Parsad

https://finance.yahoo.com/news/bank-america-shares-12-charts-004727999.html Cheers!

Unfortunately article has a paywall: https://www.wsj.com/articles/houston-apartment-owner-loses-3-200-units-to-foreclosure-as-multifamily-feels-the-heat-fb3d0e75?siteid=yhoof2 I think someone on here posted once before on how to get past them. Cheers!

I know that this is the "Leaving NY City" thread, but I thought this might fit here: https://www.cnn.com/2023/04/11/business/san-francisco-whole-foods-closure/index.html Crime has elevated significantly here in Vancouver and Seattle as well...homelessness, tent encampments, shoplifting, etc. Cheers!

Like 10-12 people. Half of them stopped buying as the stock plummeted below $100 and most sold out before they broke even. Cheers!

Everybody was buying BABA because Munger was loading up. No one was really buying META. I learned my lesson a long time ago after trying to buy some things Seth Klarman was buying...so I always look for stuff that almost no one wants to touch. Very few were buying FFH back in early 2020 when I was buying...even after Prem announced he was buying $150M, people still were wary. I remember when I was buying BAC in 2008 before Buffett announced...only a handful of us on the COBF were buying BAC. Buy when no one wants it, but make sure you've got the facts right! And don't emulate anyone else...just do your own work and have conviction in your assumptions. Cheers!

https://finance.yahoo.com/news/berkshire-hathaway-sounds-investors-yen-020707835.html Cheers!

https://www.cnn.com/2023/04/10/business/commercial-real-estate-banks-offices/index.html Cheers!

He truly eats his own cooking! He's also one of the best corporate leaders I've ever seen...warts and all that some people like to point out. Cheers!

https://finance.yahoo.com/news/binances-us-arm-struggles-bank-140127369.html Cheers!

Might as well start a thread on ideas for this sector as it starts to get hit next year! First pandemic, then interest rates, now lack of capital for debt renewals. Cheers! https://finance.yahoo.com/news/1-5-trillion-wall-debt-200000766.html

20 Stocks Account For 90% of the Gain This Year: https://www.ft.com/content/b01c0a46-1162-4893-8b92-d42fbf4424a0?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev Cheers!

Can't say yet. Still just nibbling. Once I take a big bite, will let you know! Not OSTK. BBY somewhat fits the description, but not as cheap as some of the other retailers I'm looking at. Retailers and restaurants have probably experienced something as bad, if not worse than what the banking industry just went through. And they've suffered for years in terms of learning to compete against non-brick and mortar businesses, pandemic, inflation, shut-downs, debt accumulation, etc. While they may not be great businesses long-term, they certainly have learned to become more efficient because their existence depends on it. When everybody is taking a piss on your industry, it might be time to look at what is fundamentally happening and if there are bargains there. Retail and restaurants seem to be there, but restaurants have more headwinds against them still with labor and food costs. Retailers are doing more business online...restaurants don't have that luxury. Thus why retailers are piquing my interest here and restaurants still aren't. Cheers!

I clicked on the name of the site that posted that...TTI@TikTokInvestors. I watched some of the videos on there...oh my God! As a value investor, all I can say is that I'll be able to take advantage of inefficient markets forever, since there are a lot of morons out there doing very stupid things! Cheers!

I haven't bought anything since I was buying tech stocks. Now I'm starting to nibble on a few different retailers. Why? Many retailers remain significantly undervalued due to the pandemic, interest rates, evolution of retail, etc. But, a lot of them have paid down debt that they accumulated during the pandemic, sales have rebounded back closer to pre-pandemic levels, employment and incomes remain strong, and inflation/interest rates are slowing. Some pay very decent dividends, are trading at single digit multiples and remain battered because of commercial real estate risks. But if you own the land and buildings, commercial property risks mean little. They've also made huge progress in underlying operating expenses and inventory that had to be reduced over the last couple of years. Many have also increased their online sales during that same time. They are also not exposed to the same type of margin compression that say restaurants would be exposed to where food costs continue to be very high. Cheers!

No...that is rational. But they are essentially moving capital from FDIC insured accounts to money market funds that aren't insured. If you are concerned about a bank run, that might not be rational. You can still get 4% in bank GIC's. Also, not all money market funds are the same...many invest in more riskier short-term fixed income instruments to boost yields. Investors don't understand the difference because they don't look at the underlying securities of funds. I just don't understand why people don't buy treasuries directly. Cheers!

I agree. I think a ground and sea assault favors Russia presently, but that will change over the next decade. Russia will need China's support in virtually every way...economically, politically and militarily...now that NATO has added Finland and will probably add a couple more European countries. Cheers!

Nothing will come of BRICS. Too disjointed, distant and each individually vulnerable. I could see RIC, but they are each wary of the others. But if they ever did get together... Cheers!

After visiting China in 2015 and India in 2019, what I've been saying ever since then is that the Western world better hope that China and India don't find a way of putting aside their border issues and historical disdain for each other. Because if they ever put a free-trade agreement into place and worked together with the rest of the Asian region, it would dramatically tilt global economic, political and military power! The manpower, brainpower and capital available would dwarf any other free-trade market! You would then have a serious challenge to the USD. Thankfully, it is very unlikely that will ever happen. India and China have a hard enough time keeping their own jurisdictions in line, they would not be able to take a stiff arm approach to other countries like that. Cheers!

Good interview! Cheers!

I think the primary criticism isn't what they are doing right...which has been noted for the last 15 years...but what they are doing wrong, such as arbitrary property rights, political interference in other sovereign nations, human rights abuse, pollution, etc. They aren't alone in this, nor are Western countries any less culpable in similar or dissimilar circumstances. But it is worth noting what are the pros and cons of investing or dealing with China. As someone who watched a cash cow disappear overnight because Beijing decided to do something else with no recourse, and someone who has visited China and has enormous respect for what they have done, I think it's important to understand the risks of investing there. Cheers!

Wintaai's Annual Letter Stonetrust is now A- rated by AM Best...I'd certainly like to see Fairfax take a page from Chou and work on getting investment upgrades. LRIE should be very interesting! Cheers! Wintaai Letter 2022.pdf

Apple, and even Google, could do serious damage to credit card companies if they simply changed Apple Pay Later to an interest bearing loan that can be repaid exactly like credit cards at a lower transaction fee for merchants. It would have a huge impact on the Visa/MC/Amex payment system and move more transactions off their network. Cheers!

Look at David Rosenberg and Grantham...two very smart guys. But you get stuck on your bias and they have been screaming bloody murder that another Depression is around the corner for over 10 years. In the mean time, opportunity after opportunity passed them by. History is a good guide for markets long-term, but markets can do extraordinary things for longer periods than people think. If you wait for cycles to come and go, you could be very wrong on both ends of that timeline. Cheers!

There was a crew around Einhorn when he would short. Whenever he would put out one of his huge research presentations on a target, that would suddenly be one of the investment ideas for a handful of other hedge fund managers that would promote it...one rhymes with "Wilson", who no longer manages a fund. Wilson would run with any idea Einhorn or Ackman threw around. Now that many of those hedge fund managers have retired or closed their funds, Einhorn's ideas don't generate as much interest as in the past. Cheers!

Those times will come and go...I just hope posters stick around for the long-term like you John...and everyone else! We've got a special community here...pimples and all! Cheers!