when I endorsed Trump on the day of the first assassination attempt, I promised to share my thinking about why I came to this conclusion in a future more detailed post. I intend to do so in possibly more than one post, with the first, this one, explaining the actions and policies of the Biden/Harris administration and Democratic Party that were the catalysts for my losing total confidence in the administration and the Party.
To be clear, my decision to vote for Trump is not an endorsement of everything he has done or will do because he is an imperfect man. Unlike a marriage or a business partnership where there are effectively unlimited alternatives, in this election, we have only two viable choices. Of the two, I believe that Trump is by far the superior candidate despite his flaws and mistakes he has made in the past.
As always, I welcome your feedback on how I could be wrong and on how the below actions and policies I outline below might actually have been good for America. I have always believed that the best way to get to the truth is to hear the best arguments on all sides of an issue.
While the 33 actions I describe below are those of the Democratic Party and the Biden/Harris administration, they are also the actions and policies that unfortunately our most aggressive adversaries would likely implement if they wanted to destroy America from within, and had the ability to take control of our leadership.
These are the 33:
(1) open the borders to millions of immigrants who were not screened for their risk to the country, dumping them into communities where the new immigrants overwhelm existing communities and the infrastructure to support the new entrants, at the expense of the historic residents,
(2) introduce economic policies and massively increase spending without regard to their impact on inflation and the consequences for low-income Americans and the increase in our deficit and national debt,
(3) withdraw from Afghanistan, abandoning our local partners and the civilians who worked alongside us in an unprepared, overnight withdrawal that led to American casualties and destroyed the lives of Afghani women and girls for generations, against the strong advice of our military leadership, and thereafter not showing appropriate respect for their loss at a memorial ceremony in their honor,
(4) introduce thousands of new and unnecessary regulations in light of the existing regulatory regime that interfere with our businesses’ ability to compete, restraining the development of desperately needed housing, infrastructure, and energy production with the associated inflationary effects,
(5) modify the bail system so that violent criminals are released without bail,
(6) destroy our street retailers and communities and promote lawlessness by making shoplifting (except above large thresholds) no longer a criminal offense,
(7) limit and/or attempt to limit or ban fracking and LNG so that U.S. energy costs increase substantially and the U.S. loses its energy independence,
(8) promote DEI ideologies that award jobs, awards, and university admissions on the basis of race, sexual identity and gender criteria, and teach our students and citizens that the world can only be understood as an unfair battle between oppressors and the oppressed, where the oppressors are only successful due to structural racism or a rigged system and the oppressed are simply victims of an unfair system and world,
(9) educate our elementary children that gender is fluid, something to be chosen by a child, and promote hormone blockers and gender reassignment surgeries to our youth without regard to the longer-term consequences to their mental and physical health, and allow biological boys and men to compete in girls and women's sports, depriving girls and women of scholarships, awards, and other opportunities that they would have rightly earned otherwise,
(10) encourage and celebrate massive protests and riots that lead to the burning and destruction of local retail and business establishments while at the same time requiring schools to be shuttered because of the risk of Covid-19 spreading during large gatherings,
(11) encourage and celebrate anti-American and anti-Israel protests and flag burning on campuses around the country with no consequences for the protesters who violate laws or university codes and policies,
(12) allow antisemitism to explode with no serious efforts from the administration to quell this hatred,
(13) mandate vaccines that have not been adequately tested nor have their risks been properly considered compared with the potential benefits adjusted for the age and health of the individual, censoring the contrary advice of top scientists around the world,
(14) shut down free speech in media and on social media platforms that is inconsistent with government policies and objectives,
(15) use the U.S., state, and local legal systems to attack and attempt to jail, take off the campaign trail, and/or massively fine candidates for the presidency without regard to the merits or precedential issues of the case,
(16) seek to defund the police and promote anti-police rhetoric causing a loss of confidence in those who are charged with protecting us,
(17) use government funds to subsidize auto companies and internet providers with vastly more expensive, dated and/or lower-quality technology when greatly superior and cheaper alternatives are available from companies that are owned and/or managed by individuals not favored by the current administration,
(18) mandate in legislation and otherwise government solutions to problems when the private sector can do a vastly better, faster, and cheaper job,
(19) seek to ban gas-powered cars and stoves without regard to the economic and practical consequences of doing so,
(20) take no serious actions when 45 American citizens are killed by terrorists and 12 are taken hostage,
(21) hold back armaments and weaponry from our most important ally in the Middle East in the midst of their hostage negotiations, hostages who include American citizens who have now been held for more than one year,
(22) eliminate sanctions on one of our most dangerous enemies enabling them to generate $150 billion+ of cash reserves from oil sales, which they can then use to fund terrorist proxy organizations who attack us and our allies. Exchange five American hostages held by Iran for five Iranians plus $6 billion of cash in the worst hostage negotiation in history setting a disastrous and dangerous precedent,
(23) remove known terrorist organizations from the terrorist list so we can provide aid to their people, and allow them to shoot rockets at U.S. assets and military bases with little if any military response from us,
(24) lie to the American people about the cognitive health of the president and accuse those who provide video evidence of his decline of sharing doctored videos and being right wing conspirators,
(25) do nothing about the deteriorating health of our citizens driven by the food industrial complex, the fraudulent USDA food pyramid, and the inclusion of ingredients in our food that are banned by other countries around the world which are more protective of their citizens,
(26) do nothing about the proliferation of new vaccines that are not properly analyzed for their risk versus the potential benefit for healthy children who are mandated to receive them,
(27) do nothing about the continued exemption from liability for the pharma industry that has led to a proliferation of mandatory vaccines for children without considering the potential cumulative effects of the now mandated 72-shot regime,
(28) convince our minority youth that they are victims of a rigged system and that the American dream is not available to them,
(29) fail to provide adequate Secret Service protection for alternative presidential candidates,
(30) litigate to prevent alternative candidates from getting on the ballot, and take other anti-competitive steps including threatening political consultants who wish to work for alternative candidates for the presidency, and limit the potential media access for other candidates by threatening the networks' future access to the administration and access to 'scoops' if they platform an alternative candidate,
(31) select the Democratic nominee for president in a backroom process by undisclosed party leaders without allowing Americans to choose between candidates in an open primary,
(32) choose an inferior candidate for the presidency when other much more qualified candidates are available and interested to serve,
(33) litigate to make it illegal for states to require proof of citizenship, voter ID, and/or residence in order to vote at a time when many Americans have lost confidence in the accuracy and trustworthiness of our voting system.
