learner

Moderately levering up during downturns is a good strategy, particularly if valuations are reasonable and if the person is still working and is likely to continue saving in the future. Even Warren seems to indicate that levering upto ~50% is ok on a diversified index. Too much leverage can become an issue, but 20% shouldn't be an issue In 2000, several things were very overvalued

Congrats on picking these and holding onto them. If I may ask, what % of your net worth and/or investable capital at the time of investing did you put into these?

@vinod1 - what have been your learnings in terms of picking the right index? I just buy S&P. I had tried looking into others but realized that it is simpler to use S&P

Has anyone looked at how Ted & Todd's picks would've performed in a tax shielded account? It looked like they've both been behind S&P500 on an after-tax basis

Hi, if I may ask, how did you manage to pick BRK in 1975 and hold onto it over the years?

How much do you lever up your portfolios usually?

There was another post about an investor that invested in S&P500 and just traded in and out of BRK in a tax shielded account. Made high teens return

Great, thanks. Also, do you happen to know his criteria for entering and exiting BRK?

Hi @dealraker- do you know how your friend enters and exits BRK? I have tried to follow their buybacks or ~1.3x BV

Does anyone know what Munger referring to in terms of inflated real estate sub-class? “Well, it’s not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated.”

In one of the AGMs, Buffett had made the comment that they should’ve purchased a pharma basket in 90s and could’ve made a lot of money

Marcellus capital has created such a list and explain their process. They have a blog and several YouTube videos

Excellent response! Given the two constraints (1) all you money and (2) rest of your life, hands down index funds would be the only choice. Any other choice is going to be vastly inferior from a risk/reward perspective. When looking at 30+ years, markets are likely to go through many changes as economy evolves. The managers you are going to select now are all going to have terrific current long term records. As they go through tough times you would be faced with a decision whether to stick with them or change. To evaluate active fund managers you need be as good at picking stocks as them to make that decision. So picking active managers means being active to some extent and it cannot be a pick and forget. I have been tracking 20 mutual fund managers since 2001. It is partly to know my ability to identify superior managers and partly to invest in them as a portion of my portfolio is restricted to mutual funds. My intent is to jump into the underperforming managers from this select set of to get some additional alpha. On the whole it has been a small net positive and that too with benefit from a bit of luck. If I had just stuck with my initial subset of those 20, it would have been a significant underperformance. Vinod

Givenry Capital

POAGX Givenry capital