73 Reds

OK. Not sure I understand the distinction from simply being highly confident in one's abilities. Which is not necessarily bad for DOGE.

I think folks throw around the word "narcissist" all too often and don't even understand its consequences. In a business sense, there is nothing wrong with narcissism if it gives you an edge and shareholders can come along for the ride.

Selling OTM covered calls against SPY and rolling them as necessary pretty much assures you of beating the index over time. Selling SPY puts does not because you lose any potential excess interim upside.

I dunno. With good stocks you might be better off just holding the equities and forgetting about options altogether. When you sell a put you lose the upside of just buying and holding the stock (along with dividends) and when you use this strategy on a poor performing stock you're underlying is depreciating and all the while you are paying taxes on option premiums when they expire. Also if you use a more 'stable" stock the premiums are likely very low. Sounds like a lot of time and work for little in the way of potential gains.

What is an option wheel strategy? One easy option strategy to beat the S&P 500 index is to own SPY and sell well OTM covered calls against the position. If SPY rises too quickly so as to endanger assignment just roll the calls. You'll achieve what most professional money managers strive to do but don't: Best the index.

The vibe at the Miami Boat Show is always optimistic. In fact the vibe throughout Florida is almost always highly optimistic. Business friendly environment. Government encourages growth and development. Current Governor is pragmatic and even wants to eliminate the property tax. Increasing number of disgruntled people from other States come here to get away from messes elsewhere. Local sheriffs take no crap and zealously prosecute lawlessness. Pleasant to warm sunny winters and all the opportunity one could want with no State income tax and otherwise cheaper than other similarly populated States.

As someone who invests in single equities high valuations don't matter because there is always something to invest in. For younger folks and those just starting out, I have long ago come to the conclusion that discipline and patience are by far the most important factors for investment success. Probably next on the list is cost-efficient, tax efficient investing. Not far behind is a balanced approach to spending and saving/investing. Only for a select few, like some here on this board do analytical skills even come into play.

The example of the unluckiest investor who DCA'd the exact same amount each year into SPY/VOO at the exact yearly high price always comes to mind. This "unlucky" investor still did better than most.

Yeah, I agree with that and not only for retirees. Younger folks should also maintain cash reserves (not necessarily that much) so they don't feel the need to sell otherwise solid equities at the wrong time.

Sure, then you reallocate in order to account for your own needs. But, like many retired folks if you don't plan on dying soon after retirement, reallocation need not be anything too drastic.

The incessant focus on whether stocks are expensive is meaningless to anyone who simply makes periodic contributions to an index fund like VOO, i.e., most folks with a 401k. Does the amount of time spent evaluating every minute change or nuance to valuations have any bearing on returns? Broad based equity indices never go to -0- and eventually (always) make new highs. I've never understood why high schools don't teach kids a mandatory tutorial on compounding. They'd quickly realize that once they start earning a living, contributing $XXX/paycheck into an index fund like SPY over the course of a working lifetime will generate $X millions when they retire, without a single worry whether stocks are cheap or expensive at any given time.

The question is, does a buy and hold forever approach still attract potential acquisition candidates? Me thinks this is what is meant by Berkshire's culture, though like you, I wonder whether and to what extent it is necessary for successor management to continue down this road. Clearly it doesn't apply to Berkshire's minority positions held in the form of stocks so if operating companies are no longer holding their own, to what extent does successor management owe a duty to what likely may be successor managers of any such operating companies? My own inclination is that if something can't be profitably salvaged why try to save it? The very unique benefit of a company that can and does invest in anything is that it can and does invest in anything - it is not beholden to subpar. It will be interesting to see what changes come of Berkshire post-Buffett and how much of the company's culture remains tied to the past.

@Viking, remember that Buffett shunned share buybacks for his own company with reasoning that it would take advantage of existing shareholders. I never understood such reasoning but the fact is, Buffett could have repurchased a lot of stock over the years but instead preferred to build an empire. One can only wonder whether this is one of his few regrets.

@Gamecock-YT no, these are standard checking accounts at BAC where funds sometimes tend to accumulate. If I went back and calculated how much interest has been lost simply due to laziness, I'd probably be sick to my stomach.

Always thought that was Buffett's motto.

I have a self-directed account with Merrill which is linked to some bank accounts at BAC which is convenient. The funds held in a MMF are available for trading without having to sell the MMF and wait a day and the interest rates are comparable.

Yep. Or maybe AAPL or TSLA just to name two as defense stocks.

You need a separate International account at Schwab. I've been with Schwab almost since their inception and only stay with them out of laziness and a convenient branch office. Biggest gripe is their sweep cash account pays nearly no interest and you have to manually execute a trade to transfer cash into a money market fund and then when you want the proceeds for buying stocks you have to sell the MMF and wait a day for the proceeds to be available for trading.

Well, my best advice is keep moving. Even if you don't engage in a regular exercise routine, almost everything presents a way to stay fit. Take the stairs rather than an elevator. Don't look for the optimal parking space; rather park in the perimeter (and save your car from dings and dents too). Walk to lunch, the post office or any errand within walking distance if you have the time. If you're sitting at home, in an office or cubicle and aren't dressed up, do some pus-ups, sits ups or calisthenics at your desk. And forget about what anyone else thinks.

Wow, great thread; thanks to Cubs for directing me here. Especially like the fitness discussions. I could write a book on what NOT to do. To put it in perspective, I've been running and lifting weights for nearly an entire lifetime; when I started running outside (around 1970), people would look behind me to see if I was being chased by the cops. And weightlifting was at the Y with old, rusty barbells and plates in a sweat box with an industrial fan if we were lucky on hot summer days. But the good old days were just that. Yet over a lifetime body parts do wear out. To anyone young and/or just starting out it is very important to pay attention to form and listen to your own body. Set realistic goals. I wanted to compete at everything and wound up over-training to the point of significant injuries. Back then there was little in the way of guidance so in hindsight, I'd have been much better off sitting on my ass doing nothing the first half of my life and only then taking up fitness. Today most of my close family members are good to highly competitive athletes while I mostly observe and do what I can which isn't much but still better than nothing.

OK thanks. Looks like a standing dip bar would work. And didn't mean to hijack this thread but we could have a whole other discussion about fitness!

Thanks for that. I tried doing them using the arms of a chair - seems a bit awkward. Did they hurt your neck/shoulders to do them at first? Do you do as many as you can?

@TwoCitiesCapital what is the exercise? I have been dealing with neck and shoulder pain for years from C4, 5, 6 and 7 arthritis. Willing to try something new since nothing else has worked.

The principles on which value investing are based have not changed and likely never will. What constitutes "value" is always changing. And in today's world you do need an edge. it can be in the form of a niche, location, unique methodology, selective knowledge not commonly available to the public at large, or even massive focus on one single stock, i.e., Viking and Fairfax. What almost never works (unless you're seeking market returns) is following everyone else. Yet even that often outperforms a lot of folks who think they know better.

Sure, but a SWF doesn't depreciate the currency.