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2021-03-08

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Bireme Capital: “Kodak (KODK) is a Perennial Pretender”<blockquote>Bireme Capital：“柯达（KODK）是一个常年的竞争者”</blockquote>

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A ","content":"Bireme Capital, an investment management firm, published its fourth-quarter 2020 Investor Letter. A net return of 47.1% was recorded by the fund for the year end 2020, outperforming its S&amp;P500 benchmark that delivered an 18.3% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.<blockquote>投资管理公司 Bireme Capital 发布了 2020 年第四季度投资者信。该基金2020年底的净回报率为47.1%，超过了标准普尔500基准18.3%的回报率。您可以查看该基金的前 5 大持仓，一窥他们 2021 年的最大赌注。</blockquote>Bireme Capital, in their Q4 2020 investor letter, said that Eastman Kodak Company (NYSE: KODK) had a declining revenue and negative free cash flow every year since 2007. Bireme Capital identifies Eastman Kodak Company as <a href=\"https://laohu8.com/S/AONE\">one</a> of the companies they treat as great pretenders. Eastman Kodak Company is a photography and printing company that currently has a $632.8 million market cap. In the past 3 months, KODK delivered a 3.98% return and settled at $8.07 per share at the closing of March 4, 2021.<blockquote>Bireme Capital 在 2020 年第四季度投资者信中表示，伊士曼柯达公司（纽约证券交易所股票代码：KODK）自 2007 年以来每年的收入都在下降，自由现金流为负。Bireme Capital 将伊士曼柯达公司确定为<a href=\"https://laohu8.com/S/AONE\">一</a>他们视为伟大伪装者的公司。伊士曼柯达公司是一家摄影和印刷公司，目前市值为6.328亿美元。过去 3 个月，KODK 的回报率为 3.98%，截至 2021 年 3 月 4 日收盘价为每股 8.07 美元。</blockquote>Here is what Bireme Capital has to say about Eastman Kodak Company in their Q4 2020 investor letter:<blockquote>以下是 Bireme Capital 在 2020 年第四季度投资者信中对伊士曼柯达公司的评价：</blockquote>\"Kodak (KODK) is a dying photography and printing company. The company has had declining revenue and negative free cash flow every year since 2007. In August, KODK announced that the Trump administration would give it a $765m loan to manufacture key pharmaceutical ingredients, a capitalintensive and low-margin business dominated by Chinese firms. KODK’s shares went parabolic, soaring as much as 20x in two days -- a preposterous ~$2.5b increase in market cap based on a purported entry into this challenging industry.Not that KODK is likely to get that loan anyway. The loan is on indefinite hold. The inspector general of the government agency that approved the loans is investigating the terms. The SEC is also investigating allegations of insider trading: the day before the loan was announced, the KODK CEO was given 1.75 million stock options, some of which were immediately exercisable. Within days these options would be worth $50m.KODK is a perennial pretender. Comically, KODK’s shares briefly tripled in January of 2018 when it attempted to capitalize on the first cryptocurrency bubble by announcing “KodakCoin,” a cryptocurrency to “empower photographers and agencies to take greater control in image rights management.” Needless to say, that never came to fruition.Though well down from their most absurd highs, KODK shares persist at &gt;4x unaffected August levels, because “pharmaceuticals.” \"<img src=\"https://s.yimg.com/uu/api/res/1.2/l9glMYGJhBiKhU5Qt_yBVQ--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/insidermonkey.com/107010d8f39669a7d5461df8340911c4\" tg-width=\"750\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Pixabay/Public Domain<blockquote>\"柯达(KODK)是一家垂死的摄影和印刷公司，该公司自2007年以来每年营收都在下降，自由现金流为负，今年8月，KODK宣布特朗普政府将向其提供7.65亿美元贷款，用于制造关键药物成分，这是一项资本密集型、低利润率的业务，主要由中国公司主导。