For those who do not frequent the WSO Chatroom, I would like to introduce WSO Chatroom extraordinaire, Heister. Although he might have some troll tendencies, if you ever have a question about agricultural farming, finance homework, or the hedge fund industry, Heister is always online to lend a helping hand. While he may not be the type of “banker” a nice Christian girl would bring home for dinner with her parents, he sure does make me laugh.
Instead of doing the regular two part series, I have gone ahead and put our whole Q&A below. Please do keep an eye out for more of my Q&A series with our more experienced users. Who knows, you might actually learn something.
Enjoy,
MF: What advice would you, seriously, give to someone in college trying to break into the HF industry?
Heister: For someone who is in college trying to break into the HF world the routes to do so are immense. Personally for people in my situation, a non-target with mediocre grades and no internships, I would say focus on smaller banks that offer both an Investment Bank and a Hedge Fund. These banks are more likely to promote from with in.
While in college I would advise doing banking related internships, busting your ass grade wise, and having a life. Honestly, mega funds are what people cream their pants over, and that personally is not for me. I’m not about that work a million hours a week and chest bump your fellow analysts because you just pulled off 5 all nighters this week. I would rather enjoy my working experiences in a fund with a laid back culture.
MF: As mentioned, you work as an analyst at a hedge fund, and that must take up a good amount of time. So, how in the world do you have so much time to spend on the WSO Chatroom?
Heister: The past couple of weeks things have been slow, the partners are bickering over a potential buy out of a consulting firm. Some of them have this idea that they want to create a "one stop shop" for all banking and consulting needs. So it has left me with only a few active projects to do for the next week and a half or so. Despite my wiry nature and lack of apparent attention span. I am rather good at multi tasking.
MF: Everyone wants to know, what is your estimated net worth range?
Heister: Ha, while I wont give out an exact number. I will dish out some nuggets for you all to drool over. My total worth is in the eight-figure range; it is north of 50 million. I expect it will pass into the nine-figure range in the next two years or so.
MF: What does it compose of? Real Estate? Cash or debt? Jets (how many)?
Heister: I am not sure of my exact portfolio break down. The vast majority of my net worth is tied up in real estate, natural gas leases and business ventures. I keep a fairly healthy amount of cash at any one time. I do not personally own any jets, my businesses own two and I have use whenever I feel like it.
As some people on WSO have realized I absolutely in LOVE with debt my current debt load strips my net worth by a considerable amount. Debt opens up a world of possibilities.
MF: If you were elected president, what would be some of your first orders of business?
Heister: Besides making it illegal to be liberal? I honestly have no idea.
The problems that face the world are so complex and massive that I would get grey hair. I am not a huge fan of grey hair in my mid twenties. I know a guy with greying hair and he’s not even thirty if you were wondering, its not a good look.
MF: We talked about starting a fund on the WSO Chatroom, what are you thoughts on this? How would you go about running the fund?
Heister: I have thought about this a bunch over the last week or so. I think it would be set up as a learning and experience tool for undergrads. Almost like an internship only that the people involved will be responsible for everything. They would be responsible for targeting companies, analyzing the company, making buy/short recommendations, and executing the trades. It would be impossible for the fund to give a full banking spectrum of experience due to laws regulating what licenses people have to have to do certain jobs.
I think this would be very beneficial to non-target undergrads who can not get the traditional banking internships. What would set this apart from a school investment club is that students who excel would have the opportunity to join the fund upon graduation in a paid role. It would be a prop shop in essence. I would keep the profits from the interns or reinvest it in the fund to help hire more traders and analysts that stand out above the rest.
Heister: I think we are lacking that really controversial question.
MF: You mean, boxers or briefs?
Heister: I mean something more like, male thongs or commando
MF: So..?
Heister: Male Thongs.
I could not have thought of a more appropriate ending to a Q&A with Heister.
Check my past Q&A’s:
Holy shit, 50 mil? the fak>?
Finally!
What a fucking man. Webster's needs to update their definition.
good stuff MF can't wait for the others
Such a baller.
Can heister give us more tutorials on how to be a gauche new money douchebag?
touche.
Not to mention that it all makes me jealous, lol.
