valueseek

Tks - I prefer PAX primarily because of higher alt. (PE exposure and history, lower P/DEPS or P/FRE multiple). When they came public in 2021 or so, PAX was the more exposed alt. company (if I remember correctly more than 80% alt. - PE+infra). That has impacted them as the higher proportion of performance based earnings impacted EPS being consistently revised down. With the merger this year VINP is above PAX in terms of overall AUM and the alt. AUM. Curr. contribution to distributable earnings from perf. earnings are around 20-25% for PAX and around 10% for VINP, making VINP earnings more stable in general. Overall, not a lot to choose between the two but my pref. is primarily because of the valuation.

I have followed PAX (and VINP) intermittently from the time they have been public. Results have been choppy in the last couple of years as FRE and DE has had several misses to cons. in the past. Plus the poor Latam sentiment has not helped. They are not as seasoned on expenses, managing earnings as the US peers but the valuation is so discounted vs. the US peers that slight positive execution and sentiment shift should work.

Bumping up this thread. Had been thinking about which investors did well over the last 10 years or so and was much of it identifiable. And if they succeeded (or not) was the reason focus, or being in right names/style at right time, or something else. Of the lot I know Josh did have good numbers, although I am not privy to them. I may have missed a couple or so more. But seems like of the list above, some closed operations, and not many had a great run relative to the markets. If anyone has thoughts here (and the idea of this exercise to identify higher potential funds/individuals for next 5-10 years), would be interesting to hear.

Out of curiosity may I care to enquire @dealraker whether the above poster you might be referring to was Saul forum on motley fool? I know of a few caught up in that one - so came to mind. Thanks.

Great post @longterminvestor. Learn a ton from yours posts :). With the significant increases in rates and exposures in the E&S market, if you have any insights into where we are in the rate/exposure cycle in the E&S market say over the next 12-24 months. And any views you have on the E&S market longer term as well once this cycle normalizes. Thanks.

starter in $APPF

we are 'cautiously optimistic'

Sorry to see this email @parsad. Filled with uncalled vitriol. This site is one of the best ones for reasonable open discussions across the investing landscape! Thanks for all your efforts in managing this.

brilliant. one of the best seen in a while

SAIA, ODFL, XPO are primarily LTL. Down because of slowing in the LTL's, high expectations and higher valuations in the high 20's 30's. TFII is old UPS LTL much less efficient. KNX is the primary TL. TL as a market structure is broken and has been for years with excessive booms and busts in pricing. Here pricing is down significantly.

With the fallout in $KNSL shares, any thoughts on the name @longterminvestor ? Every time you listen to Michael Kehoe, one feels he is a owner operator you want to partner with.

Small $on,$jbht.

Calcium score for over 45 i think

Good. Would you mind elaborating the expiry on those options for cpng? And your strategy of selling options - would you sell 1-1.5 year out options as well if they go up? Thanks

When did Munger blow up? In the 70’s?