bizaro86

Ok cool. Do we get to keep our provincially (or I guess now, state) funded healthcare? If so, how do we keep the poor and indigent from every other state from moving here to use it if they get sick?

Yeah, I think the value proposition of small and local is much better than national charities.

Giving is something I'm spending more time thinking about lately. For the last few years my (non-investing) business has been throwing off way more cash than I need. I'm intentionally keeping my lifestyle fairly flat, to not spoil my kids and to keep from becoming an asshole. That leaves savings for investmemt as an option, but with good returns the last few years even if my business crashed (which is 100% possible as I have significant and unavoidable supplier concentration so they could kill me if they wanted to) I'd be fine. At some point piling up more money stops being gratifying. I'm likely dramatically less rich than many on here, but I have enough to live more than comfortably the rest of my life - and there is some level where accumulating more and more seems like getting dangerously close to asshole territory to me. Anyway, the solution I've decided on is a fixed amount of money going to each of spending and investing every year, with the remainder going to charity. I'd be interested in hearing how other people manage that though.

Bought some Comcast with the profits from closing some of my naked short BE calls today.

Yeah. The path to being a potential NHL player out of Canada is now a $200k commitment for the parents. Places like Rink Academy or Edge are hockey focused schools starting at middle school age for $20k+ per year, plus gear, travel team fees/costs, etc. Not many people coming from the pond behind the farm to the NHL anymore.

Speaking only for myself, I think separation and an oil pipeline to central Canada are both stupid. The shortest path to tidewater is to the BC coast. If they build another million barrel line there I'll be thrilled. Even the transmountain new pump stations to increase capacity there is very helpful. Dredging for the container port and deeper draft tankers also makes a big difference.

I could save them some time/cost on the feasibility study of building a new oil pipeline across the Canadian shield to the north of the great lakes. First take all your money... This never gets built, it's 100% designed to sway votes in the Alberta referendum as Canada doing something for Alberta.

By volatility he means implied volatility. That's basically the market's forecast of future volatility expressed through option prices. So if implied volatility goes down option prices will go down (and if IV goes up option prices go up). That has the potential to overwhelm changes in the price of the underlying.

Does he not understand what shorting is, or does he think all short selling is illegal? Either way that's a ridiculous comment.

Gotcha. I sold half my position in early 2012 after a double in ~15 months. Then I bought all those shares back and more at higher prices later... Although in fairness a lot of my current position I bought in March/April 2020, so the sell/reinvest/re-buy worked out not terribly.

Just valuation or any concerns about the business? I have had a big ROST position for a long time and never see much discussion on it. Original shares are now a 10-bagger.

That's a feature not a bug from an investor point of view. As a traveller among the big 3 American miles are clearly the most valuable, then United, then Delta. Since they all likely can charge about the same to their credit card partners, giving the consumer less value per mile is like having higher prices. Delta has convinced customers in various ways (fortress hubs, lounge, service investments) that taking less value than their competitors is still worth it. Basically they're the price leader.

I think the scenario the author imagines (one where a surplus of capital bids down returns on equities for decades) is exactly the situation where you want to own a bunch of capex-heavy businesses. If equities offer a 4% return going forward then plowing the cash pile into 10% ROE projects at BHE and BNSF is hugely attractive.

I'm a bit fuzzy on why there would have been US flagged merchant ships there? Aren't essentially all US flagged ships operating intra-US routes for Jones Act reasons?

Nah, I only have long term holds and I'm keeping them - biggest by far is CNQ. I'm not adding or anything (but would re-allocate within O&G if something got bought out). I think the international majors buy/sells are a great contra-indicator for value in the Canadian oil patch. My biggest concern for CNQ is actually the next time the super-majors decide Canada isn't for them Strathcona is big enough to bid against them for the bargains. Two bidders instead of one has a way of making the price higher.