Rod

Parsad, I was careful not to call Guy a racist. I do not know him personally or what is in his heart and mind. He retweeted a video that I can only describe as one of those old Nazi dehumanization cartoons of Jews in AI form, except with the Jews replaced with “brown” people. It’s a little vague whether they were Muslims or just generic “Pakis”. I don’t think racists care that much either way. I make no apology for calling him out, except that the timing was unfortunate. That is why I deleted my tweet. He knows what’s in that video since I described it to him. If he subsequently responds to me that he made a mistake, didn’t watch the video before retweeting it, etc I will relay that info here. Nobody gets a free pass doing what he did. I don’t care if he is a nice guy, Indian friends, great fee structure. His behaviour needs to be called out.

He has retweeted racist AI “Amelia” videos from far right British politicians. For example, Nick Buckley of Advance UK. The videos include racial slurs like “Paki” and telling Sadiq Khan, British born mayor of London to “go back to Afghanistan”. The video is Nazi level dehumanization. I called him out publicly on Twitter for retweeting it and he was defiant saying “British values. Get used to it”. I can give evidence. I deleted my tweet when I heard about Guy’s cancer out of decency. Unfortunately it’s very real.

Sad to hear about his health struggles. I had noticed something “off” about Guy in the last year on his social media. A lot of white nationalism and racism that I had never associated with him before.

Honestly his record is beyond terrible. 4% CAGR for Chou RRSP over 20 years! What can be learned from him except the danger of holding on to decades old obsolete ideas?

I always designate the maximum % I want to own at the beginning and buy that much. Afterwards I never average up or down, except for reinvesting dividends. Keeps things simple. I also believe it respects the two basic principles of diversification: make multiple bets and keep them separate. Adding money to existing investments that were originally "maxed" violates the second principle.

Publicly anounced where?

Have any of the local MAGA on this forum chimed in yet on this 4D Chess move? I’ve had them on ignore for years.

I agree with that. The three costs you highlighted are the hidden costs that get you. I don’t trade internationally outside the US; I move $ between the two currencies rarely (and use Norbert); I don’t use Margin debt much; and I don’t leave cash balances uninvested. So RBC isn’t getting much from me. I do quite a bit of special situation investing and for me IBKR probably isn’t as good for that if you need to call with instructions. I opened an account last year as a test. And I couldn’t even get a quote on a warrant I was interested in on the TSXV. Customer service couldn’t help either. That was the end of my brief experiment with IBKR.

What would a non-ripoff rate be?

You can get around the currency conversion fees by using what I think is called "Norbit's Gambit". Pick an interlisted stock on NYSE and TSX. Buy in the currency your trying to convert from and simultaneously sell in the currency you are converting into.

I use RBC Direct. One thing I like is you can simultaneously buy and sell an inter-listed stock between the $C and $US sides of your account and it will journal over automatically the next day. That is very handy if you want to move money between currencies using $DLR.U and $DLR for example.

I used to watch all his presentations. I stopped several years ago. So I am not up to date. But, I would be prepared to bet that a poll of the students would show what I stated. Between the way Mohnish is introduced to the students and the way he himself continually talks about market beating returns (but never discloses his actual returns which are at best ordinary), it's not surprising that the students would be mislead. I should add that I think his talks are good, that's why I liked watching them. I only stopped because it was getting repetitive. I should add that I WAS FOOLED. It was only when some enterprising people here compiled his actual returns that I realized that my impression of his abilities was wrong. And where did that impression come from? I was in the exact position as these students listening to his talks.

I’m not a Mohnish hater. The only thing that really bothers me is that in these talks he gives, usually to schools, the students are lead to believe he has been earning 20%+ annual returns. He doesn’t say that himself but it's clearly implied.

Personally, I’m seeing far, far bigger discounts today in smaller stocks than I’ve ever seen before. I suspect that Einhorn is right. People have predicted for a long time that the rise of passive would damage price discovery. That probably hasn’t happened yet in the large stocks, but seems to have in the small ones.

That's a good point. Isn't that pretty much what he did by accident in the 1990s? Took a couple yolo bets on dotcoms as a raw beginner and got lucky then used that to form the base of a "market beating" long term record. I guess after 20+ years those initial yolo gains are wearing off.

But remember if you are very concentrated you have far fewer stocks to research.

If you find that flexing a position over time works, wouldn't it be better to just go all in or all out? Why maintain any core at all? Trading around a position either works or it doesn't. Personally I don't do it. I have a pretty similar long term record to you and I've always owned 6 or 7 stocks, currently only 4. So I agree totally with the concentration idea.

One problem is that they are a fully taxable corporation. I would much prefer if they were a mutual fund corporation and could distribute their tax liability. Then you add management fees on top of that. It's definitely a drag on performance.

Imagine your wife didn't have the job in Toronto and you didn't own the house in Toronto. Would you buy that house now to give her somewhere to live so she could start the new job there instead of staying in Calgary? I doubt it.

I would just enter the dividend myself without the T5. I don't think CRA will complain if you are paying your taxes correctly.

Her process was obviously terrible, but she got very lucky and it worked. There's a high risk she learned the wrong lesson and will gamble again on a hot tip and lose most of it.

I'm convinced he's not.

I don’t disagree, but why do you think Munger has chosen to be friends with him?

Same for me. I can only get 8(!) posts on my laptop screen even in condensed mode. Why can't there be one line for a post anymore? I much prefer the old site even though it was more primitive. Being able to see what's new at a glance on one screen beats all the slick improvements unfortunately.

We should also consider that position sizing isn’t just about how much you put in at the start but how you adjust the position size over time. Many people like to trim winners because they feel it’s too risky to allow their portfolio to become more concentrated. I think this is the wrong way to look at it. I’d be interested to know what others think.