CorpRaider

What REIT has the highest exposure to grocery store anchored shopping centers? KRG?

I received from amazon like a tube of toothpaste in a 12 x 8 (ish) corrugated box delivered by a union member UPS carrier in a $100K truck that gets crappy mileage yesterday. The last 6 Netflix originals I watched were MEH. I frequently wonder about business models.

I published a (probably overly simplistic for most on this board) blog post about the size of Berkshire's portfolio relative to the opportunity set. Thirty-second summary: circa $300 billion in cash, equivs, and stocks doesn't seem so huge compared to $30 trillion in U.S. market cap and then you can also look at private companies and the rest of the world as his potential oyster.

I have a copy of this book on my to read shelf. It's a pretty voluminous hardback. Probably would have gone with the kindle version had I bothered to look.

I'm going to buy this one.

Anyone know the identity of the other NYSE company that doesn't give restricted stock awards and pay for directors E&O insurance?

I think he just can't stand to be sort of left out so he tries to horn in as much as possible. If I were the producer, I would line up some on assignment special thing and send him to it next year and let AR Sorkin hold down the fort or just go to Becky.

Enjoyed the letter. Posted a few thoughts, most of which have already been discussed above. I tweeted last night: You should all index. Value Investing is dead. So sayeth the lord. I'm a little depressed about it. :D

I think I read a white paper or something by him like a year ago via Meb Faber or Alpha Architect. Just saying, like I got the gist right? True volatility is masked by lack of quotation, no real special operation expertise for most shops/deals, fat wallet, what smart man does in the beginning. I don't love the Japan thesis because after all, is it a real market system where you can bank on property rights and rule of law and rationality to get your anticipated ROIC? I'm not so sure. Several activists have found it hard to get exercise shareholder/ownership rights. Can't exactly sell to a PE shop to take it private and whack some plants. May be more like quasi-state/executive/worker benevolent trusts. Ideally, I would prefer to limit investments to countries with a longer history and solid grounding in property rights and capitalism (basically Netherlands, UK, Ireland, Nordics, Switzerland and North America) but I suppose that is discounted to a large extent.

Do I need to read it if I've heard him on a couple of podcasts? It's basically "the fat wallet is the enemy of high returns." Yeah?

I thought perhaps you should sell and buy. Then again, the realtors would get you for ~14% of your gross, not mention all the other potential fees and costs...maybe I should invest in Redfin? Pretty sure Prof. Shiller has some data showing US housing is only flat with inflation over the long term (zero real returns). Some other researchers recently published a study claiming globally it has been a good investment (housing stock). But people have criticized their methodology and the impact of maintenance costs and taxes and stuff. Then again, I can't remember what Prof. Shiller did with implied/avoided rent lodging costs. He probably dealt with it reasonably because he's the shiz.

Yeah, they almost all seem to like to dilute you as soon as you get to a fair valuation. I wonder if you could find industry data comparing costs the asset base, like an expense ratio for a fund. Maybe find the cheaper ones and you will find some alignment of interests. I think SKT is family/shareholder controlled, but man they have a lot of apparel exposure. Obviously, either Ted or Todd likes STOR. SRG and HHC are not your typical retail yield hog plays and could merit some of your attention. Finally, a lot of the people on here love BAM and some like KW. I am invested in neither.

Yeah, get me some mobility as a service, so I don't have to park and get me some RFID automatic checkout so I don't have to wait in line to give you money to pay for my items and I could see it actually being pleasurable to shop/taking back share from online.

Yeah. All of them, except retail and financials. I predict labor is going to take back a bigger share either in the market place or the ballot box.

I'm watching SKT. Thought they were being kind of cagey on the call when a couple analysts were trying to get a figure for total SF exposure to tenants placed on short term renewals (whether due to bankruptcy or otherwise).

Sup with that Qorvo position? Man he always has some different stuff.

Great, hope you enjoy them! I would say Patrick O-shag-hennesy is the best interviewer and Ritholtz gets the best guests. I also like the FT Alphachat podcast sometimes and a new one called Animal Spirits with two RIA bloggers. They are younger guys so you might enjoy them if you are also younger. If you want another one that goes more into the weeds on ad-hoc stock selection, you might check out the Value Investing Podcast by the manual of ideas guys. I don't listen to this one as much anymore because they started going longer between new episodes and the interviews are old. The Intelligent Investing Podcast has some good episodes too for that purpose and is produced/hosted by one of the posters on this site.

Yeah, I could see that. I only listen to select episodes now. He needs to let Stig talk more. Stig doesn't take up a bunch of time with good guests asking them about ray dalio's latest tweet about gold.

Definitely not a genius. He's a good talker (as you might expect in a podcast host). He likes to talk about macro/bearish always wrong/unknowable stuff. But he's pretty entertaining and I like the podcast. I would, however, probably place it behind Invest like the best, Ritholz's MIB, Meb Faber's cast, and Behind the markets with J. Schwartz (now that he's got Wes Gray co-hosting a bunch and bringing in some academics); and maybe one or two more.

I would buy some converts at a decent yield, if they get into trouble though. Wouldn't you? They probably would be able to raise many more billions from fans/equity investors first though.

They had a live video feed from the roadster for a while...It was amazing.

I've seen reports that TD, Schwab, Fido, Vanguard also had outages yesterday (I was personally impacted by TD and Fido; wasn't trying to trade just looking for quotes and apps were fkd). I read etrade was running fine.

Thanks man! Yeah, me too. I read a moody's or S&P credit write-up and they didn't seem to think the upper limit would impact the credit ratings. Bought a little GPT at a ~10x P/FFO. I like mgmt. and the industrial portfolio seems pretty, pretty, pretty nice.

Rogue Trader is aiight.

Hey Lance, Did you take a look at the potential damages in the VER shareholder class action suit (you're an ESQ too right)? I didn't, but I'm a lazy sumbitch and do not work with class action suits.