[FNMA and FMCC preferreds. In search of the elusive 10 bagger.]

Also: http://blogs.marketwatch.com/capitolreport/2017/01/19/live-blog-and-video-of-steven-mnuchins-treasury-secretary-confirmation-hearing/

[FNMA and FMCC preferreds. In search of the elusive 10 bagger.]

Interesting to see Wilbur Ross's expected appointment considering his connection with Jim Lockhart.

[Executive compensation]

Salary + bonus + benefits run into the millions for many public company directors. I genuinely don't see how this can be justified. Surely there are plenty of talented people who could/would do the job for less. Is there anything that can be done about this? Why do institutional shareholders stand for it?!

[What are you buying today?]

Burberry

[FNMA and FMCC preferreds. In search of the elusive 10 bagger.]

http://www.dccourts.gov/internet/appellate/oralargsaudio.jsf

 

Streaming link for tomorrow's argument. Anyone know what time it's scheduled for?

 

9:30am according to this website.

https://www.cadc.uscourts.gov/internet/sixtyday.nsf/fullcalendar?OpenView&count=1000

 

Thanks, btw, is the streaming working for anyone? I have it on but so far don't hear anything

 

Not working for me - anyone else?

 

Nope- can't get it to work. "Stream not found."

[Borsheims selling Berkshire watch]

I'm more interested in the sneakers :-)

 

http://running.competitor.com/2016/03/photos/running-shoes-for-a-billionaire-brooks-releases_147548

[Semper Augustus]

Interesting and extensive discussion on valuing BRK: http://www.semperaugustus.com/2016BRK.aspx

[Tobias Carlisle interview questions]

Did this interview take place?

[Nick Sleep letters]

I've been trying to find more information on Nick Sleep since I heard Guy Spier refer to him. I haven't really come up with much, other than that he was previously at Marathon and Nomad (and now seems to run Sleep, Zakaria & Co in London).

 

Robert Vinall in the most recent RV Capital report refers to Nick's letters (http://www.rvcapital.ch/wp-content/uploads/2016/01/Co-Investor_Letter_2015_EN.pdf). I'd be really interested in getting hold of them- does anyone know how?

 

Thanks!

[Tobias Carlisle interview questions]

How does his legal background help in the investment process?

[Cloning Results]

On cloning BRK: http://mebfaber.com/2015/11/24/what-is-a-better-strategy-invest-in-berkshire-or-buffetts-stock-picks/

[Howard Marks Interviews Joel Greenblatt]

Thanks for posting!

[FT article on value investing]

Authers' is generally worth reading/watching. I googled him a while ago and came across this: http://incakolanews.blogspot.sg/2009/02/john-auther-of-ft-leads-amazing-double.html?m=1

[Global Stock Market Valuation Ratios]

Nice visual summary of some ratios around the world: http://www.starcapital.de/research/stockmarketvaluation

[London Value Investor Conference]

Is anyone planning on going to this event and has anyone been in previous years? I'm considering it, but would be interested to hear other people's thoughts.

[Best long term secular trends]

Increased use of the Northwest Passage for shipping. Not sure how to capitalise on this, though...

[Two recent articles by Francois Rochon]

Fantastic letter! Thanks for bringing my attention to this!

[Timmy's Journey: A Statistics Game - Cassandra Xia]

To clarify: I have no connection with this. Just thought it sounded interesting.

[Timmy's Journey: A Statistics Game - Cassandra Xia]

This looks like an interesting idea to teach kids about probabilistic reasoning:

 

https://www.indiegogo.com/projects/timmy-s-journey-a-statistics-game?fb_action_ids=10101102974128169&fb_action_types=indiegogo%3Acontribute

 

[RIP Irving Kahn]

Kahn shared what he considered to be the secret of “how to die young at a very old age”: “To wake up in the morning and have something to look forward to. The important thing is to keep that brain going.”

 

More at: http://www.ft.com/intl/cms/s/0/e92ed6e6-c32b-11e4-ac3d-00144feab7de.html?siteedition=intl

[Finding Japanese Net-nets]

I generally sell when the price starts getting close to my estimate of intrinsic value (which for these investments is predominantly based on the balance sheet).

[Finding Japanese Net-nets]

One of my holdings, KG Intelligence (TYO:2408), has gained a lot recently, but I can't figure out why. Can anyone shed any light?

I don't know, I've seen this with a few of my other Japanese net-nets as well. People just warm up to them from time to time I guess. I owned a very small position in KG Intelligence, but sold a few days ago.

 

Meanwhile my net-net screen for Japan is down to a record low number of hits and for the first time in two years I'm actually having some trouble to find good replacements for positions I sold in Japan.

 

Have seen something similar myself.  A month or two ago most positions were flat or negative.  Suddenly I'm very positive on a few now.  I have no idea why, happy with the turn of events.  Patience is required with this.

 

I guess perhaps it's a case of value being its own catalyst? ;-)

[Finding Japanese Net-nets]

One of my holdings, KG Intelligence (TYO:2408), has gained a lot recently, but I can't figure out why. Can anyone shed any light?

[Complete list of superinvestor positions]

Great site - thanks!

[The Little Book of Valuation - Aswath Damodaran]

[amazonsearch]The Little Book of Valuation[/amazonsearch]

 

I know that Damodaran's website materials have been cited in other threads discussing valuation, but I recently came across the first draft of his Little Book, which I don't think has been posted before: http://pages.stern.nyu.edu/~adamodar/pdfiles/papers/littlebookvaln.pdf (additional materials at http://pages.stern.nyu.edu/~adamodar/New_Home_Page/littlebook.htm).