Masterofnone

Anyone with a high allocation to Berkshire and Fairfax has likely under-performed and if the name of this site in any way selects for those types, it is likely that many have lagged the markets. But so what? What is six months over a lifetime horizon?

How as an investor, can one currently identify a Netscape from a Gmail in the AI landscape?

As stated above, it all depends on context. Over the years I have almost never given friends or acquaintances suggestions of stocks to buy, but in the few times it did happen, I suggested Berkshire because it presented the least moral hazard. Presently, I would explain the probable lack of out-performance and potential of protection if things go way south for an extended period. Remember that WEB himself suggested an index fund. But if it is for someone who has little interest in investing but wishes to own a stock, you could be pretty much certain that they would be better off with Berkshire 40 years from now than if they put that money in treasuries or CDs.

Starter in Aecom (ACM). Punished by a small revenue shortfall vs. estimates. Guiding to $6.00/share earnings which is a 15 PE at today's price. Backlog increased 8%.

Over the years 70-85% of my stock investments were in Berkshire. I didn't sell and added every time there was a market drawdown, comfortable that the company became more valuable in those times and the prospects of good returns increased. It helped that Berkshire zealots abound and expound freely about the nooks and crannies of the company and the diverse nature of the income streams lessened the concentration risk and gave a real understanding of what I owned. No debt helps a bunch in scary times. First mortgage was at 9.375% so getting out of that in less than 6 years set the tone.

Whoopsie

Sold all CROX shares. It go down, it go up. Why? Who knows.

More SKYH under 9.00

Thanks again Libs for bringing this to our attention. I bought some after initial due diligence. This recent company release is a terrific insight into their culture and methods: https://sixthstreetspecialtylending.gcs-web.com/static-files/d92761d9-f47a-4cac-b8e4-57fa767f1064

Sixth Street Specialty Lending, Inc. director and vice president David Stiepleman reported an open-market purchase of 20,200 shares of common stock on March 2, 2026 at a weighted average price of $17.65 per share. Following this transaction, he directly holds 25,735 shares of common stock. The filing also notes 5,544.11 shares held indirectly through entities for which Mr. Stiepleman has pass-through voting power and no dispositive power. The purchased shares were acquired in multiple trades within a narrow price range between $17.64 and $17.665.

And for the chart skeptics, classic "gap fill". GFP walkin' his talk here.

Saw all those bids on the MEMX and backed off to let you drink your fill. One at a time at the watering hole is best for all. Ha.

Well, turning to AI for an answer I got this: In the CLO market, publicly traded companies typically face risk through two primary channels: as asset managers who earn fees but must hold "skin in the game" (risk retention), or as direct investors in the tranches. Top Asset Managers (Manager Risk) These companies manage the loan portfolios. While they earn management fees, they are exposed to reputational risk and mandatory "risk retention" holdings (typically 5% of the CLO). Blackstone (BX): One of the largest global CLO managers, with over $50 billion in assets under management (AUM) as of late 2025. Carlyle Group (CG): Frequently ranks as the #1 or #2 manager globally, overseeing approximately $50.8 billion in CLO assets. Apollo Global Management (APO): Manages roughly $34 billion in CLOs through its Redding Ridge platform and other subsidiaries. Ares Management (ARES): Significant exposure with over $33 billion in CLO AUM. KKR & Co. Inc. (KKR): Manages nearly $30 billion in CLO assets. Major Bank Arrangers & Holders (Balance Sheet Risk) Large banks act as "arrangers" (underwriters) and are also some of the largest holders of senior AAA tranches. Bank of America (BAC): The leading arranger in 2025, underwriting over $72 billion in CLOs. JPMorgan Chase (JPM): A major holder and arranger ($59.9 billion in 2025). In February 2026, JPMorgan analysts warned that up to $150 billion of loans within CLOs face disruption from AI-related shifts. Citigroup (C): A top global arranger with $68.5 billion in 2025 volume. Wells Fargo (WFC): Leading arranger for Private Credit CLOs, which often carry higher yields but less liquidity than Broadly Syndicated Loan (BSL) CLOs. High-Yield Investment Vehicles (Equity Risk) The following companies primarily invest in the "Equity Tranche"—the riskiest part of the CLO that takes the first loss if defaults occur. Oxford Lane Capital Corp (OXLC): A closed-end fund (CEF) that focuses almost exclusively on the equity tranches of CLOs. Eagle Point Credit Co (ECC): Another publicly traded vehicle concentrated in high-risk CLO equity and junior debt tranches. Blue Owl Capital (OWL): Operates several software-focused Business Development Companies (BDCs) that faced elevated redemption requests in late 2025 due to credit concerns.

+1 Thanks Libs. I see this as a relatively safe play on the market overshooting on the demise of software companies. The exposure here (~40% of loans in this sector) is limited by the duration of the loans. AI may or may not be the demise of software companies, but it is not going to happen overnight. The long tail does not exist here. Should work OK in a non-taxable account, getting paid 10% while you wait for a re-rate.

Just wanna put a good word in for plumbing......if for new construction. Standing on your head just to have some waste water cascade down, not so much. Electricians make out real well because of the zap factor. Requires skill, but is actually pretty darn straight forward. But there is pricing power cause folks really don't want their house to burn down. Industrial/controls is harder but even more lucrative. I know an under-water welder who retired at age 45.

Hah! My lowball order of $104.11 just missed getting filled yesterday. I'm a chickens**t when it comes to silly trading ideas I'll put in a "stupid low" offer and leave it up to chance. You have more conviction and act, then keep acting. Guessing our rational was the same.

To keep the weird side going, from GFP's back yard, one of the most danceable albums ever:

Not so fast... Last month my wife and I drove close to four hours to catch a concert by Derek Gripper & Ballake Sissoko. (It was amazing!)

It is hard to imagine that over a say, 40 year span of investing that one wouldn't average up. Once purchased, are companies disqualified from ever again being good investments? Once you get used to it in the long term, it becomes easier to do in the shorter term.

I'm not interested in buying more at these prices. Buying new and selling long-appreciated have different math. At $445 I'd sniff.

Many hold positions because of huge embedded gains that we don't want the tax man to access. There is little real long-term down side, the accounting is conservative, most surprises will be pleasant and the enterprise will become more valuable in times of stress.

Would you please hush up for a bit so that this can go back to the mid 8's and I can build an actually substantial position? I'm trying to sit on my hands and wait for the next -4% day, OK?

What is a "Best Fund" anyway. I pay people to do things for me when they can do things better or more quickly than I can myself. I'll do my own plumbing repair or fix the mini-split but won't climb a 40 ft. ladder to re-stain the house. I've found that micro-cap investing is really hard. I pay Tim Eriksen to do it for me and he's done a fine job. For most of my investing life the bulk of the work was "hired out" (for free) to WEB. (I'd guess many here also are wondering just what to do now that their go-to investment handyman has retired). Is there a list of funds that have out-performed after fees over a 5, 10, 15 and 20 year period? If there are any, I'd be interested.

BRK has taken a back seat here to Fairfax, but if it drops another few percent from here I'll begin buying back some of the shares sold last year. I know it's outdated and all, but $445 is roughly 1.3 X current estimated book. I'd think that buybacks would resume in earnest at that level providing some downside support. Anyone else starting to become interested or is Berkshire getting set out on the curb?

Dunno. The evidence points toward the majority of the Canadian and US populous being perfectly happy with shitty food. Just look at the options on your next long road trip. Subway for Christ sake.... If you actually like good food, it is pretty easy to assume others should too, but the freezer-> microwave->plate model seems to suit a whole lot of people.