LC

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.

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