KODK 的股价呈抛物线状，两天内飙升了 20 倍--基于所谓的进入这个充满挑战的行业，市值增加了约 25 亿美元。无论如何，KODK都不太可能获得贷款。贷款被无限期搁置。批准贷款的政府机构监察长正在调查贷款条款。美国证券交易委员会还在调查内幕交易指控：在宣布贷款的前一天，KODK首席执行官获得了175万份股票期权，其中一些期权可以立即行使。几天之内，这些期权将价值 5000 万美元。 KODK 是一个长期的竞争者。有趣的是，KODK 的股价在 2018 年 1 月短暂上涨了两倍，当时它试图利用第一个加密货币泡沫，宣布推出 “KodakCoin ”，这是一种 “让摄影师和代理商能够更好地控制肖像权管理 ”的加密货币。不用说，这从未实现。尽管已远远低于最荒谬的高点，但由于 “制药”，KODK 股价仍保持在 8 月份未受影响水平的 4 倍以上。\"Pixabay/公共领域</blockquote>In December 2020, we published an&nbsp;article Worm Capital's Eastman Kodak Company (NYSE: KODK) investment thesis. KODK delivered a massive 190.11% return in the past 12 months.<blockquote>2020年12月，我们发表了一篇文章Worm Capital的伊士曼柯达公司（纽约证券交易所代码：KODK）投资论文。KODK 在过去 12 个月中实现了 190.11% 的巨额回报率。</blockquote>Our calculations show that Eastman Kodak Company (NYSE: KODK)&nbsp;does not belong in our list of the&nbsp;30 Most <a href=\"https://laohu8.com/S/BPOPM\">Popular</a> Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020,&nbsp;Kodak was in 12 hedge fund portfolios, compared to 15 funds in the third quarter.<blockquote>我们的计算表明，伊士曼柯达公司（纽约证券交易所代码：KODK）不属于我们的 30 家最受欢迎的公司名单<a href=\"https://laohu8.com/S/BPOPM\">流行的</a>对冲基金中的股票。截至 2020 年第四季度末，柯达参与了 12 个对冲基金投资组合，而第三季度只有 15 个基金。</blockquote>The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&amp;P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&amp;P 500 ETFs.&nbsp;Here&nbsp;you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.<blockquote>2015年至2020年间，对冲基金中排名前10的股票的回报率为231.2%，跑赢标普500指数ETF超过126个百分点。我们知道这听起来难以置信。您之所以对我们关于顶级对冲基金股票的文章不屑一顾，主要是因为其他媒体向您灌输了有关对冲基金业绩不佳的偏见信息。通过投资顶级对冲基金股票，而不是愚蠢的标普500 ETF，你可以将你的储蓄增加一倍。在这里，你可以观看我们关于现在排名前5的对冲基金股票的视频。所有这些股票在2020年都有正回报。</blockquote>","source":"lsy1606273129822","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bireme Capital: “Kodak (KODK) is a Perennial Pretender”<blockquote>Bireme Capital：“柯达（KODK）是一个常年的竞争者”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBireme Capital: “Kodak (KODK) is a Perennial Pretender”<blockquote>Bireme Capital：“柯达（KODK）是一个常年的竞争者”</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInsider Monkey2021-03-08 17:02\n\n</h4>\n</header>\n<article>\nBireme Capital, an investment management firm, published its fourth-quarter 2020 Investor Letter. A net return of 47.1% was recorded by the fund for the year end 2020, outperforming its S&amp;P500 benchmark that delivered an 18.3% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.<blockquote>投资管理公司 Bireme Capital 发布了 2020 年第四季度投资者信。该基金2020年底的净回报率为47.1%，超过了标准普尔500基准18.3%的回报率。您可以查看该基金的前 5 大持仓，一窥他们 2021 年的最大赌注。</blockquote>Bireme Capital, in their Q4 2020 investor letter, said that Eastman Kodak Company (NYSE: KODK) had a declining revenue and negative free cash flow every year since 2007. Bireme Capital identifies Eastman Kodak Company as <a href=\"https://laohu8.com/S/AONE\">one</a> of the companies they treat as great pretenders. Eastman Kodak Company is a photography and printing company that currently has a $632.8 million market cap. In the past 3 months, KODK delivered a 3.98% return and settled at $8.07 per share at the closing of March 4, 2021.<blockquote>Bireme Capital 在 2020 年第四季度投资者信中表示，伊士曼柯达公司（纽约证券交易所股票代码：KODK）自 2007 年以来每年的收入都在下降，自由现金流为负。Bireme Capital 将伊士曼柯达公司确定为<a href=\"https://laohu8.com/S/AONE\">一</a>他们视为伟大伪装者的公司。伊士曼柯达公司是一家摄影和印刷公司，目前市值为6.328亿美元。过去 3 个月，KODK 的回报率为 3.98%，截至 2021 年 3 月 4 日收盘价为每股 8.07 美元。