Regards
Sooo..if I said I was worth "north of $60 million", all of you would believe me?
still cant tell if this is serious or not
this would be awesome
Wait one second...everything depends on how much of that $50M did heister earn on his own. I've got friends worth more, but all old money trust funders...meaningless...
Go read his alt investing Q&A thread for additional background.
I don't know about this Heister guy. His advice and general behavior on this site have been less than helpful in my experience. Obviously, I don't know the guy, but my bullshit meter is off the fuckin richter scale. I could type out a long list of reasons why, but I know this post will just degenerate into another WSO internet pissing match. $50M in your mid-twenties? You're suspect, friend.
Judge not, least you be judged.
Fixed it for you.
Agreed. The only posts I ever read from Heister are about him bragging about his wealth or how much money he makes. It's like he needs to mention it as much as possible in order to gain some sort of self appreciation.
Heister discusses how he made his $. You be the judge:
http://www.wallstreetoasis.com/blog/non-traditional-investments-q-and-a
[quote=M Friedman]Heister discusses how he made his $. You be the judge:
http://www.wallstreetoasis.com/blog/non-traditional-investments-q-and-a…]
Read and judged.
So he mentions he was willed about $4.5M worth of farm land in high school, now he is worth north of $50M. For kicks, lets assume that growth occured in a 10 yr time horizon (age 16 to 26). Assuming $4.5M to $50M investment - that's a ROI of 1011% in 10 years. Statistically impossible? No. Unlikely? You be the judge.
Why is he even working?
Heist can you answer this - actually curious to know. Not a doubter, just a healthy sceptic.
Obviously a sharp guy - but dropping a net worth number is pretty meaningless (as has been said before). It all depends on the starting point.
I see a few people drunk on Hatorade in here - well, I liked the interview and also the long post Heister did on his land and natural gas investments, FWIW.
I'm not sure his advertising his wealth is that helpful to him. Then again, it's not always that helpful when I talk down to kids at target schools who think they're better than state schoolers, so this kettle can't start saying bad things about pots.
Life is a lot better when you don't advertise your wealth. Or your prestige. You tend to attract better people to you. Hence why I drive a rusty Honda, drink PBR, and used to live in Jersey until I moved into my walk-up. If people still like me despite my apparent poverty, they're probably good friends to have.
What possible motivation would he have for lying on an anonymous forum after giving useful advice for the past few months? I'd like to see more interviews like this one, very entertaining.
PBR? I assume you started drinking this before the hipsters took it over?
I understand the rusty Honda and living in Jersey... but drinking PBR? With allllllllll of those different types of beers out there?
Stop drinking PBR now and go try something new.
His other thread should be required reading for any investment professional. I think we get caught up in securities a bit too much these days - I think our society would probably benefit significantly if more people had a similar mindset to heister while investing.
I remember him saying he inherited 900 acres, if that changes things. That would have been worth what, 4-5m?
Also, Heister is probably facepalming the headline choice right now. M Friedman shrewdly chose the headline to attract as much interest as possible in a way that was complimentary to the interviewee, but now heister is quietly banging his head into his desk saying "I ANSWERED BECAUSE HE ASKED ME! NOW IT LOOKS LIKE I'M BRAGGING."
I'm on the same page as RE Capital Markets.
TROLL
If he were telling the truth and turned $5MM to $50MM in 5 years, he would be the most overqualified analyst in the history of the universe.
Pretty weak compared to the other two but I guess after interviewing eddie and Patrick there isn't much more room to go uphill.
RE Cap and others - if Heister's a troll, he's a fucking awesome one given the time you guys put into analyzing this.
??
I have spent 10, maybe 15 minutes thinking about this.
Again, I am not trying to start an internet pissing match. My intention is not to tear down the rep of another poster; rather, I am trying to seperate truth from fiction. And again, I don't know the guy...but neither do you.
Hes an analyst at HF and has 50 million plus net worth wise? How is that possible?
I remember hearing about that person that claimed to be a virgin Muslim feminist but was some creepy pedophile-looking-guy in his mom's basement. Can someone post that link?
Oh no, someone young has earned a lot of money, has a high relative net worth and is proud of his achievements, what a douche, must be a troll!
