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I sometimes find it useful to see what management looks like for companies I own. Here's a picture of Robert Alpert ...
https://www.globalscape.com/company/leadership
Thanks for this analysis and update, Chemist. You probably know as much about the company as Webb and Alpert do!
My mentor continues to dislike PIOE ...
"Don't forget to offset debt with cash. Their assets are zero if you subtract out intangibles and goodwill, actually they are a negative $135m roughly. They are nothing but a sales org filled with folks who could walk at any time."
If the Stock Market truly does look 6 months out, shouldn't the PIOE share price be substantially higher?
Seems like it's time to finally begin buying and HOLDING a significant position here. Things do seem like their on a pretty stable, predictable trajectory.
Nice call, Chemist. I should send you ALL my holdings to do a predictive analysis on!
Sounds like that website release might give vigilant watchers a slight edge. Someone knew the report was out around 11:30AM Pacific Time.
Interesting that they release while the market is open.
Interesting to me today is a company that posted surprise upside earnings (CYOU). Similar to PIOE they have substantial insider ownership (83%). Along with those surprise earnings they also issued a "special dividend" of $9.40 per share (obviously, mostly to themselves)! Now wouldn't THAT be sweet for PIOE to do something similar? If they did it one time, I'm guessing people would send the SP significantly higher in anticipation of them doing it again.
I wouldn't be surprised if some people in the company actually read this board. The ACPW CFO that was replaced by RPC's guy used to read it.
Well, a RS would go against what usually happens with them. But then PIOE went against what usually happens with BK as well.
It's also interesting to me that management is even LOOKING at HLNE as a measure of comparison. That kind of gives a sense of where they're aiming!
I appreciate the granular analysis, Chemist. It looks like a pretty safe investment to hold long term until their performance and/or disclosures indicate otherwise. One thing stands out and that is these guys aren't staying with the status quo in their creative efforts to expand their operations in the lower middle market.
As for your current skill at predicting, why don't you just make one for May and the folks on this board will simply multiply it times ten!
The original raise on Fund XIII was $250MM, not to exceed $400MM. Looks like they easily hit the upper limits of the offering. Big Money seems to be throwing themselves at RCP!
Seem like pretty savvy young guys. If I lived in Santa Monica, I would attend that conference and learn about the lower middle market! Then I could start front-running their deals!
They could also issue a one-time special dividend like FSI recently did for very much the same reason - big insiders wanting to get some cash out. And they could do it year after year if the profits are there.
Bob, what you need now and are probably going to need more of in the future, are ... some significantly discounted ... NOLs!
I'm guessing they're going to pay zero taxes in 2019 as well.
I also suspect they'll do their best to use up any NOLs that might be expiring in 2019. I can imagine them sharing savings as a way to incentivize the troops!
Someone thinks very highly of their operations!
That 10K hasn't exactly sent buyers into a frenzy this morning. ;-(
Based upon current application of NOL Tax assets, when do you expect them to expire? How will that affect reported earnings?
I had a very successful market-savvy friend of mine look over their report. Below is what he had to say. I'd love to get differing opinions...
"They have no assets. $8mm in cash, all other assets are goodwill and intangibles. They have $160mm in real liabilities. They raise money that is all. It is essentially a group of sales people. Their entire income was an income tax benefit.
This is not a stock I would go near for many reasons. While they may be profitable for years to come they still have to pay off their debt---their interest expense was almost $10mm which overwhelmed their operating income. The debt holders own the company not the shareholders.
When the insiders become vested, usually a year after they become public each shareholder can sell an amount equal to 1% of the shares outstanding per month. Thus if each insider chose to do that, the float would increase by 920,000 shares a month. The daily average volume is only 13,000 shares a day. As things stand right now the market for the stock cannot assimilate an increase in the float of the amount that is possible.
http://ir.p10holdings.com/static-files/ebbf0d9a-ade3-4b50-b080-63dcc02d4ad2
Report is out ... To that end, RCP clients continue to entrust an increasing amount of capital with RCP funds. In 2018, in just its core funds--
primary, secondary, and direct--RCP raised an astounding $934 million, a record year. With over 1,300 private equity general
partners ("GPs") in the lower middle market today, having a trusted, experienced advisor such as RCP has never been more
important to institutions and individuals alike. As investors, partners, and people, the RCP team is always striving to be best
in class.
Aren't we a little overdue for a PR?
Mark Ascolese's back in the back up power business ...
http://www.itnewsonline.com/prnewswire/PowerLok-to-Launch-at-Data-Center-Dynamics-in-New-York-NY-April-9-10-2019-Booth-108/636807
Better than the Nasdaq, but not better than my CODA Octopus!
RCP involved in DH Pump and Supply merger.
They didn't make the awards cut for Middle Market managers of 2018, however...
I'd love to see them partner with Luminate.
https://www.themiddlemarket.com/news/m-a-wrap-luminate-silver-lake-ta-riverside-llr-3i-jones-lang?brief=0000015a-289d-d09d-a7fe-ee9f58b00000
I know a wealth management company I'd like Blue Cora to buy ... and they're located in the same neighborhood!
Blucora (NASDAQ:BCOR) agrees to acquire Dallas-based wealth management company 1st Global in a $180M stock deal.
Thanks. I see we have a little buying pressure today: 12K shares.
I like it. It might open the door to much greater transparency, with PIOE, which I would also like.
Any idea when the next ER is due?
Alpert and Webb company decreases operating expenses by 43%!
Let's bring THAT over to PIOE!!
https://finance.yahoo.com/news/globalscape-inc-reports-fiscal-fourth-213000888.html
Might be a good time to lighten up a little until we see if their prediction for this quarter is a reliable one. If it is, I'll put buy orders in for every level of stop-running up until the next report.
Adding shares every penny this rises. I'm guessing Sandeep is a man with a plan.
I think Don should attend. He's in Chicago.
Maybe one of those students bought today's 10K shares anticipating getting a job with RCP.
Ask at .90 today! With all the fingers in all the pies that these guys have, you would think some of their customers / borrowers / investors / employees / cousins / aunts / uncles / in-laws would be interested in picking up a few shares.
If it hit's the mid .70s, I'll be buying shares I hadn't planned to add until just before the ER after this March one. My reasoning will be how much lower can this March ER actually send it?
Those are BOTH your stories, and I'm sticking to them. They pretty much match my own expectations. I'll be adding incrementally, quarter after quarter as long as each report shows them moving in the direction we expect.
I don't think these guys actually care about the share price. I think they are savvy enough that should they want the share price higher or lower, they are sophisticated enough to know how to accomplish that, especially with the trading float as low as it is.
What I think is that they exemplify the Private Equity culture. Keep as low a profile as you can and operate under most people's awareness. The people that kmow about RCP are mostly the people that they want to know about them. And then there's us few pesky shareholders on this board, which I'm sure they don't spend much time thinking about at all.
Huebner's on one of my Talkwalker alerts ... https://www.talkwalker.com/alerts
So are Webb, Alpert, Ascolese and Jay Powers.
So are ... YOU! "Investorshub Chemist"
I try to keep tabs on people who make me money!
One of RCP's principals involved in the Jacuzzi takeover ...
https://www.interiordesign.net/articles/15913-investindustrial-to-acquire-jacuzzi-brands/
They seem to have far-reaching tentacles, these RCP folks.