TBW

Does anyone know where I can find historical annual reports back to 1965? On BRK website it only goes back to 1995. I am primarily interested in the balance sheet changes over time. His use of leverage, what % equity was his insurance float etc. Thanks in advance for any help. Apologies if this has been asked many times, I search on the site and found nothing.

Unfortunately I had no one respond to my request. I am still very happy to compile/interview anyone with 10yr returns >20% and share their anonymous answers with the group.

Typically the co2 is transported in pipelines to the oil fields. KMI is big in that space.

That's awesome. Hopefully it works.

At that price drop all flippers and investors have to be terrified. Any panic from that group? They should be first inline to head for the exits

I think its an interesting idea and something I think about a lot. Hard to do as you though as Nate pointed out unless you can spend lots of money. That said I am always interested in these situations. I like to buy shares and cast my votes for the activists if there is value and I agree with them. Might there be another approach here where the objective of your group (initially) targets the process? From what I understand the proxy process is horribly outdated, requiring lots of mailing, gathering addresses etc. If the proxy process was more electronic this would be easier/cheaper. Also if there was a way to electronically contact more shareholders it would be easier to gauge support and then management could be presented with "I already have support of x% of shareholders". Pushing for legal change through calling elected officials as you suggest may be an interesting approach to this. Alternatively, if there was a cheaper more standard means to do the legal process (like the way people that are trying to automate a lot of lawyer paperwork) that would also work. For example, yesterday I was discussing the CLMS tender. Management is getting the company on the cheap because the Appraisal process is too difficult for small investors to do. If this was a process that could be automated/streamlined, that could tilt things back in investors favour. Happy to work with anyone on such a project.

If 'pivoted' that worm/bug biz into a reality tv/netflix series it could be a huge success! I would watch that show. That is one of the craziest situations I have ever heard. Thanks for sharing!

Totally agree. Thats why I am so curious to learn more. I am also very interested in people that achieved such returns away from public markets. Or through some combination of both.

A 10yr track record above 15% I think is awesome. Above 20% is incredible and 30% is an achievement to be celebrated and studied. To put in prospective 100k at 30% for 10yrs is now ~1.4mil! For those people in the above 20 and 30% buckets would you mind sharing some more details? I would be happy to compile some facts to see what common themes these returns have and share with everyone. If you want to be anonymous you can PM and I won't divulge any details. My questions and please feel free for anyone to add to them: Are you a professional? Or just manage your own money? Was your returns from stock investing or other (ie. small biz, real estate etc.)? Were your returns largely from one event or stock (ie. getting US housing trade right or long term compounder right)? Or were returns through steady portfolio turnover and consistent returns? What was the best contributing factor to your outsized returns? Was leverage or options a big component to your returns? On more lifestyle questions: What has changed in your life after such large returns? Do you still spend as much time investing as you did before? Thanks in advance for anyone that contributes.

Yes. That's the MCR. Lots of ways to win and solid asset base in the unlikely event the company misses on all the projects. Also I think there is a good chance Petronas LNG gets approved in April. That would be very big for them.

Long: MCR, KMI, WED Short: MIC - Genworth Canada

2016 20.3% 2015 30.0% 2014 19.9% 2013 14.5% 2012 1.3% 2011 4.4% 2010 18.9% 2009 15.0% 2008 -2.0% 2007 7.0% 7yr 15.2%, 5yr 16.8% ann. First three years my record keeping isn't great, the amount invested was tiny and given my job at the time had no time to invest so don't really look at my 10yr. It's funny to look back over 10yrs, I really didn't know anything when I started other than basic value investing principles. I wonder if I will look back in 10yr and think the same. Very happy with my returns despite some very obvious mistakes. Last 5yrs I have been short the cad housing market, that cost me ~2% annually (haven't given up on that yet!). I held far too much cash last 5yrs (avg 30%) due to macro concerns (working on this part of my investing). I have been focusing on sizing correctly, buying cheap stocks despite overall mkt valuations and ignoring most of the macro concerns. Currently I am the longest I have ever been, but also the shortest. I think that sums up the state of the market pretty well.

Haha! I bought my son the exact same book at the annual meeting. He is 8 months now. Its a good book.

What are the odds this bs gets Christy relected? What are people in BC saying about it? Trying to gauge if the delusion of the people continues or if mkt has already turned and this doesnt matter.

Wow! How incredibly stupid. The best way to get affordable housing is to let the mkt correct. Not hand out taxpayer money to be levered 20x. When I think I cant be surprised anymore by the stupidity in Canadian housing they find new ways...

Thanks for pointing this out. Have looked very briefly at Investor AB in the past and was very impressed. Everyone speaks very highly of them as well. Asking my wife to get for me for xmas.

Huge fan of mmm. That was a great post and I totally agree with him.

It was from a study by Urbanation. It is referenced in this cbc article http://www.cbc.ca/beta/news/canada/toronto/local-investors-outnumber-foreign-buyers-10-1-in-toronto-s-condo-market-1.3825498 but i dont have the source document. I believe the conclusion. From being pitched condo presales as 'easy money' from my mechanic to a friend seeing census notices on all door handles a month late when condo shopping. I also know a couple of people that own 4+ condos. All anecdotal from my pov but their study confirms it.

Awesome stuff Wisdom! Thank you. Agree not many places to hide for investors in Canada. Also think currency goes a lot lower vs usd than people think.

Hey Wisdom, do you have any idea who the main (publically traded) mortgage providers have been? I think CWB and CM have disproportionate exposures but from being on the ground who would you think has been dominant in the market? The credit unions must be really nervous...

Liberty, thanks for posting that Macleans article. Its a great read. Why we don't have the free information that he suggested is beyond me. From what I understand the realtor groups have been legally required to share info but for some reason they still aren't.

http://www.bnn.ca/video/cohodes-still-shorting-home-capital~981334 This is a good watch. I totally agree with him and have been short EQB since 2014. The amount of fraud that will come out after this bubble bursts will be shocking imo.

Have had similar questions myself. Is it easy to get a portfolio type mortgage financing if you buy more than one property? I can see US banks not wanting to bother with just one house/non-recurring client. I recall that TD used to provide US mortgages but it really had to be a house in their US footprint. The mortgage was not usa style either think more like Cad 5yr style if I recall correctly.

One thing people forget about the big 5 is they are much more levered then their international peers. If you look at Assets divided by tangible common equity and you strip out the insured mortgages you are still looking at levered ratios between 19 and 24. TD is at 24 as they have a tonne of goodwill on their books. So these banks don't have direct exposure to the riskier segments of the mort market. They do have plenty of credit exposure to other riskier products like HELOC, credit cards, personal loans etc to the Canadian public. This risk is then quite levered. IMO they aren't the safe investments people think they are.

For borrow, MIC 4.7%, EQB 1.4% but that may have changed. I don't really like being long any of the CAD banks so don't like the pair trade. One I do like is long US banks and short cad. Not as attractive as it has been, but I think still works. Agree with Wisdom. The second mortgage mkt will change a lot on this. In the past you could borrow the downpayment and banks didn't care as mortgage was insured. Now that they actually bear the risk, they don't want super expensive debt that hurts their borrowers debt servicing ability. Also they would need to borrow to get to 20% down, big difference from borrowing to get 5% down. Doing quick math borrowing 20% at 12% would cost as much as 3% mortgage on following 80%. No one is going to do that. A big part of all this is getting the risk to be born by the originating banks. There may be further changes that make them face more risk when they do use insurance. So we have a situation where less insurance is available, banks face higher risk and capital requirements are going up. So less credit available and more expensive mortgage rates when available. Therefore house prices are going lower.