10 Comments

Regulated power companies are so dependent of the health of their service areas for growth that I suggest you take your wife to Hawaii and interview locals at restaurants, bars, and beach condos for first hand input on the state of the local economy.

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I am sure this suggestion will be well-received!

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thx for breaking the substack quiet!

your departure timing nailed the currently known toilet that was the formerly known twitter, and the 'Wolf of West Virginia' would fit in perfectly. but even he has to go to tiktok to find any signs of life.

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I still check out Twitter now and then but yes, most of the intelligent contributors have quietly left. Extremism and engagement bait for the sake of ad share revenues rule the day now.

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hope to get an mrc update here, if not in your 2024q4 musings.

it just struck me that cedar creek (eriksen) was 1 of the very few other microcappers that previously opined on p10 (and has somewhat recovered w/broader mkt).

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It doesn't look like a sale is on the agenda, but it is good to see MRC buying back the outstanding prefs without diluting shareholders. I had hoped they could negotiate a larger discount (0.5% seems designed to say "Look, we got a discount!") but I am glad the overhang is gone. Now they have to show some sustainable top-line growth or some ability to grow inorganically. The much anticipated return to baseline purchasing habits from gas utilities always seems 1-2 quarters away.

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You need to follow the Supreme Court ruling on the insurance settlements. That’s the only thing left at HE. 1.00 eps power. 8,5x. Comps 15-20?

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Great hearing from you Dave! Understand your reasoning from stepping away from X but I do miss your posts on that platform. Thank you for the gift of BUKS!

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Thanks for the update. With UBAB already at $50 do you think the redemption is already somewhat baked into the stock price? Or has it always traded at this kind of premium to TBV? It looks like a pretty solid bank given returns and NIB but stock is up a fair amount already. Thx

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Right, the question becomes "Is UBAB worth a premium to tangible book value?" The bank has a history of earnings a mid-teens RoTE, so I would argue it absolutely is worth $70 at a minimum.

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