longlake95

+1

Agreed. I think the biggest lesson for me the last 20 years, has been to constantly re-assess if your thesis has under-shot or over-shot as the fundamentals play out over time. If you’ve under-shot like I did with HPS.a, where the business has blossomed mightly ahead of my thesis, JUST SIT ON YOURS HANDS. Continually re-assess. Easy to say, hard to do. But sure is fun. Confirmation bias can really kill your returns.

Ya, it’s been quite the ride. Bought in 2020. Trying to water the flowers and pull the weeds here - letting winners run. Sitting on my hands, mostly, very interested to hear their commentary on current business conditions and the backlog. I think they earn +$6 this year. LL

trimmed a little HPS.a

Welcome Charlie

I've owned BRK for just over 2 decades. Yes, it's been a fine performer. Sure, it hasn't shot the lights out - but neither did MSFT from 2000 to 2010. You had to time it just right to benefit from the massive tech run - who knew? Not my game. BRK is like an equity-bond that yields 10%, with very little risk. Additionally, you get an upside kicker, when the market goes to hell in a hand basket, you lose less, and stand to make much more as they deploy capital during the storm(s). I sleep well owning BRK. I don't think every S&P 500 ETF holder can say the same. Certified fan-boy.

Great letter. What a shot across the bow, warning that we’d (the politicians and the masses) better figure this electric/energy grid situation. If you can’t incentivize private business (and individuals, buying energy bonds) to put the huge sums required, how in the world does government do it-effectively. They don’t. I have zero faith the politicians will get it right. Standby for much higher power rates ahead. really liked the write up on the Japanese trading houses.

Prem has said publicly several times about deploying $5B in India in the next several years. With a notoriously bureaucratic government in India, maybe this sale is a "goodwill gesture" to show engagement. Allowing for bigger and better opportunities looking ahead. We'll see...

I'm in the same camp. Just OWN the hard-to-come-by assets, basically forever. Munger's "sit on your ass" philosophy. But, maybe there's more to the story.... Maybe a worthy question for Prem & Co at the FIH AGM...

Nope, maybe that’s why it’s at 3x earnings.

Probably should selling HPS.a moving like a sloth.

CVE

I love my 1750 sq. Ft. go smaller and make it custom. Way more enjoyable.

nothing to see here... https://www.bankofcanada.ca/rates/indicators/market-operations-indicators/overnight-repos/

The printed version is priceless. The ease of "flipping" through 1500 companies continuously, until something catches your attention is very effective. I get a tonne of value out of this document.

https://thecobf.com/forum/topic/5569-gil-gildan-activewear-inc/page/5/#comment-544625

GIL

Thanks Sanjeev Merry Christmas to you and yours as well. You are very right, many have had a rough couple of years. COBF's pay forward some of that tax advantaged divvy income, to those who need a helping hand. All the best to everyone for 2024.

FFH

ATRL

Well done Ladds.

I think you’re on to something. Or it’s my confirmation bias coming through… Nice list, I own 4 of those… I’d add SJ and the Canadian rails to the list. Even Couche Tard.

He is also saying that you should adjust for absolute dollars. When you are managing a 'piddly' 100K and return 10% you created 10K. The same 10% return on 1000K is 100K. Same return bigger absolute dollar creation.

of course, Sir Charlie is not wrong. The financial industry here in Canada, was legislated to provide investors with money-weighted returns (MWR), not just time-weighted returns (TWR). Because money weight returns are more realistic, since most if not all investors have cashflows into and out of a portfolio.

well, it's a 12 ish percent holding. Trying to lean in here...