CorpRaider

Yeah, good read. Checked it out this weekend. Koster's blog/links is amongst my very favorites. Interesting thoughts about ROICs and profit margins and the impacts of QE.

Because Stevie Cohen, et. al. are out there and their activity is reflected in the price signals? https://www.amazon.com/Black-Edge-Inside-Information-Wanted/dp/0812995805

Costs. Matter.

I will say that at least he didn't change his bogey index to the total market or total developed market. He probably would be more justified than some since it looks like he's 50% ex us.

Hopefully this won't contribute to the sullying of another thread with useless idealogical dribble, but it's not even in the same hemisphere with grab them by the pussy, not to mention the decades of work Buffett has done in service of women's issues.

Clever joke. If he said the lady meant yes, I would have been offended.

Yeah, hopefully I made it pretty clear most of that was my inference. I mean can you see WEB or CTM admiring a guy who launched multiple "tracking stocks"? LOL. That would be like them spending a weekend with the guy who was going to create the trusts to hold Berkshire stock before they issued class B.

Herb Wolf: http://blogs.wsj.com/moneybeat/2017/02/28/warren-buffett-this-is-who-i-would-have-picked-to-manage-my-money/

Yeah, mainly doesn't like the origins of the businesses because it was/is kind of scummy based on getting the cable franchises, feels he's a tax zealot, and (me talking here) let's be honest he's probably one of the biggest proponents of alternative metrics (like ebitda) which is partly used to enable his use of massive leverage and obfuscate the nature of the huge capital investments. Also, in my humble opinion, one should not be surprised that the would not automatically like/admire the largest private landowner in the U.S. or whatever, or someone who engages in all these corporate transactions and tracking stocks to "highlight the value".

No, but you can watch the entire thing on youtube.

Anyone know of any articles or books or whatever about Herb Wolf? I have of course read the quote in the Snowball about the gold haystack/quality. Also, "you think like a CPA!" ;D

Really enjoyed all the videos especially the after party.

I didn't catch the portion where he spoke about how much harder it is now. Munger said kind of the same thing at DJCO, but he made it pretty clear that he was referring to the fact that they have huge amounts of capital to invest now. Can't wait for someone to put the whole thing on youtube.

cheap side of fair, actually.

Pretax CAGRs: 10 Years (as of 12/31/16) VOE - 7.67% VBR - 7.77% RPV - 7.69% VIG - 6.96% VTI - 7.23%

I often wonder how much of the motivation for WEB's recommendation to just average into passive index funds is due to a great reduction in the compulsion to try and market time. It seems likely that a resignation to obtain the market return, whatever that is, would eliminate many of the opportunities to make decisions and improve the dollar weighted returns for the vast majority of investors (I wonder if it would not be of a greater impact than the cost savings/advantage of the low cost index funds). I suppose if one employs absolute valuation hurdle that would make your decisions systematic, one would potentially be an exception.

Caught an interview with Seides on a podcast a few weeks back. I think it was on Patrick Oshaghnessy's podcast.

Can you talk a little about PEFIX? PIMCO/RAE fundamental index for emerging markets. Uses a Total Return Swap proxy for Research Affiliates' value weighted emerging market index and then invests the collateral in fixed income instruments to beat the Libor+spread on the TRS. Very similar to PIMCO's StocksPlus fund (also a high performing fund), but for emerging market, value weighted exposure instead of cap-weighted S&P. Was heavily overweight Brazil and mineral companies last year and was up ~50% as EM rallied. Top 1% of EM performers last year so may not do as hot this year and I've taken some gains, but ultimately I like the structural potential of returns from both fixed income and equities and its' value focus. Will probably be a long-term holding to get diversified EM exposure along with the single names I select. I used to hold that. Think I "traded" out of it at one point after a quick inconsequential gain. I'm sure to my detriment. I think I also got spooked out about PIMCO's use of derivatives generally, at some point.

Sounded like they are making a big trumpflation macro bet to me. I'm not familiar with anyone who does macro (or should i say political trump and modi-casting?) well with huge amounts of money, would be especially surprised to find macro savants amongst purported fundamental value investors.

Too much GTA.

Awesome. What is the ETA on a not horrendous spelling auto-correct?

Retail is too hard for me. I do own many through value index products.

Yeah, I really like the highlight feature. Use it a ton on certain books like the Berkshire annual reports compilation. I didn't know about the e-mail feature. I will check that out, as it would be easy to print then. I also like changing the color of the background and font. I like the salmon color and the black background with white print. I use the overdrive media app a ton on kindle and ipad (and phone) to get free library e-books and audio books. As far as papers I do digital WSJ and FT. I think I'm going to switch back to paper pretty soon for those though or either just cancel. I apparently can't get the FT delivered to my address.

Yeah these guys are setting up straw men to a certain extent. You don't have to buy the S&P 500 index. You can buy VTI or VT or IUSV or EFV. I mean I get what they are saying; yes momentum will underperform at some point.

I like my kindle a lot for books. It is not too heavy for extended one hand reading, you can change the typeface easily, is backlit so I can read at night without disturbing my spouse and I use the blue light filter. That said you can't share them and they have other drawbacks so I don't like paying more than ~$10-12 for kindle books. I usually also buy hardback copies of books I read on kindle that I like and might re-read. I don't like paperbacks as they deteriorate too fast. Don't have a satisfactory system for financials. The kindle screen is too small, ipad air and mini are too heavy, and printing is too much of a production. Seems like a crap shoot as far as getting FIDO to send me the bound 10-Ks as well.