Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q2 2018 call → NOWe need to determine if management conveys both halves: fresh discoveries from live operation, and management responding with attention/resources. Looking at the transcript: Conor Flynn mentions "strong pricing of our dispositions" and "vibrant private market evaluations" but that's about selling assets, not discovering upside in the business. He mentions "Leasing volume continues to be near all-time highs" and "same-site NOI outperformed this quarter due to a strong leasing volume, a slowing of new vacancies and the additional rent collected from our Toys 'R' U boxes." That's about performance, not discovery of new upside. Ross Cooper talks about disposition volume and pricing, but that's about selling assets, not discovering new business opportunities. Glenn Cohen discusses financial results and guidance. The key is whether they convey that in the course of operating, they discovered something favorable about the scope of opportunity that they didn't appreciate before, and are now acting on it. There is mention of Toys "R" Us boxes: "we have already resolved seven of those location with retailers taking the entire Toys 'R' Us box." And "Our remaining eight locations at OpCo have significant tenant interests, and we are working to convert this demand into leases as quickly as possible." That is about re-leasing, but is that a discovery? They knew they had these boxes, and they are finding tenants. But is that a fresh discovery? They mention "significant interest" and "demand" but that's typical. Also, "The Toys liquidation process had been drawing out, which has given us a running start on our re-leasing efforts. These efforts have produced significant interest for major retailers and off-priced furniture, fitness, specialty grocery, and arts and crafts." That is about demand for the boxes, but is that a discovery? They are finding tenants, but it's not necessarily a surprise about the scope of opportunity. They also mention "we are also at a 40-year low for new supply" and "demand from our retailers continuing to increase" - that's general market commentary.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| WEC | WEC Energy Group, Inc. | Q1 2024 | 2024-05-01 | A |
| PDS | Precision Drilling Corporation | Q1 2024 | 2024-04-25 | B |
| ET | Energy Transfer LP | Q2 2023 | 2023-08-02 | C+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| MEC | Mayville Engineering Company, Inc. | Q3 2022 | 2022-11-05 | B+ |
| MOMO | Hello Group Inc. | Q3 2021 | 2021-11-30 | D |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| LOPE | Grand Canyon Education, Inc. | Q2 2021 | 2021-08-08 | C |
| EMR | Emerson Electric Co. | Q3 2021 | 2021-08-04 | B+ |
| TENB | Tenable Holdings, Inc. | Q2 2021 | 2021-07-27 | A |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| XOM | Exxon Mobil Corporation | Q2 2018 | 2018-07-27 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LIND | Lindblad Expeditions Holdings, Inc. | Q2 2017 | 2017-08-06 | C |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
BP · Q4 2016 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — both discovering new positive surprises from operations AND responding with re...YES The transcript shows management conveying exactly this posture in the Oman section. They recount a genuine operational surprise—“straight wells that we had not expected,” well rates “above plan,” and liquid production “higher than planned”—that emerged while the asset was actually running.
XOM · Q2 2018 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent...YES The transcript shows management conveying exactly this posture in the Guyana section. Neil Chapman recounts fresh upward revisions to resource estimates ("now more than 4 billion... up from the 3.2 billion... just 4 months ago") and the eighth discovery ("Longtail exploration well...
LOPE · Q2 2021 → YESThe question is whether management is still discovering new upside inside a business that's already working, based on recent operations, and responding with attention or resources. YES The transcript shows management discovering fresh upside in the GCU traditional campus platform through live operations: they built three new residence halls expecting no further need next year, but current registrations reveal near-capacity demand, requiring at least two more halls to be built.