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LC

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Everything posted by LC

  1. I agree: he was correct on the fundamentals and probably lucky on the timing. Im sure others were correct on the fundamentals but unlucky on the timing.
  2. No way, Hillary is such a typical politician: tell everyone what they want to hear (integrity be damned) and line your pockets/accumulate power in the process. Give me a break. IMHO Bernie is the best candidate, but I am open to dis-confirming evidence!
  3. Not sure if you're serious...but if so, that is such an illogical argument.
  4. Unless they disagree with your preconceived notions!!!
  5. With 100B he could buy Nike, Starbucks, or 3M. I mean, wow.
  6. Thanks for the analysis, still digesting your conclusions.
  7. I mean, that's insurance in general. This is why insurance is so tightly-regulated.
  8. What I highlighted above in your quote is an ethical issue, not an issue with the rules governing GAAP or IFRS (the two major accounting standards). Nobody is going to teach you in a classroom that you shouldn't accept a bribe in exchange for moving liabilities off the balance sheet.
  9. Accounting classes are mostly cookie-cutter. The stuff doesn't change very often and most aspect have stringent rules to follow. You can probably teach it yourself if you have the inclination. He's talking about ethics, not accounting. Yea I think you're being overly dramatic here. Bullshit accounting? What? Accounting rules don't change whether you learn it from Tyco University or straight from Munger's mouth. Double-entry bookkeeping is about as good as it gets. GAAP accounting is pretty damn good. The problem is, people will simply lie to steal people's money. That's called ethics and is much more difficult to teach.
  10. sell shovels to them: commercial lease brokerage bankruptcy/tax services etc.
  11. SCion Asset Management SCAM. J/k Burry :)
  12. What's the diff between the F and Y adrs? My broker only lets me buy the Y. Are the Ys onshore and the Fs offshore?
  13. I mean, Charlie can talk about how rational he is, but the reality is that the hatred for poverty and obscurity drove him to greatness: "but I hated poverty and obscurity and have satisfaction in coming a long way from where I started... Cicero says happy men in old age look back on a lot of achievements. Some say that’s damn selfish, but I like it. I’ve always hated poverty and obscurity and finally found my way out of them"
  14. to be fair, that's one of the few things i disagree with CM/WB on. i've always fallen into the "better to have loved and lost" camp.
  15. You haven't made clear how removing public education is an improvement. Your suggestions, which boil down to "get rid of everything", imply that the existence of public education prevents education. But I would disagree: I attended public schools for the majority of my life. I've learned many things in public schools. Including how to deal with those "impeding education". I've also learned many things outside of school as well as a result of my own initiative. The two are not mutually exclusive. Additionally, other options do exist: Home-schooling exists. You can pay for private schools which ascribe to any number of teaching methodologies (montessori, harkness, etc.). I would also disagree that you can't "design" or "force" education. I was "forced" to do my "designed" homework on a daily basis by my parents. Their rule was, do your homework then you can go play with your friends. Well, it worked.
  16. Too much regulation or absolutely zero regulation both cause problems. As with just about everything, moderation is best. Standards exist to ensure safety. Snake-oil salesmen exist in all forms, education is no different. What makes you think removing all regulation will have a positive effect?
  17. i;d concentrate my efforts on the parents. they have the most motivation (usually) and know the kid best (usually). teach them to teach their kid the right values
  18. Sanders imho provides the best long-term plan for the health of the country. The markets will eventually reflect this.
  19. That's great, sounds like he has a strategy that has done well thus far. And now it sounds like the "pressure to do something" has overwhelmed him into fixing what already seems to be working just fine. Any of those four options will fail if your friend falls prey to the "urge towards activity". For example, take option (1): mechanical value-investing. Tons of people try this at different points in time and the vast majority abandon it. There are only a handful of PMs who continue to do so. Most can't sit still.
  20. Congrats indeed. Much kudos to Patrick Bryne.
  21. huh, can you elaborate? OK so this is a totally half-baked futuristic scenario, but what happens to the economy when the marginal cost of production approaches zero? Let's take Nike, in say 100 years (or however long). The world has fully transitioned to solar power and the price of oil has plummeted to practically nothing. The COGS of a Nike shoe is freakin' miniscule. They've got robots handling 99% of production at lightning fast speeds at mini-factories to minimize shipping costs. If the total cost of Nike shoe is $10 today, let's say its $0.25 in this futuristic world. And it's not just Nike with minuscule costs of production, it's across the whole developed world. Self-driving cars has ensured auto insurance doesn't exist. Insurance brokers? There's an app for that. Manufacturing is about as hands-off as it gets. Planes fly themselves. Improved satellites mean the cost for a cell phone carrier is practically nothing for incredible bandwidth. The advancement of technology has made the cost of resources and production super low. So a lot of people are not working in these areas, not making a salary, but on whole their quality of life is greater than it is today. But perhaps their wages are much lower. Does this mean the market price of a Nike shoe is going to drop from $150 to $20? Monetarily this reduces the discounted present value of Nike. But economically they are still just as valuable. On a whole what does that world look like on a monetary vs. economic level (price vs. value)? /super rambly post
  22. "Value" functions in a world of classic macroeconomics: the distribution of limited resources. What happens when technology and society advances to the point where "limited" resourced become much less limited?
  23. Buddy was a programmer for Rentech. Cited Simons as a total pr!ck based on a party he held for the firm on his yacht.
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