LOL
yes. if that someone is heist.
This perfect. If someone on this forum has a net worth of $50 m then my accomplishments don't look so great...
I wrote this before reading how he is some sort of land baron...
...50m net worth for an analyst at a non-mega hf.... i call major bs unless he got some warrants in facebook-type as part of his comp from some series A. i know pm's of moderately sized hf's that aren't worth that. I also don't know anyone who is worth 20 million, much less 50 million who finds the time to get on a forum explaining things to college kids and arguing with wannabe's. but it was humorous.
... after reading that he is some sort of land baron...
...everything sounds so much more bullshit. as a 20 something analyst I presume his salary is in the 250-750k range? was the +2m a year in investment income not enough. he just likes sitting in the office.
Finally I do know a couple twenty something self made realestate millionaires (I used to live in Miami). To make millions of dollars doing something so highly entrepreneurial in your teens and 20's makes you (in my experience) fiercely independent. if you have made 50 million on your own, why the fuck would you ever go working for someone else (dealing with their bullshit) and being hostage to their success (he claims to be an analyst... not a pm) regardless of how much they paid you. The fact is you wouldn't.
If he seems to tell a convincing narrative it is probably because A) he is smart B) he was close to someone that actually walked the walk. Ex: My dad makes a lot of money investing in land and whatever while I sit there and help him out and learn all about it, then go onto internet forums and describe his success as mine.
50 million dollar people don't go and post on wso.
lol. +50,000,000
Agree 100%
what about me guys?
thedude, think you may be right...not that it really matters, but I offered some ways he'd be able to to give me some proof of his claims while in chat and he didn't take me up on it. yet...heister, the offer is still on the table.
sounds kind of like a badass to me. Haters gonna hate.
look at heister's other posts. he's always trying to call attention to himself. always starting these idiotic, self-indulgent threads about some stupid whimsy that happened to pass through his mind while he was taking a dump. you think a guy with 50 million needs the attention and approval of a bunch of non-target college kids? why isn't he busy banging all the women he claims to have under his thumb? why isn't he on one of his two jets flying off to make another 1000000% return on his money? and yeah: why is he still working and taking crap from a boss?
none of these even begins to make any sense.
i assume that he might have some cash. but if you believe it is north of $50MM based on nothing but his word...well there is one of you born every minute. $50,000 is more like it.
that would be epic: acting like a new money poseur, but \without the money.
In his defense, having $50MM liquid in the bank and having a ton of land, worth $50MM, are two completely different things.
Just saying.
RE Capital Markets - Fair enough, you stated your case well.
Either way, this has become a much more interesting interview with comments and all. Nice work on the headline, M Friedman, I think you might actually need to do a Part 2.
My firm just closed two properties worth ~60MM.... Half of the ownership was by 1 person. With RE, worth is not 30 million sitting in the bank.
Can someone please comment on this:
"As some people on WSO have realized I absolutely in LOVE with debt my current debt load strips my net worth by a considerable amount. Debt opens up a world of possibilities."
Have 5 million dollars. Buy 50 million dollars worth of property on loan. Property doubles in value. Boom, 50 million dollar man.
It's not that hard to understand. Of course, a lot of fortunes have also been lost this way.
Yes really...are you saying debt is not a liability?
Definition of 'Net Worth' The amount by which assets EXCEED liabilities. This term can be applied to companies and individuals.
Read more: http://www.investopedia.com/terms/n/networth.asp#ixzz1mKFVvjXn
Hello,
It's nice to see you all are so very spirited.
Why do I work? Simple because I want to. After graduation I didn't do any real job for upwards of a year. It bored the hell out of me. So an opportunity came up and I took it. You wonder why those old fucks hang around the office so much? It's because they are bored out of their minds sitting around at home doing little to nothing. You guys act like what I did is some insane accomplishment. In reality it was all timing and luck. Being skeptical is a great thing to be. Shit you would look like a total fool if you were sold on the bridge to nowhere. It's like ANT said, being wealthly and being cash rich are two entirely different thing. I started out in the days when any idiot could go to the bank and get a loan for just about anything. When you factor in my sizable inherentence and making solid investments that turned out to be insanely better then I could have even hoped for. You get to where I am at today. I am a student of life just like all of you guys are. I ask questions when I seek advice. I give help when I can and I try to have a few laughs and good memories. Every opportunity you are presented with is an opportunity to learn something new or change the way you look at the world. It's up to you to how you want these experiences to shape your views of the world.
