tag:blogger.com,1999:blog-3541352681651202123.post18144816212907167..comments2023-12-27T00:31:42.598-08:00Comments on the patient investor's blog: $WELX: An investment in Beatles history and nostalgia Long Cast Advisershttp://www.blogger.com/profile/13731550239184386639noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3541352681651202123.post-8927151034706666212018-08-19T06:24:23.441-07:002018-08-19T06:24:23.441-07:00i thought i read it in a press release somewhere o...i thought i read it in a press release somewhere or that it was mentioned at the FRMO annual meeting or in the 3Q15 conf call transcript but now I can't find the backup to this and i'm not so sure so I will edit this to reflect that. Long Cast Advisershttps://www.blogger.com/profile/13731550239184386639noreply@blogger.comtag:blogger.com,1999:blog-3541352681651202123.post-49329643148004146752018-08-11T10:50:24.014-07:002018-08-11T10:50:24.014-07:00How do you know that it was FMRO invested the $1m ...How do you know that it was FMRO invested the $1m in Northumberland?Gisli Eylandhttps://www.blogger.com/profile/03782828809474738428noreply@blogger.comtag:blogger.com,1999:blog-3541352681651202123.post-53722553204158519682016-09-14T07:49:07.768-07:002016-09-14T07:49:07.768-07:00Well, this Beatles show they invested in has two p...Well, this Beatles show they invested in has two pretty lame reviews on Yelp ... <br /><br />https://www.yelp.com/biz/the-magical-history-tour-dearborn<br /><br />... which might explain the ($2) loss on the investment in the quarter. I expect the whole thing will be a loss as pre-booking seems pretty weak already ... <br /><br />http://www.exhibitsdevelopment.com/Tour%20Schedules/Beatles%20-%20Tour%20Schedule.pdf<br /><br />... what bugs me is that Stahl had previously said such positive things about it, making him look like a bit of an idiot. I doubt he likes that either. I wouldn't. Long Cast Advisershttps://www.blogger.com/profile/13731550239184386639noreply@blogger.comtag:blogger.com,1999:blog-3541352681651202123.post-42521909012255472212016-05-12T13:18:34.826-07:002016-05-12T13:18:34.826-07:00As a follow up to this, been thinking about what i...As a follow up to this, been thinking about what it will take for Northumberland to get paid back on the $1.2M and generally to assess the overall value of the Beatles exhibit. <br /><br />On the FRMO Corp conference call Murray Stahl said about the Beatles exhibit ... <br /><br />"I believe that it is close to, if not the most successful exhibition EDG has ever had. The results were better than we thought were even possible, or at least as good as we had any right to believe. We look forward to doing more business there." <br /><br />http://www.frmocorp.com/_content/letters/2016_Q2_FRMO_Transcript.pdf<br /><br />... but that was in January 2016 and the exhibit hadn't even opened in the US yet. So not sure how he could say this in comparison to say the MythBusters Exhibit, which had over 1M visitors. <br /><br />Tickets to the show at the Ford Museum in Dearborn are $24 for adult non-members. Let's say the company putting on the show (EDG/PMA) gets 50% of the ticket sale. I think its an aggressive assumption but that means ~100,000 visitors to conversion. <br /><br />MythBusters opened March 2012 and was booked through every available four month stint over the last four years to get to 1,000,000. <br /><br />The Beatles exhibit closes in Dearborn in Sept then goes to Iowa in March 2017. It is contracted to continue through 2020. <br /><br />If Beatles can get to 1M visitors at $12.50 per then WELX's 25% stake in the LLC is worth ~$2.8M vs a market cap of $7M. <br /><br />A big difference b/t the two shows is that MythBusters appeals to kids and adults, to schools, science, engineering, etc. while the Beatles (with apologies to hardcore fans) appeals to an arguably smaller, older albeit potentially wealthier audience. <br /><br />At some point maybe I'll call the museum and find out how it's going but in the meantime, just framing my thoughts on the potential value. <br />Long Cast Advisershttps://www.blogger.com/profile/13731550239184386639noreply@blogger.com