Gamecock-YT

I'm sure many have already read it but I really enjoyed Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger.

Probably the same as my 2019 pick that did 123% return last year (I don't expect a repeat), Scorpio Tankers ($STNG) Same themes as I wrote about last year, but coming to fruition. Hit 52 week high last week of the year, IMO 2020 is here. VLCC tankers legs are going for 7% of market caps just for one voyage. All kind of supply constrants (Clean fuel at ports, Lowest order book ever for product tankers, Scrubber installation delays, Older product tankers switching to the dirty market and not coming back to clean). I still don't trust the management team/shady related party transactions, so might be better to make it a trade than a long term position but can see it running quite a bit higher if market conditions remain. Besides that, starting to look at quality oil companies with low debt. Kind of reminds me of the mining companies from a year or two ago where there's a push to pay down debt with FCF vs growth for growth's sake.

33%, my 2019 best idea mentioned in the thread hit with STNG up 123%. GLIBA and LBRDA were up around 73%. Started the year with ~55% cash and short term treasuries. Ended the year at 63% cash and a sharp reduction in duration. Didn't open a new position for the entire year, turning into Rip Van Winkle. Current equity allocation is 49% cable, 31% commodities (non energy), 18% energy, 2% financials. 2019: 33.0% 2018: -15.5% 2017: 35.0% 2016: 17.3%

Trying to reverse engineer what made them attractive to BRK. ~15% ROIC on average sticks out with lots of FCF.

The Fall of WeWork: How a Startup Darling Came Unglued https://www.wsj.com/articles/the-fall-of-wework-how-a-startup-darling-came-unglued-11571946003

No, I just choose not to click on the politics forum.

wouldn't be the first time that Boeing has had an error with their coding....

Vision Fund II to save the day.

From my place to work I probably pass 9 building cranes in Charlotte. Pretty much the only new things the city is producing are apartments, breweries, and high rises. Recession will be painful here.

Seems like we average one of these threads once a quarter, nothing changes. Everyone rehashes the same points. SD can make my argument much more eloquently than I:

his last tweet is,uh, interesting....

Meet the new boss. Same as the old boss.

As a great philosopher once said: Say say two thousand zero zero party over, oops, out of time

Sorry, but he does come across as arrogant/entitled. My perspective, living in the city where the Curry's are from is that Steph didn't used to be like that, not sure if it was that he got knocked down a couple of pegs after not getting any offers to play college basketball except at Davidson and maybe a few smaller schools around the area. Could be his actual personality is shining through now? But let's not pretend he's some guy from humble roots: He's the child of a wealthy NBA player, he attended one of the best private schools in the city growing up, and he's grown up not really ever wanting for anything. But ultimately, we're all outsiders projecting our experience and bias on someone we've never met.

I lean toward Munger: independence

Okay, so I am a non-practioner and I do tend to be slightly paranoid (okay, maybe exceptionally paranoid). I mostly don't hesitate to install apps from the Google Play store, or from the Apple iTunes App Store, or add-ons or extentions officially sanctioned by Crome or Firefox. But, installing a 3rd party app that happens to be on GitHub? Nope, I'm a bit too paranoid for that. I use my browser to log into my financial accounts, so I have a certain discomfort with installing apps that are not vetted through the major channels. I have no idea what those apps do and what they don't do. Is there spyware on them that will steal my brokerage and online banking passwords? Do you have any reassuring intel? I don't mind Outline because when it's run in Chrome, it's sandboxed. But who has gone through the Bypass-Paywalls app to ensure it's okay? I will admit to being paranoid, but there are a few people on this site who are trying to protect their assets. SJ I don't look a gift horse in the mouth, if you're that paranoid go buy a subscription.

Merry Christmas: https://github.com/iamadamdev/bypass-paywalls-chrome https://github.com/iamadamdev/bypass-paywalls-firefox

So do I. . She owes money all over town, including to known pornographers, and that's cool... that's cool.

very much so

Actually, I think quite the opposite. Indicative votes on Monday should get to Customs Union 2.0 or another referendum as the choice over May's deal. All the brexiters voted for May's deal on Friday because they know it's increasingly more likely that soft brexit/no brexit is now in the cards. Only way a hard brexit occurs is if the UK/EU are too pigheaded to agree on an extension date that satisfies both parties. But recessions to both factions being a nuclear deterrent, they'll get an extension done.

My biggest position is in GLIBA which I've had since having a sizable position in GNCMA. Added a 5-6% position in LBRDA when CHTR's stock price collapsed 15-16% after earnings release last year. I'd say LBRDA would be probably the best, mainly because discounted CHTR stock with a takeout at NAV probable at some point. GCI has had issues with contracts not being paid and the Alaskan economy being in a recession. Add in the LendingTree position I'm not really keen on. Has at least the double discount going for it but ultimately will depend if they can get CHTR/LBRDA to take it at NAV or if there is a discount. Sirius is attractive with the giant discount to NAV but not sure how recession-proof the business is and not sure the end game of adding Pandora and iHeart. F1 and the Braves are also interesting but F1 is reliant on Concorde agreement satisfying all parties while making it more competitive beyond the current oligopoly. Braves has the real estate going for it but ultimately is contingent on someone wanting to pay up for a trophy asset of a declining sport. Nevermind the TV contract doesn't expire until 2027. My guess is the end game is similar to when the Dodgers were sold, with the new TV deal being a key part of the deal.

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/looking-up-old-annual-reports/ What’s old is new again

I like how about 2/3's of the way down the transcript changes to Becky interviewing Joe....that was a mind bender.

Isn't the Free Press the primary paper in town?

2018 letter is out: https://static.fmgsuite.com/media/documents/a7b56d26-b22e-4d16-8b65-7fe23f0ea19d.pdf