Mark to market: catching up on GAN, WTE, AER, Gold, Tankers, BFAM, and more

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15 thoughts on “Mark to market: catching up on GAN, WTE, AER, Gold, Tankers, BFAM, and more

  1. Hi Jeremy, I’m also having issues viewing this.
    All I can see is a button regarding subscribing for $1500 annually, as well as a Log In button.
    I’m a monthly subscriber. When I click the Log In button on your article, it simply refreshes the page.

    • dear all – hopefully this is resolved now. i do apologize for the inconvenience, there are a fair few teething issues with the Log In buttons for the new service. I am working hard to try to smooth it all out. Also i realize there were some formatting errors in the mos recent post. these will also be a one-off. thanks again for understanding and i appreciate the support!

  2. BFAM: despite a slowdown in earnings in Q1 (as expected, due to COVID), end of Q1 B/S is actually stronger. Jeremy – does that not weaken the bear thesis?

    • hi there – not really. the bear thesis is predicated upon a structurally less powerful business post COVID due to 1) less pricing power; 2) lower utilization (social distancing; less demand in a recession); and 3) operating deleverage through the model. Yes the balance sheet concerns I mentioned didn’t come to pass – that part was overblown I admit. But mostly this is about a weaker business model going forward and a high valuation (yet to be proven out, hence why the stock hasnt come off much yet).

  3. Thanks for the thought, how do you think of DKNG recent Q1? will this indicate a positive impact on GAN? I noticed that GAN partners are worldwide and have difficulty to assess the revenue growth, Thanks

    • hi Amos – DKNG is a very tricky stock (I have lost money shorting it historically). It seems to be caught up in the online gambling bubble right now by a number of day-traders. GAN has certainly caught some of that halo and has re-rated far faster, and far higher, than I thought possible (as I noted in this comment, since I sold my last GAN shares around $15-$15.5). Clearly I would have been better off waiting a couple more weeks! Such is life.

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