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peter1234

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Everything posted by peter1234

  1. Could you please enlighten us on what WSBASE means? TIA ;)
  2. Oil man Pickens said he had seen many of these cycles over his 50 years in the business. He thinks oil will go back up in 12-18 months. Here is the most experienced man in the industry and he does not try to explain it any more. He has just accepted that these cycles occur. ;)
  3. I was going to ask about that, did he have a partner at T2 and now he's independent? Yes, his partner was Glenn Tongue (hence T2). Performance lagged and they decided to split.
  4. He actually discussed why and how he was wrong in passing on Google in 2004. Sales growing 2004-2014 despite slightly declining margins turned 'overvalued' Google in 2004 into a home run. It also helped that Yahoo was not the strong competition that the envisioned. ;)
  5. Thanks, these are interesting charts.
  6. One company solved their cash problem by massively overpaying for new headquarters. :'(
  7. It is well reasoned. He has been wrong for years. He will be right eventually. Just shows how hard it is to time the market. ;)
  8. One can learn a lot from Pabrai from his talks. - He runs a concentrated portfolio, roughly 10 positions at 10%. (After financial crisis he diversified more, now back to it) - Long multi-year holding periods - Concentrated portfolio means large variation in returns and large influence of start and end dates for performance calculation - Not afraid to admit mistakes and change his behavior - Fair compensation with 25% above 6% - Very low overhead and expenses - Runs a successful foundation helping very poor people get into IIT with amazing passing rates
  9. Don’t worry… Next time I want to share something with Liberty, I’ll send him a PM… Promised! ;) Cheers, Gio Please do not do that. It is easy to skip posts that do not interest me. Harder to do the other way around (reading what is not written.) ;)
  10. Try this: http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/hyud-hyundai-preferred/msg192532/#msg192532
  11. Looks like a new holding: Hyundai preferreds.
  12. +1 Well said. There is a world of difference between the owner operators that like to explain things (think Buffett) and the ones that spend a lot of time making sure you do not understand what they are writing.
  13. Can you explain the concept behind fundamental weighted index? I was thinking about trying an equal or price weighted approach. Instead of using market cap determining the weights in an index, they use sales, cash flow, dividends and book value.
  14. I believe he had a category called work-outs. They usually worked out over a defined time frame.
  15. As I understand it, he's sold his stack... He might have volume discounts with the publisher or subsidizes them to be nice to the world and to promote his firm a little bit. ;)
  16. Can anyone enlighten me on this? Let me try to enlighten you ... ;) Not sure where you get NAV of $2.7b from? From last letter: PSH has a market cap of $6.2 billion and currently trades at a 5% discount to the last reported NAV of $26.57 per share. Look at this http://pershingsquareholdings.com/media/2014/09/PSH-Monthly-CFTC-Statement-10.31.14.pdf Public Shares: $6b, 239.4M shares, NAV $25 ;)
  17. If they make successful bets, they are skilled. If they make bad bets, they were overconfident. ;) I tend to agree with the paper. Survivorship might be an issue here: Lumpy bets lead to bigger tracking errors, so managers face higher career risk. Unsuccessful ones are let go faster. So maybe there is some survivorshorship in the data in that only the successful managers keep managing their funds.
  18. Thanks for the review! 700 pages summarized into 7 lines. ;)
  19. Reprint of the original 1949 edition: http://www.amazon.com/Intelligent-Investor-Classic-Value-Investing/dp/0060752610/ref=sr_1_1?ie=UTF8&qid=1417678167&sr=8-1&keywords=9780060752613
  20. Fascinating. Maybe they should hire some PR people.
  21. I think the latest on artificial sweeteners is that they are worse than sugar for you. So use the real thing or other natural sugars as mentioned. ;)
  22. Hussman makes rational arguments, but this is one painful graph.
  23. It might be linked to China slowing down. There was an article stating that like $6.8 trillion (yes) was 'wasted' on China infrastructure. http://www.macrobusiness.com.au/2014/11/ndrc-china-has-wasted-6-8-trillion/
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