Heister
From my discussions with Heister and working for a REPE firm, you do not need a ton of cold cash for buying a cash flow based property. In essence, depending on the terms (personal guarantee, collateral, credit score, CF, etc) a buyer of commercial real estate can be leveraged pretty high (in excess of 15:1) to purchase a cash flow
Thus Heister could have put a million down for a down payment on a note for 15 million to purchase a building. This making his total worth "16 million"
Total worth.....He stated that his net worth was around 50m and he also said that his debt has stripped that down significantly meaning his total worth is much more than 50m. This is all hard to believe and I'm a skeptic, but I also realize that it is possible.
my reading as well
are you trying to get him a reality tv show on bravo?
Um, no.
Assets - Liabilities = Net Worth
Technically, heister's net worth would be $1M in that example -> $16M for building - $15M note = $1M.
And I dont get your example. You cant leverage CRE 15:1. LTV ratios for non-recourse 1st mortgages hover 50-60% nowadays, maybe 75% for stabilized investments. You cant buy a $16M building for $1m, not without (very) high LTV financing and JV equity partners. Your debt example is a little over-simplistic.
worth =/= net worth.
i wanna see the unedited thread...
I cannot post it on the front page, BUT if everyone gets on the Chatroom around 10-10:30 they will get to see what Heister has to say about Flake's game.
what game?
lmao
The past couple of weeks things have been slow, the partners are bickering over a potential buy out of a consulting firm. Some of them have this idea that they want to create a "one stop shop" for all banking and consulting needs.
Lol.
House of Lies.
Heister I want your babies.
I refuse to believe this is the whole story. I know Heister life is like Entourage, I would expect nothing less. I want the real thread dammit.
heister, what portion of your fortune materialized due to hydraulic fracturing on shale plays?
Even with the ridiculously timely investing environment for the assets you target it's still hard for me to understand how your net worth could climb so fast without absurd luck (uranium deposits, etc).
I own a little over 700 acres of ground with nat gas, I own around 9000 acres of farm land that has seen on average of 75 to 80% apprecation in per acre price since I purchased it.
I am totally willing to say that the nat gas was pure dumb luck. I bought land in TX and was looking at it from a farm ground point of view. just happened to be on the barnet shale.
Is this guy a philanthropist?
I can understand why someone with a ton of money would stll want to work if they are in their 20s. I mean, wtf are you gonna do every single day for the rest of your life if everyone you know is working? I would rather make some money, work an interesting job, and live a nice life. I'm not gonna bust my ass for IBD, but HF seems like a cool job, or something even more abstrat. But HF is related to investing so its probably beneficial on multiple levels. If I live in a $5mm apartment or some shit while my friends are paying $500/mo for their shitty apartment so what? But sitting on your ass everyday in quasi-retirement (which after a while is where it leads- you can't jet set around the world forever if that's your alternative) seems like a horrible proposition.
edit: whoops, wrong thread
Heister, did you think this was going to turn into a colonoscopy of your financial situation?
It's his favorite procedure.
heisty, is it true you sprinkle diamonds in your cornflakes? what are the dental implications?
I am not convinced, not in the slightest. I want some proof, a print screen of a banks statement - something.
yeah he could liquidate, heap a truck with benjamins and drive-by the next WSO conference
Isn't it just better to believe?
I'm a little drunk.
Uh oh, Dads home.
ahahha fuck i wish i had SBs for that one.
Hey everybody, my net worth is north of $60 million but I come on WSO to get approval from a bunch of college kids that I don't even know. You guys jealous or what?
PAY ATTENTION TO ME!!!!!!!!!!!!!!!!!!!!
I don't think anyone's jealous. That much money that young is pretty darned isolating. And I also don't know the circumstances of how he inherited his money so young either. I hope they weren't really close.
For those of us who have a few years of experience, we're used to the fact that there will always be people with more money than us. Heister is not the first 20-something we know who had eight figures. But most of them advertised it a bit less.
