John Hjorth
-
Posts
4,877 -
Joined
-
Last visited
-
Days Won
14
Content Type
Profiles
Forums
Events
Posts posted by John Hjorth
-
-
One of the opportunity costs of not doing what Adam is contemplating [ i.e. by investing in a low cost index fund, as the alternative to Adams proposal] is that you never learn to invest, thereby not learning a lot, most of all about yourself by taking on some risks, and by the personal process of developing your own investment style over time.
[ In the topic on this board "Ask Kraven AHA!" Kraven talks a lot about this].
Well, in my opinion, if one really wants to learn to invest - one can't say I am going to pick some stocks and then forget about them for the next 10 years. He explicitly said the following: "Do you think these companies are worthy of holding for a decade or two? I don't want to switch/monitor them all the time." Unfortunately, buy and hold does not mean buy and forget. If you really want to buy and forget, then a low cost index fund is a reasonably good choice that is as good as (or better than) anything else.
If I want to learn to invest, then that's a separate thread. I would not start by trying to pick winners I can hold for a decade and be unwilling to monitor them. Isn't it?
+1
My post was based on - for me - Adams assumed ability and willingnes to allocate time and mental Kjoules to that part of the 20%.
Adams basic assumptions for the question in this topic might be different.
Piece.
-
This is likely reality, perhaps not.A little ridiculous to expect this to drive growth in your portfolio. You are taking ten companies that likely hold anywhere from 10-100 companies each and expecting equal weightings in those holding companies of 2% each to outperform the market. You probably will end up owning 150 companies that only represent 20% of your portfolio. This will likely mirror the market as you are diversifying holding companies. Might as well just buy a low cost index fund.
In Adams starting post in this topic Adam talked about rebalancing between the positions in the future. That might bring a material difference in ROIC in the long run going forward [positive if done right, or negative if not done right].
One of the opportunity costs of not doing what Adam is contemplating [ i.e. by investing in a low cost index fund, as the alternative to Adams proposal] is that you never learn to invest, thereby not learning a lot, most of all about yourself by taking on some risks, and by the personal process of developing your own investment style over time.
[ In the topic on this board "Ask Kraven AHA!" Kraven talks a lot about this].
-
Added more BRK.B & SAN.
Started small positions in
LUND B.ST [L E Lundberg Företagen AB ser. B, Sweden]
PROTCT.OS [Protector Forsikring ASA, Norway][There is a topic about this company in the Investment Ideas forum]
SCHO.CPH [schouw & Co. A/S, Denmark].
-
Maybe this thingy on Bloomberg?
http://www.bloomberg.com/bw/articles/2013-08-27/read-and-think-like-mr-dot-buffett
-
A 100B budget shortfall is not sustainable.
The forthcoming Iranian production is also no where near what many people thought it might be.
SD
Saudi Arabia has projected an official budget shortfall for this year of $39 billion, but the IMF and other institutions believe the actual deficit will be much higher. The IMF forecast in July that the deficit will be 20pc of Gross Domestic Product (GDP), while Saudi Arabia's Jadwa Investment firm said on Wednesday it expects the shortfall to be around $109bn
Croft thinks that Iran's supply likely won't come online until the end of the second quarter of 2016 because of "the types of modifications the Iranians are going to have to do to their facilities to be compliant with the deal." She also doesn't think the output will be 1 million barrels a day, as has been suggested, and instead will fall somewhere between 375,000 to 500,000 barrels per day.
A "coronation party" at the cost of USD 32B! [My immediate thought was of a lot of good food, booze and new fine clothes to all, but I found out by reading somewhere else it was about giving 2 months extra salary to all public employees etc.] Extraordinary dividend from Saudi Arabia Inc. to all! Really makes sense - better pay the extraordinary dividend while there is still some cash there...
So much for traditions in a different culture.
-
I have accounts at cortalconsors, comdirect and ib. I suspect that these "free" brokers either sell your data or your order flow, both is more expensive in the long run than ib. And i want access to futures, options and short selling. I am really happy at ib so i don't see a reason to search for another broker.
Thanks,
I'll take a closer look at IB.
-
Afaik the european broker market is pretty fragmented with many domestic operators. I use Avanza in Sweden. I think their platform is pretty great. Not sure if they accept foreign investors.
Deziro: Do you pay by getting crappy order execution?
Yes, I also perceive the market to be fragmented. Here in Denmark the major Danish banks seem to be dominating. I use Nordnet Bank AB, Danish Branch, and I'm - also, like you - quite happy with it. But I feel I suffer from lack of access to markets [only access to Denmark, Sweden, Norway, Finland, Germany, USA and Canada].
www.deziro.com should be based on income from advertising only, not income from fees. As far as I understand, it should be a special branch of www.degiro.eu. I'll just wait and see what it brings.
