Whensthepaintdry?

@Castanza sounds kind of like my wife and I. I didn’t have college debt, but my starting salary was 28,500. I don’t think I made it out of the 30s until 7 years ago. Thankfully I worked extra shifts/jobs and my wife and I are both frugal. We still traveled every year more than once, but never extravagantly. We now are very Comfortable compared to our peer group. I try to give advice where I can, but most of the time it falls on deaf ears. A recent example, recently we are allowed to take hardship loans out of our 401ks due to a natural disaster in the area. I kid you not it feels like half of my employees pulled the max out for anything you can imagine but an actual hardship or other investment opportunity.

I enjoyed reading the few Santa Monica letters that I have been able to find.

I often hear many worries that a huge portion of the stock market is owned through a few indexes. It does seem that BTC owners would not have the same concerns because a few wallets own the majority of coins. Like said above part of the bull case is these “whales” owning more. It’s definitely a movement around faith it seems.

Anyone know why a trump victory would take CP down?

I like to take the optimistic view. There is room for improvement and no limit of capital to make those improvements. I think under Greg these improvements will come way faster than they would have under Buffett. How much more can UNP flex their margins when compared to BNSF?

I’m in Asheville. It’s way worse than I could have imagined. Making things worse now is the word that the city’s main line from the watershed is broken and under water. No word on how long the city will be without water yet.

Ha! No one with a stache ever led anyone astray.

Yeah there is! I would say that thread and then listening to the management team and reading their annuals. The management team is very aligned and allocates capital with opportunity cost in mind. It was refreshing to listen to them. Other than that growing revenue above 15 percent a year, trading less than 15 2023 net operating numbers. Maybe even less than 10 now. Lots of assets that are worth more than accounted for. Trying to close the nav, but not in a rash way. Honestly though none of the above would make me want to buy it though if it wasn’t for how the management team sounds.

Started buying FRPH. Thank you to people on here for putting it on my radar. I’ve been listening to old earnings calls the last few weeks. They really seem like a great management team.

Could brk do a deal with BAC kind of like they did with Graham holdings to dodge some taxes and buy back some stock.

I can definitely see that happening. I agree it has been running hot. It doesn’t take heroic assumptions or multiples on operating earnings to reach today’s value though. I am not the biggest user of options, but I have been feeling the urge to sell covered calls for a while now.

Do you think it has gotten way too ahead of the valuation or just see better opportunities elsewhere?

I’m not sure if it will be long term, but my largest new buys were Ulta and Lulu.

Didn’t they invest pre ipo under 100 with Salesforce?

Not buying stocks aggressively during the Covid drop doesn’t bother me at all. The one that has me scratching my head was the drop in 2023. Amzn and google both had huge drops. I was totally expecting to see an add too amzn, but later there was a cut. While being conservative the performance has been great, so I’m a happy shareholder.

I sold Imkta. I still think it’s cheap, but I’m not seeing anything that will change that anytime soon.

Added again to ulta after wife came home and said it was packed. I think I may ease off the retail now.

Adds to ulta, lulu, and sbux.

Thank you for the clarification.

Times like this make me appreciate Ajit so much more.

Berkshire doesn’t, but I believe Markel does.

Greenhaven continues to add to Arrow as a large owner. Arrow I would say is a cannibal.

Added to Ulta, Lulu, and sbux.

Add to Lulu and ulta

I have added to Ulta and Lulu.