Eldad

As everyone and their brother starts one of these it should erode MSTR NAV premium (eventual Ponzi scheme blowup aside). This is the Chanos short thesis. Seems to be happening.

I pay for Morningstar and it’s great and cheap. $250 per year. I use it everyday. Saves a lot of time and their reports have helped me learn how to think about moats in a better way.

Buffett isn’t paying 23+x for that piece of junk CSX. That’s ridiculous. He payed 15x for BNSF and it is a way better railroad. And he says it has just been an “OK” investment. If Greg starts talking synergies, I’m out for good.

TFII

% Gold, not enough. Sold my miners earlier this year for a nice gain but should have kept them. Now just have some PAAS calls as it looks like Silver is about to try to catch up.

Maybe also just being gracious and magnanimous for the folks as Greg got his job.

Thank you. That is great. It is not often I find a totally new concept in investing anymore.

Good to know what you like and stick with it. I like your style. I keep looking at POOL too but I don’t really understand it and it needs to be below $250 I feel like. Ted & Todd keep buying it and F Chou. I think it’s headquartered in Louisiana and I think Chou’s insurance company gets a tax break if it owns LA securities so I’m not sure there. That may just be bonds, who knows. But then like you, I’m like why flirt with swimming pool distribution (hamburger) when I have WSO (steak) at home. AC > swimming pools in all future worlds I can imagine. Maybe we will get a big housing crash here soon and we can buy these and ride off into the sunset.

Up 17%~. Mr Market is a real piece of work. Time to start getting ready for the next mood swing.

Great thank you, will look to get it. They did a 300+ page study on Serial acquirers I think in 2023 that is very good and free. On a side note on REQ, the REQ global compounders fund already has an 8.16% weighting to Roko. Roko just went public in March. The only names with a bigger weighting are Lifco and CSU at 8.25% and 8.68%.

Sorry misread your point, Heinz better deal but worse brands. Disregard my write down sentence.

Maybe. The giant write downs were Kraft and Oscar Mayer. Heinz ketchup may be the only great brand of the bunch in my mind. Not listening to Charlie on Costco sort of bit him twice. Once from missing on Costco and twice for believing in the moats of the packaged goods companies over store brands.

True. At least he isn’t pretending to be more moderate like so many others.

Yep May have decided to double down on the dumb with Mamdani.

Strange to me that Mossad keeps giving the play by play of how smart they are and everything they do. First with the Hezbollah radios and now this.

Trump and his Democrat foils are just symptoms. The cause is moral rot across the entire country. It’s not a Blue vs Red thing IMO. The Romans were a people that took over the world basically from their superior value system, work ethic, organization, etc. The Romans went from Cincinnatus & Cato the Elder to the Emperors being murdered every couple of years. Like Munger said we aren’t as bad as late Rome yet but it’s coming.

Got some 3 month US bills for over 4.4 this morning Woo hoo.

Also, in Jamie Dimon’s recent interview he tied American reserve currency status to its remaining the worlds most powerful military. This is not talked about often but with a few exceptions (Venetian and Dutch although they had very strong navies) the reserve currency usually follows military might. At the beginning of WW2 the US and UK were on a somewhat equal footing in military power. By 1945 it was not even close and then the NWO forced the UK to give up its colonies and they were done as a world super power. The US dollar should say backed by 11 aircraft carriers, 1000s of nukes, etc. etc.

Except that the US has 350 million red blooded capitalists and a system that is set up to cater to them. US News country rankings are a complete joke. America is the most innovative and has the most pro business government by a mile. I wouldn’t bet against America even though it is currently fashionable.

Yeah. He has a very high standard on what a moat is looking at his stocks.

His portfolio is a beautiful, simple, collection of monopolies.

Ha yes but for you and me that means PE or RE and you are going to get capital called to death or have to sell at 50% in a real bear market.

Ok you are possibly right. I’m just saying one of the great investors says most great investors stop buying in the euphoria stage and let defensive things build up and wait and then deploy lots of cash when no one else has any. It has worked for me. Plus that stuff you reach for in the euphoria period is going to go down the most when said event occurs.

Howard Marks claims to have studied a lot of the great investors and has come to the conclusion that most of them slightly trail but keep up with the markets in the good times and then ultimately outperform in the long run by crushing the index in the bad years. If you look at the famous BRK chart of yearly performance vs. S&P his best years vs SPY are in the horrible market years. I have had a lot of success not selling high markets but letting the cash pile up and waiting for an event and then buying like crazy. But to each his own. But I think a bond reserve makes sense in light of Howard Mark’s wisdom.

Thanks