-
From the IBKR - Interactive Brokers topic in the Investments Ideas forum:
… In Europe there is nothing that comes even close to IB`s stability, security and pricing. …Perhaps time to start a separate topic about European brokers on this board - if any fellow European board members are interested in discussion and experience sharing.
Especially for frommi:
Which brokers/banks do you have experience with?
Just some interim input here: Today I signed up for joining the queue at www.deziro.com .
-
An - at least to me - interesting article about Berskshire deferred taxes from SA:
[i haven't tried to verify any info in the article.]
-
... What is the disconnect between a theoretical return and reality? We know size is an argument but if each piece can do the required lifting...
Personally I see the following reason for the disconnect - more reasons may exist:
The drag on CAGR from the laggards :
From owners manual, paragraph 11, especially from "We are also very reluctant..." and onwards:
"You should be fully aware of one attitude Charlie and I share that hurts our financial performance: Regardless of price, we have no interest at all in selling any good businesses that Berkshire owns. We are also very reluctant to sell sub-par businesses as long as we expect them to generate at least some cash and as long as we feel good about their managers and labor relations. We hope not to repeat the capital-allocation mistakes that led us into such sub-par businesses. And we react with great caution to suggestions that our poor businesses can be restored to satisfactory profitability by major capital expenditures. (The projections will be dazzling and the advocates sincere, but, in the end, major additional investment in aterrible industry usually is about as rewarding as struggling in quicksand.) Nevertheless, gin rummy managerial behavior (discard your least promising business at each turn) is not our style. We would rather have our overall results penalized a bit than engage in that kind of behavior."
-
... Berkshire additionally gets low cost leverage from float - a value add due to its structure. ..
Add to that deferred taxes as per 1H2015 approx. USD 62.7 B. [Nature of the deferred taxes is different from the nature of insurance float, but also basicly low/zero cost leverage].
Insurance float as per 1H2015 USD 85.1 B.
Sum of deferred taxes and insurance float as per 1H2015 approx. USD 147.8 B,
relative to shareholders' equity as per 1H2015 USD 246.0 B,
[ie. sum of insurance float and deferred taxes relative to shareholders' equity approx. 60%].
-
BRK.B, SAN & INVEa.ST [investor AB, ser. A shares, NASDAQ OMX Stockholm].
-
cayale,
For starters, you could take a look here: https://www.nordnet.dk/mux/web/etf/oversikt.html . It's possible to use the dropdowns as filters. Under "categories", [in Danish : "Kategorier"] it seems a few possibilities states "value", and futhermore you can work with your geografical scope also.
-
cayale,
Which are the functional currencies of your uncle?
-
It's not that clear cut because a lot of people in Europe don't have to pay the dividend taxes or they get a refund or tax credit for it. Dividends are often tax efficient.
Heilko,
Which European countries are you referring to here?
-
It would be much appreciated, if a fellow board member would provide a link to a website explaining the US estate tax on the rim. It's important for non US residents board members understanding of what's going on in this topic.
Thank you in advance.
-
I'm located in the Northern part of EU, - a few hundred kms NE of Tom -, and I had no issues while ordering, and got the usual email confirmation of the order from Amazon.
-
Hi Ross,
Thanks!
-
-
Alcatraz? Isen't getting out of there basicly about your swimming capabilities? As long as you don't compare to getting a divorse, you haven't really had registration problems! ;)My only complaint so far is the registration process makes a jail breakout from Alcatraz look easy by comparison. But got past that nightmare...
-
I hope for electrical power for fellow board members located in the Toronto / Ontario area! The area appears to be seriously challenged and I hope that everyone on here is OK and will not have their Christmas ruined by lack of power!
-
I'm 55.
-
It's now available here.
It seems that the omitted position by 13-F reporting as per the end of Q2 2013 is XOM [!].
-
Gio, some words of advice:
1. Unbutton 3-4 buttons on your shirt and wear lots of gold chains.
2. If you have various tattoos, make sure to show them off.
3. Order for her and if she says she doesn't like what you ordered shush her and tell her you know what you're doing.
4. Flex your muscles as often as possible. For example, if asked where the ladies room is make sure that when you point you show off the guns a little bit.
5. Talk about various "fantasies" you have and ask her to describe hers. Women enjoy talking about possible escapades on the first date.
6. Get very, very drunk to demonstrate that you are able to hold your liquor.
7. Start a fight with a guy sitting at a table near you. Women love to feel protected.
8. Swear a lot. Women like a man who talks like a man.
9. Talk only about sports and money. Like #8, women like this.
And finally, 10. At the end of the date, tell her you had a great time and that she is exactly like your mother and that that is a very good thing (and wink).
LOL! - Gio, Mungers words "Invert, always invert!" comes to mind, and then you will find Kravens post usefull!
My portfolio of top capital allocators
in General Discussion
Posted
+1!