spartansaver

Lol this just feels like a troll wanting to pick a fight.

It’s not until next weekend.

I think it's important to keep an open mind. I remember when Muscleman first described the situation in Wuhan. Those initial posts allowed me to formulate a pretty unique view that helped make 2020 one of my best investment years. I would say that while I viewed the posts to some degree with skepticism (it sounded like the world could end) they were actually quite accurate and no mainstream media outlet was ready to say just how bad it could get.

This is my strategy, nothing gets the mind working like real dollars at risk.

Cool find. I'd be curious to see this on a dollar basis. I would guess holding longer naturally makes the ones he's held longest the highest dollar basis. I also think it shows a strategy of buying and killing. As in start to buy something and then kill it so it leaves the portfolio quickly.

I’m not a tech person and usually can’t use most of that stuff, but I’ve been playing around with gpt4 since Friday. It’s one of the most amazing things I’ve ever seen. It just hits me over the head. I’m usually skeptical of tech stuff being revolutionary, but if I had to wager it seems like the odds are good. The speed is also wild. We are on gpt4, what does gpt10 look like?

https://www.amazon.com/Flameout-Rise-Fall-Burger-Chef/dp/1456418637 It's a decent read about a failed burger chain.

Thank you Happy New Year!

Could someone make this thread with the anonymous returns multiple choices (ex. 0-5%,5-10%, etc)?

Completely agree. What’s good for an investing business isn’t necessarily good for investing results. The ideas get conflated.

Investment management is fine. It becomes more of a job than a hobby. You're asked an opinion on a lot of things Buffett and Munger would say you shouldn't have an opinion on. You're constantly asking yourself why the firm you're working for does things so differently than how Buffett says things should be done. You'll likely be forced into some kind of structure, which I personally think hinders investment performance. Your fund will most likely underperform so your stuck wondering what the point of your fund is. You can drink the cool-aid to make yourself feel better. The work can be interesting, but I think it can also poison your mind. You see people start believing in a stupid amount of diversification and 300bps becomes a big position (among many other bad habits). But the grass is always greener. Most jobs involve a lot of stupid tasks that you ask yourself what the point is. The people you work with will likely be intelligent. I've worked at other jobs and the best job to me will involve financial independence. Would I go to business school just so I could transition in? No. Jobs are jobs, so kill it in your PA and reach financial independence. Then you can manage your own personal fund which is much more fun. This is all my personal point of view which others could completely disagree with.

Arrival gave me goosebumps when I figured it out. It was perfect. Very re-watchable with a new perspective.

My wife and I finished the first two episodes last night. Good recommendation. I thought the trailer looked awful, but glad I listened to the COBF'ers.

https://www.visualcapitalist.com/20-years-nintendo-console-switch-sales/ This chart always stuck with me. Feel like you can lay the stock price on top of it. Then it just feels like a bet on console sales. Switch feels pretty saturated. I know they've got great IP which is hard to argue with. What's got you buying it?

I personally hate how IFRS deals with leases (GAAP is fine, I just ignore the liability - GAAP double punishes with including all the lease expense plus a liability, IFRS has to add a bunch of stupid assumptions that can be manipulated). I think you should understand that a company has leases and what those obligations are, but I think its a waste of time to overcomplicate things with made up assets and liabilities. Why not capitalize that a company uses an ERP system? Its essentially a permanent fixed cost that's necessary for a business. Don't overcomplicate stuff, it's not worth the time and will give you a false sense of being right. You're not going to do well in an investment because you created a bunch of theoretical lease assets and liabilities.

More CLPR

With WMT release this is already looking nice.

Thank you!

This one has a paywall for me

+2

It's funny how it can be such a well known fact yet also a starting point for the majority of the buyside community. The blind leading the blind.

I've always thought Burberry has potential. Just been following. New CEO in place. Capri scares me, they buy brands and whore them out. Not sure how sustainable that is. LVMH, Hermes, Kering seem to be building their brands.

For those of you that have meaningfully outperformed previous bear markets, what was at the center of your success?

MNRO

Picked up AH but decided to sell upon learning more about the capital structure (it's awful and in some ways disingenuous).