Fun Maps, Lovely Gains — And Wow February 2, 2023February 1, 2023 MAPS If you have a minute. Not your standard Rand McNally. GAINS I suggested two “tax-selling” ideas November 30: > APE, at $1.05, which closed at $2.56 yesterday. As explained back then, APE is identical to AMC (if not better) . . . yet AMC sells for more than twice the price. Insane. It was just announced that shareholders will be asked to vote March 14 to approve converting all the APEs into AMC shares. That vote will almost surely pass, as Matt Levine ably explains; so the only real question is: once APEs become AMC shares, where will AMC trade? Will the two share prices meet in the middle? My guess is that once the conversion is complete, the stock may trade closer to today’s APE price ($2.56) than to AMC’s ($5.71), not least because there are more APEs outstanding than AMC shares. But — at least in the short run — the price post-conversion will likely be higher than the $1.05 we paid. Enjoy. > PRKR, at 23 cents, which closed at 40 cents yesterday. If you bought it for the tax-selling bounce, you got it. If you bought hoping, like me, it will top a dollar in the wake of next week’s trial, you’ll keep your chips on the table. It’s a gamble. WOW I got a call yesterday from a midwestern gubernatorial candidate who was — are you sitting down? — not asking for money. Rather, he was calling to give feedback on the podcast I had urged on him: ULTRA. The same one I’ve endlessly urged on you. He’s a busy guy but somehow found the time to listen. “Wow,” he said. “I had no idea. And so relevant!” Exactly.