maxthetrade

I truly admire the guys who have mastered operating these monsters. Last year my brother in law had rented a midi excavator for a guy to landscape his garden. On one weekend we played around with the thing and it was a lot of fun but it took us hours before we could perform something useful, and even then it took us a lot of time.

Huh, why sould that be the case? Most trading GmbH's are new and hence have no tax loss carry forward from prior activities.

Another strategy is to buy back the put close to expiration if it's underwater or immediatly selling the underlying if it gets put to you and simultaneously selling puts with a longer expiration date and often lower strike price. As long you're pretty certain that the price will rise sometime in the future this is a nice strategy.

One other disadvantage that I've forgotten to mention is that if you later decide to move to say the Bahamas, Monaco, Cyprus etc. you are subject to the 'Wegzugsbesteuerung' if you own more than 1% of a company. This is probably not the case for most exchange traded stocks unless you own some micro caps or you're dealing with large sums. I agree with frommi, I wouldn't even think about it unless you're investing at least two millions and young or trade a lot of derivatives. If you have a GmbH with a tax loss carry forward then things get a lot more interesting!

That's what we are using in the family office I'm working for. One other big advantage of a trading GmbH is that you can deduct derivative losses without the pesky annual 20k limit that applies to individuals. The 1.465% taxrate only applies to stocks, derivative gains are taxed at the corporate tax rate. Setting up an corporate account is a real PIA though. One other disadvantage is that you are automatically deemed a professional data user and have to pay a higher price for realtime quotes ($125/month at IB). Of course you can put a lot of costs in the GmbH like car, phone, IT, travel expenses etc.

Yes, the price you pay is important! I still own some shares that I bought in 2003 in a tax free account. I can't sell them without loosing the tax free status so I'll hold them as long as I see an reasonable future return compared to other after tax opportunities.

Awesome post Viking! Like you I'm more concerned that I don't own enough FFH.

Looks like it's the real deal, amazing price!

I really don't understand this obsession with where the markt goes. There are almost always some cheap stocks where you can make a killing. VTS is almost a double for me, FFH is up ~25% YTD, KMX is up ~30% YTD. Recently I loaded up on USB and DG (I'm surprised there's no discussion of this name). I couldn't care less what the indices do.

With improved liquidity options should get available. Imagine what a homerun the last two years would have been with some calls thrown in! Could have been a replay of 2008 when many here bought calls.

I remember that one, was very disapointed by the answer too!

Well I wouldn't go so far to label japanese Wagyu health food but it's probably a little bit healthier because of the higher content of omega 3 fatty acids. The fat really melts in your hands. But it's very rich, you really don't want to eat much more than say 200g. In the US you can get it from Grand Western Steaks: https://grandwesternsteaks.com/wagyu.html

Yes it's certified Kobe A5 Wagyu with BMS 10-12+. That beeing said, Kagoshima, Myiazaki, Nakamoto etc. japanese Wagyu is of similar quality and often a much better deal. I have a friend who has an import license and I buy it at wholesale price from him.

I like the deal, looks very solid, much better than some crazy macro bet!

That's correct, €500k securities at a local bank. I'm thinking a lot about moving there, better weather and food than in Germany and no income tax!!

Well, I don't have kids and I'm not married, but my sister and her husband have three kids and enjoy a lifestyle similar to mine. They are both M.D.'s. Of course they have to drive a shitty car with three kids I'm very price sensitive and buy my meat, wine etc. at wholesale prices, e.g. I pay e.g. ~140€/kg Kobe Tri Tip, ~350€/kg Kobe tenderloin. Of course I don't eat that every day but that's not because of the price but for health reasons... You can buy some really excellent italian or portugese wine for ~20-25 bucks per bottle! Much better than french wine at four times the price!

Of course not but cost per year is around 5-6k not counting opportunity cost which is probably the biggest cost.

I don't have family, the 60k is post tax, I pay ~40% on non investment income.

You might be surprised but with the exception of rent/real estate it's not very expensive. If you're comfortable living in a small appartment (~€3k/month) your tax savings will easily pay for everything!

What an interesting thread! I live in a small town in Germany and most of you would be shocked how little I spend and still, I eat japanese Wagyu, drink good wine, have nice vacations, drive a X3M, etc. all on <60k/year. I really can't think of much that i'd like to do but don't do because of monetary considerations. Money just keeps piling up. The one thing that comes to mind is that I'd like to travel by NetJets, I really hate the security shit and lines at airports. And one day when I'm really pissed I'll sign up

Allstate joins State Farm not writing new business in California: Allstate has stopped writing new homeowner, condominium and commercial insurance policies in California, the company confirmed to The Chronicle. https://www.sfchronicle.com/california/article/insurance-allstate-fires-18130622.php

Intrinsic Value is a somewhat gibberish concept. If you'd know future cash flows with 100% certainty it would make sense for a business to trade at the sum of discounted future cash flow but no one really knows. Buffett repeatedly said he wants to trade Berkshire at a price so that owners get the same result as the business (paraphrased). With that yardstick in mind I think it makes sense for FFH to trade around BV until they have shown over several cycles that they can underwrite sub 100 on average. Depending n your assumptions 1.0-1.2BV is pobably a very reasonable range for fair value. BTW, I'm not convinced that FFH really can deliver 15% ROE over a full cycle but we'll see... if they can 1.8BV would certainly be a reasonable valuation.

Added to my position in the last trading hour as well. The story keeps getting better and the stock is still reasonably cheap. I hope it stays around current levels for the next week because I'll have to invest funds in a new account next week.

Nothing beets spending some quality time with good friends! Tuscany is fantastic, it was my third visit but my first in spring. Parsad, if you get the chance to go there just do it, you won't regret!

A couple more pictures. Ayrton Senna Memorial in Imola