LC

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.

You're correct on the tourism factor. My take on ASUR was it was very dependent on travel to Cancun, and I didn't have any special insight as to whether tourism would be ebbing or flowing to Cancun more-than-expected over time. My gut was that other areas in Mexico would be developing for tourism, taking share from Cancun.

Curious what you like about OMAB relative to the other airports, ASUR in particular. I looked at ASUR and decided not to pull the trigger.

I took a watch on your recommendation and I agree. I enjoy the dialogue pacing - leaves more to the imagination and that is what Star wars (and disney) aims for.

I have near zero firearm knowledge - is there a significant difference between ammo? In other words, is ammo like tobacco, where everyone is selling generally the same stick but people have brand loyalty? Or is it like gasoline, where my brand allegiance is to Porsche or Mercedes (or Remington, Beretta) and I don't care whether I buy gasoline (ammo) from shell or conoco?

Has anyone ever had a clue?

Yeah I could see that, Cod Liver Oil (CLO?) thanks for putting it on my radar and framing it as such.

Found this just now - no claim to its accuracy but just reinforces that, ya know, "some famous guy said so" usually isn't a great foundation for investment research.

Welcome to the thunderdome.

Fair points from @StubbleJumper re: potential for future combined ratio increases and NII decreases. Appreciate the pushback - nobody should feel comfortable in an echo chamber. One has to weigh the probability of those two negative occurrences (i.e. the timing of a softening market and timing of Fed rate reductions) against growth in premiums written and growth in the bond portfolio. Perhaps we don't see as much reduction in 150/sh earnings that Viking estimates, due to growth in business and size of the bond portfolio.

On above average volume as well - so it's not just us COBF'ers buying

Bought some Nintendo.

Well, every sovereign can just print more money, it doesn't mean every country is rated AAA. The US was rated AAA because it represents the strength of the regime. I can see how political strife over the past decade could show a few cracks. I still disagree with the downgrade because (1) like Greg said who gives a damn, and (2) ratings are relative, and the US is still a relatively strong regime.

Famous last words

Viking, I think they mentioned 10% percent on the new 1.8b mortgage bonds- so maybe more like 45m per q in incremental interest? Also, do we know if they have extended duration on the bond portfolio?