Oh well, back to my rusty Honda and PBR- err, now I am switching to Leinenkugel's now that PBR is a hipster drink and has nothing to do with Wisconsin barbecues and bratwurst.
1) I stand by my drunken inquisition comment 2) There will always be someone with more money than you. The sooner you get used to it, the better off you'll be.
Interesting arguments on here...I feel like thedude makes some good points.
Heister,
My name is Baba Abiola Goodluck. I work for the National Bank of Nigeria and was recently informed that you were included in the Will of the late Eniafe Luba as a beneficiary of his estate which includes land (farm, development, drilling), real estate and a private art collection.
As a security measure, could you please send me a photocopy of your passport and a wire amount of $75,000, a deposit sum required to release large holdings.
Please contact me for details.
Regards, Baba Abiola Goodluck (Martin Rumple)
You do realize I'm white, right?
The Nigerian money scam doesn't discriminate based on race, gender, nationality, or sexual orientation.
Heister - First thing: if you're not full of sht, congratulations. Not everyone inherits a golden egg, and many of those who do piss it away. Seems you have taken a more sensible path.
Three questions here:
1) why do you focus so much on 'total worth'? Not too hard to boost total worth - as you note, all you have to do is pile on debt until it considerably outstrips your net worth - anyone can do that with a good enough nest egg to start off with and a quasi-conservative approach to managing your portfolio.
2) Seems you have negative net worth - so while living large may be nice, it sounds like you're levered to the hilt and have little-to-no fk up tolerance. If you start a family and sht the bed a few years later, would your estate be solvent? Would you have anything to leave behind?
3) For arguments sake, lets assume you have a positive net worth. What multiple of that do you have in debt? 20x? 30x? 50x? I don't care how large you're living now - that's irresponsible, and a dangerous cocktail.
Again - not to be dkish here - congrats on doing well - I'm just curious how you sleep at night!
1) debt allows leverage that other wise would not be possible. Example, I borrow 1k to buy an asset that generates income. Let's say I make 100 per year off of that asset. Debt service is 50 per year. By leveraging 10 to 1 I make a roi of 50% a year.
Risky? Maybe. That's why I invest in economy neutral investments. I.e. ag land.
2 I dont live large, I keep my living expenses with in my analyst salary.
3 My debt isn't even a 2 to 1 leverage anymore.
Haters gon' hate. Congrats on your success dude.
I don't see how anything in my comment was "hating" as you so eloquently put it. In fact, I think I congratulated the dude twice. He should be damn proud of his accomplishments at a relatively young age. It's just a very different approach to risk/reward that I've generally approach life with. Maybe I have something to learn - maybe not. In either event, wanting to hear his philosophy on levering to the hilt should hardly be misconstrued as "hating".
Holler back, young one.
Thanks Heister. I think we might be speaking by one another here. 1) That ain't 10:1 leverage. When I think leverage, I think debt relative to value. You're thinking debt relative to income. 2) Wasn't really asking if you're living large. To me, having $50+ million in assets is living large. I'm asking what your net worth is... i.e. the value of your assets, less your debts. If I lent you all your money and had to liquidate everything you own at market, would I be paid back? 3) See #1. We have a different concept of leverage. If your net worth is negative, your leverage is arguably infinite.
We just seem to have a philosophical difference on investing. That's fine, I am just trying to understand yours - it has clearly worked for you. Admittedly, I am also trying to find out if you're full of sht or not. Most of the things you post (real asset investing) strike me as very thoughtful - but some of the misunderstandings (i.e. definition of leverage) make me wonder if you're really legit.
Either way - if you are legit, you've clearly hit a home run. If not, you're a very good scheister.
Hold on.... heister... scheister.... bingo.
We had the exact same story from 1965 to 1982. Farmers made a lot of money over that period. Then grain prices plummeted. Corn went unharvested in the fields. Land that was worth $1500/acre in 1979 was barely selling for $300/acre in 1984.
My recommendation to heister is that he thinks about deleveraging over the next five years- or at the very least making sure his loans are all non-recourse and that he has some cash savings tucked away.
