John Hjorth
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Posts posted by John Hjorth
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@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?
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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.
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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?"
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5 hours ago, schin said:
I think "who had the right ideas" is the key phrase here. There will be cases where you want to learn what not to do... from Hilter, Mussolini, Mao, etc...but, figuring out the right ideas in the sea of noise is the hard part.
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].
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34 minutes ago, Charlie said:
Approximately 500% on Berkshire Hathaway shares.
Buffett said he would be doing share repurchases and Munger said the shares were cheap.
It doesn´t get much simpler than this.
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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
fatedestiny 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:
“I am a biography nut myself. And I think when you’re trying to teach the great concepts that work, it helps to tie them into the lives and personalities of the people who developed them. I think you learn economics better if you make Adam Smith your friend. That sounds funny, making friends among the “eminent dead,” but if you go through life making friends with the eminent dead who had the right ideas, I think it will work better for you in life and work better in education. It’s way better than just giving the basic concepts. ”
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9 hours ago, beerbaron said:
My prenuptial agreement... on so many levels. Most not financial.
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.
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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!
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On 12/5/2023 at 7:44 AM, schin said:
Could someone shed some light on Warren and Charlie's comments about working at a law firm and how being an investor led to his wealth?
I get creating a hedge fund early on helps and earning money (carry) from your partners capital is a form of leverage... But, Ron Olson of Munger Tolles Olson has several billions too. I would assume working at a law firm wasn't that terrible for him. He actually introduced Li Lu to Charlie... so, you would get to bump into some interesting people at a firm.
I know there are terrible lawyers out there......but, being a partner of a law firm is not a bad living... I mean... being any general partner in accounting, law, venture fund... is not necessarily bad. All have long hours, but that's the sacrifice, isn't it? Moreover, MTO's culture is molded by Charlie -- he would be prudent and walk away from certain deals, right? Or choose not the partner with certain companies and individuals... I would think Charlie would maximize integrity over profit at his firm.
Lastly, outside of BRK, Charlie would have made his money in real estate too.. So, with a lawyer salary and GE profits; alpha from RE with nature leverage; wouldn't Charlie been well off nonetheless. One might assume Charlie would be closer to a Sam Zell, real estate investor than Warren in an alternative universe.
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!
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1 hour ago, John Hjorth said:
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].
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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! 
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1 hour ago, schin said:https://www.gurufocus.com/insider/8793/ronald-l-olson
This is what I googled...but, other links have it in the millions... either way.... It's still a lot of money... and putting it into an S&P would still support the "gaggle" of children that Charlie has. ...
Please always apply publicly available primary sources, to avoid confusion and banal, but important errors [, like here].
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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].
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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! ]
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Meanwhile : [KAL's cartoon November 30th 2023 :]
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On 11/27/2023 at 10:10 PM, Viking said:
“hellavu high price for Russia” I agree. Ukraine has been a catastrophe for Russia. Perhaps we learn in 50 years that Putin was a double agent - really working for the West. He single-handedly:1.) brought NATO back from the dead
2.) convinced Finland and Sweden to join NATO
3.) convinced every European country on Russia’s border to re-arm itself to the teeth
4.) destroyed Russia’s economy - likely for generations - lowering the standard of living for all its people
5.) convinced hundreds of thousands of young Russian men to flee the country (to avoid getting conscripted).
6.) killed/injured hundreds of thousands of Russian men - with 5.) creating a demographic time bomb that will go off in about 20 years.
7.) accelerated Russia’s decline as an empire.
8.) has made the country prostrate itself to China (from an economic perspective).
I could go on. Hard to put lipstick on this pig…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.
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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]:
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On 11/28/2023 at 6:41 PM, cubsfan said:
John - regardless of words on paper - I just think you’re looking at a stalemate, whereby ejecting Russia from The Donbas & Crimea is close to impossible. I wish it were not so, but what happens when Ukraine depletes their manpower and the Europeans need to step in?? I don’t think it will happen.We will see.
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].
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5 hours ago, Cigarbutt said:
... There are still a few pieces of the puzzle missing and some lingering open questions but Can't You Smell That Smell?
[9:20 thursday morning here.] <*sniffing*> Yeah, it smells fishy! -Not ordinary breakfast.
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Latest and last Charlie Munger interview by Becky Quick :
One guy is on an eternal quest for the [next] big elephant, while the other guy had a wet dream of ... catching a 200 lbs tuna!
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RIP.
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10 minutes ago, shhughes1116 said:
.... If the US wanted Ukraine to win, all of this stuff would be in Ukraine now and Ukraine would be stomping all over Russia. The war would probably be over by now.
I'm sorry to say, the Western World does not actually work like that.
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16 minutes ago, ValueArb said:
... I have confidence that the EU and Great Britain won't flag in their support of the Ukraine.
What do mean with this, @ValueArb ? I'm not sure I understand it [, correctly] ?
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15 hours ago, cubsfan said:
... I don’t see that Europe wants to be involved - so if Ukraine can push Russia to the pre-2020 borders - that may be the victory Ukraine gets.
Personally, I think you got this just exactly plain wrong, Mike [ @cubsfan ],
I think it must be clear for every European citizen by now that if you reach out for a hand shake with this person, you can't rely on what you agree with him about.
It's about the interactions between concepts of naivity, to believe in the best of every person, trustworthiness and its opposite, the concepts af consistency, reliability and integrity, thereby also the concept of "Your word", "Your promise" or "Your pledge".
The man does not qualify in any of these aspects or dimensions.
So : No deals. -Period.
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As if the country isen't already being tested. Imagine being in a trench under these weather conditions [, Russian or Ukrainian ... - doesn't matter].
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The foes in this fight - both of them - are at the moment fighting! - at their repectively very best! - to keep up momentum! - against their common and shared enemy : mud!
Not much ticket selling in that for MSM, where the Israel-Hamas situation in Gaza just has more - much more - traction.
Have We Hit The Top?
in General Discussion
Posted
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?]