208 Photos and videos
Tim may be the only one to get this story right.
Charlie Munger once read a single magazine article, spent ninety minutes thinking about it, and made $80 million investing in the idea.
The company looked like a disaster. It had a ton of debt after five spinoffs in six years, and its revenues shrunk because of the 2001 recession. Principal payments on its debt were coming due that the company couldn't make.
I spent weeks reconstructing what Munger actually saw, down to finding the exact article he likely read in 2001.
New series at The Owner's Memo.
open.substack.com/pub/theown…
1
2
1,507
$MPCT.UN The Scarborough Junction development is being advanced with funding from the Ontario Gov't. Dream Impact Trust owns a piece of this, so what could it be worth?
theglobeandmail.com/business…
1
6
676
Dream Impact Trust owns 9% of Scarborough Junction $MPCT.UN
Building Ontario Fund investing $178 million
into Scarborough Junction in an equity
partnership which will build rental 1,700
units including 340 affordable units with
Republic Developments and Harlo Capital.
Scarborough Junction is a 26 acre master planned mixed use development site on the Scarborough Go Station a short 18 minute train ride to downtown Toronto
7
1,870
$3B new asset management deal for $DRM.TO. Should be worth a few dollars of NAV per share.
businesswire.com/news/home/2…
1
2
19
8,718
The incentive fee owing to $DRM.TO has risen to $337M, which is >40% of the market cap. (Every 1% increase in the value of $DIR.UN properties leads to an increase of ~3% in the incentive fee.)
3 May 2023
$DRM.TO The incentive fee payable to Dream Unlimited in the event that the trust ( $DIR.UN ) is being sold would have been $276.1M as of March 31, 2023. It was $271.7M as of December 31, 2022.
3
8
1,645