Founder & PM, Bossert Capital: https://teapaw.org/t.co/qjPnGFRDwT Concentrated, long-term value investing. Long-form research on Substack. Not investment advice.
Austin, TX
Joined December 2011
- Tweets973
- Following3K
- Followers8K
- Likes6.5K
Pinned Tweet
As the $BRK annual meeting approaches I'm excited to share a picture from the incredible 4 hour dinner I recently had with Charlie Munger at his home in CA. I've been fortunate enough to dine with Munger twice in the past year. At age 99 Charlie remains as sharp as ever!
Alex Bossert retweeted
$SKYH: Moments ago, the Los Angeles City Council unanimously approved Sky Harbour's two ground leases at Van Nuys Airport (VNY).
Why this matters: VNY is one of the busiest general aviation airports in the world and the main business aviation gateway for Los Angeles. Hangar space there is scarce, and Sky Harbour's newest Tier 1 campuses are earning far more per square foot than its legacy sites.
The two sites:
- 7701 Woodley Ave: 16 acres, about 266,000 sf planned in two phases, $110M minimum investment. The city's revenue share is 10.5% of hangar base rent only, so Sky Harbour keeps all of the fuel margin.
- 16425 Hart St: 8.83 acres, about 71,500 sf if the commercial parcel is rezoned to aviation, $23M minimum investment. The city takes 25% of gross receipts, including fuel.
- Both leases run up to 32 years (an initial 5-year term, up to 2 more years for construction delays, plus a 25-year extension once entitlements are secured).
My rough economics (my estimates, not company guidance):
- At $80-$100 per sf of total income (rent plus fuel margin) and $10 per sf of property expenses, the two sites could produce about $18M-$24M of stabilized annual NOI after all payments to the city.
- On $133M-$158M of total investment, that's a roughly 11%-18% yield on cost.
- At a 6% cap rate, that's $141M-$264M of value created, or about $1.40-$2.65 per share using 100M shares (about 82M are outstanding; I use 100M to allow for dilution).
This will take time. Sky Harbour still needs entitlements and permits. Woodley Phase 1 is scheduled to open around mid-2029, and Phase 2 isn't scheduled to finish construction until mid-2031, followed by lease-up. The value above is years away and worth less in today's dollars.
$SKYH: Moments ago, the Los Angeles City Council unanimously approved Sky Harbour's two ground leases at Van Nuys Airport (VNY).
Why this matters: VNY is one of the busiest general aviation airports in the world and the main business aviation gateway for Los Angeles. Hangar space there is scarce, and Sky Harbour's newest Tier 1 campuses are earning far more per square foot than its legacy sites.
The two sites:
- 7701 Woodley Ave: 16 acres, about 266,000 sf planned in two phases, $110M minimum investment. The city's revenue share is 10.5% of hangar base rent only, so Sky Harbour keeps all of the fuel margin.
- 16425 Hart St: 8.83 acres, about 71,500 sf if the commercial parcel is rezoned to aviation, $23M minimum investment. The city takes 25% of gross receipts, including fuel.
- Both leases run up to 32 years (an initial 5-year term, up to 2 more years for construction delays, plus a 25-year extension once entitlements are secured).
My rough economics (my estimates, not company guidance):
- At $80-$100 per sf of total income (rent plus fuel margin) and $10 per sf of property expenses, the two sites could produce about $18M-$24M of stabilized annual NOI after all payments to the city.
- On $133M-$158M of total investment, that's a roughly 11%-18% yield on cost.
- At a 6% cap rate, that's $141M-$264M of value created, or about $1.40-$2.65 per share using 100M shares (about 82M are outstanding; I use 100M to allow for dilution).
This will take time. Sky Harbour still needs entitlements and permits. Woodley Phase 1 is scheduled to open around mid-2029, and Phase 2 isn't scheduled to finish construction until mid-2031, followed by lease-up. The value above is years away and worth less in today's dollars.
Council files:
Woodley: lms.lacity.gov/files/26-1481
Hart: lms.lacity.gov/files/26-1480
My full memo on Sky Harbour: alexbossert.substack.com/p/s…
Disclosure: I and Bossert Capital, a registered investment adviser I manage, own shares of SKYH, and our clients hold it. We may buy or sell at any time without notice. The figures above are my estimates, not price targets or predictions of where the stock will trade, and they may be wrong. This is not investment advice or a recommendation to buy or sell any security. Do your own research.
Alex Bossert retweeted
If AI leads to the productivity and economy we expect, millions more could afford to fly “private”.
But we’ve stopped building airports, and have a massive hangar shortage.