</blockquote>Here is what Bireme Capital has to say about Eastman Kodak Company in their Q4 2020 investor letter:<blockquote>以下是 Bireme Capital 在 2020 年第四季度投资者信中对伊士曼柯达公司的评价：</blockquote>\"Kodak (KODK) is a dying photography and printing company. The company has had declining revenue and negative free cash flow every year since 2007. In August, KODK announced that the Trump administration would give it a $765m loan to manufacture key pharmaceutical ingredients, a capitalintensive and low-margin business dominated by Chinese firms. KODK’s shares went parabolic, soaring as much as 20x in two days -- a preposterous ~$2.5b increase in market cap based on a purported entry into this challenging industry.Not that KODK is likely to get that loan anyway. The loan is on indefinite hold. The inspector general of the government agency that approved the loans is investigating the terms. The SEC is also investigating allegations of insider trading: the day before the loan was announced, the KODK CEO was given 1.75 million stock options, some of which were immediately exercisable. Within days these options would be worth $50m.KODK is a perennial pretender. Comically, KODK’s shares briefly tripled in January of 2018 when it attempted to capitalize on the first cryptocurrency bubble by announcing “KodakCoin,” a cryptocurrency to “empower photographers and agencies to take greater control in image rights management.” Needless to say, that never came to fruition.Though well down from their most absurd highs, KODK shares persist at &gt;4x unaffected August levels, because “pharmaceuticals.” \"<img src=\"https://s.yimg.com/uu/api/res/1.2/l9glMYGJhBiKhU5Qt_yBVQ--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/insidermonkey.com/107010d8f39669a7d5461df8340911c4\" tg-width=\"750\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Pixabay/Public Domain<blockquote>\"柯达(KODK)是一家垂死的摄影和印刷公司，该公司自2007年以来每年营收都在下降，自由现金流为负，今年8月，KODK宣布特朗普政府将向其提供7.65亿美元贷款，用于制造关键药物成分，这是一项资本密集型、低利润率的业务，主要由中国公司主导。KODK 的股价呈抛物线状，两天内飙升了 20 倍--基于所谓的进入这个充满挑战的行业，市值增加了约 25 亿美元。无论如何，KODK都不太可能获得贷款。贷款被无限期搁置。批准贷款的政府机构监察长正在调查贷款条款。美国证券交易委员会还在调查内幕交易指控：在宣布贷款的前一天，KODK首席执行官获得了175万份股票期权，其中一些期权可以立即行使。几天之内，这些期权将价值 5000 万美元。 KODK 是一个长期的竞争者。有趣的是，KODK 的股价在 2018 年 1 月短暂上涨了两倍，当时它试图利用第一个加密货币泡沫，宣布推出 “KodakCoin ”，这是一种 “让摄影师和代理商能够更好地控制肖像权管理 ”的加密货币。不用说，这从未实现。尽管已远远低于最荒谬的高点，但由于 “制药”，KODK 股价仍保持在 8 月份未受影响水平的 4 倍以上。\"Pixabay/公共领域</blockquote>In December 2020, we published an&nbsp;article Worm Capital's Eastman Kodak Company (NYSE: KODK) investment thesis. KODK delivered a massive 190.11% return in the past 12 months.<blockquote>2020年12月，我们发表了一篇文章Worm Capital的伊士曼柯达公司（纽约证券交易所代码：KODK）投资论文。KODK 在过去 12 个月中实现了 190.11% 的巨额回报率。</blockquote>Our calculations show that Eastman Kodak Company (NYSE: KODK)&nbsp;does not belong in our list of the&nbsp;30 Most <a href=\"https://laohu8.com/S/BPOPM\">Popular</a> Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020,&nbsp;Kodak was in 12 hedge fund portfolios, compared to 15 funds in the third quarter.<blockquote>我们的计算表明，伊士曼柯达公司（纽约证券交易所代码：KODK）不属于我们的 30 家最受欢迎的公司名单<a href=\"https://laohu8.com/S/BPOPM\">流行的</a>对冲基金中的股票。截至 2020 年第四季度末，柯达参与了 12 个对冲基金投资组合，而第三季度只有 15 个基金。</blockquote>The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&amp;P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&amp;P 500 ETFs.&nbsp;Here&nbsp;you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.<blockquote>2015年至2020年间，对冲基金中排名前10的股票的回报率为231.2%，跑赢标普500指数ETF超过126个百分点。我们知道这听起来难以置信。