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They were overpriced, including due to pandemic economy. Besides that, why do you think those a great companies? The ones which are selling their IP I consider particularly risky. Selling good IP sounds great on paper, but it's undermined by agency costs and ever changing tastes of consumers. LVMH... Their business model is purely theoretical to me, because I don't know anyone who would be their customer. The real luxury today is at independent producers and custom made goods. The big luxury corporations are selling a cheap illusion, and who knows how long it will work. Also alcohol consumption is on a falling trend, and wristwatches are obsolete.

Yup...there were a lot of wins for the taking this time. But like a gambler, he doesn't know when to stop and walk away with his winnings. He won handily on the southern border, but then went to far with ICE. He was winning with DOGE, but again just started hacking with a machete. He was winning Iran, but then let Israel continue bombing Lebanon. He was making headway with the tariffs, but then kept piling them on and on. He was going to make meaningful changes to Obamacare, but then essentially blew it apart. The man is his own worst enemy! He's the guy who is 30 points ahead of the other team and then blows the whole fucking lead and just blames someone else or the media! Cheers!

Genius at work here! He's an expert in acting like a thug...some of his best friends are thugs...would we expect anything else? Cheers!

@thepupil that tencent chart is kind of beautiful.

Adds to UBER, HONA, ASR, BZU

This is the TIPS yield curve. I think 15-20 year duration looks good as you can lock in a “risk free” 2.5-3% return above inflation (as measured by the government). It’s has been a long time since you could get this sort of yield. Breakeven inflation is 2.2% which means if it’s higher you do better than treasuries with the same duration. I would take this bet any day. I think these are great in IRA‘s. They serve a similar purpose than gold as a diversifier or you keep them as a cash substitute. I bought some at Fidelity today and it worked pretty well.

lmn.v

I just relied on Gemini to get a number, but it seems to be off; Fairfax has just short of 22m shares of the C-shares (UA), and 44m shares of the A-shares (UAA). The 22% number is probably the percentage of the A-shares. Yahoo Finance says Under Armour has 203m shares outstanding, or 426m "assuming the conversion of all convertible subsidiary equity into common". Do they mean some other security, beyond the A- and C-shares, or the privately held B-shares? I don't know. So maybe 66/426= 15.5% of the A- and C-shares? So they would still be marked to market after all. I guess we will see in a few weeks.

That webpage reads like something a 4Channer would write trying to sound smart.

Does anybody remember who played the part of the CDC director in Idiocracy?. https://www.cdc.gov/vaccine-safety/about/autism.html

Interview with DeepSeek founder: https://www.fredgao.com/p/deepseeks-liang-wenfeng-breaks-his "Liang believes that the lead among top American models, such as OpenAI, Anthropic, and Google, is cyclical and will not last. He says Anthropic’s early edge in coding agents will soon fade. When talking about the gap between China and the US, he says America’s lead comes only from having more computing power. He thinks talent is spread around the world by chance, and China has no real shortage of it."

A potential risk. Nothing “perfectly” tracks one’s increase in the cost of living, whether it be sunebwlt apartments, oil and gas royalties, value equities, or …..

Oof, I think I need wax in my ears to keep going...

Political attempted suicide at this point. I think the Democratic Socialist movement might manage to seize defeat from the jaws of victory (for the Democrats at midterm elections that is). I think the jury's still out, and if the Democrats ran some moderates, they'd sweep the election. On the other hand, if Democrats ran moderates, I don't think Trump would have gotten elected anyway. I think the American electorate overall dislikes progressives, and then all of the sudden, the democratic socialists make the progressives look like the "middle". Unfortunately for our two party system, the Democratic Party seems to be pushing further and further towards the extreme left, and the GOP has managed to eliminate most MAGA dissenters as well. Probably why we have 45% of voters as independents now, unfortunately they are held hostage to the primary elections of the other 55% of voters.

The MOU said no such thing.

There was article in Bloomberg that claimed that there is talk about a new measure of inflation that would reduce the reported figure

I would not pay fifty times for that you listed, for ge I would

Nice big slug of CVRX common stock in the 4.7s. Nibbled on some LQDA common stock as well.

I like to think of it as 2 engines. And the investment engine can then be broken into more parts as desired to break it down further for deeper understanding: Fixed income, equities (M2M, control holdings), private investments.... If I had to break it down into 3 buckets I would divide it into fixed income and everything else. Because arguably the hurdle rate for the investments whether it is public equities or private investments is the same.

Tie me to the mast!

Nintendo was only "expensive" if you were using a TTM earnings off of trough Switch 1/peak Switch 2 launch costs. Nobody reasonably would evaluate the business on that. The issue is you launch the most popular system ever....with no games.....and then when your stock halves....go woe-is-me and refuse to repurchase stock because of some dumb cultural stuff? As was mentioned in the thread...the exact problem with them is that "nothings changed" from 12 months ago.

Yea it's a Chinese ADR, thats the only knock on it. Not mismanaged IMO

Over the last 10 years, Tencent has increased its revenue, EBITDA, cash flow, free cash flow, and net income per share by 4 to 5 times, while building an investment portfolio that went from ~$20B to $120 billion, spinning off stakes in Meituan, JD.com, Tencent Music, paying out a small dividend and not really issuing shares....Tencent's made 33%/yr since inception (600,000%) and 11%/yr over last 10 years (SPX made 15%)...Seems pretty good to me in the context of a dominant business that's currenlty trading for like 12x earnings. I certainly don't see evidence they're "failing to create value for shareholders"). Had we stopped the clock 9 months ago, Tencent would have had a trailing 10 year return of 19% per year. Did they get dumb and shareholder unfriendly and too chinese over the last 9 months?

Regarding Nintendo: while I do agree that early access is a stupid thing to consider for shareholders, I don't think they are fucking up worse than they were doing a year ago when the stock had returned >100% in less than two years. If memory prices crash tomorrow, Nintendo will go back up and we will all claim they are doing fine returning value to shareholders. This whole 'AI boom' has been draining money from value stocks. Remember the QQQ was up 79% in '99 while BRK was down 24%.

Long term, everybody wants open straits, peace and tranquillity; costs are a negotiation. Near term, it's as needs must, to keep the revenue and oil flowing. Yesterday there was silence around the Bab-el-Mandeb strait, yet today Trump suddenly felt it necessary (@RealDonaldTrump) to state that China told him it isn't supplying weapons to Iran ????. It would seem that paying tolls with ordinance isn't a speculation anymore, and the US is not sure that it can destroy them before they are used. Chinese copies of Ukrainian sea drones could really ruin a VLCC's/ULCC's day. Of course, while the US supplies defensive weapons to NATO, the US has no control as to how they are distributed Same as while China may supply defensive weapons and banking facilities to Iran, China has no control as to how they are used . Not looking good. SD