Sublime
An inspiration engine for ideas

$TWOU's bonds currently trade in the low 50s and yield over 50%. A bondholder group has allegedly formed and is pitching LME.
I reviewed the current situation and just posted my thoughts on the capital structure (loan, bonds, and equity)
Link in bio. #distressed #specialsits #2U #bankruptcy


Last month, I shared my thoughts on Brookfield--a Canadian stock that arouses strong opinions from bulls and bears alike. $BN is undeniably cheap, but with its complex structure and floating rate debt, some find it risky.
When I wrote about BN, I focused on the company's notorious complexity, making the case that it's... See more

Fundamental Equity Analysis: A Primer
https://t.co/xz4Qu4TLGb https://t.co/uWqt0bzFk0
[Tidewater] sold $250MM of senior unsecured bonds maturing in 2028 with a 10 3/8% coupon at a price of 99.
- they now trade at 102 to yield 9.8%, a spread of 522 basis points over Treasurys, or 124 basis points wider than the average single-B spread.
- implies they are “deep junk”... See more

The story of how Bill Ackman made a billion dollars by shorting MBIA. Arguably, this is the trade that turned him into a celebrity investor
Investment Cost: $64 million
Total Proceeds: $1.2 billion
Multiple of Capital (MOC): 18.5x
In 2002, Bill Ackman published a... See more


I was just re-reading this short pitch, and it’s just as fun each time.
If you're looking to improve your forensic accounting skills, this is the write-up to read.
By the way, the author ended up landing a job at a fund as a result of this pitch. (Link to the full pitch below)... See more

Dr. burry be wilin on twitter these days - some original due diligence #bubble #2008 #drburry #thebigshort #bigshort #stocks #crypto
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