CorpRaider

I don't understand why commentators are talking about no deal again. He's also already negotiated a kind of not so bad Brexit deal with Northern Ireland serving as a special EU bridge/economic development zone. So they are saying now that the EU won't do a decent trade deal with the whole U.K? So then, every entity in the UK sets up a "branch" in NI and gets to completely arb the rules to their relative advantage versus the EU? Seems an unlikely outcome to me. Also, I'm not really conservative, but devolved power/governance/real federalism probably does make U.K. more anti-fragile (e.g. a Greece debt situation (or whatever) doesn't take down U.K. with the whole of the E.U.; makes it easier to address local problems; increases dynamism, etc...). I personally have always thought they are just getting out ahead of (the political union...not the trade bloc) the tide/reflective of their more dynamic and open democracy and others will follow.

What are your thoughts here? Basically the same thing as set forth here: http://yetanothervalueblog.com/ (including concerns about controlling shareholder...) But I like the funnel in for content with Simon and Shuster and the "selling of the picks and shovels to the miners" kind of strategy for streaming wars (maybe even the cost-plus producing shows they don't own isn't anathema...it works ok for defense contractors); also the single product licensing function for the company seems like a great move; they have historically totally blown it with Star Trek (as compared with Wars) imop. It's obviously cheap AF, even before any "synergies" (assuming they are soon to be destroyed). Seems like there's maybe a catalyst with Bakish talking about re-upping their buyback authorization. I also kind of like Bakish (having watched maybe ten interviews with him) he doesn't seem like a smooth bullshitter, Hollywood ceo.

VIAC, where no money has gone before.

BRX

You should probably just DCA into world index funds and/or BRK. You guys can get some not horrible options in Canada.

I think some of those CPG type companies might be a good hunting ground. Everyone thinks that because advertising is (for now) much more diffuse and cheaper, which allows for disruptors who don't need scale, but really that could be viewed as a product of dumb vc money/lose monetary conditions. I wonder if maybe power laws will take over for attention eventually for these online channels (just like the audio, analog and digital video ones before) and rates will rise and scale and actually generating cash will matter again...

Does anyone know who pays for those "listed on NYSE/Nasdaq" commercials that run on CNBC and Fox Bidness? Do the exchanges pay for that or the companies or is it a split?

He could just do a special dividend; doesn't have to create any expectation of recurrence. I think having a lot of cash around may seem real smart if and when management changes. A lot of people might panic out and big buybacks could be just the move. Also, I've read cogent arguments that the cash size needs to be evaluated relative to the size of the float/balance sheet and focus on a nominal figure is not the best way to think about it.

Is CIBC the most domestic-focused and therefore most pure play on the regulatory capture/gov't subsides of the big Canadian banks?

They seem to have top ticked it in marijuana and vaping and didn't even get control (probably a good idea...not controlling). Impressive.

I got one. Have AXP spin off or sell the "bank" and BRK acquires the remainder of the payments network it doesn't own. Then open up both sides of the network (to all/other issuers) and mark it to a MA multiple on the books by floating 5% back out in 2023 (like John Malone or some such). Where mah fees at?

EBAY

Maybe he can go on shark tank like the gopro guy.

Why now? Just a starter/foothold so I will pay attention and can get mailed copies of the reports. If I had to guess, I would expect Scharf to kind of clear the deck with expectations/problems/expenses after he has had a chance to get an inside look. That might be getting too cute (and the market probably expects that). I just keep ruminating on Munger's comments at the BRK A.M. and the fact that the god of skinny, quality-compounder, bros has like 98% of his DJCO portfolio (which is not constrained by size) in money center banks and this is clearly his favorite of those.

WFC

Now do Japan.

Thanks for sharing your opinions, but I went through and looked at the quotes over time a few months back and my judgment was that he was maybe more conservative/pessimistic back then (in the 50's). The beta and drawdowns of BRK are definitely lower than SPX or total market over history. I agree that if rates stay low and valuations stay high then expected future returns for all assets including those levered with float will be lower than history. There are pretty much no tax advantages for holding the public securities in the c corp as Buffett just stated in the last AM, but I suppose there are tax advantages to investing in private businesses/PE generally. There are also probably bigger advantages to investing in a fee free private equity fund with proper incentives and the greatest investor who ever lived calling the shots. U.S. P.E. AUM hit 5.8 trillion in 2018 (before raising probably another half a trillion+ this year)...

It seems like Eric and those type guys post more/get more active in "target rich environments." Like, everyone posted less frequently after they booked their 6x returns in BAC-WT. Related: What happened to Kraven? I always liked his posts. I guess there is not a lot to say if you're a quant value guy and you are not in a "dislocation".

Moar IVAL

He's been sandbagging expectations since like 1957; maybe this time he means it. I'm not betting that way and neither is WEB. People wax philosophical about the portfolio being too large, but then there's Munger running a ~$150MM portfolio at DJCO and he's basically 100% in banks.

"extant"....<click>.

SLG heading back toward the 52 week low. I see an analyst downgrade of "manhattan real estate."

I just did. Thanks! It was crowding out the new posts list.

If you find any, ask them what they think about $CLPR, would ya'?

Thanks for taking the time to highlight this. I appreciate it.