dealraker

So it gets sort of fragile of sorts, it isn't something that is as simple as saying, "All these famous/well known guys say to concentrate so I'm concentrated and therefore superior and successful...I outperform." I have no doubt, and I am not being facetious, that here at COBF there's a group that does move in and out of stocks and they do "outperform the market" over time. I have written this about Parsad a few times becasue I do do try to follow the things he is writing about. I'm not investigating Parsad or Greg, I am learning about businesses (something I just absolutely love doing for some silly reason) and finding things to buy myself. I was on this board, then withdrew later to rejoin, years ago...bascially have read here since its origin. I'm reading spec's stuff and several others now too. I'm a slow learner but I do learn! But, and here goes the part where I can seem harsh...but I'm not harsh if you could hear me speak instead of what I write. You can be damn sure that those who do concentrate as a whole, as a percent, do not do well investing. "They" do not outperform the market like some of the hedge fund runners that are endlessly quoted here. As a matter of fact...didn't Warren Buffett make a bet with some hedge fund runners? I believe he won...and not by a small amount. So growing up and having to deal with losing my parents I got to know the men in my community who had the "stuff" and that stuff was money and net worth. They all, and I mean literally ALL of them, bought and held stocks and/or ran their businesses. They did not buy-sell-buy-sell-buy-sell and such. Nor did they just own 5 stocks, they owned a lot of stocks. But there is so much more to this story. My family still owns a couple of businesses and we meet regularly, it is a multi-generational thing. We chose, and this began 40 years ago, to sell most of the family businesses and invest that money in the markets. It is a solid-strong culture and it is by-damn INGRAINED within us. Every meeting the same model, the same mandate through words pops up. It is simply: "The average American is not aware that wealth is built from holding the stocks of productive businesses." But there's more still! We are assuming, just assuming, that none of us are the superior hedge fund runners that (again) get constant media attention and cut/paste here on COBF. As my family members all say, "If you look in the mirror and don't see Warren Buffett...then you aren't Warren Buffett." We are building a culture for the next generations and luckily they are right in tune with it. Buy stocks; hold them; and by damn do NOT buy a stock you play to sell next week. Why? Because again, the proof is clear....the majority of those who do this suck as investors. And that percentage is way up in the probabilities. So if I die today those who receive the trusts aren't going to instantly pretend to be Grifin, Tepper, Paulson, Ichan, Soros, Ackman...or whoever. And to end this chant...or you may say rant...LOL. I live in a community where millions were inherited from the sale of furniture businesses, tile businesses, newspapers, textile businesses...and whatnot. Some went to real estate "deals" or start-ups....some went to tax-free income to re-risk their portfolios (I literally vomit when I write this) ... and.... They have literally lost their family money, the stuff others spent their lives building - now forgotten. Big houses? Yes they have those. You can do well owning business and staying that way. But it isn't something that is widely practiced or publicized. Hell, we are all Peter Lynch's aren't we? Ranting, not proof reading....pardon what is surely spelling and grammar errors.

I inherited 1/4 of dad's Berkshire stock. It was in a trust that I could not access and "sell" for years. By then? Well, by then selling just wasn't something I thought about because I was busy in life.

Keep in mind Parsad that over 40 percent is Berkshire and 40 percent is AJ Gallagher and I do not "manage" as I am a passive owner. I completely respect that you do manage, but both manage and no manage models work exceptionally well over time. Berkshire and several others owned since Jan 10, 1975.

Being silly. Processing all that is happening today is a vast maze of complexity. We will look back and say the typical "should have figured that out". But we can't.

Crap. There was so much screaming at me online and on TV to sell my stocks that finally I caved in and followed the madated money "manager" (read "risk management"= the risk of lower quotes) cult mandate. But D-A-M-N I forgot to sell the house! Remind me next time please. Getting lower bids means that maybe my neighbors who sold are beating the market...and me! This is absoluely u-n-a-c-c-e-p-t-a-b-l-e performance. Well, not exactly. While I should be walking the street with multi-millions in cash in a duffle bag also stuffed with pillow and blanket......foolishly instead I live in a h-o-u-s-e and own shares of Berkshire, Markel, Mondelez, Coke, Pepsi, Brookfield, AJ Gallagher, Brown and Brown, Aon, Marsh McLennan, Hershey, Tootsie Roll, Old Dominion, Ice, CME, Abbvie, Blackstone, Blackrock, Alphabet, Meta, Microsoft, Lowe's, Willis Towers Watson, Sun Power, First Solar, ABB, General Dynamics, Lockheed Martin, Duke Power, Illinois Tool Works, Nestle, Canadian National, Canadian Pacific, Kraft, Norfolk Southern, CSX, Union Pacific, St Joe, Honeywell, Federal Realty, Cisco, Amerisourcebergen, Archer Daniels Midland, Pfizer, Merck, Siemens, GSK, PSX, Hubbell, Republic Services, Enbridge, Omnicom, Plymouth Industrial, Bud, LHX, Exxon, Masco, Marriott, Target, Sanofi, General MIlls, Schlumberger, Becton Dickinson, Smucker, Weyerhaeuser, Excelon, Wesco Intl, Interpublic, T Rowe Price, Stag, Constellation, Avalon Bay, Atlas, Starbucks, Raytheon, Ambev, Constellation Energy, Teva, Bellring, RXO, XPO, Accelleron, Embecta, Entergy, Enphase Energy, Bank of America, International Flavor, East West, Cathay, Wells Fargo, Medtronic, Boeing, GE, GE Healthcare, LHX, Dominion Resources, Baxter, Crown Castle, Reckitt, Atco Ltd, Dover, Kellog, Advanced Auto, Costco, Molson, Sysco, Novartis, Danone, Alliance Bernstein, Archer Daniels, BCE, CocaCola Europacific, Enbridge, Lamar, Prudential, TC Energy, UPS, Unilever, Mastercard, Roche, Visa, Home Depot, Proctor and Gamble, Kellog, Johnson and Johnson, Walmart, Tractor Supply, Altria, Gilead, Realty Income, Danaher, Parker-Hannifin, Erie Insurance, BRP Insurance, CVS, Chevron, Oxy, Nasdaq, Wendy's, Domino's, Nike... That's just the ones I can name right now without looking. LOL. Exercising the mind today as you can tell.

