Myles

$HAN.L is one of my favourite ideas right now, great write-up below. Basket of mostly public equity funds plus some cash trading at an almost 50% discount to NAV following a recent merger. They are buying back a lot of shares, though they are very illiquid.

It absolutely amazes me that $AAL isn’t down more, they might be the best hedge against this. They only earned 1.1x their interest last year and they can now see billions in additional annual operating costs from fuel expenses at $100 Brent, which IMO, is a matter of time. They are fully unhedged on fuel of course. They have about 6.5Bn in cash against 25Bn debt, 3.75Bn due this year. Normally they refinance that right? What lender would let you do that if you’re burning cash under a worst case scenario airline operating environment? Their loyalty program is already pledged as collateral from COVID-era financing. As fuel prices rise maybe they can pass some along to consumers but not as much as airlines with a better balance sheet and more hedges… and volume still declines. Depending on when this gets resolved they could burn a ton of cash just trying to stay afloat which would make the equity (negative on the balance sheet) look even less attractive than it already is. $AAL puts seem very asymmetric here.

Wild. Reddit and LinkedIn account for almost a quarter of all citations from the top LLMs.

$CRM Director David Kirk buys $500,178 of shares, marking the first Salesforce insider buy this year. CRM is down by 30% over the past year.

QatarEnergy’s Ras Laffan Industrial City to the north of Doha, Qatar's main site for the production of liquefied natural gas and gas-to-liquid, as well as the largest export terminal for LNG in the world, has been heavily targeted tonight by ballistic missiles fired by Iran. Extensive damage to the site and several facilities are being reported by QatarEnergy.

Hate all you want on Chinese fintech lenders, but $FINV looks like its breaking out of its congestion here. P/E under 5, pays a 5+% dividend. I'm long.