Now, to AVP's point, heister started with a net leverage of 10:1. Then the value of his farmland went from $2500/acre with $250/acre of equity to $5000/acre with $2750 of equity. Farm prices have been going up a great deal over the past twelve years.
Based on my reading of heister's post, if he had to sell everything at today's prices (he bought his land at half the current prices a few years ago), he'd be worth tens of millions after paying back all of his loans. Reason being is that he bought farmland at $X, now it is worth $2X.
Gas money has allowed me to significantly deleverage. The accelerated rate of land value apperceration in the last 3 years has made investments for rental purpose increasingly difficult, when combined with decreased liquidity non production loans are almost impossible to get unless it's a corporate ag company.
Admittedly I don't know heister, so I can't vouch for him but many of you clearly missed the part where he alluded to paying down the debt on the land. Assumingly he bought the land and is now collecting cash from it, which he uses to pay down the debt...all while it is increasing in value.
Whether it was great timing or pure luck, it doesn't matter...congrats to him.
As for those that would like proof..."For those who believe, no proof is necessary. For those who don't believe, no proof is possible."
heister, I am curious though...does anyone at your office know how much money you have? Just curious as to whether or not they do and if they did, how that impacts the office environment for you? I imagine it's much easier to hide wealth if you work in finance in NYC since most of your bosses will never see where you live and they probably ride the same subway train you do. I imagine they would question you if they saw you pull up in your chauffeured Rolls Royce or if you lived in the south and drove your Veyron to work everyday.
As far as I'm concerned, anyone willing to outlaw liberalism is truly a rich man, lol.
Regards
IP: According to Heister, the guy who's worth more than your CEO, it is "farm land" and not "farmland". Not knowing the correct spelling kind of undermines your analysis. :)
Either way, agricultural land has doubled in value over the past few years. It may double again. And then there's a good chance it will lose 50% or 70% of its value after it peaks. Just like it did in the '80s.
Do I trust his claims? Eh, no. Do I accept them as plausible? Sure. Is it worth a 100-response post over to find a few holes to poke? Probably not.
Let's just put all this nonsense to rest. Heister, let's grab a beer/lunch downtown sometime. I'm traveling for a few weeks, but will be around towards the end of the month. Am genuinely interested in meeting you face-to-face. Name a time/place & lets throw a few back
Are you in TX?
Nope. Manhattan... assumed he was in NYC since every successful person in the world lives/works in NYC, right? Heh.
Heister, if you're in Texas (Houston) my offer stands. I'm there fairly frequently for biz.
while this would be interesting stil won't resolve the wealth question. guy shouts you a couple mangotinis and takes you round back for a gobby doesn't prove he owns a bread factory and a bunch-o-stones
When you work with wealthy people day in/day out, it gets easiier to pick them out of a herd. There's a way they tend to carry themselves. If I grabbed a few beers with the dude, I think I'd be able to sift through BS. I'll even pay for beers.
My offer also stands for beer in Manhattan. (No, I am not paying for cocktails).
PBR's in the LES, I assume?
Apparently PBR has become a "hipster drink" rather than a rural lower-middle-class wisconsin barbeque drink, so I am going to have to switch to Leinenkugel's or Yuengling.
It has, the latter two drinks are probably safer bets if you don't want to be in the same crowd that rides fixed-speed bikes and wears skinny jeans. Just lookin' out IP.
Yeah, that kinda pisses me off. My dad talked about drinking PBR growing up (we are originally from Wisconsin) and how it was even reasonably popular in the south when we moved to Florida (I believe they brewed some of it near Atlanta) but it was always viewed as a cheap beer. Fast forward to last year, I finally decided to have one since it was being offered for free at an open bar party I was at. It is surprisingly very good. I drink it fairly often now depending on what my other choices are. Sad thing is, I live in Atlanta now and it is a total hipster product...they serve it just about everywhere you go down here.
Even worse, with the growth of micro breweries and craft beers, you can find Leinenkugel's all over the place now too. I know our local grocery stores here in Atlanta stock it and you can find it on tap at many bars/restaurants. Makes me sick...fucking hipsters, lol.
Regards
You do realize that hipsters kinda pride themselves on liking things before they become popular and as soon as those things hit mainstream no longer liking them. Which is basically what it sounds like you are doing with beer.
