CorpRaider

Can you think of nothing? Truly?

I think they will get no/low tracking error and will not, therefore, be disappointed. Will the dollar weighted average performance lag whatever the strategy is? Yeah, probably. But investors who have given up trying to outperform the market via security selection will probably be less likely/tempted to try and outperform by market timing. Greenblatt has stated this idea well and has been quoted elsewhere on this site. Something to the effect of only one branch in the decision tree so less opportunity to screw up (by piling into/out of strategy/fund at wrong time and piling into/out of market after period of strong/weak performance). I also think RPV, fundamental indexes and maybe even IUSV will probably kick most of our asses (mine included) over the long term.

Damn. He David Winterized him.

Liberty, congrats. Thanks for sharing your story. RB, Trump seems really happy to you?

Yeah, sorry I was more clarifying for the guy who quoted me and then discussed Berkowitz' theory of Lampert's development of SHLD as a vehicle. Thought we might have crossed wires there. I'm sure there's not a lot of love for JOE but at least they aren't getting Amazoned with a legacy pension hanging over the head. I was reading John M.'s Manual of Ideas book the other night (finally) and he's got some stuff in there about how (listed/tradable) rights offerings are the fairest way to raise additional capital with respect to the existing shareholders, which made me think of SHLD. I guess if you have to plow more capital in, it is better than the alternatives. Their moves into the debt structure give me great pause when considering the equity. Also, find the lending/participation from Gates' entity/foundation interesting. I think I'm just going to wait and get some SRG ~$35 when people freak out about rates or trump or whatever.

I was talking about Bruce not Eddie. But I was definitely watching for some evidence of that thesis but I don't/haven't see it playing out. Some would probably focus on the "allocation" into the sears logistics or auto or whatever, but really to me that just seems to be a way to try and use the assets in the (crappy) business to survive similar to Buffett putting in new capital equipment after having a few decent textile quarters. I suppose he has also tried to license the brands with very limited effect, but seems to me he's planning to plow it back into shop your way and ever ready tires and new store formats and ugh. Was going to go back and look out of curiosity but likely someone on here recalls off the cuff; how long did Buffett f around with the textiles before diverting some cash to a better business? 4 years?

Yeah, what's wrong is when you send shareholders a massive phantom income hit and throw in a little vomit inducing return number they are probably about as likely to leave capital in your funds as they would be if you kicked them in the junk. One really could see him imploding like Marty Whitman's fund did. He really needs to just take over St. Joe and run it as his vehicle. If he only charges $200K per year, I would be enthused....but his art collecting may slow.

You guys pay for CNBC pro? :o

yeah thanks a lot for sharing. I subscribed to the channel.

He took quite a haircut. ;D

Someone could intellectually masturbate so furiously that it caused an ion storm which interfered with the electronic trading and caused a huge 5 minute flash crash...just saying. ;D

Sounds more like something Munger said fairly recently, but I don't have a quote or source. He does tend to "rift fantastique"/bullshit a lot more than the big chairman.

He gets a lot of love and fame too. I've pretty much decided to divert any (modest) ongoing charitable/religious giving to his ventures. I think he will do a lot more for the benefit of humankind with capital than almost all charities and religious organizations.

LA Times testdrive review says legit range on highway test. This actually looks like a nice little RAV4/CRV killa'. Good for GM. Way to put it out there and try to innovate guys. Maybe they should work a deal to get access to Tesla's charger network.

Well he was doing Caddy commercials before that for the last year or so. Seems like Tesla is more likely to first gut the Germans than the less luxury focused American and Japanese automakers.

Yeah the nationwide network of superchargers is just marketing. Yes, people can copy them...derp...they open sourced their IP/donated it to human kind.

Zero people who want a model 3 would substitute with that volt. Zero. Maybe the charger network is a point then again his philosophy is that the big entrenched companies with vested interests cant or arent changing so hes going to disrupt and perhaps bankrupt the fookers. Elon musk is preeminent in the minds of some of the best engineering and automotive design talent in the world. Thats at least one huge competitive advantage. Why do you think von holtzhousen works for Tesla? The lack of the anticompetitive and corrupt dealer cabal is another huge advantage. None of this means Tesla is a good investment but if you dont think hes going to impact the legacy guys with their crappy cars you are delusional. It might mean don't do anything stupid, like having a big chunk of your portfolio in the industry's legacy players. Capital is pouring into that industry and will be for decades it seems. I mean apple and freaking google, not to mention the Chinese, are coming too. Even if Elon blew through all of his capital he could just take the remnants of his company over to google and do the same thing on a lesser scale with his buddies over there. They already had a tentative deal to buy him out once during the financial crisis and they can throw a wall of cash at the industry for a long long time.

Finally finished this one. I really enjoyed it. It was something different and was a delightful read. I'm really looking forward to "pulling the thread" of the list of books in his library at the end as well. Thanks to Guy and William Green for writing the book.

Kind of a no brainer because he would have maintained a 25% performance incentive fee versus like nothing in compensation ($100K and a use of a jet).

Yeah, is it just my reading comprehension or did you take away from the article that the strategy, in live performance, actually had "failed to crack the PE code" in almost complete contradiction to the title?

I like the way I heard Greenblatt put it one time. Something like investors pile into stocks when they are up a bunch and they pile out when they are down. Similarly, when an active manager has out performed recently, investors pile into their fund and then when they invariably underperform, investors pile out of the fund/strategy. For most people he recommended an index fund because with an index fund at least investors have half as many opportunities to make bad, performance chasing decisions. hah!

I like him and his process a lot. I think open end mutual funds are walking dinosaurs, however, and will almost certainly never own another actively managed open end equity mutual fund (barring massive changes in the taxation of RICs and total overhaul of the in-kind creation and redemption process). Just the cash drag alone from having to try and anticipate redemptions is a pretty huge disadvantage.

As far as I know, value line's company specific reports are just the one page tear sheet info. They have the same information presented differently on the site. There are also like industry summary information and you know summaries and indexes and whatnot but I don't believe you can call up like buyback information. I like it. Morningstar and Gurufocus are two others I would add to your list to check out.

For like societal benefits/balancing long term interests? Probably Elon Musk's Companies; GOOGL; Whole Foods; SBUX; CREE...heard some interesting stuff from Carlos Slim lately but know enough to opine on how he runs his businesses.

Hah!