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John Hjorth

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Posts posted by John Hjorth

    New Essay - Evaluating Performance

    in General Discussion

    Posted

    Thank you a lot for sharing your work, Joel,

     

    It's much appreciated. Impressive, what you have been able to dig up in so short time - and to process. Most likely, you have made my Saturday afternoon to come.

     

    I have never invested in Giverny Capital but have followed them. 

    Really a fine operation with a consistent and candid approach.

    It's fairly easy to access the annual reports (some info is hidden for outside investors) if you want to understand their philosophy.

    My understanding is that they follow a GARP approach and do not look at macro stuff at all. ...

     

    Thank you to both Joel & Cigarbutt for guiding me to Giverny Capital and Mr. Rochon. I did a search on here, and found quite some posts - They have skipped my attention, totally. Very interesting stuff.

     

    - - - o 0 o - - -

     

    I look forward to an enjoyable and instructive Saturday afternoon - thank you.

    A money mind & $400 Billion

    in Berkshire Hathaway

    Posted

    Thanks, longinvestor,

     

    I like the topics, that you start. They are always food for thought.

     

    Please don't take this post too seriously, but where do you find the person [in North America], that is used to, and comfortable with, allocating this kind of capital going forward, based on, where Berkshire is right now? [Think double digits USD B, per year - going forward] - To me, not inside Berkshire, right now.

     

    In another Berkshire topic here there is a deep and longlasting discussion of "Buying Berkshire, cash position etc." from several angles. One of the things that was speculated about was, if Mr. Buffett's telephone actually rings about deals.

     

    Cigarbutt mentioned that he thought it rang a lot. I'm in the same camp with regard to speculation on this.

     

     

    Edit:

     

     

    Fixed Cigarbutt's handle! - Apology ... lol

    When did you Begin Investing?

    in General Discussion

    Posted

    I started in 2011 @ 18. Back then my information channel consisted of MarketWatch, CNBC & Cramer (I followed him to CLR, a Bakken oil play). Focused on 'value' from the beginning, but that also meant that I saw opportunity in various commodity/macro stocks which gave me a good lesson about my 'competency'. Funny times.

     

    After 2014 I started to focus on ever smaller companies and started to prefer balance sheet and asset plays (net-nets etc.) with the generalizing mentality that any investment thesis relating to a stock that trades at a premium to tangible book must include future forecasts regarding FCF which I am not good at.

     

    In 2016 I read about Ethanex - http://www.becapitalmanagement.com/uploads/2/6/7/4/26748813/interview_by_chris_demuth_jr..pdf and started to look at the OTC market almost exclusively.

     

    Hi Jan,

     

    A belated and warm velcome here on CoBF to you.

     

    Very intesting stuff, that you are working on. Exactly this topic here on CoBF proves to me, that the newbies of the past are the great investors of the present and the future. So, please don't be a stranger here on CoBF  going forward.

    When did you Begin Investing?

    in General Discussion

    Posted

    I seem to recall that my first investment was in a modest few pounds of sugar, and some misc. equipment to produce some gallons of fine libation - that were sold for a healthy profit. At the fine young age of about 15!

     

    SD

     

    lol. Exactly also your post I was waiting for ... - with a lot of patience! - And now I see you posting this. [: - ) ]

     

    I think it's evident for everybody, who have read this board for several years, that you have done extremely well for your self, and your family and friends, in the private partnerships. [i remember ericopoly once calling the whole ting of yours a "gang" or a "mob" [: - ) ].

     

    I hope that we can settle on your long story short from you here. ... Please! [ : -) ]

    When did you Begin Investing?

    in General Discussion

    Posted

    Fascinating stuff posted so far, since I put the defibrillator on the topic. [ : - D ]  - The common denominator seems  - at least to some extent - to be trial and error efforts, resulting in failure - to some extent, causing adaption & adoption - to get better.

    Fred Schwed has a great analogy in Where are the Customers Yachts There's no better lesson than taking some real money to the market and losing it. Reading books won't do. It's like trying to describe to a seventeen year old the difference between passion and romance.

     

    It's so true, longinvestor! - Thanks.