I welcome your thoughts.
@graham_disciple retweeted
Very few Americans realize that, if Trump is NOT elected, this will be the last election. Far from being a threat to democracy, he is the only way to save it!
Let me explain: if even 1 in 20 illegals become citizens per year, something that the Democrats are expediting as fast as humanly possible, that would be about 2 million new legal voters in 4 years.
The voting margin in the swing states is often less than 20 thousand votes. That means if the “Democratic” Party succeeds, there will be no more swing states!!
Moreover, the Biden/Harris administration has been flying “asylum seekers”, who are fast-tracked to citizenship, directly into swing states like Pennsylvania, Ohio, Wisconsin and Arizona. It is a surefire way to win every election.
America then becomes a one-party state and Democracy is over. The only “elections” will be the Democratic Party primaries. This already happened in California many years ago, following the 1986 amnesty.
The only thing holding California back from extreme socialism and suffocating government policies is that people can leave California and still remain in America. Once the whole country is controlled by one party, there will be no escape.
Everywhere in America will be like the nightmare that is downtown San Francisco.
@graham_disciple retweeted
I think someone with $500k could earn incredible returns with very low risk by doing the following:
1) Look at every company on an exchange beneath $100mm.
2) Follow news flow and filings on everything small.
3) Identify special situations from 1 and 2 above.
Basically spend 4-6 hours a day looking at businesses and filings.
The crumbs of capitalism are huge. If you live on the tails you'll find things that pay off in short order, while taking very little risk.
Go look at what Buffett did when he was 22 years old. Those things still exist, but nobody will tell you about them.
The problem is you grow out of it pretty quickly. But man it's fun while you're doing it.
Not financial advice, of course. Just one guy's input.
@graham_disciple retweeted
I am crossing the Rubicon and backing the Republican Party and President Trump.
Many — including a former version of myself — get trapped in a mental framework that becomes their identity and prevents them from radically evolving their thinking with new facts and information. I finally broke free from it.
My journey has been a gradual political 180 from where I stood in every previous election. It has been an eye-opening process of disenchantment, zero-basing lifelong beliefs, and rebuilding from there.
In 2017, a good friend enlisted me to pitch the DNC to raise $100M from Silicon Valley founders and executives. The aim was to use these funds and know-how to build a CRM and tech platform to prevent a repeat of Hillary Clinton’s inadequate, outdated 2016 campaign. We met with DNC leadership, who told us we could raise that money, but it would have to go to the general fund; a single-digit percentage would then be allocated to tech. In the wake of one of their most shocking failures, they didn’t want the help.
The next series of realizations began in 2019 while I was at Meta, right after we announced the Libra white paper. I testified before the Senate and the House and subsequently spent significant time in DC, engaging with lawmakers, cabinet members, regulators, and two White House administrations. At the time, I still believed the mainstream idea that Democrats were all about serving the People. However, I was shocked to learn that, for the most part, Republicans cared more deeply about their constituents, while Democrats, in my experience, cared more about government power and control. This is my observation on balance, with many stories to back it up. I also found that more Republicans wanted to understand our project’s goals and took the time to learn about the risks of censoring payments and controlling the network. I found myself remarkably aligned with them.
Then COVID came, revealing more. While I don’t subscribe to the most malicious vaccine conspiracy theories, I do take offense at the censorship machine put in place to hide the origin of the virus from the NIH-funded Wuhan lab and all dissenting voices on vaccinations and lockdowns. At that time, I fully appreciated why Republicans value freedom of speech and preventing censorship.
