Christian Ryther

@Nick09348805 Yes, it's taken more time, more money and has been more difficult than they expected to bring all of the acquired 3M product lines in house. I think they were overly optimistic when they bought it, and the market has lost patience with how much time and expense it has required

@CurreenCR Why did the goodwill impairment in Q2 happen? I’m assuming the expected benefits of 3M FSD acquisition have not panned out, but not sure. Is it due to poor mgmt execution or fundamental conditions in your opinion?

Ugly day for $NEOG CEO Fired, missed and lowered guidance They're going slow with Petrifilm in-sourcing, which will hurt GM% next 1-2 years But... selling two businesses, and if I'm reading the transcript correctly they'll get $100m for them In 2 years: co will look very good

@leveredvalue @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas “if they skate through ‘25” doing a lot of work… but I am inclined to think that they will. Time will tell Upside if they make it is not trivial

@CurreenCR @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas TL not due till ‘28 and bonds not due till ‘30 so enough room for them to execute and refi or sell if they skate through ‘25

What went wrong with $FTRE and this is an opportunity? @CurreenCR @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas

@leveredvalue @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas Didn’t they just amend the covenants? They also have nearly exited their expensive TSAs. It’s a “transition year”, but I think it’s cheap. Risky if you think exec branch is going to wipe out US drug research

@CurreenCR @Borlaug_ @LuisVSanchez777 @Randall7575 @peter_mantas Company pretty close to breaching covenants, but these are scarce assets that have perpetually had a bid at mid-teens EBITDA or more and EBITDA seems to be closer to trough than peak on a leveraged equity stub with limited debt maturities in sight

@chrisvirnig You may be right. The author was Alfred Henry Lewis, in his "Owners of America" series. He definitely had an agenda. Still... I like to think the quote is real

@CurreenCR I wonder if he actually said this. The press at the time made up a lot of stuff about him

"Do you know the only thing that gives me pleasure? It's to see my dividends coming in, just to see my dividends coming in!" -John D Rockefeller Cosmopolitan published that quote in late 1908, and I like to think that he said it during the 1907 panic. I feel it more in downturns

@UpslopeCapital I'm always early but I don't hate $CRL Also, I'm starting to get a sense for how people felt when Hillarycare kneecapped the pharma stocks in 1992-1993

CRL and BARN-SW — *terrible* picks by me

@nuggy5 First costs rise as they duplicate production, then costs and capex decline, and then they grow revenue. They have many months to go before they get there, but I think they will get there.

@CurreenCR Will that transition help lower costs or push revenue growth?

@nuggy5 Historically it was a business with good returns on capital and good growth. If you think it gets back to that once they've finished transferring the 3M production in-house, then the E goes way up and so does the P/E.

@CurreenCR Why should a declining business trade at 10x? I was confused after the rmt how it traded way higher.

Times like this--when 'my' ugly ducklings drop hard--are no fun Everything I buy keeps falling, and I feel dumb for being impatient. Then one day they stop dropping, and I feel dumb for not buying more Buying cheap stocks works well... but it comes with a lot of negative feedback

$EHAB got $21m for its investment in Medalogix. One of those happy surprises, and only *cough* 5x what I had penciled in😳 sec.gov/Archives/edgar…

The acquisition of Medalogix may be a small benefit to $EHAB, which had a $1.6m investment in Medalogix after it was acquired in 2021

I'm reading through yesterday's $VFC presentation and it was all fine until Sun Choe started riffing about Vans All of a sudden I NEED to see this performed at a poetry slam. This. Is. Amazing.

@Larryjamieson_ Our fluid intelligence declines as we age, but our knowledge of people and other crystallized intelligence continues to improve. This helps us in managing people and hurts our ability to do more "entry level" work. (see From Strength to Strength by Arthur Brooks)

I don’t have a good way of thinking about this, but at some point in most conventional careers you either move into management or move out. Why?

@BTaylorUSA Everything. Now I shop at Walmart, Best Buy, Backcountry, Home Depot, etc... Turns out they're fine

@CurreenCR What’s the next option? Walmart?

Amazon without Prime is an awful experience. They slow walk your orders and constantly try to trick you into signing up for Prime (and when you do there are ads on videos) We tried cancelling in a good-natured test to see if it'd cut our spending (it did), and now we hate them

I can't believe it, tomorrow Havas will report after the close - European time. Presentation at noon NYC time. For every other European company I have to wake up in the middle of the night - and it's rarely worth it.

@valueterminal Imperium

@jbmp51 @stockspinoffss It would be amazing if Blackrock and Vanguard opted for B shares, got a lower taxable gain for their investors, and then voted to convert all B shares to A shares... but that'll never happen.

@stockspinoffss @CurreenCR I see! Its ok i tried (before Gabelli) to allow a/b conversion but Miller and Team refuse. Even though even if all other b holders converted he would still be able to control the company. - which makes discussion of "independent" directors funny to me.

I had a great time chatting with @stockspinoffss last week! We talked about $EHAB, how $MRP pisses me off, $HAVAS and even a bit on Pluxee.

And here's the audio version: open.spotify.com/episode/0mCfBK…

The description here has the links to specific parts... youtube.com/watch?v=VRvPQ1…