Cal Leveen
@CalgaryLeveen
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Reader of docs. Owner of stocks.
Brooklyn, NY
Joined March 2013
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@business
@TheStalwart
JFC taxes??
Taxes on income he didn’t have. The man did a nice thing. Good on him.
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10-Ks should have financial statements up front like 10-Qs
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Venmo is great because I can see which of the people I knew 15 years ago now have private chefs and which live with their mothers
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If you aren't looking at the fixed-to-floating rate securities of banks this week, you really should be.
Example:
Regions Financial (an IG credit) Series B preferred closed Friday at a 15.5% yield to call.
This isn't about credit risk. Their 2025 bonds trade at 5.5% YTM.
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Having kids is so worth it. Yesterday on the G train my 2 year old son pointed at a woman and repeatedly said "Peppa Pig right there!"
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Guys will spend 183 days here to avoid paying New York taxes
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@hannnahmmarie
This contemporary white and black style is the absence of choice. And yet, defacing something classic requires such confidence. How someone can end up with both is a paradox.
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So, you can spend 3 years in the UK studying law as an undergrad and then come take the bar in the US and be practicing law at like 21 years old?
Do any Americans do this? Seems like a debt and time saving cheat code.
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By age 35 you should have a circle of friends who all have Bloomberg terminals
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I just found an instance of “[check this]” in a 10-K.
How’s your Monday going?
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Me following Elliott Management into an investment
Someone in Florida snapped a picture of a raccoon riding a gator at the Ocala National Forest.
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If your 2nd biggest regret is that one time you lost 35bps, look in the mirror. You aren’t taking enough risk.
My 3 biggest money regrets are:
(1) Doing a backdoor Roth IRA (got audited by IRS)
(2) Putting 0.5% of my net worth into altcoins (lost 70% in 2022)
(3) Focusing too much on investments in my 20s (should've focused on career instead)
What are yours?
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@AdamRose_RE
Half the commenters agree with your dad lol. Many people can’t think rationally about debt.
A 2.5% mortgage is a gift from heaven.
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@JiffyLu
@buccocapital
I never understood these people.
Why not use the financial cushion to transition into a career you’re not so desperate to leave?
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Woof. One upside to all this red?
Fixed-to-float securities are back on the menu! These things tanked at the close.
My limit buy order was hit at a price implying 22% yield-to-call on the $WAL Series A pref.
This is a healthy bank trading above book w/ 2.6% common yield.
If you aren't looking at the fixed-to-floating rate securities of banks this week, you really should be.
Example:
Regions Financial (an IG credit) Series B preferred closed Friday at a 15.5% yield to call.
This isn't about credit risk. Their 2025 bonds trade at 5.5% YTM.
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Working in Williamsburg is still so bizarre. There are guys who look like Post Malone talking about corporate governance on their AirPods.
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@sgodofsk
I fly with crying babies a decent amount. I always anticipate someone having a problem, so I keep a retort preloaded.
I haven’t had to use it, but my best response is “you’re the baby”.
I’m open to other ideas.
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@benjlaufer
Isn't this the original idea behind private city clubs? Downtown Association/India House/Brook/Century etc. Very old idea that's fallen out of fashion.
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If you ever need motivation to grind harder and make more money, I strongly recommend hiring an interior designer.
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It makes sense that $DJT will be down tomorrow…which is why it will probably go up.
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Patience is not always a virtue. Some of the biggest drags on my performance came from hanging on to statistically cheap securities that just didn’t go anywhere.
Value brain makes one think that patience will be rewarded. It isn’t always.
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@c_huss
Brownstones are a unique case because they trade, arguably, way below replacement cost.
I had Chubb come do an estimate at mine and they underwrote $2k/sqft for a rebuild and that excludes land value.
It’s a bizarre asset class.
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One like and I’ll keep having sons until Leveen is the common spelling.
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@ActuallyFinance
@zugmanfabio
nailed it. It’s a consequence of, not a cause of, quality. If high margins are sustained, it means others haven’t been able to compete them away.
This and high market share are two indicators of potential competitive advantage.
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@MickEnglewood
@jaltucher
Yes, how many restaurants in the dataset switched from OpenTable to Resy during this (3yr) window?
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@privatebankass
I once interviewed for a job with a genuine billionaire Rothschild at his townhome in London. He was as nice as can be.
His passions were saving elephants from extinction and enjoying dark chocolate.
He had a butler in a tuxedo even though it was a Saturday. Legend.
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Currently reviewing all 66 pages of my Chubb policy like a psychopath and guess what?
Damage from mollusks is NOT covered.
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I have this horrible condition where the worse a stock looks, the more interested I get.
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“We did it, we divested, and we did it without a single fucking student getting touched by police.” Evergreen State College agrees to divest from
companies that profit from gross human rights violations / occupation of Palestinian territories …
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@businessbarista
The HF manager likely has levered equity exposure via fees from the partnership they manage. They are not the same as regular folks.
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"I have heard attributed to Sir Ernest Cassel, who was the private banker to King Edward VII, a remark that I wish I had thought of first. 'When as a young and unknown man I started to be successful I was referred to as a gambler,' Sir Ernest said..." 1/2
To those of you who aren’t Baruchmaxxing: what are you waiting for?
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The 3-year old found my CFA books.
He asked me about them and I got nervous I was about to be roasted.
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@thepupil11
A dollar paid in a dividend is simply a dollar.
A dollar spent on buybacks could be good or bad, depending on the price.
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@KrisAbdelmessih
@Citibank
Yo! Read my lips: First. Republic.
You get a living, breathing relationship manager. You can text them. It’s been a dream.
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The analysis, as always, is excellent.
I do, however, take issue with the description of Barry as “too-tanned.”
Some of us are just swarthy!
Those more familiar with Mortgage REIT analysis will no doubt take issue with my approach, but here I try to lay out a simple framework for understanding $STWD an MREIT unlike any other.
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@JakeAnbinder
I’ve walked “Two Bridges” twice recently and I can confirm that it’s just more Chinatown
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@wesyang
@TwainsMustache
Should I, a nineteenth century New Yorker, have children, given the parlous state of our city streets, which are piled high with horse droppings? Is it unfair to them that they must traverse these manure miles?
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@Bonecondor
I once tried to order curry goat at a Jamaican place in Brooklyn. Chef was asked if they had any left.
She came out and looked at me before saying no. Guy behind me got some.
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“Sometimes it don’t happens and sometimes it do happens.”
Leon Leveen, age 3
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New York’s hottest new night spot. This place has something for everybody.
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This would be 🔥
If I could reliably get cucumber salad, wood ear, and cold sesame noodles outside of New York…I’m ready to invest
15) Maybe, I'll throw $100-200k into a starting a Chipotle like Asian take out concept that will rival Panda Express but offer healthier dishes that you can eat every day
I like team building, I like mentoring young people
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Palm Beach is so funny.
What if we made the country club into a whole ass town?
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Kudlow. Give me Kudlow.
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@austinmaleki
With many small businesses, you’re buying a job.
With many properties (NNN), you just collect checks.
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@GSteel1984
@business
@TheStalwart
And he would keep what’s left. People are acting like this is some nefarious ploy.
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@CCM_Brett
Long Taubman prefs / short Taubman common into the Simon takeover. Wider spread on the prefs. Deal closes, you win. Deal breaks, you win. 😌
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