Pellom

I'm not sure that's true. They don't have public numbers posted on their website, but Chris says in this year's letter that they've beaten the S&P (net of fees) by about 1.5% a year since inception.

I understand many here argue it is a waste of time, but I found this year's letter to be insightful, as is always the case. Chris has an accountant's view of the world - something I wish I had. The way he explains certain topics helps me understand them better.

I am still learning myself, so I don't want to come off as an expert here, but my recommendation would be, if you are doing this work to make active investment decisions, to run your models and then conservatively cut growth projections. The truth is any valuation tool can be altered to spit out the recommendation you want. "More fiction has been written in Excel than in Word.” - Morgan Housel Agree with others that you have to do your own work and make decisions based on that work. How your investments play out over long periods is the only way to know if you're doing it right. By cutting your growth forecasts, you can protect yourself a bit.

I think a lot of his readers like to have it before going to Omaha so they refamiliarize themselves with some of the non-core operations.

Chris sold down the DG stake and upped the Dollar Tree stake. I think that's the right move. https://www.dataroma.com/m/m_activity.php?m=SA&typ=a

I won't call him a charlatan, but riding Buffett and Munger's coattails while charging people 1.5%+ just proves he doesn't get it. He does great philanthropic work in India, however, so I think there's some deserved reputational gain. Charlie liked talking to him and kept him in his orbit. He never gave him a dime. That's telling.

Finished this one a few days ago. Grateful for the work put in. I am curious if Buffett is sitting on some documentation from this time in his life that he plans to allow release of after his death. I also kind of wonder if we'll get a peek behind the curtains of his personal portfolio at that time as well.

Another translation I saw says it was a coal stock. My guess is it's Alpha Metallurgical Resources - it doubled in roughly the same timeframe described, and Mohnish Pabrai and Guy Spier bought shares in their funds shortly thereafter.

I am guessing Greg will run the business far more conservatively - which I think is a positive. I'm not sure I love Todd and Ted getting to buy what they want. We'll probably get a dividend too.

Forgive me if I’m wrong, but that doesn’t appear to be IBKR blocking you from the trade. Just an extra layer of due diligence.

Warren has talked in the last few years about how much he valued being able to save certain companies during/after the GFC, and, while I don't think he's preparing for a crisis of that magnitude, it is my belief he is accumulating cash in order to allow Greg to be the "savior" should such a need arise after Warren's death. It would also present great buying opportunities, too, of course.