longlake95

BLDR

Okay folks, let's play nice. There's a lot bear shit flying around. Healthy dialog is good but this is coming off the rails.

Not a blind quote. I'm aware of the nuances of life & investing, but still much to learn - ask my wife. The quote was mentioned because its simple and powerful. Would you rather a smooth 12%?

Remember, we are here for a lumpy 15%+, not a smooth 12%.

TFII GIL SCR SJ (to a lesser degree, they back lots of stock, but sometimes at prices I think are full..)

thanks for the kind words on TFII. Yes, it's been great - I did trim some. But still it's a hefty position. GIL/CNC are my other high conviction ideas. I'm aware of all the problems with CPG. These food stocks have been bombed out. At some point it's all priced in... I think we are basically there. At some point inflation "cools" (whatever that means) the consumer gets to a bit better place and we get some volume growth. If KHC just goes from lousy to mediocre we could get a very decent total return over time. Viking will probably tell me I'm crazy, I think he worked in CPG...

KHC I know, I know, why the would you do that?

FFH

FFH

GIL

+1

Email John Varnell. Always helpful.

BRK.b

Got a couple of hats.

a little GIL

This is worth asking about at the FIH meeting, if nothing else but to remind management that engaged shareholders are watching. It does smell like rotten eggs, but likely not a systemic issue.

I thought he did a great job. Let’s remember he is 95. He loves this game. If he finds little things to do here and there - that’s a win. He might get busy soon if/when this private credit ballon pops.

RAD, I’m thinking the same thing. Greg told us on page 13 of the letter that near term opportunities are “significant” for BHE. Let’s hope they can retire a fair bit of stock before the deals heat up and people get optimistic on BRK again. As an aside, I won’t be surprised at all if they go to 9.9% of Tokyo Marine… I love that deal.

I thought they said 2.5 on the call...

I don’t think the banks breakout CC income. I still find it wild that banks can still charge AAA customers 19% for revolving credit on a CC.

The Canadian banks will be a buy at some point. I’ll tell you when….LOL.. Bare in mind the last Canadian bank I owned was TD after the GFC…. We could be waiting a while. Somebody here on COBF I think backed up the truck on BNS a few years ago…. That was smart. I missed that…

Canadian bank are pretty expensive these days. Lots of headwinds. At 15X+ multiples and 1.8X+ P/B, they aren't screaming buys in my book. I don't think they are properly discounting some of the issues in the housing market. There are a lot of people that have seen their equity shrink by 25% in the past 3-4 years on their homes... not sure how much demand there is for credit cards, HELOC's, etc...

great news, especially if you want to buy an Indian bank and need some capital.

BLDR

GIL - a longtime holding