Jump to content

VersaillesinNY

Member
 View Profile  See their activity

  • Posts

    333

  • Joined

  • Last visited

 Content Type 

Posts posted by VersaillesinNY

    Sequoia Fund Investor Day Transcript

    in General Discussion

    Posted

    David Poppe retiring from RCG at 54 years old!? David is a Natural Born Value Investor!

     

    It seems that the Valeant fiasco is still producing some collateral damage at the firm, even if 2 years have passed. Is it a putsch from the young raising stars or an orderly "generational transition"? I hope that David Poppe will eventually explain his move forward, without scaring existing clients. In the meantime, I wish him all the best in his future.

     

    I wonder when will they shorten the firm's name to Ruane Cunniff? Perhaps, the day that Robert Goldfarb, a "significant shareholder", will reduce his 25% ownership of the firm.

     

    Titan: The Life of John Rockefeller, Sr.

    in Books

    Posted

    An interesting article and video on David Rockefeller 1915-2017 (Grandson of John Davison Rockefeller, Sr.)

     

    http://www.christies.com/features/David-Rockefeller-and-the-art-of-giving-8963-3.aspx

     

    I am convinced that material things can contribute a lot to making one's life pleasant, but, basically, if you do not have very good friends and relatives who matter to you, life will be really empty and sad and material things cease to be important. David Rockefeller

    Sequoia Fund Investor Day Transcript

    in General Discussion

    Posted

    Q4 2017 - Investor Letter

     

    http://www.sequoiafund.com/assets/pdf/Q4%202017%20Letter.pdf

     

    That is what a famous Omaha-based investor had in mind when he wrote the following to the clients of his Buffett Partnership back in 1965:

     

    What is one really trying to do in the investment world? Not pay the least taxes, although that

    may be a factor to be considered in achieving the end. Means and end should not be confused,

    however, and the end is to come away with the largest after-tax rate of compound. Quite

    obviously if two courses of action promise equal rates of pre-tax compound and one involves

    incurring taxes and the other doesn't the latter course is superior. However, we find this is rarely

    the case.

     

     

    Druckenmiller on CNBC

    in General Discussion

    Posted

    Thanks for the links. Stan Druckenmiller is always interesting. I feel that Kelly Evans could have better prepared the questions. She even thought that Druckenmiller supported the Donald during the Presidential campaign while in fact Stan had publicly supported John Kasich on cnbc.

    University of Berkshire Hathaway - Daniel Pecaut

    in Books

    Posted

    Hi Daniel..this is John Constable writing. Good to see you are well after all of these years!

     

    John Constable: Thanks for your past contributions to the board, I enjoyed your stories.

    Board members: This story is from the October 30, 1989 issue of Fortune.

     

    "Mr. Preservation of Capital

     

    This teddy bear of an investor is living his boyhood dream. As a boy in Glencoe, Illinois, John Constable, 33, took Warren Buffett as his hero. ”It amazed me that by simply thinking and being careful you could make money in stocks,” he says. Constable followed his dream to Harvard, where he took night-school extension courses and worked all-day as a block trader for the university’s endowment fund to pay tuition. He went on to apprentice at some of the most successful value-oriented investment shops, including three years at Ruane Cunniff & Co., managers of the redoubtable Sequoia Fund.

     

    Constable went out on his own in August 1988. He has $28 million under management. As befits a value player in a pricey market, Constable is cautious. He owns a few stocks involved in publicly announced deals where he can make, say, 10% in 90 days if the deal goes through. But he prefers to buy ”wonderful companies” like Nestlé for the longer haul. He owns 160,000 shares, bought at an average cost of $24. Why? ”It was one of the world’s superb food companies selling at 9.5 times earnings,” he says. Nestle traded recently at $25 a share.

     

    In large part because Constable has kept 30% of the money entrusted to him in T-bills, his limited partners are only 16% richer than a year ago. That’s not quite up to his 20%-a-year target, but he’s prepared to wait patiently for the day when prices come down and he can accumulate an entire portfolio of Nestles. His clients aren’t restless. ”First and foremost, my investors want preservation of their capital,” he says. "http://fortune.com/2012/11/21/are-these-the-new-warren-buffetts/

     

    http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/are-these-the-new-warren-buffetts/10/

    1987 profile of Lou Simpson

    in General Discussion

    Posted

    A Q&A with renowned investor Lou Simpson

     

    https://insight.kellogg.northwestern.edu/article/investment-great-lou-simpson-explains-portfolio-strategy

     

    One thing a lot of investors do is they cut their flowers and water their weeds. They sell their winners and keep their losers, hoping the losers will come back even. Generally, it’s more effective to cut your weeds and water your flowers. Sell the things that didn't work out, and let the things that are working out run. Lou Simpson

     

     

    Solar eclipse

    in General Discussion

    Posted

    "Happy eclipse, folks. It is ill-advised that you stare directly into the sun with your naked eyes during today’s cosmological event — just ask these dudes who tried it the last time around — unless you’d like to risk permanent vision damage. That is … it is ill-advised unless you’re Donald Trump, who apparently doesn’t need special eclipse glasses.[...]"

     

    http://nymag.com/selectall/2017/08/trump-stared-into-sun-without-glasses-during-eclipse.html?utm_source=fb&utm_medium=s3&utm_campaign=sharebutton-t

    GettyImages-836311244_w710_h473.jpg.b8e4dcea37d147db80dc66ab4c3a2fc3.jpg

    Very good rebuttal on Picketty and socialism

    in General Discussion

    Posted

    Yes, Your Parents’ Status Does Influence Your Earning Power

     

    https://www.bloomberg.com/news/articles/2017-06-28/yes-your-parents-status-does-influence-your-earning-power

     

    You cannot strengthen the weak by weakening the strong. You cannot help small men by tearing down big men. You cannot help the poor by destroying the rich. You cannot lift the wage earner by pulling down the wage payer. You cannot keep out of trouble by spending more than your income. You cannot further the brotherhood of man by inciting class hatreds. You cannot establish security on borrowed money. You cannot build character and courage by taking away a man's initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves. Abraham Lincoln
×
×
  • Create New...