Parsad

It's because of what date you use. If you adjust the CDN date to mid-May 2023 the stock was at a lower price, thus from that point it outperformed BRK over 20 years. You can play with it and change the starting date to see the differences in performance. I think mine used around May 19, 2023 ending June 29th, 2023...with no dividends included! Add the dividends and the return is higher during that exact period. Cheers!

I'm pretty sure most people, including the media, saw the crazy valuations in tech stocks in 1999 and the silly loans people were making on mortgages in 2007. Nortel accounted for 40% of the TSX in 1999 and no one listened to me or a bunch of other people on the MF BRK Board. I remember the former CEO/crook of Countrywide (Angelo Mozillo) telling everyone on CNBC how they were now doing 110% LTV's...you just had to put the other 10% into renovating the property! In that case, no one was listening to a whole bunch of us on the old MSN BRK Board. Most of the time bubbles are actually right in people's faces. But they just don't want to face it. Or worse yet, they don't want to be in the group that say "We missed out!" Look at crypto or recent small/mid-sized tech stocks that had crazy valuations. But I agree with you that forecasting exactly when the fall happens...that is the damn near impossible part. Cheers!

I thought it was wrong too! But take a look on Yahoo Finance as well...without dividends...last 20 years ending around May 2023. I think FFH critics about performance relative to BRK may have to do a double-take...FFH's returns are now comparable to BRK over the last 20 years and probably will continue to surpass them in the next 20 years simply due to size! Cheers!

https://finance.yahoo.com/news/us-2yr-10yr-yield-curve-122657298.html https://finance.yahoo.com/news/explainer-u-yield-curve-hits-182731416.html Cheers!

Possibly, but there was always the possibility United could go bankrupt and the pass would become useless. I would have stuck the money into equities...particularly BRK if I had known any better back in 1990. Cheers!

I've never heard of this one...amazing! https://thehustle.co/leonard-v-pepsi-harrier-jet-lawsuit/ Although he lost and didn't get the jet. Free miles and travel guy is still cooler! Cheers!

That guy gamed the system once. This guy can gather miles and travel till he dies. Way cooler! Cheers!

The other issue is the amount of radiation he's exposing himself to. Pilots are known for very high cancer rates due to their prolonged exposure to radiation while in the cockpit. If this guy is in the air a couple of days a week for 20 years, he's got a much higher chance of developing some form of cancer. Cheers!

Overall, US banks remain in good shape and withstand stress tests: https://finance.yahoo.com/news/all-23-banks-survive-feds-2023-stress-test-203007760.html Cheers!

Just a few samples of what is happening in Vancouver, and probably the same in Toronto, Edmonton, Calgary, Winnipeg, etc. Things are still chugging along, but the economic pinch is more like a harpoon going through the side: https://biv.com/article/2023/06/bc-homebuyers-facing-down-payment-pressure-royal-lepage?utm_source=BIV&utm_campaign=3592374380-EMAIL_CAMPAIGN_2023_06_27_07_10&utm_medium=email&utm_term=0_-3592374380-[LIST_EMAIL_ID] https://biv.com/article/2023/06/government-benefits-helped-lower-income-households-afford-rising-cost-living-pbo?utm_source=BIV&utm_campaign=faed4f974f-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_ba3660ab09-f74cc7858e-[LIST_EMAIL_ID] https://biv.com/article/2023/06/increased-financial-pressures-threatening-choke-life-out-metro-vancouver-businesses?utm_source=BIV&utm_campaign=faed4f974f-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_ba3660ab09-f74cc7858e-[LIST_EMAIL_ID] Cheers!

That has always existed and always will exist...can't get rid of scumbags no matter what. Caveat Emptor! Cheers!

I don't know about Q3 Greg, but there are pressures on the system. Name me one period where interest rates moved by 5% and some sort of issue did not arise within financial institutions, the economy or consumers. You have dramatic moves in rates and outlier events will occur. We saw BAC lose $98B of liquidity in a couple of weeks...we saw a couple of very large regional banks go under...we've seen failures in tens of crypto brokers/institutions. And rates have not quite peaked yet...we can expect at least one or more raises. I can't time these things, but I know when to start being wary of what could happen. Thus I remain partly invested and partly sitting in cash until an opportunity presents itself. 175% return since March 2020 to my total portfolio should keep me in good stead even if I have to wait a year or two for that next big idea. For the most part, I ignore macroeconomics, but as Sam Mitchell told me right before the GFC, "sometimes you just can't completely ignore macroeconomics." The risk free rate in Canada and the U.S. is now close to or at 5% from less than 1%...yet markets are up and the average P/E is around 18-19. Markets have baked in that interest rates will peak and come down over the next 12 months. But I can't see how institutions don't have to mark down loans on their books or CRE asset values. Consumers while still spending, are stretched and resorting to credit cards and LOC's. Jobs are plentiful, but budgets are still being stretched. I'd also like to reiterate that I'm not trying to time the market...I'm trying to preserve capital until good, cheap ideas present themselves...it could be now even as things are peaking, or it could be in the depths of a recession. I'm just finding few ideas right now, and that usually means something has to give not far in the future. Cheers!

