Tsachy Mishal

Junk spreads aren't blowing out. The combo of rates and spreads are having an effect

@GunjanJS Junk spreads aren't blowing out all that much. It's the combo of rates and spreads

Yields on junk bonds keep edging up, at highest levels since May 2025

@UnHedgedChatter Thank you

@CapitalObserver The most cracked investor can't think of a canonical example... See Colossus website for the full transcript.

If you can't dazzle them with cash flow, baffle them with structure!🚩

@GlobalMacroZen What if the wife was with you?

Will you give her a ride if you see her? She is going to New York City. I would give anyone a ride as I am a nice person. What will you do?

@UnHedgedChatter What did he say?

Sundheim’s comments now hit different.

@John_Hempton I also believe the US was getting a good return on their Ukrainian investments. But the EU are freeloaders

@John_Hempton Everyone complains about the 3 billion Israel gets but in returrn the US gets technological improvements and new technologies like Iron Dome. US spends $50 billion/yesr on other allies and gets disdain

"The U.S. spends roughly $3 billion a year on Israel’s military, and more than $50 billion annually to station troops in Japan, South Korea, and Europe. Nineteen days into this war, only one of those investments has produced a return"

@AlphonseSoued I could see a little rally here but obviously the more panic the better the ensuing rally

@CapitalObserver exactly. just the beginning

First whiff of panic since the selloff started

@FoxCastlehold @evantindell I know you can't force them to do anything but you aren't forced to defend their poor choices. It seems to me if they concentrated on creating value for everyone instead of trying to create value for themselves at the expense of minority shareholders everyone would be better off

@CapitalObserver @evantindell And please let’s stay within gentlemen manners. I cannot force bolloré to do a tender offer and if he didn’t do the perfect thing I cannot be blamed for it. The simplest explanation is the best one: a historical big minority shareholder wanted a big dividend.

Bollore $BOL.FP announced a div of 1.5 EUR vs a last px of 4.368 EUR This "amounts to" 4.2b EUR but the vast majority will stay within the Bollore complex. A lot of it will end up at L'Odet, which is itself majority owned by BOL.FP... 🍿🍿🍿 disclosure: still long

@FoxCastlehold @evantindell It was a half assed effort. The shares are still there for the taking if they want to repurchase

@CapitalObserver @evantindell I didn’t say that... the issue is that maybe seeing tha nothing was working and after getting a nice push from a historical shareholder to give a dividend. There are sellers but not big ones and maybe political time line pushed them to acceleratz the disteinution of cash.

@FoxCastlehold @evantindell They bought 6 million this year and the stock collapsed afterwards. Your argument that there is nobody to sell is utter nonsense

@FoxCastlehold @evantindell They bought over 40 million shares in the open market at the beginning of last year. Why did they stop?

@evantindell @FoxCastlehold 💯

@FoxCastlehold @CapitalObserver and THAT is the value of a buyback, to create value. The point is not to support the stock price; in the end you have no control over the market price. You just have to do things that create value and a buyback at a discount is one of those things.

@TheNarrenschiff @pekwat It's the same logic as saying that in order to get back at Ken Griffin I'll buy shitcos. wut?

@TheNarrenschiff @pekwat I will never get that logic

@FoxCastlehold @evantindell They should buy what they could. Every share they buy adds almost 2X in value to remaining shareholders. Giving a dividend adds zero value and triggers taxes

@CapitalObserver @evantindell Well some funds (like the norwegian soverign fund) suddenly discovered that Bolloré has some plantations (not directly, minority stake) and which has become even smaller as time went by. Japanese funds too... etf’s too

@FoxCastlehold @evantindell Why is the stock lower than 4 years ago if there are no sellers left? Would hate to see what the stock looked like with sellers

@CapitalObserver @evantindell No big sellers left.

@FoxCastlehold @evantindell There are willing sellers in the open market. They were buying back a lot of shares before they stopped in May. ODET was able to buy shares. Why not try?

@CapitalObserver @evantindell Last tender offer was not a massive success and the two big minority sharheolders would not have sold a single share to the tender.