UK

! am waiting very much for https://www.imdb.com/title/tt13287846/ and https://www.imdb.com/title/tt5537002/. Meanwhile, I finally have started watching Game of Thrones:)))

https://www.insurancebusinessmag.com/us/news/breaking-news/geico-lays-off-6-of-workforce-prioritizes-return-to-office-463726.aspx

I think the problem is not any particular scenario, but that we just can not know for sure which of them will persist. At least for me this means diworsification between longer duration (or lower rates again beneficiares) vs shorter duration (or higher rates for longer beneficiaries). I am at ~50/50 on this:).

Well, you may be right on last two years, but they came after "Inflation-adjusted median net worth jumped 37% to $192,900 from 2019 to 2022" As for housing: https://edition.cnn.com/2023/10/19/homes/existing-home-sales-september/index.html. Are you expecting home prices to fall substiantially going forward?

This must be a typo, maybe PE?

If I remember correctly, in some interview he said, that he put most of his money into BRK in the end, exchanging possible extra returns to a more free time:)

https://www.reuters.com/world/europe/us-decision-send-long-range-missiles-kyiv-grave-mistake-russias-envoy-2023-10-18/

https://www.bloomberg.com/news/articles/2023-10-17/us-stocks-are-ripe-for-earnings-led-rally-as-rates-angst-settles?srnd=premium-europe&leadSource=uverify wall

Not sure it is a good way to look at things generaly, but Bank of Ireland and Bank of Cyprus. Kind of similar stories, market position etc. Very related to a economy of a country. Do not know much about Malta.

https://www.wsj.com/finance/what-defense-stocks-say-about-a-more-violent-world-926b24f5?mod=hp_minor_pos20

https://www.economist.com/europe/2023/10/14/now-russia-is-fighting-to-gain-territory-in-the-east-of-ukraine

Based on current research, there may be a relationship between obesity and problem gambling, according to BofA, which estimates this kind of gambling represents 10%-30% of all gaming revenue. If weight loss drugs are prescribed to even more people, this could potentially lead to a decline in problem gambling, negatively impacting the industry.

https://www.economist.com/europe/2023/10/12/our-european-economic-pentathlon

It seems this is the direction everything is going. The question though, as Buffett used to say, how well this will translate into shareholder returns with defense companies?

So I was joking, but really, why they downgraded CL? EDIT: found it, it seems some kind ofmisunderstanding:)

More healthy teeth because of less sweets:)? Lets just hope these drugs will not also work to cure stupidity...

https://www.investing.com/news/economy/us-must-be-ready-for-simultaneous-wars-with-china-russia-report-says-3197258

True, I always forget this, and than begin to think of it like some kind of end of the world / binary situation.

Well, at least you have tried:). Btw, ValueAct, who initiated these changes for good, sold out in 2017 for something like 60 or 70 USD:)

I passed on MSFT and followed Buffett into IBM!

"Sell off the big stocks, the small stocks, the value stocks, the growth stocks, the U.S. stocks, and the foreign stocks. Sell the private equity along with the public equity, the real estate, the hedge funds, and the venture capital. Sell it all and put the proceeds into high yield bonds at 9%." Listened to Marks memo, all this sea change / higher for longer thesis, it is so tempting to take firmer view, not nesessarily regarding eguities vs bonds, but just in equities, one could make very different bets (in terms of duration and rate sensitivity, kind of AMZN vs FFH), IF was sure that rates really will stay higher for longer. I am positioned much more into this direction vs a year ago, much more than 50/50 currently, but just not sure if it is prudent to get into 100 per cent this time is diferent side. My gut still feels like it is better to stay 50/50 or n9 more than 70/30 on this:)

Thanks. Interesting! I somewhat agree with this view on relative attractiviness of averages between equities and bonds, but if, like you said, one can go after individual securities and has required return of at least 8-10 per cent, it seems to me it is still easier to find such things in equities. Or maybe this is delusional and influenced by some biases. Maybe if choice was only between bonds or snp, 30/70 or 40/60 already would make sense today. Sure, today is nothing like 2011/2012, but this period was extremely attractive, perhaps even more than 2008/2009, at least for me, because in 2008/2009 it was like REALLY scary (especially if you listened to almost anyone except for Buffett and Co:)) and in 2011/2012 it was more about EUR, but US was fine, rates low, equities, even on average, still very cheap.

Since what year you expierience starts? I only owned local government 10 year bonds yielding 10 per cent in 2008 (currently at 4.4) and later was looking, but not invested, at long term Greek bonds, yielding some 30 per cent (currently 4.3) at the time of the crisis:). These Greek bonds ended up a very good buy for some who did it:)

Thanks, Viking! With so much moving parts and different earning streams, FFH is one of the companies, which earnings is extremely hard to model (and maybe it is a plus and an opportunity vs analysts/market), but I think you did an incredible job doing this.