Happy New Year to all of our readers! 2018 is now officially history and it will be remembered as a year of increased volatility that ultimately left some portfolios quite damaged. That includes Mohnish Pabrai’s Spinoff Portfolio and its (backtested) historically S&P crushing results. Pabrai is a legendary fund manager and author of The Dhando Investor. In one of… Read More »
Before trade war news jumped to the front pages, China was making headlines for cracking down on its financial firms’ leverage by forcing them to unload some of their overseas holdings. Anbang and its CEO received a lot of headlines, but other companies, such as HNA, were impacted as well. A few years ago, HNA went on a… Read More »
Hilton (HLT) completed the spinoff of a lodging REIT, Park Hotels & Resorts (PK), and of its timeshare business, Hilton Grand Vacations (HGV), earlier this week. The new companies begin trading the ‘regular way’ yesterday and shareholders should have received 1 HGV share for every 10 HLT shares owned and 1 PK share for every 5 HLT shares… Read More »
There is just something exciting about a three-way split. It’s just such a radical transformation and in some ways it’s hard to believe that a company like hotelier Hilton Worldwide (HLT) could pull it off. ITT sure, but Hilton? January 3rd is the day though when Hilton will officially spin off a) Hilton Grand Vacations, its timeshare business… Read More »
Given their increased popularity and media coverage, spinoffs have recently received a lot of attention from regulatory bodies such as the IRS. In fact, one of the under reported items coming out of last year’s budget battle was Congress taking a stand against non-real estate companies spinning off REITs. Essentially, the bill requires a spinoff to wait 10… Read More »