Recent Buy – PJT

pjt

I added to my position in PJT Partners this morning at $27.62. My initial position was obtained via Blackstone’s 40:1 spinoff back on October 1st.  Since then I’ve watched as they’ve grown the business to the point of declaring their first dividend (.05 payable 23 Mar, record date 9 Mar).

PJT Partners is not an MLP despite their name.  They are a consulting group who have been adding clients like crazy.  Recent announcements have included:

  • Windland Energieerzeugungs GmbH / Blackstone (wind farm sale)
  • Kenya Airlines (capital raising)
  • Yahoo (strategic alternatives)
  • Viacom (sale of Paramount Pictures stake)

If this isn’t enough to consider a company with no dividend history and a recent quarterly loss, how about the fact that they also have a client list of distressed energy companies.  They provided advice to Magnum Hunter through their bankruptcy and by all accounts, this should be a growth market this year.

I do consider this purchase speculative (primarily due to lack of history) and as such accounts for less than 1% of my portfolio.

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2015: What Went Wrong

This is the final segment to the best and worst of 2015. This series was inspired Bespoke Investment Group’s article tailored to actual holdings in DGI portfolios. The first post, 2015: What Went Right can be found here.

Again I need to address the caveats:

  • Only publicly disclosed data culled from portfolios in my Blog Directory were used. If your blog is not listed, your data was not included.
  • My data only reflects a snapshot in time. Once entered in my database I generally make no updates.
  • I make no guaranty as to the accuracy of the data either through input errors, processing errors, or the legitimacy of the source data. Meaning, use at your own risk – or you get what you pay for.

Bespoke’s article raised a number of questions in my mind. Although not specifically targeted to the DGI community, I found it to be timely none-the-less. So the question today is why were so many ‘losers’ contained in DGI portfolios?

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Methods To My Madness Pt 3

My final post to this series is probably the least defined and most speculative post I’ve composed.  Many have attempted before and I’m sure many will follow, but the topic Cord Cutting and how to profit from it is filled with politics, regulation, evolutionary technology, disruptive practices and good old fashioned corporate greed coming together to create a minefield to negotiate for those seeking answers.

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