LC

Bold of you to quote whimsical poetry to the face of frothing zealots.

Why? Wasn't Ajit just claiming the work Todd did at Geico was extraordinary? And I would keep the smaller subsidiaries as long as they are still profitable and 'hands-off' My understanding is tiny/legacy stuff like Pampered Chef, etc...they all self manage and just send cash up to HQ.

Andor is a really incredible show. The first season was great, the second...wow. The three episodes released today left me speechless. Incredible writing, directing, and acting.

They're so close to saying the quiet part out loud.

Nah...let them stick to their comfort zone. Not everything Brk touches is gold...remember their foray into healthcare? https://en.wikipedia.org/wiki/Haven_Healthcare

I wonder if some enterprising (re)insurers can 'game the system' by finding some obscure/boutique risks to insure that allow taking large reserves up front. Perhaps even doing so in a vehicle which can be sold off with the attached tax credits?

If you're truly interested, I would start with the wikipedia page on the party, rather than listen to one-liners here. One of the 3 party founders left the party, and his replacement? also left the party. Both mentioned the same reasoning: that the party had moved too far right and away from basic principles of German democracy. My read (not knowing the cultural background so there is probably lots lost-in-translation) is that they claim typical right wing positions but also favor strongman rule rather than a democratic process. That is typically seen as the devolution into the extreme right.

Just go to Schwartz's 10 times and die happy I think Japan has the best food in the world.

I can't believe its already been 5 years since the Mar 2020 COVID woes. But yes you're absolutely right - the reason Fairfax was interesting is because everything else kind of bounced back with the post-March 2020 recovery, but Fairfax didn't. And @Viking as we all know did an amazing job of evangelizing the turnaround. To me it felt like low hanging fruit, I couldn't believe it. I think I had a 20 or 25% position originally, then I messaged Lars, who was like "well I'm at a 30 or 40 or something percent position here" and I said to myself: Screw it, if we're going to put the "F" in "COBF", then we YOLO and we don't look back In retrospect it was a turning point in my investing process - taking big bets I had a ton of confidence in - rather than plinking around as if I were a multi-billion dollar public fund with a ton of 2-5% positions and a totally different mandate, when in reality I'm just a dude investing the money of family and friends with unrecognizable surnames.

Yea that's fair - Looking at FFH in 2016 or so was like "screw this Prem guy" with the totally out-of-pocket hedges and macro calls. I think your memory is better than mine. IIRC March 2020 was like, "screw it - double, triple down on everything. If the ship goes down, I'm going down with it". I think the one thing I should've done differently, so in March 2020 I'm sitting on tons of unrealized losses on what I thought was a relatively stable/blue-chippy portfolio. Berkshire and stuff like that. I wound up buying more, then flipping all the positions to LEAPs. It probably would've been better to sell the positions and take on more speculative positions like you allude to. IDK if I have the stomach for that, but it's probably a better strategy to capture upside. And just checked my old statements - I started buying Fairfax late 2022 around 500. So the 2020 COVID positions I let play out, and then shifted a lot of funds to Fairfax in 2022/2023.

If you view Morningstar as a tabloid newspaper, it makes sense. Brett Horn is as much an equity/business analyst as Doug Montero (sorry, Doug) of the National Enquirer is an investigative journalist. Doug's latest piece: https://www.nationalenquirer.com/kims-secret-romance-with-businessman-ends-over-fame-pressure/

Buying shitcos at the bottom and flipping them - this is difficult business. You need to sell at the right time, you presumably want some reinvestment opportunity for the proceeds, you've got tax considerations.... Yeah perhaps the 1-3 year return it superior - but in retrospect, I would rather have Fairfax. It means in 10, 20, 30 years or whatever, we have a miniscule cost basis on a presumably world class capitalism engine. And it removes a ton of brain damage along the way. Let Prem and Co earn us $$ while we sit back and spend it

Great Q- not much to add vs what has been said. Trading around 1.4-15x BV currently? Multiple slowly expanding...

Let’s not forget the Trump Foundation! “Law enforcement investigators subsequently discovered various ethical and legal violations, including failure to register in New York, self-dealing and illegal campaign contributions.[4][5][6] In December 2016, Trump tried to dissolve the foundation, but the New York State Attorney General's office blocked dissolution pending completion of its investigations”

What a piece of work. Spends 12B of shareholder $$ on Crownrock and now she's dreaming of a buyout from her rich uncle. Try returning profits to shareholders, Vicki.

@dealraker Said something similar a while back: just buy stocks you like when they are cheap, and hold them. Ignore the sell decision, just focus on the buy decision. 30 years later you have a giant pool of stocks purchased at (presumably) great prices.

What's your elevator pitch on Airbus?

I call BS. We do business with Mexico, have done so for years throughout the original War on Drugs. America is better because of it - it allowed Americans to build out global treasures like Google, Microsoft, etc. while lower-income Mexicans build cars and harvest strawberries (generalizing - but you get my point). Also, cutting off trade with China won't stop fentanyl. You want to stop fentanyl deaths, raise lower and middle class wealth.

We should declare a War on Drugs. It really worked well the last time we tried it.

Nah, I think it's because they don't bend the knee, among other reasons that have nothing to do with Jews. Otherwise, why did Trump pardon this guy: https://preview.redd.it/n0v0rcpw97ve1.png?auto=webp&s=bc0e7235a7e223a695c011079eca84022c54ad6e

Read the cautionary tale of Mitt Romney https://news.harvard.edu/gazette/story/2023/10/how-mitt-romney-found-himself-alone-in-the-republican-party/

https://www.denverpost.com/2025/04/11/norguard-insurance-workers-compensation-colorado-jury/

@dwy000 I don't totally buy that - it seems like just saying, well "there must be waste/inefficiency". Where is the evidence? I mean, we just sent our best man to find it - and he's coming back empty handed. To be fair - this is exactly what Trump did with tariffs. That doesn't work either.

Very wrong - you missed the head shoulders knees and toes pattern forming underneath the knee bone connecting to the leg bone. The price will clearly dip below its 200 light year moving average and ultimately settle within the long term exercise bands.

What really gets me is - why aren't all the small government conservatives throwing a fit? I haven't heard a peep. The two kings of capitalism are in power (Trump) and scouring the federal government (Musk) for waste abuse fraud corruption laziness etc.....and find barely anything? 150B of cancelled contracts for a 7 trillion dollar government is laughable! And remember: this is Elon Musk's project. The smartest guy in the room! Our favorite autistic-savant. And backed up by his personal crack team of 24 year old genuises - if he can't find the waste and fraud, who can? Or maybe....it doesn't exist? So for all the crap that globalists get about being beholden to "textbook economics" - well what has the last two months shown us? 1) Protectionist policies don't work but rather implode economies 2) Government is not wasteful/inefficient, and in fact may be just as efficient as private corporations In light of this, are the die-hard conservatives re-evaluating their biblical verse that "government=inefficient"? Again, I haven't heard a peep.