IceCreamMan

Does anyone else wonder if he sort of HAS to do this to prevent even more cloning that pushes prices up prohibitively? If all of his purchases were "forever" buys, then the initial price spikes on the news of him buying would be even higher, preventing him from accumulating as big a position as he might want. So maybe he needs to mix in some low conviction buys that he's likely to sell after a couple of quarters to dilute his overall signaling to the market.

@Gregmal What is the consensus feeling right now? The bear market is over?

Hussman attempted to use valuations systematically as an input for equity allocations-- for anyone that's interested in that sort of thing: https://www.hussmanfunds.com/research/strategic-allocation-white-paper/

Shiller's data is here: http://www.econ.yale.edu/~shiller/data.htm

THRY Management is targeting 35% annual revenue growth for the SaaS business over the next 10 years.

Is it possible that the length and depth of the stock market's drawdown is more closely related to the extremity of the preceding bubble than to the severity of the crisis? How many years did it take for U.S. stocks to surpass their 1929 peak?

Good point. I guess any time there's a significant technological innovation that saves somebody money, it depresses the CPI? For example, if all of a sudden people started having video chats instead of in person meetings, the official inflation figures would look lower than otherwise... and then if people went back to in person, inflation figures would spike?

This makes me think of Microsoft vs. Constellation Software. Constellation Software, Home Depot ? More ideas here, including Amgen, Nike, UnitedHealth: https://graphics.wsj.com/table/INVESTOR_0129 (The 30 best-performing U.S. stocks of the past 30 years, as of 2016)

I'm not sure we need to limit ourselves with this 1 billion threshold. It seems like there are probably companies with negligible variable costs that can achieve the similar effective leverage, relative to their enterprise value, with smaller customer counts-- 10 million, 1 million, etc. A tiny software company with a large addressable market has just as much of this magic modern leverage, right? Assuming it has a moat, of course.

Not sure whether or not this will be helpful for you, but the most important concept to get comfortable with is implied volatility, which is basically a shorthand way of comparing the option market's expectation for the size of the range of future outcomes for stock prices. Once you have a basic understanding of what it means, you can start comparing implied volatilities among different options the same way folks compare stocks on their favorite valuation ratios.

Bruce Greenwald maybe?

Add: Low cost provider of a commoditized product Geico WFC On the last question: GOOG MSFT AMZN

Facebook?

Sounds like a situation a lawyer might be able to help with. And maybe a sleuth who can dig up other illegal actions the members have taken. Then alert various authorities and put pressure on group.

You provided a good answer in your question: See's wants to protect its brand. Letters from Buffett to See's president to this effect are on the 'net.

Thanks for the response. I see what you mean, but it still looks to me like finding technical loopholes to evade securities regulation. Agree on continuing in a crypto thread.

Maybe the Securities Act only applies to businesses, not Ponzi schemes. One possible explanation.

Is anyone else surprised that the SEC hasn't enforced the Securities Act? (You had ONE job...)

Mr. Munger, is that you?

THRY At 6-15x SaaS revenue, THRY is worth $30-76 today, and SaaS revenue is growing fast. If growth continues and the stock re-rates, $50/sh seems reasonable. Posted more detail on the THRY thread.

What's the problem with the user base?

And your portfolio would still be 30% cash.

You mean on top of 100% long portfolio, right? i.e. 100% long + 30% notional long calls funded by 30% notional short puts = 130% effective exposure?

Makes sense, however, what would we have predicted in January 2020 would happen to asset prices had we known about the upcoming lockdowns, etc?

You might find some closed-end funds doing this. Some of them target a particular distribution yield. If the securities portfolio doesn't yield enough, the excess distribution is a return of capital. You could look at a closed-end fund database and sort by highest yield as a place to look.