That's where Tal Keinan & Sky Harbour come in - a fascinating business at the intersection of AI and reindustrialization.
Fun new AO episode out now.
NEW 🚨 Why Did America Stop Building Airports? Sky Harbour CEO Tal Keinan on the AI Wealth Wave, Private Jet Boom & Solving the Hangar Shortage
@JTLonsdale sits down with Sky Harbour ($SKYH) CEO Tal Keinan
They cover:
- How did USA build thousands of airports in the 1930s and 40s?
- Why did we stop building new airports?
- The AI wealth wave and private jet boom
- How Tal pioneered the home-based operator model
- How Sky Harbour uses AI to pinpoint new locations and customers
(00:00) Episode intro
(01:45) Eighteen years as an F-16 pilot
(04:00) Clarity Capital and Israel's tech explosion
(08:16) “Nowhere to park it” / Why did America stop building airports?
(10:40) Why general aviation airports don't make money
(13:15) The FBO duopoly & why they love NetJets
(16:05) How Tal created the home-based operator model
(19:10) How the Sky Harbour business model works
(24:50) How Tal uses AI to scout customers and locations
(27:09) The AI wealth wave & private aviation boom
Alex Bossert retweeted
Great interview of Sky Harbour $SKYH CEO Tal Keinan by @JTLonsdale. Worth a listen for anyone who wants to understand why hangar space is so scarce and how Sky Harbour's home base model works.
I published a memo on Sky Harbour on the Barton Springs Investing Substack in July. Link in my profile.
Disclosure: I own $SKYH. Not investment advice.
NEW 🚨 Why Did America Stop Building Airports? Sky Harbour CEO Tal Keinan on the AI Wealth Wave, Private Jet Boom & Solving the Hangar Shortage
@JTLonsdale sits down with Sky Harbour ($SKYH) CEO Tal Keinan
They cover:
- How did USA build thousands of airports in the 1930s and 40s?
- Why did we stop building new airports?
- The AI wealth wave and private jet boom
- How Tal pioneered the home-based operator model
- How Sky Harbour uses AI to pinpoint new locations and customers
(00:00) Episode intro
(01:45) Eighteen years as an F-16 pilot
(04:00) Clarity Capital and Israel's tech explosion
(08:16) “Nowhere to park it” / Why did America stop building airports?
(10:40) Why general aviation airports don't make money
(13:15) The FBO duopoly & why they love NetJets
(16:05) How Tal created the home-based operator model
(19:10) How the Sky Harbour business model works
(24:50) How Tal uses AI to scout customers and locations
(27:09) The AI wealth wave & private aviation boom
Great interview of Sky Harbour $SKYH CEO Tal Keinan by @JTLonsdale. Worth a listen for anyone who wants to understand why hangar space is so scarce and how Sky Harbour's home base model works.
I published a memo on Sky Harbour on the Barton Springs Investing Substack in July. Link in my profile.
Disclosure: I own $SKYH. Not investment advice.
NEW 🚨 Why Did America Stop Building Airports? Sky Harbour CEO Tal Keinan on the AI Wealth Wave, Private Jet Boom & Solving the Hangar Shortage
@JTLonsdale sits down with Sky Harbour ($SKYH) CEO Tal Keinan
They cover:
- How did USA build thousands of airports in the 1930s and 40s?
- Why did we stop building new airports?
- The AI wealth wave and private jet boom
- How Tal pioneered the home-based operator model
- How Sky Harbour uses AI to pinpoint new locations and customers
(00:00) Episode intro
(01:45) Eighteen years as an F-16 pilot
(04:00) Clarity Capital and Israel's tech explosion
(08:16) “Nowhere to park it” / Why did America stop building airports?
(10:40) Why general aviation airports don't make money
(13:15) The FBO duopoly & why they love NetJets
(16:05) How Tal created the home-based operator model
(19:10) How the Sky Harbour business model works
(24:50) How Tal uses AI to scout customers and locations
(27:09) The AI wealth wave & private aviation boom
Alex Bossert retweeted
NEW 🚨 Why Did America Stop Building Airports? Sky Harbour CEO Tal Keinan on the AI Wealth Wave, Private Jet Boom & Solving the Hangar Shortage
@JTLonsdale sits down with Sky Harbour ($SKYH) CEO Tal Keinan
They cover:
- How did USA build thousands of airports in the 1930s and 40s?
- Why did we stop building new airports?
- The AI wealth wave and private jet boom
- How Tal pioneered the home-based operator model
- How Sky Harbour uses AI to pinpoint new locations and customers
(00:00) Episode intro
(01:45) Eighteen years as an F-16 pilot
(04:00) Clarity Capital and Israel's tech explosion
(08:16) “Nowhere to park it” / Why did America stop building airports?
