Parsad

Phhhhffffftttt! Please. Cheers!

Nope, that's not fair value...that's market value. What is their intrinsic values? Cheers!

You are correct. I would imagine any country with any significant debt, would not want Bitcoin to succeed as a global decentralized currency, as it would kill their fiat currency. But the idea long-term would seem to make sense if humanity actually starts to reach places outside of just planet Earth and no longer relies on nation sovereignty. A global currency is inevitable. It would also solve the issues created around a common currency like we discovered with problems around the Euro and different levels of debt, interest rates and economic circumstances. Cheers!

Well he hasn't. That is obvious! Doesn't mean he isn't aiming for 26% per year based on how he does his calculations for intrinsic value. I think if you look at the majority of Mohnish's ideas, they probably hit that target. But if you look at the losers, they diminished those gains significantly...especially in periods where he had correlated risk like during the financial crisis. Cheers!

Dealraker, I don't think it's as simple as that. The majority of money managers who go into it after reading about Buffett and Munger or Ben Graham, do it because they are enormous believers and fans of theirs. I certainly didn't do it solely to make money, but I felt that I was doing something almost noble...perpetuating this trust, belief in an intellectual framework for investing that actually works...compared to what Wall Street normally pushes. That's also why I created this site. The truth is that as much as the Ben Graham/Buffett acolytes want to perpetuate their form of investing, we aren't as good as they are and we make mistakes. To some this comes off as marketing, but is just reality rising above ground and the truth becoming apparent. I will never be as good as Buffett. Mohnish will never be as good as Buffett. Probably only a handful of people may go through a career, hold fast to performance and reach anywhere near that stratosphere...Prem has a shot. But it doesn't mean that people won't reach or try and emulate their heroes. They will. Cheers!

Eddie Redmayne in "The Day of the Jackal", a series created based on the book has been fantastic...hints of Bond, Jason Bourne, 24, etc. Beautiful and lots of fun! Terrific soundtrack as well! Cheers!

Yes, probably over generations. But not really based on any single lifetime. If you can safely compound capital at 10% or better over time, inflation isn't really going to have the impact that many people feel would be safeguarded by crypto. Ask yourself, what net benefit would be gained by Buffett if he had simply bought gold or crypto (if available) 60 years ago, rather than just build Berkshire? He's well ahead of the game by what he did by probably some $200B-$250B dollars from where he would have been based on inflation. I don't think it would be any different over the next 100 years. Cheers!

It is more than that. While I'm a pessimist in terms of the current belief in crypto being a replacement for fiat currency, the theory and possible creation of such currency is real and has its benefits...especially the decentralization of money and deflationary hedge. I'm just not convinced that what we have now and what we've created is the true replacement for fiat currency. It will come...I just think that those buying now may get effed over as time passes. Thus I would rather stick to things I can value...buy them below intrinsic value and sell above intrinsic value...isn't that far easier and safer? Cheers!

Hi SD, yes gold is mined every day, but the idea is the same...limited supply long-term, thus acts as a deflationary asset rather than an inflationary asset. I'm not against Bitcoin or crypto, and I think there is money to be made there...as proven by many. But I'm simply stating that it is speculative, not cash-flow based; is presently difficult to use for transactional purposes; consumes massive amounts of energy; and may not be as secure as people think considering where quantum chips and AI will soon be. I don't think our opinions differ much on these things. Cheers!

+1! Cheers!

Oil actually has some utility...as does orange juice, coffee, gold, etc. You can make money off of any of those, but it is generally speculative. Even artwork has more utility than Bitcoin, since you can appreciate the beauty or meaning of artwork. Bitcoin can't even offer that! What utility does Bitcoin have presently? It isn't a replacement for fiat currency, because you have to use fiat currency to buy Bitcoin and use fiat currency to sell Bitcoin. It's incredibly volatile for transactional purposes. If the world collapses tomorrow, you can't use bitcoin for transactional purposes since it is only accessible through the internet. It's not universally accepted yet. It probably won't even have the most sophisticated security architecture within a decade. Cheers!

