Palantir

I think Buffett would take more concentrated positions than Graham ever would. I suspect he'd go after net nets and special situation, but he may well make one particular holding a large section of his portfolio. Just what Mr Sanjeev is doing in the other thread.

Fascinating. I'm curious to know why more people don't do this. I bet some of you veterans could get together and go all Carl Icahn on some poor unsuspecting microcap CEO, "PAY MY DIVIDEND B*****!!!!!".

Jim Koch (Boston Beer Co.)

1 Yellow House; Norwegian, Water, Dunhill, Cats 2 Blue House; Dane, Tea, Blend, Horses 3 Red House; English, Milk, Pall Mall, Birds 4 Green House; German, Coffee, Fish 5 White House; Swede, Bier, Dogs Did it in my head...but took me longer than I'd like to admit...... :-[

About 33% cash. Not because I can't find enough things to invest in, I can, I've just been very lazy.

It'd be surprising if his fund doesn't cross the 100M barrier so I figure we'll know soon enough. Unless of course he gets clever and starts multiple 50M funds.....

GO CARDS BABY WHOOOOOOOOOOOOOOOOOOOOOOOOO I thought I should represent STL here, don't follow baseball though.

Anyone want to hack into Burry's computer? NSA where are you?...I know you are reading this.

The website is admittedly funny, but his crusade is annoying...

This is not aimed at you personally, but why waste energy trying to figure out this stuff? I thought value investing was about keeping your eyes on the ball, focusing on finding undervalued investments, and holding them patiently, staying focused, and not worrying about extraneous events. Instead now I see supposed value investors whining about QE, Ben, deleveraging, inflation, debt, public finance, blah blah, and usually, their comments come out as pretty foolish. (eg. Einhorn and Klarman complaining about QE pushing up prices etc etc.)

I think the Fed could do a lot more to inject money into the economy. They've just bought mortgages and treasuries, they could just as well start buying corporates, high yield, and even equities. Then again, I'm firmly in favor of pretty heavy-handed QE. I agree with the rationale Packer16 posted.

I like buying stock in neat clean blocks of 5-10-15% of portfolio size. Having random single shares in my portfolio would be like having a pebble in my shoe...

I bought SGRP recently. There are some other ones that look interesting that I need to think about more.

If WEB can't find special situations above 100M then how can Seth klarman? I do not believe his shift to quality is solely dependent on size.

Ah, but which Buffett is beating the indexes? The one running the public company or the one running the bpl fund? The one running the fund looked for nooks of value and special situations which in a sense is looking for instances where meh breaks down. The one running the public company is a very different situation - meh doesn't state that public firms cannot outperform indexes. I do not believe EMH is 100 pct true, but I think it far closer to true than false and the main conclusion IMO - that hiring a skilled and experienced mgr may not perform better than you is pretty striking in my opinion. Same way I'm sure you could perform as well as an NFL GM in building your draft.

I disagree...I think buffett is interested in high quality investing, not because he believes it is a superior method, but because it fits into the structure of Berkshire Hathaway better. BRK is built around the fact that he can invest low cost float into equities, and the implied leverage allows him to take businesses that will be around for decades and lever up their returns.... Deep down, I'm confident Buffet is a hardcore deep value/special situations guy, not this "just buy great companies at fair prices" that he talks about.

Where does he say, no one predicted the bubble?

Do you have Fama's link where he says "nobody predicted the crash"? My understanding of Fama's view is - The market as an aggregate could not predict the crash, but when it did detect the incoming recession, it declined. hellsten - Fama has also been on record saying that there is no definition of a "bubble", and they're only named in hindsight. I believe that this prize is well deserved for Mr Fama. While the EMH does not hold up in every circumstance, especially where its assumptions break down - I agree with John Cochrane that it is much closer to being right than wrong.

Lot of rich people we have here. :)

Awesome, all three have been big favorites for years.

You're all wrong, Miley Cyrus and Selena Gomez are the best!

Opening a position in SPAR Group (SGRP).

Mcliu was arguing from the POV of the continuing shareholder. If other shareholders sell out at say, an infinite multiple, it won't create value for the shareholder who continues to hold.

I disagree, from the POV of the continuing shareholder, on a per share basis, a buyback would yield a different value.

^I think it is fair to say that "value investing" is a subset of "buy low, sell high".