    When did you Begin Investing?

    in General Discussion

    Posted

    Fascinating stuff posted so far, since I put the defibrillator on the topic. [ : - D ]  - The common denominator seems  - at least to some extent - to be trial and error efforts, resulting in failure - to some extent, causing adaption & adoption - to get better.

     

     

     

     

     

    When did you Begin Investing?

    in General Discussion

    Posted

    longinvestor,

     

    My story of ignorance & stupidity [indebtness, no crisis fund, really, for a rainy day [or perhaps even worse than just one rainy day, plus "the trees actually just grow into the sky" - at least for me, they do! - Perhaps I don't have any money, but I know my bank has - Perhaps I did not think carefully enough about if they wanted to lend some of them to me, when I needed access to cash ... etc.] is already ready posted on CoBF here. [ ; - ) ]

     

    Ref. my post I'm linking to above, I had to stabilize my personal finances as first priority by getting a new job [that was not easy at that time, just post GFC], next I started to think about the future doing some projections in Excel continuing like I had done for quite some years. That scenario had absolutely no appeal to me. Talk about a poor retireé, with no freedom to move the ears just a bit. So it simply had to change going forward - to the better. The expected future outcome of status quo approach was simply not acceptable for me, because of my own mistakes earlier in life.

     

    Bond investing like descibed worked well for me pre GFC, when I had no time nor energy for studying. Now, I haven't regretted the change one bit, even considering the risk involved.

     

    It's a good platform being scared the crap out of [of what has just happened under the GFC], and at the same time hell bent to get in.

     

    Personally, I also think finding CoBF and joining the board has been instrumental in the change. I have learned a lot over the last almost five years here. Thank you to all! - for making me less dumb, and less poor.

     

    - - - o 0 o - - -

     

    The future: I have no idea what that brings for me ... Maybe one day we should have a topic here on CoBF about how to "retire" from investing? [here, I mean without having blown up, that is ...]

    When did you Begin Investing?

    in General Discussion

    Posted

    ... , but my main interest was gauging what cycles most folks have been through. ...

     

    I'm calling this old topic - from 2015 - out for a bump & spin, because I find the question interesting and usefull as background information for reading posts by fellow board members.

     

    I hope you'll chim in, if you haven't already.

     

    - - - o 0 o - - -

     

    For my part, September 2012 @ age 54 [born 1958], for stocks. Approx. 15 years with bonds before that.

    Garth Turner - Real Estate in Canada

    in General Discussion

    Posted

    No other city/country has such density.

     

    I suspect that it is true that no other country has density like Canada, except maybe Greenland (is that a full country?)

     

    lol, bizaro, it's a part of tiny Denmark, but with its own separate government. The Southern part of Denmark sends about DKK 4 B up there  every year to keep the approx. 55 thousand citizen out of the Stoneage. Greenland is actually also on the US State Budget - the Defense Budget. US Air Force running Thule Air Base, pumping out a lot of USD, creating demand and economic activity.

     

    Now back to topic.

    Berkshire buying, position size, cash [from General:What Are You Buying Today?]

    in Berkshire Hathaway

    Posted

    Where is the drill down to this in a downturn, ladies and gents?

     

    -Let's take a historical  look at the four US commercial banks for a moment [attached].

     

    [Lots af flaws [dividends] connected to the graphics - however, I still think the point stands.]

     

    - - - o 0 o - - -

     

    It is - to me - all about sustainable, and profitable, business models, - executed the right way.

    US_Major_4_Commercial_Banks_-_Price_Development_August_1_2006_-_October_19_2017_-_20171019.thumb.PNG.9d0542b200aa099c05ca4cfac81a68c2.PNG

    Buffett on CNBC - Stocks Still Cheap

    in Berkshire Hathaway

    Posted

     

    Just read an article on seekingalpha that highlights the fact that Brk has $100B in cash from around $35B just 7 years ago.

     

    My question is, how did his cash hoard get so huge. Is it from operations and dividends? or is it from stock sales? I just wonder if he is a net seller or buyer of publicly traded securities.

     

    thanks (I know this is obvious from the 10K but I am lazy)

     

    randomep,

     

    Both, but primarily cash flow from operations in the subs.

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