Jurgis

Do we know who's running Rocketfinancial? And when they gonna go for monetization?

Mostly what Liberty said. Your thoughts might be useful, but I haven't looked at that sector in depth, so I can't say if they are or they are not. My very superficial thinking is that this area depends on govt politics and then depends on the big cos (pharmas, PBMs, insurers, ???) fighting out for margins. So on one hand, you may end up with quasimonopoly with fat margins and great stock returns. On the other hand, you may end up with cancelled/shifted contracts (to possibly captive divisions), infighting, govt hits, etc. I don't think I am interested, so I don't think I'm gonna comment on these topics. There is a potential for large returns though.

Fannie and Freddie. Coal. Oil. Gas. Retail. Autos.

Hey, Thanks for your work. I think you messed up "anyone can edit" and "approved users can edit" URLs. Now they both point to the same sheet that requires approval. Looking at your previous posts, this was the URL for "anyone can edit", but no longer...

IMHO Klarman is not a good guy to clone/follow. The reasons of his buys/sells are often quite obscure.

22 year olds who live with their parents are the backbone of our society. 8)

Crime just doesn't pay... enough. 8)

Sanjeev, With all respect "averaging into" argument does not hold water for two reasons at least. First, a fund is not a company. You cannot "value" a fund and buy when it's "cheap" and sell when it's "expensive". Yeah, you could try to do some kind of valuation on its holdings, but that's just second guessing the manager and I am sure you don't want anyone doing that to any managers you listed. Second, if you average without valuation (e.g. just from outside cash flows), then you should be compare to averaging into indexes. And the underperformance remains the same if not worse. Edit: In general, it is painful when highly ethical managers underperform. It is a decision for individual investor whether to stick with them or not. Best luck.

Company-specific analyses are posted on respective stock threads. You are welcome to discuss your assumptions and challenge models by others there. I don't think this thread should engage in specific stock valuations and predictions. I am quite conservative in my models and I don't see a point of posting optimistic predictions, so personally I'm not gonna try to persuade you or anyone else about "greater than single digits going forward". But then I would not do that even for BAC @ $12 or BRK at 1.2 book or any other situation that you might think is very cheap. Take care.

Totally not fair. PEs and P/FCFs are not even comparable to the top of tech bubble. (Oh, yeah, AMZN... one out of five... is that your example of the bubble?) The problem with 17 year bets is that even tech giants may not survive 17 years of creative destruction. But then KO and BRK might not survive it either. So... I won't take a bet on 17 years. But I would take a bet for 10 years and against practically any company you choose (including BRK) if I can choose any subset of the five. 8) I would not take 10 or 17 year bet against index though.

What are good (best?) posts from the blog that you would recommend reading? Please post feedback about the book when you get it and read it. Tanks. 8)

So the summary is: Pretty much nobody on CoBF cares about FB. Apple fans would drop MSFT close to first. Microsoft users would drop Apple close to first. Most people think AMZN and GOOGL are close to irreplaceable.

Although I somewhat agree with "I can't find anything to buy" crowd, I still wonder why not: BRK FFH BAC/JPM AAPL Some Liberties (but need DD) None of these are supercheap, but all probably can provide ~10% return long term. My "I can't find anything to buy" is that very few stocks seem to be better risk/reward than the ones above. And very few (almost none) offer 15%+ long term return. (This possibly needs to be moved to a new thread).

I think there is some confusion here between personal/user view and investor view. Some people distinguished the two, some did not. FB is very sticky across huge population - but that is investor point of view. From personal/user point of view, if it disappeared, some of us would not notice. 8) One can argue that this is true for other companies mentioned. E.g. Apple users would not notice if MSFT disappeared. MSFT users would not notice if Apple disappeared. Bing/DuckGoGo/Apple users would not notice if Google disappeared (except Youtube perhaps - Youtube is right now quite unique although some weak competitors exist). Walmart.com/Jet users would not notice if AMZN disappeared. So perhaps personal/user point of view is not very useful. 8)

I believe this is also true with Fidelity alerts.

