CorpRaider

The Tithe man. Get with it.

I think most investment dollars always got their asses whipped after fees and taxes, but it wasn't measured well. Buffett thought that too if you read his partnership letters and note his focus on the Dow as the most formidable opponent.

I watched all the highlight reels first. Yep, I noticed that too. Fits with other the videos of him around the same time, like the UF and UGA vids. They were definitely working on perfecting the act. They look so much younger, but they were already in their 70's right? I always thought the eyebrows and glasses were a neat touch. The two liters of coke on ice were also a trip. Charlie seems the same, but he has really started to open up the last few years it seems to me. Good question about books and he started to get going on Ben Franklin, but WEB kind of cut if off with a joke. He also recommended a Connie Bruck biography, about Steven Ross (time warner guy not the RE guy). I also added the Janet Lowe biography of Ben Graham to my massive backlog/wish list based on his mention in this year's meeting. I went ahead and got the kindle version of the Gibbon's, The Decline and Fall of Ancient Rome (looks like it's an abbreviated 3 volume edition), but it was only $9. I really need to try and accelerate the transition to gentleman of leisure, as the day job is really crimping my reading time. ;D Either in 1994 or in current year WEB made some interesting comments about managements generally having an interest in running a larger enterprise regardless of profitability. He sounded like a charming Icahn there for a minute. EDIT: Man 1994 was good. I listened to the second half (no video). Did a little summary post on it. Chris Davis tried to ask a couple of security specific questions and got shut down. haha. WEB talked about Keynes at the end. Gave a pretty robust answer (I've heard him kind of shut that down before). I noticed Munger didn't say a peep (and WEB didn't ask him to) when WEB was talking about Dexter shoes and how great the management was. They even talked about derivatives and reinsurance.

Suppose you're a small fund generating a lot of alpha. What happens? You attract more investor money. Because you invested your original capital the best you could, this additional money must be invested in less promising ways - i.e. the law of diminishing returns. As long as you generate alpha, you continue to attract more money which lowers your alpha. This is why big hedge funds with unlimited resources have trouble beating ETFs. Just because it's hard for them doesn't mean it should be hard for you. This said, I usually advise people to stick to ETFs except where they have specialized knowledge the market is unlikely to price in. That's kind of the big muscle movement of capitalism, isn't it? Excess returns get pushed toward the average by the allocation of capital. Should apply to industries, markets, and investment styles and/or funds. I agree with OP that the average investment dollar must underperform the index materially after taxes and costs are included.

This thing is amazing. Watched the 1994 meeting in entirety last night. Enjoyed it very much. Bill Ackman asked a wiseass question about Citi.

Yeah kind of bummed. Might replace FT with it next year if I find I'm hitting the limit a lot. Also, might pay if they stepped up the TV product.

I did a post kind of about this. I don't know what will happen, but NFLX is trading at an "untouchable" valuation and I don't really see how its better positioned than HBO and I think DIS can probably knee-cap them at will.

I had an order in for BRX, but it didn't quite fill. I'm probably going to start with BRX and KRG. In addition to my VER, that is.

Pretty sure the behavioral and finance academic research indicates that is likely to be the superior approach (less likely to pound in your conclusion and generously slather the availability and confirmation biases on your brain), but I don't feel like spending the time to look up cites. ;D

Best wishes for his family. Bloomberg article contained some interesting background, including about his wife and charitable work.

Time to "do some hedging trades." ;D

I think I will focus on compounding, deferred gratification stuff, maybe the bit about owning a slice of business.

I haven't looked at them, but I know there has been some financial distress among their tenants (I think some of them are owner-operators, right?). I would be concerned about the reliance on the single payer (medicaid) and debt trends. Also, I would expect the market to have fully discounted the fact that there are going to be lots of old boomers. Let us know if you find anything interesting.

Ahh, neat. Good for him.

You know who I liked on there? That Whopper Investments guy. I guess someone hired him as an analyst or something.

I like that site a lot too. I didn't know about the transcripts.

What data does Rocketfinancial use? Thompson Reuters?

I checked out rocket. Seems pretty neat.

Ok they started charging for that? I hadn't noticed yet. I like that earningscast app, but they don't have it for android. I switched over to do the Google FI thing.

They have some turrible articles, imop. I should start just ripping three charts and some quotes from x company's latest quarterly supplement on my blog (of course I would have to figure out how to accomplish that technically.) I do like the earnings transcripts.

Trying to look at KRG, KIM, BRX, RPT, REG, and STOR this weekend, with a view to tying to figure out who has best combination of shareholder/management alignment of interest, exposure to neighborhood centers and grocers, and lowest leverage. I have kind of decided to consider a bet that people will still go to neighborhood/convenience/grocery retail and/or that much of the properties can be converted to show-rooming space with attendant warehouse for catalog, I mean e-commerce fulfillment. I bought some GPT @~ $23, but I think I made a mistake after listening to last CC. They guided for no growth/slight FFO "shrinkage;" spoke with great certainty about what their cost of capital is; said it was high and basically would preclude growth; yet they weren't interested in a buyback; also they were issuing shares at ~$29 a few months back; indicated a plan to de-lever and"recycle capital" by selling higher yielding office and retail (e.g., gyms) and buying more (lower cap rate) warehouse, if any excess proceeds. Then they talked about how the cycle was getting late in warehouse and it was time to focus on quality (the lowest cap rates in a hot sector).

Definitely worth the listen. I previously caught him on Meb Faber's podcast, so I had the intro to his thoughts on PE, but Patrick is just very different as an interviewer so he brought out a lot of "deeper cuts." They talked about behavioral psychology, Kahneman and Tetlock and why detailed projections and analysis just make you more likely to be more confident in your wrong conclusions. I've not read much Tetlock stuff at this point (although I follow him on twitter...the man is a saint to put up with Taleb). I will have to put him in my to read shelf. Listening to them both in the order I did was actually pretty good. Meb's podcast episode was back in January, I think.

R.I.P. Dr. Hawking

Haven't read it yet either, but she was on Ted Siedes' podcast and the Behind the Markets Podcast (J. Schwartz with Wes Grey as guest host/the guy who booked her). Sounds like it might fit nicely into an "intro to behavioral finance/probabilistic thinking for those who don't want to get into the full blown weeds of Thinking Fast and Slow" category. I was thinking it might be a good holiday gift for people.

I am reading this book currently. I didn't see a thread (although I did find a mention of the book by Kraven when discussing another book). I think many on here are familiar with Tom Evans. This is the story of the raiders/activists of the era with a particular focus on his career. I will update post once I'm finished (I'm a little beyond 50% of the book). I did a post about how I found the book and decided to buy it. Seems like Evans ran a similar playbook to a lot of the people we study/discuss on this site.