So just to clarify, you drank a hipster drink until it became too mainstream and now you are switching your beverage of choice?
never had Yuengling, really really wanna try it... and Leinenkugel's is much better than PBR, fuck that noise. I really like their Honey Weiss n Summer Shandy is pretty good in low doses. Haven't had much else from them, but I'd take a Leinenkugel over a PBR any day
To add, you guys should not misinterpret heister's situation as a how-to guide on alternative investing. His wealth (if its for real) is the result of sheer luck -> inheritence in an investment that happened to perform well and also happened to be on a natgas reserve. Not exaclty a strategy that's easy to replicate.
How about heister transfers ~10 mil to my bank account real quick and I just transfer it back right away? Will that be good enough for you guys? I'll take one for the team.
IP: Natural Light or Milwaukee's Best. You can get a 30 pack for 13.99 vs. 15.99 (PBR) and it's about as unpretentious as you can get. Ever since 7.30.2009 PBR prices have been skyrocketing. Just make sure you wear a camouflage hat.
Heister, you are welcome at my golf club if you're a little south of NY anytime. I'll pay your $100 greens fee with all the money I'm saving by drinking Natural Light.
wtf is this, freshman year? Natty Light? damn, your tastebuds must hate you.
you guys are in ny, drinking PBR and Yuengling?
brooklyn lager.
What's 50 mil to a muhfucka like Heister? If you escaped what he escaped, you'd be in Texas getting fucked up too.
She said Heist can we get married at the mall? I said look you need to crawl 'fore you ball Come and meet me in the bathroom stall And show me why you deserve to have it all.
Jesus bro.
He cups, and you stroke?
lol you just got got.
All this talk about luck. If I read the story correctly, Heister did well with opportunities when they presented themselves. I hope I can do the same.
But I guess this subject's been beaten up. I want a jelly thread about Zuckerberg, if one doesn't exist.
Why ISN'T it illegal to be Liberal?
This is all you really need to take from this thread.
(Not to belittle the info here)
If I were worth $50M I's be traveling the world instead of posting on an internet forum. But that's just me... some people are addicted to the internet.
How did you make the 50Million? You're 1st year analyst.
Why not? Leinenkugel's and Old Style are perfectly good wisconsin barbeque drinks too.
I'm with Illini on his decision. I won't drink PBR as long as some twat wearing skinny jeans, a plaid shirt, glasses with no lenses, and a half shaved head is knocking em back.
ANybody drinking PBR and calling it beer should be ashamed. Life's too short to drink cheap.
I know you're saying you inherited farmland from your uncle, was it a working beet farm by chance?
I see your logic, Tony. Heister's identity = Dwight Schrute. There are a few misnomers, but overall it makes sense. Dwight is a very successful property owner. Dwight pulls tons of tail. Dwight still works even though he doesn't have to. He instructs inferior individuals on how to be awesome. If not Dwight, then maybe Mose....
aaaaaw sheeeet
Argo, don't be a hater.
I don't think he does much else.
In order for me to be "hating" on heister, his story would first have to be true. It's not. He doesn't have even the most basic understanding of how mineral interest ownership works, how the field development process works (from the point of of view of mineral interest/royalty interest owner), which tells me he is FAR removed not just from having any mineral interest, but also from even knowing someone who has.
Heister, advice for the future - lie about something you are at least familiar with.
did Argo just blow Heister out of the water? Interesting turn of events....Heister, before you lose all cred want to answer Argo's claims?
heist time for pics bro...
+1
i bought some land in new mexico with the view to building some jackoff parlors but during my environmental impact study we discovered an epic fuckload of kryptonite. i leased all the mineral rights and am worth well north of $150 BILLION dollars today.
suck it you paupers.
Explains why I've been feeling so weak lately.
i should hasten to note that the kryptonite is actually worthless. it's just that my jackoff parlors have been doing very well.
Wow. Interesting way for this thread to go.
I'm rich too. I own a car dealership. I used to be "Rusty Honda Guy." The commercial would start by showing me pushing a honda up a hill, driving a rusty car pulled by horses, or sitting around eating ramen noodles and drinking PBR.
