John Hjorth

Merry Christmas to all CoBF members and families!

Now that you mention it, @Spekulatius, It's actually true. Food for thought.

For all of us from Apollo and from Blackstone, while especially for those of us with a sweet tooth for alts [ ] : Apollo : Youtube : Apollo Global Management : Apollo Presents: No New Toys Blackstone : Youtube - Blackstone : Blackstone’s 2023 Holiday Video: The Alternatives Era Enjoy!

Barron's turning extremely long term here : Berkshire now included third year in row!

Somehow, this topic, started, and so far, driven by @Saluki since September 2023, has skipped my attention, which @Saluki took the effort and time to gentle and polite to bring to my attention today, caused by this post of mine here in the books forum . [Thank you for that!] It is about the difference between Normative Economic Theory and Positive Economic Theory [I would personally call it 'Observable Economics'], vs. Practical Idealism, of which the latter is actually discussed a lot here on CoBF! -Michael Rothschilds book hereby also added to my wishlist.

@cash_incinerator, I added this book to my wishlist. Thank you for the recommendation. The angle of the book described in the narrative on Amazon [analogy between evolotionary biology and investing, competition, innovation, business cycles etc.] appears to me interesting, and in a way intuitively already laying in front of the right foot, however I don't recall ever to have read anything [papers or books] pursuing it further. - - - o 0 o - - - Also, Your little story about how you got your copy of the book is to me very important, because it tells a lot about the personality and mentality of Mr. Pabrai, where the small things and tokens matters, here giving you a book as an appreciation for and of your donation. - - - o 0 o - - - Also a belated welcome to CoBF!

It's Friday, so ...

Thanks @UK & @changegonnacome, If this Ukrainian situation ends up with Russia getting - Europes and NATOs - calling it 'blessing' would be a far fetch - perhaps the word 'acceptance' is more appropriate to use about such an outcome -, then I don't believe one iota that the man - and by that, Russia - will stop here and call it a day. This is for me personally based on my own personal layman judgement that this person suffers from a mental illness or from one or more severe personal disorders, so his behavioral patterns aren't rational in the ordinary sense, perhaps combined with psycopathy related to at least what he's actually doing to the Russian people and its future.

@Xerxes, Partly on topic, partly off topic: Thank you for sharing your view on things. - - - o 0 o - - - About the Danish mortgage model : Yes, You've understood the Danish mortgage model correctly. FinansDanmark : The traditional Danish mortgage model [also attached]. FinansDanmark - den-klassiske-realkreditmodel_uk_2021_final - 20231214.pdf

Greg [ @Gregmal], At this time, I'm plowing through - I think - eight, or so, books simultainiously, page by page. I seldom really in this excercise meet something really new, or in any other dimension thought provoking, related to investing, but then again - it actually happens. One of those eigth books in progress readingwise is : "What never changes in a changing world Same as ever Timeless lessons on risk, opportunity, and living a good life" by Morgan Housel. His definition of risk, ref. chapter 3, p. 15 is : "Risk Is What You Don't See" [ ] [How does that tie with such a discussion of risk here in this topic on CoBF?]

@formthirteen & @changegonnacome, Thanks. Let me here just express my deepest worries about how this is now supposed to play out going forward. It just demonstrates how nuts politics are from time to time. Why even engage and getting involved in this war in the first place, if you're not willing to complete and finish what you've already been up to? So many lifes lost [on both sides], in stead of just letting the unmentional man take what he wants in the first place, if this is the outcome? Where is consistency and perseverance? - - - o 0 o - - - Zelensky met with the Nordic countries in Oslo today, and he was on a one-to-one meeting with my PM Mette Frederiksen [dressed totally in black today [<- !!??]]. For Denmark, she commited ~1 USD B in war support, does not change much. Agreed, but still far from enough.

Good. I bet Mr. Buffett is really grumpy about this situation, if not straight out furious. Such allways make one think : "Is there more similar [in a broad sense] laying around / going on somewhere in the business?"

Yes, @schin, While that appears in a way almost a tautology to me, it's right, where first part is the thought process about the question "Worthy to keep and preserve [,based on moral grounds and / or whatever], or not?", like in a sorting process. [ditch, dump, drop or leave vs keep and preserve].

