peter1234

Vinod put together a great summary of 70 pages. The link is somewhere on this board. :)

Maybe it only went live today? ;D

He writes entertaining novels. ;)

Thank you all for the insights and summaries. Much appreciated. :)

Their 7 year projections were spot on for a long period. I think the Economist once looked at them. Granthams bubble research is pretty good too. However, his other predictions of what happens in the next months to year does not seem to be better than other observers.

No new points or insights. People are obsessed with a successor. Do other companies publicly announce successors in advance? The conglomerate has been expanding for many years. You might or might not like it, but nothing new. Measuring book value or market value. He provides both, just use what you like better. My guess is people like eating market value better than eating book value. If you know of a more candid or successful company, please let me know. :)

Are you thinking of this one? http://cobff.chrisdrane.com/

I doubt that anyone discusses specific ideas in his/her letters… As for the techniques I think Packer (if I am not wrong) once suggested a book he thought was very useful on the subject… Though I cannot remember its title right now… Gio Packer recommended How to make money in junk bonds by Robert Levine

So half the people here think that Buffett does not add any market value to Berkshire? ???

How many billions? :)

If anyone is looking out for shareholders, it is Buffett. I feel Winters got what he asked for.

I wonder if they plan on setting up customer service. Maybe even listing a phone number for claims? Maybe Googles Watson will handle customer service? I might be way off but my impression was that Google does not like to talk to people. Will be interesting to watch. ;)

Now I understand. I thought they just made up hindsight capital. ;D

His daughter once said that she never saw him drink a glass of water. ;D

Happy birthday! Thank you Sanjeev for your tireless efforts! :)

Or he needed a cool 4b for the big elephant. ;D

+1 :)

Oaktree. ;)

Good points. Howard Marks also says that he cannot value assets without cash flows, such as gold and oil. Eveillard at First Eagle and the folks at International Value Advisers like some gold (5-10%) as a (hyper)inflation hedge. There is some research saying that Equities in Zimbabwe and Weimar Germany kept (almost) up with Hyperinflation. As a form of currency, gold is certainly valuable. ;)

He had 3 books on amazon, but they all seem to be gone. ;D

each country has to take 80% of their risks. So ECB isn't carrying the risk if bonds arent worth what they bought them for. So if for example greece fails, they will take 80% of the pain. And richer countries will take 20% of the pain. And then bail out the country if it fails. ;)

Maybe not too hard if overleveraged on binary outcomes. :) Details in WSJ article. Can click through article from here. https://www.google.com/search?q=Owen+Li+Canarsie+Capital+wsj&tbm=nws Interesting. Run by the longtime former head of risk management at Morgan Stanley:

Thank you. Much appreciated. :)

For investors, what matters in the end is performance after fees. And that they actually get to enjoy this performance and not bail out because of volatility. Personally, 25% above 6% with high water mark seems very fair but might be hard for a small emerging manager, especially if you have a few low years at the beginning. Benchmarking yourself to the lowest cost providers will be hard with little money under management. It is only due to their enormous assets that Vanguard can charge a few basis points instead of dozens or hundreds.

Thank you. Very interesting. :)