CorpRaider

Coming up Monday, right? Enjoy all you Canucks!

Yeah, active investment strategies, especially value investing are definitely more popular than they were historically. Indexing is on the decline, obviously.

Yesterday I sold a little over half my SD LEAPS for basically taking my initial investment off the table and let most of the gains run. If anyone cares, I will likely wait to see if we get a big sell-off on the political stuff and look for the 2015 LEAPS when they start trading.

I agree. If they go that route it seems to me they're likely to demonstrate that they are not rational and will be a footnote in history's record of the turmoil surrounding the great recession. I am probably suffering from a confirmation bias here because I have already have written them off since they rose to prominence largely as a reaction to misguided anger stemming from the recession and aimed at TARP and the auto bailouts, which I regard as master strokes (and not just because of the creation of all those delicious warrants, hah).

I think until or unless they do something about future medicare and medicaid costs they've done nothing especially material (especially when you factor in the permanence of the majority of the Bush tax cuts). Certainly nothing worthy of all the uncertainty they have injected into the system, from my perspective. I suppose the defense cuts are the closest to something notable, since they are so rare.

Yeah, I'm sort of with you myth, but it might take a market reaction and then the more centrist republicans can clean out the tea partiers in the mid terms. They might need to dial down the gerrymandering, so they can have a shot to run their party. Democrats and more centrist republicans probably both benefit by letting the tpers demonstrate their version of governing. Seems like chamber of commerce and other business lobby money will be going after them in 2014 as well.

Yeah, I read the article and get that he can buy some different stuff and investors can pay him more for that. Not sure ability to buy real estate is an alpha driver for a dude who owns as much St. Joe and SHLD. Mazel to Bruce; I suppose I'm just underwhelmed, because I was hoping his plan was to maybe make JOE his vehicle, one that wouldn't be a flow-through and would provide something closer to "permanent" capital.

Thanks for the response. Yeah sorry I could have been clearer; I figured some of the pros from his perspective were greater compensation and more predictable capital via the lock-ups (but not "permanent" to which it seems the big hedgies are moving these days). I was more hoping to spark discussion from the perspective of a potential investor (and perhaps more interestingly, current mutual fund holders). The response to the question of "why should I pay you 15% rather than 1%" will be interesting. Concentration is one answer but, of course, he's already too concentrated for most people (not many of those on this board). haha. Since he talked a lot about permanency of capital, I was interested to see if he would follow more of the GLRE, TPRE, (maybe a little like MKL, BRK, FFH) or even what he projects onto ESL via SHLD. Another passthrough entity with higher fees and lock-ups? Color me underwhelmed.

Seems like it might take a "market repudiation of the congressional rejection of tarp" or 2011 congressional correction type of moment to get some of the fiscal radicals to act. I'm set up accordingly. Of course I caught the end of 2011 action almost perfectly, which in turn caused me to position conservatively before the end of 2012 fiscal cliff stuff and therefore miss the bulk of the 2013 gains.

He's going to have 100% in AIG. hah.

Thanks for sharing. What's the thought process here? That he can employ some leverage and perhaps more importantly, hedge to reduce some of his horrible down years? His ~12% per annum, since inception is good, but its about where Gayner is....and guys like Loeb and Pabrai have crushed this, no? I guess his fees are a little lower.

A "catastrophe" is you mailing the keys to the house to the bank and you're not much worse for wear.

Yeah, I think this is going to be one of those levels of comfort with risk answers, but I would probably take as much sub 4.5%, 30 year fixed, tax deductible debt as I could get...

I like the bloomberg businessweek, I recently resubscribed after catching the Hank Paulson/financial crisis installment and a couple of other interesting issues before and after. Also, I did it via a banner add on this site, so hopefully some of that helps defray some of the overhead here.

Tell me about it. Bought it at a little over $7 during the credit crisis for my own portfolio. Sold out at $20 a couple of years later! :'( Cheers! We all have similar stores -- I bought WFMI $10 pre split - sold at $45 (pre-split) it's at like $120 or whatever right now? It is amazing the bargains available when everyone thinks the world is ending. I did roughly the same thing with WFMI. Oh well.

I doubt Baskin Robbins will be partnering with SBUX for so long as they are owned by DNKN.

Yeah and with value investors there is rarely a big rush to put on the position since they/we are usually early.

The fact that schultz couldn't leave gives me a lot of heartache about their brand durability, moat or however you want to refer to any sustainable competitive advantage.

I like DNKN better. Its interesting: Sbux wasn't doing so hot without Schultz; DNKN wasn't doing so hot before PE shop came in and served its highly useful societal purpose. Crazy how much Texas Pacific Group must have made on the DNKN deal. They deserve every penny in this case.

I've been pretty disappointed in wiki vest personally. Also wish mint was better with the investment accounts.

I expect it would have to stay closed for at least a week or two to make an impact.

I dunno, lack of subject verb agreement? hah! I kid.

Sorry just throwing out ideas; you said emerging markets exposure, so I figured you wanted a fund and more of an "asset allocation" play. The RAFI, of course is not cap weighted...that's the whole idea. I personally doubt, however, that the fundamentally weighted stratagem is likely to work as well where in emerging markets, where the data reflecting the fundamentals is probably questionable...but its not cap weighted and you really just need to beat the cap weighted index to justify the product. You could check out HLEMX, or maybe the Dodge and Cox international fund. Or you could, of course, just buy some YUM or some SBUX or maybe some MDLZ.

You might take a look at the RAFI EM index ETF (PXH, I think), assuming you are a "fundamentalist" like most on this board.

I subscribe to both as well as Wealthtrack and Freakonomics Radio. I prefer planet money to marketplace. I wish forbes still updated Steve Forbes intelligent investor podcast.