(10:40) Why general aviation airports don't make money
(13:15) The FBO duopoly & why they love NetJets
(16:05) How Tal created the home-based operator model
(19:10) How the Sky Harbour business model works
(24:50) How Tal uses AI to scout customers and locations
(27:09) The AI wealth wave & private aviation boom
Alex Bossert retweeted
$SKYH: The Hidden Real Estate Empire Serving Billionaires
I just published my latest @SeekingAlpha deep dive on $SKYH, one of my favorite HALO investments.
Here's why I'm bullish:
✅ Revenue surged 49.6% in Q2-26
✅ 22 airports secured, targeting 50
✅ CPI-linked rents with 4% floors on new leases
✅ Operating cash flow turns positive
✅ Insiders buying shares
At $9.38, I believe investors are getting the existing airport portfolio at a discount and the future growth pipeline for FREE.
My Rating: STRONG BUY 🚀
Own the irreplaceable. Let it compound.
(I'll put the link to my article in the comment stream)
$SKYH #HALO #Investing
Alex Bossert retweeted
Great to see $SKYH CEO Tal Keinan on @Bloomberg discussing one of the most overlooked infrastructure opportunities in America: private aviation hangars.
✈️ 47 MILLION square feet of aircraft added to the U.S. fleet over 15 years.
🏗️ ZERO new airports.
📍 24 airport locations in $SKYH's portfolio.
The real moat? Scarce airport land, complex permitting, and long-term ground leases.
As Keinan explained, private jets need more than a place to refuel. They need a HOME.
This is exactly the type of HALO (Heavy Assets, Low Obsolescence) infrastructure we like at Wide Moat Research.
You can't manufacture more airport land.
Long $SKYH.
Dropping the interview in the comments section.
Alex Bossert retweeted
Real Estate x Private Aviation Crossover episode!
We sat down with Sky Harbour CEO Tal Keinan to discuss the hangar shortage, REITs, ground leases, and being a public company CEO.
A cool cross over for RETwit and PJTwit!
Hope you enjoy from my podcast, The VIP Seat.
Alex Bossert retweeted
💎 MY FAVORITE STOCK PITCH FROM THE LAST 24H
$OMCC pitched by @alexbossert
Old Market Capital used to be Nicholas Financial, a subprime car lender. It sold the loan book in 2024 for about $9 a share of book value. Now its main asset is 80% of Amplex, a rural fiber internet network in northwest Ohio, plus a shrinking fixed wireless business.
Fiber gets valued per "passing", meaning every home the cable runs past, customer or not. Amplex has 18,000. Only 35% pay today, so 11,700 homes already have fiber outside the door and no bill yet.
Of the $3.82 share price, $1.19 is cash and a loan to Amplex sitting at the parent. What is left values the network at roughly $1,400 per passing. Private buyers have paid $2,800 to $4,700, with T-Mobile, Verizon and BCE all striking deals in that range since 2024.
It delisted from NASDAQ in January to cut public company costs, and Bossert reads the drop since as funds that cannot hold OTC stock being forced out.
THE WORK
After deregistration the company stopped reporting its cash, so Bossert rebuilt the parent's cash from the segment note in the annual report. The floor under those deal marks is a Frontier CFO quote dug out of a proxy fight filing: "We were able to raise debt at roughly $3,400 per passing".
Other bits. A $21.3M USDA loan at 2% fixed until 2046, cheaper than the US government pays to borrow for 20 years. Insiders bought at $5.36 to $6.49 and owned about half at the last proxy. In April the company bought 9% of Amplex from its President at a price implying ~$39M for the whole thing, 1.7x what the market implies.
Worst case Bossert runs: penetration stuck at 35% forever, the lowest deal mark, fixed wireless written to zero. Still $6.36 a share.
$3.82 when written, $4.00 at Friday's close. Bossert is long and expects the company to be sold.
"Its 18,000-home fiber network is valued at roughly $1,400 per passing. Comparable networks have sold for $2,800 to $4,700."
Alex Bossert retweeted
The Los Angeles Board Of Airport Commissioners just unanimously approved $SKYH's's 2 ground leases at Van Nuys. It still has to be approved by the city council on Oct 7th.
Alex Bossert retweeted
I am long $SKYH. See my writeup below.
drive.google.com/file/d/1fZQ…
Alex Bossert retweeted
Great to see Sky Harbour CEO Tal Keinan on Fox Business last week with @LizClaman.
Worth a few minutes if you want the home-basing pitch straight from the source.
$SKYH — link in the comments.