A sad tale...whether true or not. I feel for the author! Cheers! https://www.yahoo.com/news/dad-famous-alien-abductee-thought-131814962.html

Could this be the same ethical Dorsey R. Gardner? https://www.nytimes.com/1991/01/27/business/fidelity-s-secret-agent-man.html If I was BB, I would be worried too! But not about Prem. Cheers!

I wish! No, 54 in July and look like a grown up Charlie Brown. Good grief! But my niece and nephew keep me young. Nothing like trying to keep up with a 5 year old and 8 year old! And I also follow Buffett's adage and eat like them. That being said, there's only so much chicken fingers I can eat unlike them! Cheers!

Well, I'll be 54 in July. In the prime of physical shape, Tom Cruise can't hold a candle to me. My wife Margot woke up last night and told me she had the best sex ever...Margot Robbie that is. My helicopter was fueled and ready to whisk me away to work...of course, after I worked out for 3 hours and had muesli, yogurt and a protein smoothie. At work, I was managing $4B in between shooting a movie for Netflix and a documentary for Amazon. At 1pm, I went to lunch at one of the best restaurants in Vancouver and then a quick jog around Coal Harbour. Went home around 4pm where Margot and the kids were waiting for me. Our chef had prepared a wonderful meal and then I had a glass of Bordeaux as the kids told me how much they loved me and Margot wanted a repeat of last night! What a day! Ok...now imagine the opposite of everything except me being 54 and you've got the truth! Life sucks! Pppppphhhhhtttttt! Where the hell is my Margot? Cheers!

That's a good list! Cheers!

Was reading some old Globe & Mail October 2019 newspapers I had. Always fun to see what people were panicking about and what has transpired since. Most of the articles were fretting about China/US relations, WeWork, Cannabis companies, etc. The world was yet to go through the Pandemic a few months away, then massive inflation/interest rate hikes, a war in Europe and finally a mini banking crisis. Yet the S&P more than doubled between March 2020 and December 2022, then dropped through 2022 and rebounded into 2023. With all that volatility and global calamity, if you had just bought the S&P500 and held on in October of 2019, you would still be up 60% in less than four years! Shows how stupid and unnecessary all of our fretting and posting really is! Cheers!

Arguably French cuisine is the best in the world...equal! Cheers!

Seafood yes...the best salmon in the world...oysters...mussels...Dungeness crabs...East Coast lobster...seasonal spot prawns...etc. Truly spectacular seafood! Cheers!

The wildfires could just be aliens terra-forming Canada. Only aliens would come up with Poutine! Who else would mix french fries and cheese curds, then smother with gravy? And we all identify ourselves after each sentence with "eh?" Cheers!

+1! Yes, never fall in love with a stock. Fall in love with your portfolio (value) but not any one stock or investment. While there are certain advantages held by people who own/manage holding companies, investors have one advantage they don't. Investors can take advantage of bizarre market mispricing with relative ease...get in and get out. While Prem and Warren can do this too, they are also hamstrung by huge insurance and non-insurance businesses that cannot be sold quickly. If they are not managed properly, or the industry dynamics change, they are stuck with those businesses or sell for far less...such as newspapers, shoe business, etc. They also face all of the inherent obstacles of managing a holding company that an average investor never faces...corporate expenses, HR, audits, tax issues, industry regulations, board of directors, legal expenses, etc. After doing both, I can certainly tell you which one I prefer and which one is easier...the answer is the same for both! Cheers!

Sure. That may be a ways out...or it may never happen! Cheers!

LIV got nothing. The Saudi's will be funding future PGA growth and profiting with them. The LIV name will probably disappear over time and it will all just be the PGA. Yes, PGA made out like a bandit...that's why Monahan did it. He'll take the blame, but made the PGA stronger, better and the sole golf monopoly again. But gave up their soul and did it at the expense of many of their best player's who risked their reputation and turned away the money. Cheers!

Regarding why it's quite painful to watch the Saudi's get their mitts on the PGA. I don't think there is another sports organization that is in control of and connects with players/fans at every level. The PGA is responsible for numerous tours around the world, including virtually all of men's golf and lady's golf. They have their hands on college players, amateur championships, the senior's tour, instructors at every major golf course around the world, and any member who wants to handicap their game has to run through the PGA's programs and rankings. It was a virtual monopoly until LIV came along. While certain aspects of LIV were good for golf, it is the perfect stepping stone for the Saudi's to get into other sports. Cheers!