I'll repeat the question in my last post to answer this: Tell me the fair value of Bitcoin, gold or a Banksy artwork piece? Cheers!

Strongest computer network presently...let's just make that clear. Future computers would be able to break crypto encryption in minutes...and we are on the verge of that processing power. Let me make this simple: Tell me the fair value of bitcoin, gold or a Banksy artwork piece. Cheers!

No, that doesn't really work when you're attempting an intrinsic value calculation for gold/commodities, artwork/collectibles or bitcoin/crypto. Even when Buffett was speculating on silver back in the late 90's, he based it on a speculative ratio between gold and silver...that was not investing...nor what most today would call "value" investing. Crypto would definitely fall into speculative or contrarian...not the typical definition of "value". I also love this quote by Frank Giustra on crypto..."It's an asset in search of a purpose and has no tangible anything to it." Cheers!

Prem by no means thinks that...he's as humble as they come. But the flipper-floppers...the one's who demonize at one period and then just as quickly glorify...yeah, the tide has turned on FFH and Prem again. And this seems to happen to Mohnish, to a lesser degree, after every significant underperforming period. Even happened to the nicest person I know, and someone Prem greatly admires...Francis Chou. Fortunately, Francis' fortunes turned earlier and the critics have somewhat backed off with Stonetrust kicking ass! I think it comes down more to Francis' and Prem's demeanor compared to Mohnish. Mohnish is much more brash, in your face type. He makes no apologies and that rubs people the wrong way, so that makes for a bigger and obvious target. Maybe if he wore a huge red baseball cap every where he'd be more loved! Cheers!

It's definitely a monetary level. You can have the attitude, but that won't do you much good if you tell your boss to eff himself and you have only $10K in the bank with a wife and baby waiting at home. Mortgage/rent needs to be paid...diapers need to be bought...food needs to be in the fridge...heat and light need to be on...water needs to be running...gas needs to be in the tank with payment made if you are financing or leasing. In that case, F U hits the family not the asshole boss! Cheers!

The irony is that a few years ago, this sort of bashing was rampant on here...but about Prem's underperformance. Now Prem is viewed in an almost God-like perspective! Mohnish is a big boy...both literally and figuratively...he can handle the bashing. The one consistent thing is that the psychological hazing that the critics throw out, flip flops with the times and sentiment. If and when Mohnish turns it around...and usually it's after consistent bashing and underperformance...I can see some of the critics flipping again. Until he hits another period of underperformance where the bashing will start all over again. C'est la vie! Incidentally, the only time we've banned the bashers was in 2003 when the attacks on FFH were happening. Otherwise we don't censor opinions...unless they veer into politics which ruins the investment threads. Cheers!

What's funny is that almost all of them were checking behind the picture to see if they were being surveilled! Cheers!

No you can't make this stuff up, but apparently you are! Where were they secure at Mar-a-Lago...in the john?! Both are assholes...doesn't excuse the behavior of either of them. Cheers!

+1! Cheers!

He hasn't revolutionized anything. He spent $40B to buy a piece of shit platform to give himself a place where he can spout what he wants, as well as like-minded readers. Not that there wasn't enough of those places already, but he doesn't have to worry about any form of censorship now...no matter how extreme. Cheers!

I knew Berkshire would one day be the biggest company in the U.S. I thought that FFH had a very good shot at it in Canada, and all these years later, I think now it is almost certain to happen one day. Cheers!

Yup, well-deserved! One day, Fairfax will be the largest company in Canada...quite the legacy! Cheers!

+1! I suspect this is closer to what will actually happen. Maybe next year or the year after, but probably not this year. Cheers!

Actually, the hilarious part is that has occurred more than once between Tilson and Munger! Munger would roll his eyes every time Tilson got up to ask a question at other meetings. Cheers!