A Step Toward ‘Peer
to Peer’ Lending Securitization: Eaglewood’s 1st Lending-club
collateral backed CLO, 53 mm in size, Eaglewood retained 1st loss
equity tranche of 13 mm or 25%. The fund is currently less than 3x levered and,
in the founder’s own words, the credit quality is solid, they have an attractive
yield and a relatively short maturity. [Note: I fully support the development
of this market with liberation and dis-intermediation]…Source: http://dealbook.nytimes.com/2013/10/01/a-step-toward-peer-to-peer-lending-securitization/
How Converse went
from bankruptcy to a $1.4 billion business: The 105-year-old brand has grown at
breakneck pace since Nike rescued the company in 2003, two years after it filed
for bankruptcy. Since its cultural heyday in the ’80s, the hip sneaker has
experienced a rebirth. In 2002, the flailing company reported just $205 million
in revenue. Since, Nike has transformed the brand into a $1.4 billion
business—and this year’s revenue is on pace to surpass that number. Converse
has seen the strongest growth in the North America, China and the UK, where
it’s made significant investments over the past several years. Basically, it
transformed a basic canvas sneaker into a designer’s canvas. The consistent,
targeted approach to advertising, and the addition of new retail stores, have
helped the sneakers gain a foothold around the world. Source: http://qz.com/129238/how-converse-went-from-bankruptcy-to-a-1-4-billion-business/
A Cheap Play on a
Precious Resource: Water: Barron ran an article this weekend on PICO Holdings w/
3 businesses: water-resources, west-coast home builder, and a canola-seet
crushing company with a total of 480 mm market cap. A sale of the assets could
result in prices significantly higher than the company's carrying value. In
February PICO entered into an option agreement with Lincoln County water
district in Nevada to sell 7,000 acre-feet of water rights for $12,000 per
acre-foot, well above the company's cost. The housing market could also lift
the fortunes of UCP. A fund manager values PICO at $35 a share, which assumes
$15.40 a share for Vidler, $7 a share for UCP, and $7.90 a share for Northstar.
The company has $116 million in cash, not including the proceeds from the UCP
offering, and $150 million in debt. It's worth noting that CEO Hart is well
incentivized to boost the share price over the next few years. Hart has 838,000
options with an exercise price of $33.76. The options expire in December 2015.
Source: http://online.barrons.com/article/SB50001424053111903320604579107361558477556.html?mod=BOL_twm_fs
A Scientific Guide to
Effectively Saying No:
Your words help to frame your sense of empowerment and control. Furthermore,
the words that you use create a feedback loop in your brain that impacts your
future behaviors. For example, every time you tell yourself “I can’t,” you’re
creating a feedback loop that's a reminder of your limitations. This
terminology indicates that you’re forcing yourself to do something you don’t
want to do. In comparison, when you tell yourself “I don’t,” you’re creating a
feedback loop that reminds you of your control and power over the situation.
It’s a phrase that can propel you towards breaking your bad habits and
following your good ones. Source: http://lifehacker.com/a-scientific-guide-to-saying-no-1293242273
The Eyes Are
Increasingly Dirty Windows Into the Soul: Perhaps this was something we intuitively
understood, because new findings appearing in the journal Psychological Science
indicate that not only does looking someone in the eye not convince them, it
may actually harm your case. Eye contact, especially if someone is predisposed
to disagree with you and you’re pushing them to look you back, is not
persuasive at all. (This might be helpful to understand as we navigate out of
the government shutdown….)… Source: http://www.psmag.com/culture/eyes-increasingly-dirty-windows-soul-67463/
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