LOL. Listened to too many of the wife's calls through the years stating to clients (actually she was emotionally screaming) that iffin' they didn't shape up she was gunna be gone. She had this restaurant owner client named Harold (high school classmate - bright rebellious dropout) who had a dive in "the fan" in Richmond, served one meal a day and had bands later in the evening. Jammed up place, people waiting in line; he paid himself (this was 35 years ago) $80k a year and made a profit above that of $120k a year. Dude bought boats and swimming pools but wouldn't do his payroll taxes. Padlocked door...became streetwalker who didn't recognize us...died. So messin' wiffin' them books ain't my game!

Yes particularly given they only count the good stuff. LOL. Just being silly.

Won't affect Brookfield...

Quick trading, even thinking of it, makes me a nervous wreck and steals my mind from any quality of life. One of my favorite Munger quotes and I giggle every time I read it: Munger: "Sandy Gottesman created one of my favorite risk control examples. One day he fired an associate. The man said, “How can you be firing me when I’m such an important producer?” And Sandy said, “Yes,” he says. “But I’m a rich old man and you make me nervous.”

Out of the extra EWBC by 9:31 this a.m. Not my thing to trade, but the trade was right there.

I've owned the stock since IPO in 1999 and in the past knew the officers and board personally, not much any more. The customers of this bank are both loyal and stable.

EWBC is in the heat of it- fell 20% today after falling previously. We will see, time will tell. CATY has been relatively stable.

Had a big zero interest whatsoever in buying more EWBC but the quote fall looks beyond rediculous. Either I'm stupid or the market is. We will see. 03/13/2023 Buy 7,000 EWBCPopup EAST WEST BANCORP IN @ $51.1938

Bought more Truist today.

Compensation should be delayed. You're getting paid on your own estimation of profits years into the unknown. If this is your chosen model then make it dependent on the outcome of that model not some make-believe self-serving garbage that just happens to exist for a few quarters.

Yes, simply yes.

Well one of the things that stands out today is the eloquent writing of those sensing some major catastrophe as is evidenced with our COBF "Is The Bottom Almost Here?" thread. If it isn't worthy of being labeled as a broad financial crisis then these bank stocks should do quite well I think. I had bought some BAC at $33 a few weeks ago and added some below $30, then added a some TFC. These are tiny compared to my CATY and EWBC holdings from decades ago, but they do count. I think the odds are with solid banks being good investments.

Bought some TFC, Truist. Have a tad of insurance broker rev/inc in the mix. 8% selloff, guessing a bit too much... ...but what the hell do we know? LOL.

Ah ha! My first co-owner of CATY! CATY was written up in Outstanding Investor Digest in 1994 and it was beyond incredible to read. The bank was earning almost 20% on equity selling for book value. There were earthquakes, recessions, fires, OJ riots, etc. knocking stuff all down and around. All while the east coast banks, small banks, were earning 10% of equity and selling for 2.5 to 5 times book value based on Eddie Klutzfield (Crutchfield) being willing to pay up and flush all the equity and expenses down in a one-time charge such that "I can pay 5 times book and make it all work out." So Eddie at First Union went through 20 years of no book value growth (those flushes...ya know) and eventually was "earning" (fake earnings, fake ROE) 30% on equity (there wasn't any equity). Ole Buffett once said, "Librarians read financial statments; investors need to know what the figures mean." 30% on equity for First Union was just 30% on evaporation.

BAC for me.

I'm just waiting for the guv debt default scare to wash through. Yea, all these are mini's. 100% in gold (in my dreams).

Dinar...had forgotten about this one too as to Berk in another account: 02/27/2023 03/01/2023 Purchase select to view PDF of trade confirmation show activity detailsBERKSHIRE HATHAWAYINC DEL CL B NEW ... BRKB 315 $305.77 -$96,318.09

Fantastic story Castanza and yea -- why would anyone think otherwise as to the likely culture. My family owns the land where Buffalo Bill Cody's Wild West Show train wreck occurred on the Norfolk Southern (then Southern Railway)- adjoining Swearing Creek, Linwood, NC. It was essentially the end of his run, Annie Oakley never really recovered. https://www.ourstate.com/buffalo-bill-wild-west-show/

GATX - further development as to Ohio: https://seekingalpha.com/news/3943945-gatx-owned-railcar-implicated-in-ohio-derailment-wsj

Interesting as to maintenance that may affect liability: https://www.theguardian.com/us-news/2023/mar/03/us-rail-workers-east-palestine-ohio-train-crash?utm_source=nextdraft&utm_medium=email