Spekulatius

“We” at work means that nobody is responsible, if things go wrong. I like it a lot.

BRK -3% today -looks like the annual post shareholder meeting stock price slump has started for BRK. Maybe another opportunity to buy shares in the $195 range.

The info was provided for perspective, not criticism. I think in particular WFC and KHC have hurt the equity portfolio.

Operating earnings are pretty good, but their equity investments are clearly underperforming. They made ~$19.5B this quartet, but lost $27.6B last quarter. This is worse than the general market.

I enjoy watching this, but I hate people fronting their kids for questions.

Looks like the US is doing nicely and China as re-accelerating. Europe is still slow and I don’t know about Canada. Mr. Market simply seems to have overreacted back in December.

That feeling of relief and joy, when pigs in the portfolio fly, is priceless!

would you elaborate on MEGACPO? going through CHTR and Liberty complex has me interested in cable cos esperially in emerging markets. The thesis is simple - this is like US cable 20 years ago. It’s cheap (~7x trailing EBITDA ) and has a long growth trajectory. Also interesting is that it has virtually no net leverage (cash is almost equal to debt). The stock was a bit depressed after the release of the Q1 report (increased churn diente bad economy in Mexico), somI took a plunge and bought some this AM at the open. http://inversionistas.megacable.com.mx/en/reportes.php There Isa los a VIC writeup on this stock a while back (2017.). Biggest risk is macro and currency, imo.

Megacable MEGACPO.MX ( Mexican cable co.) and DWDP

One more leg and you are back to where you started your journey ;D

Holland, Michigan?

Becoming a millionaire is such a great experience that some like to have it several times.

I believe these “BRK buys X” rumors are planted by day traders trying to make a quick buck. Buyers beware!

Sold off half my LBRDA. It seems to have outperformed CHTR ( which I own as well).

Bought a bit of PFIE the last few days. I am hoping that higher crude prices lighten up the flame for this stock . They produce burner controls for E&P’s primarily.

Yes, there is definitely the issue with value traps, but there are also a lot of indications of irrationality stocks, like blockchain stocks, weed stocks, perhaps money losing IPO‘s and in particular the stupendous selling in December that let’s me believe that many market participants are chasing quick bucks and aren’t really “rational” ( at least not the way I define rational ). It’s a bit of a “muppet show” out there.

The biggest problem with bank loans is that the conditions/ covenants are in most cases not disclosed. With publicity traded debt they are in the prospectus.

Fidelity and Interaktive Brokers pay you money market rates (~2% currently) for your liquid funds (above a certain threshold), which is one of the reasons I like those two brokerages.

Oddball - good perspective. We are talking about late stage funding here vs early stage funding. Both are different areas, The complaint here is not about viability of the business, but rather the valuations being assigned to these late stage ventures. I believe the evidence points to valuations being high, but I also believe that the quality of the companies IPO’ing now is better than the cohort in 1999/2000.

It is interesting that at a late stage of a bubble, you can see IPO’s still popping, while older issues are weakening. That’s when you know that liquidity is spilling from one vessel to another, but not much additional liquidity is coming in. It almost looks like that is what is happing right now.

It seems that you tax investment earnings twice - one time by putting a tax on investment earnings (1/3) and the second time, but assuming a company tax rate of 27%.

Bought some WRK ( paper packaging co). Selloff in this sector due to concerns over pricing pressure . We will see, some of these stocks have become cheap and the industry has consolidated a lot. Packaging is one of these sectors where rollups are actually fairly low risk and the rollup model seems to work. Cardboard might like this stock :-)

This is a personal view, but the 15% is now being expressed as 95% CR and 7% return on investments. I see no issue in targeting those metrics over the long term. What they've achieved in the past doesn't have to be a guide to what they aspire to in the future, especially when they've sworn not to repeat the biggest mistake of all (the huge naked hedge). That said, I couldn't care less that they target 15% and I find it surprising that people on here focus so hard on it. That's not a criticism, it's just that I have never had the sense that they manage towards the 15% goal in a bad way. Their mistakes are plenty, but they are so long term in approach that personally I don't think the mistakes stem from stretching to get to 15% - and that's the main negative of having a public goal. So I just ignore it, and focus on whether I think 95% and 7% are achievable (probably and probably not, respectively) and whether I'd be happy owning Fairfax at the current price if the ROE was say 10% over the long haul (yes with bells on). I regard the 15% ROE as an aspirational goal at this point. What irks me more than FFH not even close to reaching this goal is the increasing share count (by 2.4M shares last year) that shalab pointed out. It’s even more irritating with all the talk about Singleton and quite frankly, it looks like he is talking one thing and doing just the opposite. Did someone ask a question regarding the share dilution and how it squares with the talk about buybacks? There might be a good explanation for this, but it’s odd that it’s not addressed in the annual report or in the shareholders meeting.

Pretty good commentary from the shareholder meeting https://www.woodlockhousefamilycapital.com/blog/notes-from-toronto

I bumped up my WFC position on Friday. I used proceeds from sale of my FITB and cash. Worse case, I collect ever rising dividend checks. It’s now my largest bank position. I also bought a little CARS.