Aurelius

thanks

@SharperDingaan What makes you certain we'll see a material change in the coming days?

META

YES! These days the "racism" card is called very easily! I believe Guy is Jewish. Being pro Israel is just a lot of very bad words for a lot of people. Pointing out that there is an immigration problem is also racism etc. Is what it is... -- Guy Spier always seemed thoughtful and kind. Wishing him and his family all the best.

Bought a home some 13 years ago. Proved to be a fantastic investment. 40% downpayment; interest only loan. Refinanced within 3 years = got the downpayment plus a bit out. Net investment negative! Present LTV 40%ish. Home up appr. 150%. Tax free if/when I sell. Yearly expenses have been less than half compared to renting. And still are. Fantastic neighbourhood; great city. Neighbourhood has improved while living here and will continue to do so - although not at the same rate. So will the city. Of course this opportunity not present for current buyers. Easy to take for things for granted, but important to reflect and be grateful.

@yesman182 could you please link the mentioned article?

Not true! Americans are polite and well liked. Trump on the other hand... not well respected; laughing stock; disliked; etc. Sure that's true. But Trump exhibits some of the worst character traits: constant blatant lying; arrogant, petulant; bully; narcissist; and I could go on. But let's hear what Munger had to say:

Truly bizarre watching functioning grown adults going all in on MAGA (or any political block) and then becoming complete loyalists and just suspending all critical thinking. These people are more loyal to their ideology then their own children and family. So fucking bizarre! Since this a corner of the internet has heroes like Mr. Munger I'd advice to read up on what Munger said about intense ideology!

Musk is absolutely losing it I'm afraid. His brand is taking a terrible hit at the moment. Will be interesting to see how tesla sales hold up. He is making lots of enemies. Would not be surprised if he gets whacked. @Gregmal it's okay to be a republican while at the same time calling out shitty behaviour. Team politics is stupid.

Pabrai knows how to make money! Great marketer! I like his lectures. Seems to me he is living life on his own terms. Good for him. More people should do that. I remember a few years back being very surprised his returns weren't better than they actually are. Does anyone have his 5-10-15-20 year returns?

@Dinar @Gregmal Thanks! Wow - those are some very juicy premiums! I feel like the club is def getting sold. Present owners are hated/disliked by virtually all the fans at this point. Can't see them backtracking now and staying as owners... What are your thoughts as to why the premiums are this high? Most be the point @Spekulatius has made regarding minority shareholders, no? Edit: I sold a few puts as well. Kind of bummed I've totally slept on this ... ManU is my team!!!

@dinar Do you know at what price are Manu expected to be sold for? Ie how are you thinking about this?

AMZN is a steal! They obviously have a variety of different businesses. And as they are still investing heavily in growth you are not seeing the results on the bottomline. You'd need to value each component to get to a valuation. As a shortcut I've always thought it made sense to look at EV/gross profit as they do a lot of their investing through their PNL below the gross profit line. I believe Bill Miller has mentioned this as well. AMZN hasn't been this cheap (on EV/gross profit) since early 2015 before they broke out AWS in their financials. They are a powerhouse today compared to 2015. And do a lot more high margin business (AWS, Ads, 3rd party, subscription) today. There was a period in 2014-2015 when it traded at these levels we are seeing now. Then you have to get all the way back to 2009.

Unfortunately, the same where I live. It's really rather unfortunate for the investor. And I don't see the benefit for the society either. How is it better that I invest in company B rather than company A? I have to assume it's because of less developed "investment culture". Oh well...