Gamecock-YT

yeah, that's how I read it as well. Guess will be interesting if they continue to sell it down. Also, they're still on the hook for the litigation piece. It's been a blackhole as far as reaching a settlement. There's usually a quarterly/monthly payment associated with the derivative to compensate the counterparty for not being able to convert from B to A shares. Which interestingly enough, Visa just made another payment to the litigation escrow at the end of December. So pending on when the sale happened, JPM might already be in the hole if they sold before the conversion rate changed. https://investor.visa.com/stock-information/class-b-c-stock-info/default.aspx https://www.sec.gov/ix?doc=/Archives/edgar/data/1403161/000140316123000003/v-20221229.htm

Interesting that JPM sold 7.5% of their Visa B shares this quarter. Last time banks were doing that was back after the GFC when they were all hurting for money.

Because they are incentivized to do so. There’s certain ETFs you only can get into by paying dividends. (Dividend Achievers/Aristocratic). Keeps a floor on your investor base if you can keep the ETFs in your corner. Also once a dividend is issued by a company it’s hard to get the genie back in the bottle without a massive hit to the share price.

to be fair if the stated hurdle rate in the original post is 10% THIS year, Altria has a dividend yield of 8%, BTI is even higher at 8.6%, throw in a 2% buyback and you are there.

-3.74% which is disappointing given my fairly large exposure at the beginning of the year to commodities. They all preformed well but were more than offset by my large positions in Liberty Broadband and Liberty SiriusXM. Activity wise for the year just did add-on investments in Liberty Sirius in the first half of the year, along with sales of Scorpio Tankers and Liberty Broadband in the second half of the year. Big winners: ATUSF, GENGF, MO dividend Big loser: LBRDK/A, LSXMA 2022: -3.75% 2021: 19.9% 2020: 12.0% 2019: 33.0% 2018: -15.5% 2017: 35.0% 2016: 17.3% Over 50% of the portfolio is currently sitting in ibonds, short term tbills, and money market funds. So well positioned to strike if a fat pitch gets hung out over the plate.

Did any of these Canadian O&G announce going to 75% buybacks for this year? Or is it all 55% and below?

Things that people get legally addicted to: Nicotine, Alcohol, Sugar, Gambling, and Caffeine seem the most stable. Smartphones, Social Media, Harder drugs, and the internet seem a bit more harder to lock down.

The 2% figure was arbitrarily chosen by the kiwis back in the in late 80s.

Depends if governments want to take their medicine now or kick the can down the road as far as they can.

Protests going to lead to a spread of the virus only for all the protestors to go home for a relatively early Lunar New Year in January and spread it amongst the elderly.

You can always count on Greg doing things right before he's about to get chewed out.

Inflation has peaked as the US is pumping out 1MM barrels of oil a day in artificial supply from the SPR. What happens when they stop?

Larry was right

My best barometer for pain index is to cruise on over to r/wallstreetbets and see how they are getting along. Then of course if we get the VIX over 35, ideally 40. Until then just twiddling my thumbs. Have about 33% sitting in tbills that is my 'in case of fire, break glass'.

The Sapporo just tastes better in Hokkaido

The big green egg

Should just move to Southeast Asia and live a normal existence for the price of vanlife at home

So Biden is going to keep the tap on the SPR until at least November. If Europe doesn't have gas until at least April. What happens when the USA turns off the taps, runs out, or needs to be refilled and the artificial surplus suddenly disappears? Then throw in a re-opening China. How do you lose in this set up? A giant recession that kills demand? The supply side is still going to be an issue.

This thread sheds some light on why Putin might benefit from blowing up his pipeline:

Isn't the easiest way to play to wait until China inches toward re-opening. Not going to happen until after middle of this month at least. Isn't the next for sure catalyst for oil prices? Which I saw something on the singapore news this morning that it was a big deal Xi and the politburo had photos of a meeting taken without them wearing masks. Taiwan and Japan are both reopening this month. Seems like it's got to be getting close.

It's hard to dispute the financial arguments. I guess I'd have to go back when the Fed was pumping timing to all the vaccine stuff he was talking about.

incentives matter

Setting up for another October crash at this rate.

ok, thanks.

agreed. good and entertaining book. similar to most finance books kind of can be tough to follows some of the characters but much easier than The Caesars Palace Coup. But McCrum does a good job weaving the stories amongst what was going on with himself at the FT and what was going on with Wirecard. Heads should have rolled at BaFin.