This trend of spinning and manufacturing a parallel reality to serve the Dem agenda, solidified by complicit mainstream media, hit home with the Hunter Biden laptop story, the coordinated vilification of President Trump and his followers, and President Biden’s cognitive decline — depriving voters of a voice in a proper primary. These examples displayed the hubris of the current Dem leadership. You must think the American people are fools to believe the spin on these issues. I despise this elite vs. general population ideology viscerally.
This version of the Democratic Party is sidelining moderates and centrists and has adopted an increasingly leftist ideology. This drift to the left has dictated policies from which I’ve found myself estranged.
On the domestic front, there has been a total departure from the core American value system of meritocracy, an extreme and weaponized DEI agenda, an open door to massive illegal immigration, and a once-fringe narrative, now mainstream within the party, of vilifying success. This shift is also causing us to fall behind due to an anti-innovation regulatory climate, notably on crypto and soon AI — two non-linear technological breakthroughs that will likely determine tomorrow’s leading countries.
On foreign policy, the administration is exacerbating tensions with Russia through an aggressive NATO expansion narrative focused on Ukraine and prolonging an unwinnable war. This is costing American taxpayers hundreds of billions of dollars, the world hundreds of thousands of lives, depleting the U.S. military arsenal and risking World War III. On Iran, this administration is continuing a misguided Obama-era plan to bring Iran closer to the West by unfreezing Trump-era sanctions, thus giving the Mollahs’ regime the ability to fund terrorism and pursue its anti-America, anti-Israel, and anti-Jewish agenda. The withdrawal from Afghanistan was also handled disastrously. We’re leaving a door open for China to invade Taiwan by coming across as weak. Most importantly to me, concerning Israel, the administration is enabling Iran to fund Hamas and Hezbollah, restraining Israel in its fight against its enemies, thus prolonging another conflict, which is costing more lives on both sides and allowing unprecedented levels of antisemitism to rise at home.
I believe we need a President who is unequivocally pro: America, the Constitution, business, Bitcoin/crypto, innovation, Israel, small government, legal immigration, free speech, meritocracy, and common sense — and anti: regulatory proliferation, illegal immigration, unjust wars, Iran’s current regime, and domestic groups that oppose American values. These issues are central to President Trump’s platform.
Naturally, I disagree with President Trump and the GOP on some issues, particularly women’s reproductive rights. While I’ve come to learn that extreme views exist in both parties, I firmly believe that women should have the unalienable right to make their own decisions on this polarizing topic. President Trump confirmed he was against a national abortion ban and supported the Supreme Court’s decision on maintaining access to mifepristone, which was reassuring and a sign that the party was moving closer to the center.
It’s impossible to close this post without mentioning President Trump’s recent assassination attempt. The courage and resolve he displayed seconds after being hit by a bullet was awe-inspiring for his followers and detractors alike. This was a man, however imperfect, who, at that moment, incarnated the American spirit in the most vivid way, starting to bring a split nation together.
Some claim that reelecting President Trump will bring our democracy to its knees. However, the alternative — having unelected individuals with this much power and no accountability run our government coupled with four more years of bad policies at home and abroad — might present a more significant threat. Neither will likely change in a Harris administration and could potentially worsen.
In this pivotal moment, confronted with the choices we have, I am endorsing and supporting a return to a Republican administration in 2025.
@graham_disciple retweeted
Here’s 24 straight minutes of Democrats denying election results.
Whatever you do do not share this!!!
@graham_disciple retweeted
Warren Buffett's turnaround: Dempster Mill
In 1962, "Buffett was looking at months before it caved in." Dempster, his largest holding, had "a critical cash situation" and "the bank was making noise about shutting it down."
Here's how he turned near-disaster into near-triple…
@graham_disciple retweeted
added a few more $IMPP here...bagholding already 😅
ref current this is now negative EV and a net-net; has more than the mkt cap in net cash; trades under a quarter of NAV and should be generating what, a very low single digit multiple of current earnings. Sordid backstory, etc, but the insiders own 40% now...
the market is basically telling you the insiders are going to blow themselves up to hurt shareholders here (how exactly)? the way to screw minorities here is to tender for the co at a big discount to NAV (prob $14-15), and steal all the value for yourself...but even then they prob can't tender at much under half of NAV...a 100% return from here.
Again - sordid history and this is not a rec. Still v much only play 💸 for me. But absent a self-immolation of capital by the insiders, I dunno. Its cheap enough.
I took a flyer on $IMPP (Imperial Petroleum). Pretty good pitch on VIC (not freely available tho yet), $14 of NAV and $4-5 of cash, no debt, insiders own 40%...but those insiders are dodgy Greek billionaires who have ripped of their minorities multiple times previously 🤪
why own it now? well hardly a conviction view. but borrow is 37% and fully utilized (accd'ing to IB); its printing cash; the CEO etc has been buying back stock and warrants; and now owns 40% so not an inconsiderable $ value versus their total wealth (at NAV). At the very least it seems very squeezy, no idea why such a large SI remains in a stock like this at this valn...what happens if the CEO announces a tender for 25% of the co with the excess cash?
It seems more likely you get a take-under at some large discount to NAV - but still well north of $4? - than some permanent capital impairment. This is a loosely-held view though, so please correct me if I'm wrong...