"Ok, so you're cheap. That doesn't mean you don't need a car that runs! Come to Rusty Honda! We'll get you into a 1993 Honda Accord that CAN MAKE IT UP HILLS for $1200! BUT WAIT!! WE'VE GOT GREAT FINANCING! $0 INTEREST, 0% FINANCING IF YOU PAY CASH!"
"Save your money for the finer things in life. Like PBR or Yellowtail wine."
Anybody remember those commercials? That was me.
^^SB'd for being believable in your lie, IP.
Yeah, you either have to be believable when you lie or lie in such an extravagant way that the person you are talking to will think your story is unbelievable but then think that no one in their right mind would make up a story like that. That's how I get away with it.
It also helps when you talk about a topic you know a little bit about. For example, I often tell girls I have a huge penis. Now, I don't really, but I've seen a couple, so I know what they look like and how to describe them.
Regards
LOL melvvvar
Once again I will say that mineral rights are transferable. It's all about how the purchase contract is written. If args view on the rules were to be taken at face value how would anyone ever own mineral rights?
Landmen have a job because they buy mineral leases. It's not uncommon for mineral rights to be unkowningly sold. It's a complete after thought for most people unless they happen to live in an area where there are known deposits of x. When you purchase mineral rights you buy the rights for a specific class of minerals. When I purchased my land the Barnet shale had not been discovered. Times have changed with the vast gas discoveries and people are watching their rights much closer now then they were 10 years ago. The laws only pertain to those who take the correct steps to claim their holdings prior to the sale.
My boy heister knows what's up.
They are transferrable. They are just not transferable as the bonus add-on to the surface, as you described it. You would have had to negotiate for them separately, and there's no F-ing way you would have been able to afford the mineral rights when you had to leverage x10 on surface :) It is also VERY UNCOMMON to sell mineral rights. Especially in TX.
Once again, Barnett shale has been discovered in the 80's and active drilling specifically for Barnett was in full swing by the end of the 90's. Before then, the surface overlying Barnett has been drilled for DECADES, because Barnett is sitting on top of the conventional reservoirs.
And I have NO IDEA what you are trying to say with this: "The laws only pertain to those who take the correct steps to claim their holdings prior to the sale."
Honestly, nothing Heister said seemed that far fetched to me.
1) I assumed when he bought the farmland it included mineral rights (as it is far more common than Argonaut seems to imply). 2) Depending on purchasing date, it was quite easy to pick up Barnett assetts for cheap (from surface holders who also had mineral rights).
The purchase date would have had to be well before the end of the 90's, which would make heister at max 15 years old at the time of the purchase :)
He was I think. He explained somewhere how he did it in one of his older threads..
pics bro. just upload some pics.
Here's a good primer on some of the mineral rights issues: http://geology.com/articles/mineral-rights.shtml
"Mineral rights have been kept since the early 1900's and even before, and most savvy sellers have been keeping at least some minerals rights since the last oil boom, not just in the last 5 years. If you live in the country, your odds of having minerals is fairly low unless you bought from someone who had had the land in the family for a long time & had a bad legal advisor, or if it was a foreclosure. If you live in the city, your odds are better because drilling in town is harder & wasn't considered possible until this new technology."
http://ths.gardenweb.com/forums/load/realestate/msg0920422616242.html
"Its pretty common for mineral rights to not be included, in fact, I would venture to say that aside from large ranches that have been around since inception of ownership by the state, most minerals do not run with the surface at this point."
http://www.shaggybevo.com/board/showthread.php/91167-Buying-land-with-n…
Arg no doubt your good with google, but for some reason I still want to believe hiester...
eriginal, that's your prerogative. I'd venture a guess you also believe when strippers tell you you aren't like the others, and that they really ARE attracted to you ;)
I don't think you understand, they just like me more, it's different.
Arg how do you explain the hundreds of thousands of homeowners who purchase homes in the 00s and have mineral rights? The reality is the law requires the rights to be seperated from the surface by a clause in the purchase. For example if you purchased land from another party who owned land on mineral ground that has never legally been seperated from the surface you own the rights. You are correct in that it has to be seperated. But when you buy land from an 80 plus year couple that is moving into a retirement home they rarely check their legal rights to claims on the land.
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