I preordered this book back on August 17th 2023, I've never owned any of the past editions, nor read any of them. Got it delivered about a week ago from today. I put it in my bag for reading purposes in waiting positions and while under public transportation. This part on p. 37 in the printed book really hit me like a cub over my head while reading in it today. It's in the last part of Chapter 1 in Berkshire version, ref. @gfp above. So the below is from the last part of Chapter 1, and to me - in a away - this concept of "making friends with the eminent dead" will likely become the legacy and fate destiny of Mr. Munger himself in relation to a lot of people in the World Wide investment commmunity. "Charlie’s affinity for Benjamin Franklin’s expansive career in government, business, finance, and industry can be found in his many speeches and whenever he holds an audience, large or small. At the 75th anniversary of See’s Candies, Charlie said:

@beerbaron, To me, your post quoted above is to me just priceless. If you sincerely love and respect another human being and want the very best for that person, you - naturally [by logic] - want to give that person its freedom to decide for it self, - even if that freedom for that other person does not include your self in that equation to tie! If the bird want to fly, there is nothing other one can do than just let the bird fly, and back it with whatever you've got.

@Xerxes, Isen't this just fear mongering? What's you own opinion about Mr. Rosenbergs scribbles?

A line in the specifications of transactions on a Mastercard account of mine, on the "BS Oversigt" [Translation from Danish : ~Payments service transactions overview of Automated payments transactions] for April 2013, covering a Paypal payment drawn on my Paypal account on March 13th 2013 , drawn on the Mastercard account 15th March 2013 of what must then have been CAD 10.00 with some spread on currency conversion [from CAD to DKK] to Paypal and/or Mastercard. What I bought immediallly went to zero. And It does not even appear in any yearly account statements to me from neither Paypal nor from the applied Mastercard account. Furthermore, I can't even sell the damn thing! Despite I have it and can't sell it, I can actually loose it, and it's actually very, very precious to me personally. For everyone buying this thingy it's totally up to one self personally to get the best out of it. To me personally, it's has been world's best doughnut!

Personally, I think you think about this in a wrong way. [Your post is to me - in several dimensions - unordered and thereby a bit messy.] Being what Mr. Buffett earlier has called "a helper" is actually not just 'a breeze'. It's actually a very demanding way to make a living. There exists a saying among lawyers, accountants, consultants etc. going like this : "If we did not have all these clients, we would have no problems going to work !" It spans from dishonest clients trying to play you to get involved in something, that you do not want to participate in, whatsoever, to really dumb [but lucky] clients to ask you for missions impossible [, not even trying to understand and comprehend the difference between what's legal, and whjat it is not.] If you think about it from that angle, you will have no problem understanding how Mr. Munger perceived his work situation, you will have no problem understanding why why he left this craft, making him independent of of all kind of folks, starting with criminals, idiots, boneheads, alt the way to incompetent mediocrities. Good clients aren't low hanging fruits. Good clients you have fun with while working and interacting with them and for them, while both you and your client are making money!

@schin, Please always apply publicly available primary sources, to avoid confusion and banal, but important errors [, like here].

Thanks, @gfp, Geez, what a mess.

The latest [March 17th 2023] Berkshire DEF 14/A contains the following information : Charlie : A-shares : 4,170 B-shares : 643 Ron : A-shares : 145 B-shares : 27,742 [Source : Link , p. 11]. - - - o 0 o - - - Hint : Try to ask Google about Berkshire director Ron Olsons net worth Answer : At least 15.2 B USD [<- !] [source likely Gurufocus - it creates wonders to apply A-share prices to B-shares! ]

Meanwhile : [KAL's cartoon November 30th 2023 :]

I have go back to quoting this post by @Viking. What a disaster, -it doesen't really matter which side in the war a person is on. The ramifications and dim future consequenses for the Russian people must be evident for everyone. It's simply and just a disaster. Without putting numbers on any suggested additions to @Vikings numbered bullets above, I would add : The Russian Youth, that earlier has been getting used to access to the Western Information Flow [Social Media, News etc. - and education!], now cut off from it, how is that going to play out? Is that part of the Russian population going to accept it, or will it gradually seek greeners grass in the West, - based on Western basic values? Now - in addition - we have this : Reuters [October 27th 2023] : Putin approves big military spending hikes for Russia's budget. Now if someone [that could be you!] thinks just a bit carefully about what that's meaning for the Russian population. - - - o 0 o - - - Now we're at it : Propaganda, misinformation etc. are the instruments of the past of dinosaurus autocrats clinging to power, by defensive use of all kinds of power abuse. Is this the new black [green?] offensive warfare marketing!? [J/K]: 1701017050516 - Hamas - Investors Deck - 20231201.pdf

Mike [ @cubsfan ], Please remember that none of the F-16 fighters yet donated to Ukraine are not yet in operation for the purpose they were donated to. Things take time [to set up the infrastructure to keep the planes operational going forward], but the setup will get to there, in the beginning of 2024].