Ryan

@waterboystocks ha! serves me right for being lazy by looking historic cash flow numbers from google finance.

Cash flow has been positive for the last five years: 2021: $19.1 million 2022: $17.9 million 2023: $15.4 million 2024: $13.8 million 2025: $5.5 million Total gross assets are valued at $144.3 million: $13.5 million of land, $41.5 million of buildings, $21.6 million of towers and antennae, $56.7 million of equipment, $8.4 million of furniture, fixtures, leasehold improvements, and $2.7 million of vehicles, minus accumulated depreciation of $97.9 million, gives a net property and equipment of $46.4 million. The books show depreciating assets, but in reality, land, buildings, and towers tend to appreciate over time. Using the unadjusted $46.4 million net property and equipment figure, tangible book value is $42.8 million. These assets are not irrelevant. Adding net cash of $25.4 million equals $68.2 million, 120.5% of the current market cap. Throw in for more than free at the moment are FCC licenses, which are valued at $90 million on the balance sheet. Conservatively discount them by half ($45 million) due to management's inability to turn things around in the face of intense competition. Altogether, an investor can currently buy the company for $56.6 million while getting roughly $113 million in asset value (cash + tangible assets + conservatively valued licenses).

$SGA is now trading at $8.91 with GAAP book value at $23.30, so P/B of 0.38x. Conservatively, book value is probably around $15. Market cap is $56.6 million. Enterprise value is $31.2 million. Cash of $30.4 million and long-term debt of $5 million. In 2022, Gate City was buying shares at $20 and had a fair value of $30. They about doubled their position in Q4 2024, haven't sold a single share since, and currently own 13.6% of the company. This could be a good "coattail riding" opportunity. Buffett coined this term in his 1962 partnership letter -- "Many times generals represent a form of 'coattail riding' where we feel the dominating stockholder group has plans for the conversion of unprofitable or under-utilized assets to a better use. We have done that ourselves in Sanborn and Dempster, but everything else equal we would rather let others do the work. Obviously, not only do the values have to be ample in a case like this, but we also have to be careful whose coat we are holding." Gate City has been constructive with Saga, writing them a long email in March 2025: sec.gov/Archives/edgar… They want Saga to stop wasting money and management time on digital ads, sell the "Saga House" which is a luxury Florida beach residence, fix compensation, and get back to running a tight, profitable radio company while returning cash to owners. While they've yet to sell the Saga House or ditch the digital ad business, they did sell 22 tower sites for $10.7 million in Oct 2025 and repurchased 2.8% of shares outstanding in a single privately negotiated transaction announced on Dec 15, 2025. Gate City, as a 13.6% shareholder, reduces the risk of management impairing intrinsic value to a significant degree. This fact, paired with a cheap price, provides a nice margin of safety.

Unintended consequences of the Middle East conflict….Teslas are cool again?

@ReturnsJourney @taobanker yah. definitely Yelp has some utility for travelers. that's about all I use it for. but still really a toss-up between google maps. i tried it the other day to find a local plumber, and the AI search was 10x better, faster, provided more insight, and saved my time.

@Ryan25112625 @taobanker same for trip?

$YELP now trading at a 9% forward earnings yield with a 20% net cash balance. You've simply never seen anything like this before. Hiding out in plain sight. It's not without risk but wow. If this thing moons it will be so obvious in hindsight. I'm getting long af. Over 3% now.

"Don Quixote Trump tilts at windmills"

@cremieuxrecueil @ratiolabsdata It’s all in the execution. I recall an interview with the founders of Duolingo, and they said usage drastically went up when they shortened their learning sessions to something a mobile phone user could do while waiting for a bus. Games would be similar.

This is simply a trend that I cannot relate to at all. I don't play any games on my phone and I don't think I know many people who play mobile games either.

@grok @Jacobtmueller @shawngorham @grok what are the potential conflicts of interest between the parties involved in a DST?

A DST, or Delaware Statutory Trust, is a legal entity used in real estate investing, allowing fractional ownership of properties. In this context, it’s relevant for a 1031 exchange, where you can sell a property (like a $2.8M home) and reinvest in a DST to defer capital gains taxes. DSTs offer passive income and diversification but lack control and liquidity. They suit your goal of avoiding property management while preserving wealth for heirs via a step-up in basis. However, high fees and potential IRS rule changes are risks to consider. Consult a tax professional to weigh benefits against drawbacks.

A Boomer friend has a 2nd home he bought 30+ years ago and doesn’t use it anymore It’s a $2.8mm home now He wants to sell it He absolutely refuses to pay capital gain taxes He doesn’t need the money He doesn’t have desire to own or manage real estate He literally wants to park the money somewhere safe and wait for step up basis for his heirs I have this conversation weekly This friend doesn’t even care about returns - he just wants to protect the capital. Many boomers are in this same situation and being sold into DSTs What would you recommend?

@LynAldenContact BMJ 2024; 387 doi: doi.org/10.1136/bmj-20… (Published 20 December 2024)

@LynAldenContact In a contrary vein to all those saying AI is getting better and better, a recent medical study applied human tests for cognition to LLMs. The older and more advanced the LLM, the more likely it was to show signs of dementia-like cognitive impairment.

Do you believe that a Kurzweil-style Singularity will occur by the mid-2040s, or nah?

@LynAldenContact almost all LLMs "...showed signs of mild cognitive impairment. Moreover, as in humans, age is a key determinant of cognitive decline: "older" chatbots, like older patients, tend to perform worse..."

Awesome!

Liftoff of Crew-9!

@MarioNawfal its gotta be the screws rattling around that were missing from the plug door that Boeing instead installed on starliner

🚨BOEING’S STARLINER CREW REPORTS MYSTERIOUS “SONAR-LIKE NOISES” IN SPACECRAFT Crews aboard the International Space Station are investigating mysterious "sonar-like noises" coming from Boeing's Starliner, reported by the crew to Mission Control. The Starliner, which has faced multiple issues since its launch on June 5th, began emitting the unusual sounds on Saturday. Due to ongoing safety concerns, the spacecraft is scheduled to return to Earth on September 6th with no crew on board. Source: @rawsalerts

@LynAldenContact Eventually, the predictions will be right in some sort of vague, conceptual sense. But it seems highly difficult to use in any meaningful way to predict the path of future history.

@LynAldenContact However, history being one of the “soft” sciences, the theories seem to be of limited practical application. It sounds like a great idea and will sell a lot of books, but in reality, I see it as more akin to the writings of Nostradamus or astrology.

Anyway, good morning.

@jerryteixeira f8

I made a FREE guide that breaks down the "Foundational 8" These are the 8 types of exercises I do to build a strong, healthy body And I've included step-by-step video tutorials Like + comment "F8" and I'll send it Must be following for DM

@ContraPoints zowie! every time Natalie drops a vid I feel like the Israelites when Moses brought the tablets down the mountain.

NEW VIDEO | The Hunger "I spread out my hands to you; I thirst for you like a parched land." –Psalm 143:6 youtu.be/RTRT794IQBg

@ContraPoints Tossing out details about the production process that are only nominally meaningful is probably just another way of negotiating later delivery. Buck up buttercup🤣

NEW VIDEO | Envy 🧿👄🧿 youtu.be/aPhrTOg1RUk