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Everything posted by LC
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short CRM: why? are there no other attractive uses for your capital which offer a safer risk/return? it seems like a stock like that has so many non-fundamental issues which may or may not drive the stock price that you open yourself up to a lot of pain while waiting for fundamentals to adjust. additionally, the SAAS business model has very attractive characteristics which you are fighting against. i think the jist of this argument is not whether CRM is a good short candidate or not on an absolute basis, but rather one of relative attractiveness.
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Another shade to the industry http://m.spiegel.de/international/world/a-967198.html#spRedirectedFrom=www&referrrer=http://www.reddit.com/?count=25&after=t3_24okcb
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Investing in the unknown unknowable (2007 Harvard faculty paper)
LC replied to biaggio's topic in General Discussion
Tobacco doesnt provide value for society? Humans have been smoking it for thousands of years. How is a business which supplies humans with a thousand year old desire not valuable? -
I like this question.
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Interesting idea. I imagine it shouldn't be too difficult to create some serious voting power with the purchase power of this forum, especially with those microcap or nanocap. However, how do you define a "group". Will people communicate with each other through an internet forum loosely be viewed legally as a group? Any lawyers here? I don't see how it's any different from 20 partners having a conference call or meeting at a restaurant, yet for some reason I feel the SEC or whomever may not feel the same way.
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I have to come next year just to catch a glimpse of you characters. Hilarious :)
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The banks get better interest rate spreads when rates are somewhat higher than they are now. Instead of borrowing at 1% and lending at 3%, they can borrow at 2% and loan at 4.3%. The 0.3% over a trillion dollars becomes significant. At a certain point rates go too high and people stop borrowing as much. Dimon is talking about hitting a sweet spot where soreads and volumes are both good. Historically banks didn't do as well in rising rate environments but most of the bigger banks now hedge off possible interest rate risk. It also has to do with the speed of a rise. That good? My fear is that increased rates will reduce the overall demand for loans. I read somewhere that banks actually do better in a lower interest rate environment because of the higher volume of new/refinancing loans, which also come with transaction fees, etc
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SD I believe wrote something the last time a topic of this nature came up, and I am paraphrasing here: "If you're good enough to be a top research analyst then you're good enough to start and run a business, and contribute directly and meaningfully to society".
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Thank you Sanjeev (and Mohnish!) 8)
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What he's suggesting is that they obey the law. I see it more like, "I pay taxes and therefore they should, too."
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I actually prefer not having a rating or "star" system on posts. That way I can judge the merit of individual posts without any pre-conceived bias about the quality.
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Can a Woman make you a Millionaire???
LC replied to watsa_is_a_randian_hero's topic in General Discussion
lol, i just thought of Vonnegut's likely response to "can a woman make you rich?"..."can a glass of syrup make you a turkey?" -
The real killer is that two Armani XLs are not the same size and cut. What you need is tailored measurements or an image file which are uploaded to a vendor who makes the item for you, and as far as I know both ventures exist already.
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this kind of news is always sad...best wishes to the family at Ruane Cuniff.
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I agree with Parsad about the time it takes to be really frugal. At some point it's just not frugal. I really like the outdoors and cooking, so that has the side benefit of cheap vacations (lots of camping/hiking/fishing), cheap meals (I love cooking dinner and making food myself such as fermenting pickles and other veggies, aging my own steak), and a green thumb growing all kinds of things. But if I didn't enjoy these processes, it wouldn't be worth it. On the other side, I always tip service people (waiters, bartenders, baristas, etc.) really well, especially if I think I will go back. It usually pays off: they let me in on social things they are privy to and such. Plus it almost guarantees excellent service.
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I think in the general case, yes obviously investment benefits society. We need investors to pump capital into solar energy. In specific cases of course it can be harmful. Focusing on the bottom line at the expense of safety spending etc. can be terribly harmful. So I guess, like all things, there is good and bad and you can't have one without the other. Overall, investment has benefited society IMHO.
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+1 How do you explain dealing heroin or any of the other various forms of criminal enterprise? Or cutting costs to the bone in 3rd world chemical plants to the point where poison leeches into drinking water? 1st - to the extent a black market profit is achieved, most of the time I think its still a sign of doing good. You are providing a customer with something desired. The exception is for items used to assist in future crimes (if you are aware of this), such as a dealer of weapons to a terrorist group. I never bought this argument. It makes sense logically if you want to rationalize it that way, but it's so far from common sense I want to cringe. So here I am, knowing that the heroin I sell may very well ruin your life and the life of your loved ones. Or it may not, and you may use it responsibly. Heck, how should I know for sure? I just met you 5 minutes ago before we walked down this dimly lit alley. In any case, you want it, so I'll provide it. If I don't someone else will, right? So don't blame me, I'm just making a profit, doing my daily dose of good for society.
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full time private investors who left their day job
LC replied to ourkid8's topic in General Discussion
As well as the ability to build and nourish a professional network. -
I believe he is referring to the fact that the stock price should be reduced upon paying a dividend, and because the value of the call option is derived from the stock price, the dividend payment reduces the value of the call. However isn't this usually "priced in" to the premium of the call?
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Ted?
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WEB on CNBC Monday with Ted, Todd, and Traci
LC replied to rogermunibond's topic in Berkshire Hathaway
I'm still open to the possibility that he has high-functioning autism and is able to read through an AIG annual in 3 hours and retain it because he experiences the information differently. Or not ;D -
Call the CFO and ask...that's what I usually do with micro-caps. Sometimes they are open, other times not so much. If I hit a wall with management I heavily discount that and usually walk away from the investment...it's much more pleasurable to invest alongside good, candid management.
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I use SPY & IWM, as I would be passively invested in those if I were not managing my funds.
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I like our 1% club more than this one: http://nymag.com/daily/intelligencer/2014/02/i-crashed-a-wall-street-secret-society.html