您之所以对我们关于顶级对冲基金股票的文章不屑一顾，主要是因为其他媒体向您灌输了有关对冲基金业绩不佳的偏见信息。通过投资顶级对冲基金股票，而不是愚蠢的标普500 ETF，你可以将你的储蓄增加一倍。在这里，你可以观看我们关于现在排名前5的对冲基金股票的视频。所有这些股票在2020年都有正回报。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"http://insidermonkey.com/blog/bireme-capital-kodak-kodk-is-a-perennial-pretender-922917/\">Insider Monkey</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KODK":"柯达"},"source_url":"http://insidermonkey.com/blog/bireme-capital-kodak-kodk-is-a-perennial-pretender-922917/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117631300","content_text":"Bireme Capital, an investment management firm, published its fourth-quarter 2020 Investor Letter. A net return of 47.1% was recorded by the fund for the year end 2020, outperforming its S&P500 benchmark that delivered an 18.3% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.Bireme Capital, in their Q4 2020 investor letter, said that Eastman Kodak Company (NYSE: KODK) had a declining revenue and negative free cash flow every year since 2007. Bireme Capital identifies Eastman Kodak Company as one of the companies they treat as great pretenders. Eastman Kodak Company is a photography and printing company that currently has a $632.8 million market cap. In the past 3 months, KODK delivered a 3.98% return and settled at $8.07 per share at the closing of March 4, 2021.Here is what Bireme Capital has to say about Eastman Kodak Company in their Q4 2020 investor letter:\"Kodak (KODK) is a dying photography and printing company. The company has had declining revenue and negative free cash flow every year since 2007. In August, KODK announced that the Trump administration would give it a $765m loan to manufacture key pharmaceutical ingredients, a capitalintensive and low-margin business dominated by Chinese firms. KODK’s shares went parabolic, soaring as much as 20x in two days -- a preposterous ~$2.5b increase in market cap based on a purported entry into this challenging industry.Not that KODK is likely to get that loan anyway. The loan is on indefinite hold. The inspector general of the government agency that approved the loans is investigating the terms. The SEC is also investigating allegations of insider trading: the day before the loan was announced, the KODK CEO was given 1.75 million stock options, some of which were immediately exercisable. Within days these options would be worth $50m.KODK is a perennial pretender. Comically, KODK’s shares briefly tripled in January of 2018 when it attempted to capitalize on the first cryptocurrency bubble by announcing “KodakCoin,” a cryptocurrency to “empower photographers and agencies to take greater control in image rights management.” Needless to say, that never came to fruition.Though well down from their most absurd highs, KODK shares persist at >4x unaffected August levels, because “pharmaceuticals.” \"Pixabay/Public DomainIn December 2020, we published an article Worm Capital's Eastman Kodak Company (NYSE: KODK) investment thesis. KODK delivered a massive 190.11% return in the past 12 months.Our calculations show that Eastman Kodak Company (NYSE: KODK) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, Kodak was in 12 hedge fund portfolios, compared to 15 funds in the third quarter.The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.","news_type":1,"symbols_score_info":{"KODK":0.9}},"isVote":1,"tweetType":1,"viewCount":916,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/329908970"}