LC

They get paid to drill, not by ROE

I actually recently went the other way - selling FIH to buy FFH (under 800 USD when it briefly dipped). I did not see a near term FIH catalyst but rather FFH continues to dazzle. FFH is 36% of my portfolio as of today's close. It's a lot. I might trim just to keep the position reasonable and sleep easier.

Mind if I ask what town did you stay in? I love CR, I travel there frequently to the pacific coast (Nosara, Tamarindo mostly) for the surfing. The wildlife is something, for sure!

Which is frankly not a whole lot, it's an incremental 1M shares repurchased in the Q...with like 137M outstanding. Understand they probably want to retain capital for growth but that's like a 2.5% annual repurchase, and I'm not netting out share issuances.

Well, Viking deserves the honor of a full rundown. I am certainly pleased with the results. It will be interesting to see what management has to say about writing business and the insurance (hard? softening) market in general.

That’s exactly what i do. Although I split it with the index and Berkshire.

I took small bites as I’m trying to manage position size. I’ll slowly keep buying at this level however. There’s other stuff out there which has fallen in price as well, so we can be picky.

VSCO needs to send these weather reporters some branded clothes.

I am just long the 25/30 2025 bull spread. Seemed a good risk reward and a low brain damage way to play the merger arb.

I always recommend the Buffett Partnership letters. That said, experience is the best teacher. Put some real money to work!

Agree with that. It’s like Jpow picked up a macroecon textbook and looked up “inflation”.

Rather than raising rates, do you think if they instead had raised taxes on the upper deciles it would’ve avoided a lot of the painful excess at the top end of the market, while still keeping the bottom half or 2/3rds of the housing market active?

Definitely looking at it. Long term the US needs to build homes. Going to wait for Berkshires 13-F to see if they were selling. There was also that UK (or Ireland? I forget) listed building supply company which just listed in the US, at about half of LPXs valuation. I haven’t done work there, but that’s one of the first things I’d look at to see how much of a comp it is.

Maybe reach out to GM IR?

MGM reported a data breach: https://www.mgmresorts.com/en/letter-from-ceo.html

Whoops my mistake - the website I used https://www.in2013dollars.com/us/inflation/1951 has the value per $100 of 1951 dollars, I used $1 So yes, about a quarter mil and very impressive for 21 y/o!

Thank you for sharing. Two interesting tidbits, WB had almost 20k to his name in 1951, which (if online inflation estimates are to be trusted) amounts to about 23MM in today's dollars. Perhaps more impressively, he had almost 70% of this concentrated in one stock (Geico).

Cheap. I’ve got a position I now hard refuse to add to. Otherwise I agree with you. And I’m just hoping to catch a stroke of luck to get bailed out of it, because I don’t see any catalysts on the horizon.

That's fair - I am looking at a basket approach so looking to incorporate some others as well, including net-nets and other low P/B stuff. I came across this post which is spurring my investigation: https://altaycap.substack.com/p/full-cheap-japanese-portfolio-positions

Revisiting this - for those who have experience investing in Japan, how do you find ideas? Specifically, is there a good screener that you use? Everything I see seems junky and not comprehensive, and I don't shell out for a bb terminal.

Are you watching the 2016 version or the new Hindi version?

There are ancillary products that service the EV battery industry as well, here is a primer on the lithium cell pouches: https://www.epectec.com/batteries/prismatic-pouch-packs.html Aspen aerogels makes one such product (pyrothin): https://www.aerogel.com/industries/battery-thermal-barriers/ They have some more info in their earnings presentation, slides 7-9 and 14 https://s28.q4cdn.com/942626632/files/doc_financials/2023/q2/aspn_q2-fy-2023-earnings-final.pdf

You've got lucky nephews and grandnephews/nieces, dealraker I've also picked up Nintendo in the 10s, Fairfax as well (not so much recently, but at lower prices) Grupo Televisa I am kicking myself a bit on. Not so much averaging down but holding there. BTI I purchased. My reading list is now 100 names long. I have been slacking over the summer

Any names you're willing to share? Not totally my sphere, but I always love taking a look!

Internet as a utility or quasi-utility since the economics are more similar than not. Transparency on what competitive vs. anticompetitive M&A is. Seems it just floats and changes with the winds.