EricSchleien

Aren't there regulatory issues around buying a major bank? Would they have to become a bank holding company?

SiriusXM Disclosure: I have a position in Liberty SiriusXM

Buffett had/ has laggards like every one else operating at similar AUM - the difference was the upside of his winners. Although we don't have details on single-pick gains from the BPL days I think the best modern analogue is M Burry's early days at Scion. In the first year he was up 55% gross while the S&P was down 10% - and that was all because of a single value stock in his portfolio that was a 3-6 bagger depending on the cost basis. A number of his other picks (especially airlines in 2001) went nowhere. This is a power law world. You don't make 55% in a year by owning 10 equal-sized positions that each go up 55%. Buffett did 30% gross at BPL. His claim that he could consistently do 50% a year is bogus in my opinion unless he was managing <1M in inflation-adjusted dollars. He has really done the community a disservice by saying that IMO. His 50% a year claim was in the 50s, before buffett partnership. Those were the years that sent him into his first "retirement" at 26. In fact, he said exactly what you said: "It's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that." I believe it. I see businesses all the time selling for 1.5 - 2x earnings at that small of a level.

Hi, looking to interview people for my podcast. You can find the link here: intelligentinvesting.podbean.com Some notable people who have been on: - Nate Tobik - Tobias Carlisle - Anthony Morley - Travis Wiedower - Adam Mead - John King, author of New York Times Bestseller "Tribal Leadership" - Erin Houston, CEO of wearwell Downloads: The average episode now has 1,200 unique downloads. That means 1,200 different set of eyeballs/episode. The CoBF community has been a great resource/community and many of the people that have come on the podcast I found through here. Please message me if interested. Best, Eric

I think it's weird why they keep the positions secret. If a few people take the ideas for themselves, who gives a shit? I would bet most of the people investing in them are doing so because they don't want to invest for themselves.

That was incredible.

Munger said people will just make more bitcoin. However, I was under the impression it's set up so that can't happen. Can someone who understands this better than me explain whether Charlie is right or wrong and why? Thanks

http://intelligentinvesting.podbean.com/e/liberty-siriusxm-group-anthony-morley/

http://intelligentinvesting.podbean.com/e/nate-tobik-investing-in-banks/

I'm aware. Just interviewed him on my podcast last night ;)

This year I've decided to start learning more about the different banks out there. It's always been something I've mostly avoided. Does anyone have a good list of well run banks. Would love to start learning and also reading shareholder letters. Market cap size doesn't matter to me.

This is THE David Sokol btw

iTunes Link: https://itunes.apple.com/us/podcast/17-the-next-ge-interview-with-jason-rivera/id1205082419?i=1000398975922&mt=2

Apologize for the formatting. Currently getting it fixed: http://intelligentinvesting.podbean.com/e/17-the-next-ge-interview-with-jason-rivera/

Likewise!

Can someone explain to me Munger's comments around how the incentives allow people to create more Bitcoin? How would this work exactly?

LOL how'd you find this?

Nice! Sold MKL the same day. Also own BAM & PVI ;) Rkbabang & EricSchleien1: I like BAM for their management, alternative investments, and ability to deploy capital wisely during downturns. Plus, am able to buy in C$s. I too have been adding to BAM recently, while continuing to hold previous investments in BIP (Brookfield Infrastructure) and BEP (Brookfield Alt Energy). Also adding to recent Brookfield spinoff : TSU - Trisura. So overall I'm bullish on Brookfield. My question is why are both of you selling MKL? I bought into MKL a year ago with the idea of it being a BRK like stock that could be held for a long time/forever. After a 25% gain in past 12 months, are you finding it overvalued? Has there been a structural change at the company that caused both of you to get out? Thanks, I have more ideas than capital. Markel is a bit too pricey to me at these levels. Re-allocated into other positions which are more undervalued IMO.

Nice! Sold MKL the same day. Also own BAM & PVI ;)

3 Buys Today: 1) Increased position in Liberty SiriusXM Group 2) Established a position in Steel Partners Holdings, LP 3) Established a position in S&W Seed Company

Sold 75% of my position in Markel

You guys can always call their CFO. She responds very promptly to shareholders.

Automodular? Hey nope. Tell me more about Automodular. The litigation is Ambase (ABCP). You familiar with it?

Got it. Different strokes. I think there's much cheaper shit out there. But that's what makes a market.

RE has compounded BV at 12% since 1995. You don't think there's better stuff out there? Do you think they will compound higher in the future? Paying around book value seems good but can probably do better, no?