Did you guys read the question in the article? 8) Here's the order I clicked to drop them: 1. FB 2. AAPL 3. GOOGL 4. AMZN 5. MSFT First two are easy. Last three are difficult and tomorrow I might have answered completely differently. So perhaps 3-5: GOOGL/AMZN/MSFT BTW, this is the user/person point of view. It's not investor point of view. From investor point of view I don't own MSFT, own very little FB, AMZN, GOOGL, bunch of AAPL. If these stocks were "equally" ::) cheap, I'd buy tons of FB and GOOGL.

Why does moderator start political topic with rather incendiary post and then ... surprise, surprise ... has to lock it? Sorry, Sanjeev, I get it and may even support what you wrote, but still... ::) We had pretty nice and quiet couple months. For which I am grateful. :-* Peace. ;D Edit: just to be clear, I support any action/decision by Sanjeev. Not that he needs my support. Peace^2. :-*

CoBF is the reason we have no market crash in last 7 years! 8) Sanjeev did it.

That would be my recommendation. I don't know why people feel compelled to discuss politics here - this is and investment board. Granted, politics and investment mix to some extend, but much less than generally presumed. Even Munger said, that politics don't matter much for BRK's business, I don't know why it should matter for us here. +1 all the politics discussions here add zero value for me Agreed. As a temporary solution I have added the 'General Discussion' subforum to my ignore board list (I think this is a nice new feature). That way all the nonsense doesn't flood the 'Recent Posts' section. However, there are some interesting posts in there so a split between 'General Investing' (that could include the 'Strategies' subforum, not much happening there anyway) and 'Off-topic, Politics and Religion' would be my preferred option. But whatever suits you Parsad. Your forum. Just a minor issue. IMO, "Strategies" should just be renamed "General Investing". I never understood what should go there anyway. "General Discussion" is pretty much "Off-topic" and perhaps should be renamed as such. Not sure this will resolve the politics issue, since people may pollute other subforums anyway ( just look at "Fannie and Freddie" board - edit: dang I forgot that F&F board was already in this subforum 8) ) and IMO the issue is not that politics is off-topic in "General Discussion" but that it degenerates into flame wars and has to be locked. I

Yeah, somebody should probably notify social services. Or at least inform the police if he starts buying assault rifles. Might be too late? ::) @anyonehumorimpaired: dis iz black humor

Could be called "Corner of Red Square and Pennsylvania" 8)

Companies deal with crooks and take their risks. Read up on company investments (factories/etc.) in Venezuela. ::) Who knows, maybe in 1974 this did not look such a bad deal though... ........ There was a recent (last 2 years) article about outsourcing IT work to North Korea. This is illegal in US and ??? countries. What companies do, they outsource to a company in 3rd country (some European country IIRC) which then outsources to N. Korea. So ... a bunch of US electronic info potentially is being processed in N. Korea. ::) 8) ........ I had some shirts made in North Korea - bought them in Soviet Union in 1980s. I wonder if I committed a crime bringing them into US... ::)

Not being Chinese, I've looked at cloning BRK/Munger on BYD but even with them being invested I could not make myself trust that the company won't kick minority shareholders in the nuts some way. Also I don't think (electric) car business is great even in China and I don't think BYD has a lot of magic sauce (or moat). But I can concede that I might not know enough for very informed opinion. ------------------------- In the past Tencent was a great investment. I've done 2x or 3x when I bought it in ~2005 or so and sold later. Missed huge 100x bagger. It was always expensive. BIDU and BABA are probably the well known moaty companies. BABA seems to be run for Jack and whatever, not really for shareholders. They already screwed shareholders once with AliPay. I don't know much about BIDU's governance. --------------------------- With big China cos there's always a risk that Party will ask them to bail out a failing bank or something. Like CHL had to invest into some bank because Party said so. ----------------------- If I had Li Lu's number, I'd just give my money to him. 8) Anyway, like Charlie said, it's not supposed to be easy. Just buy FAA(N)G and be done with it! 8)

Munger sounds annoyed like heck.

Perhaps I should ask if people are paying taxes on cryptocurrency gains. 8)