LC

me too

Beaches on Xmas? Globalization really is amazing I am off to Japan...I'll try and remember to post some photos for the board. And if anyone is out @ Niseko skiing, I'd be glad to buy a round!

Merry Christmas to everyone and their families! Enjoy the holidays

Jeeze. I was like, the 4th post in that thread, and I sold way before 15x returns. You can lead a dumb horse to water and even if you force him to drink, he's still dumb

JPM (then chase) stock when I was like, 9? 10? years old. I had no idea what I was doing - in math class, our homework was to draw a stock's price over a week's time as a simple way to learn how to use chart data, figure out what the x and y axis were... I only knew Chase because they had a branch across the street. My father saw what I was doing and asked me if I wanted to buy the stock. No idea why I even said "yes" but there I was with 2 shares of JPM courtesy of some birthday money from my grandmother that was sitting in my sock drawer. I was pissed when I realized I had to use my own money - that was going to be for video games and candy. And by "best investment" really because it was the longest equity position I own. Contrast that with the large sums my family had in 3% fixed annuities in the 90s. The opportunity cost they lost there is so immense over time, it is embarrassing.

KJP - I have not done work on the small banks (so many of them, difficult to sort) What are you looking at that attracts you to these small banks? Strong interest earning book? Low CRE exposure? Valuation? I feel some of the larger banks also kind of fit the bill - what do you like small vs. big?

Should be the amount added back in the cash flow statement?

Oh wow. Part of me thought he’d never go. Rest in peace, we all owe a lot to him.

Assuming the issue is supply - should we be looking at Canadian homebuilders and the associated ecosystem?

So Tech has seen a major runup this year. There was a recent thread of why Berkshire does not buy tech (ex-Apple, I presume, which maybe is better defined as a consumer discretionary at this point) Generally this community is tech-averse. And why? Because Buffett said so? Because it's difficult to forecast out these companies? The companies I do see discussed are maybe the highest capex ones (semiconductor manufacturers). Certainly this group is smart enough that, at the very least, it should not stop us from trying. Particularly when the opportunity is so immense: A year ago I was debating buying Adobe (I sold options instead). The 85% YTD gain there dwarfs Fairfax's 50+% gain, and Adobe is a relatively large, stable, and well-understood company. And this is in a macro scenario heavily favored to Fairfax (rising interest rates). And META was a huge miss on my part (well done, Sanjeev & others) So I guess two questions to ponder as we head into the new years: 1- What is stopping you from researching and forming a real investment opinion on technology companies? Where would you start? 2- And to make it a bit more specific, of all the Technology companies you are aware of, which do you think are the "best bets", if you had to choose? Personally I think something like Nvidia is a bit on the overvalued side, and MSFT, GOOG are so large already, it is difficult to see such high growth rates continuing over a long-term horizon. Adobe I like, but the recent run-up is hefty. And I don't know how AI will impact that ecosystem. Although I can see how given their existing customer base and distribution, plugging AI into the product mix would be a net benefit. Food for thought (as if we need any more food...)

Sold 50% of CLPR. I had actually doubled the position a month ago but as a temporary measure, to harvest tax losses and maintain the position size. 31 days have passed so I took the tax losses and am back to my imposed position size.

Happy Thanksgiving everyone here, and thank you in particular to Sanjeev for maintaining this community for so many years.

I hear ya. I am at an imposed “limit my stupidity” limit, else I agree the price is attractive.

Enticed by the siren’s song, eh?

Thank you for your feedback

Im feeling it today, boys. Was definitely reaching for yield last night

Right now, it’s fireball, fever tree soda water, and aperol. “Woof” is the right word

Looks like you won

Same. I had fully sold in the 44 range, rebought a smaller amount at 38 and just sold again. Have you looked at Aecon?

Anyone have access to the IRS data leak they use to source this information?

I still keep a handful of FF India shares but I moved the bulk to Fairfax in the 790s. FF India seems like a mixed bag at the moment- some great assets, India growth story, but mixed with bad Canadian politics and suboptimal incentive structure.

Hi Killer- thank you for posting. Do we have a sense of the government/ regulatory environment? Is there a risk of nationalization, or govt sequestering profits? I know nothing of the Hungarian social-economic environment. Overall how “business friendly” would you estimate the country to be? And, how shareholder friendly are Hungarian companies? Is there a culture of buybacks etc or is it more like Japan where companies tend to “hoard” cash?

I guess Berkshire didn't make the cut (nor Fairfax). Sanjeev- time to rename this website

For animated show fans, I highly recommend Blue eyes samurai. Frankly, even if you are not a fan of animated shows I still recommend giving it a shot - it is that good of a show:

Doctors are usually pretty bad. 12 years fully immersed in one subject, with 3-400k of debt, suddenly making an incredible amount of money per year. It’s understandable. I see their earnings statements and they tell me they have no clue how they get paid or what drives it.