aceskc

thx for catching the typo.

Adding to stone in size here.... if they sell linx for 0.5 to 1b ...they will have 1.5b to 2b in excess cash on a 3b market cap, with op. earnings expected to grow to 750 million usd in 2027, probably 2.5 to 3/ share post repurchases..they repruchased 1 billion brl ttm and indicated they ll do more soon, further they said they're about to tie exec incentives to to eps growth....this may be trading at 3 to 4 times 2027 earnings if they can manage the working capital book responsibly. Market under appreciates the power of txn data payment companies have to responsibly underwrite working capital loans. Even a 15x multiple on 2.5-3 eps given its grown north of 30% cagr, gets you to 40 to 45/ share or more.

Beastables

The apple /taiwan thought process seemed interesting....he seemed uncomfortable with geopolitical tail risk with taiwan...but was okay bearing it with Apple because of the customer stickiness that withstood the 10k replacement test ....found that interesting because it seems to me that Taiwanese chips are probably even more essential and irreplaceable to its customers than iPhone is to its fanbase.

12%-15% each BABA, META, TCEHY, GOOGL, AMZN - ( mostly bought substantially lower and would not be this size at new buys, except BABA which was bought around 120/sh). 4-6% each PYPL, STNE, ALLY 4% each ATVI , SIMO arbs

Gurufocus sells manuals broken down by size and/or industry

Should remind you all that we are discussing all this on the corner of 1/5th AAPL and Fairfax...

Isnt Covid Zero a Xi mandate? Why would he back down after gaining more power?

GRBK: Selling at 4x EPS; bought back 5% of float YTD, approved another 10% in buybacks. ..Guided to acceleration in Q2, after a 68% rev growth, and 135% EPS growth. Owns decent chunks of undeveloped raw land- which in today's Dallas/Atlanta markets is a competitive edge. Rising rates offset by essentially zero inventory. Home Closings Revenue of $363.1 Million, Up 68.0% Record Income Before Income Taxes of $82.6 Million, Up 134.3% Home Building Gross Margin Up 240 Bps to 27.8% Lots Owned and Controlled Up 42.5% Q1 2022 return on equity of 28.8%, diluted EPS at $1.20 per share which was up 135% from Q1 2021. "we expect home closings revenue and EPS to accelerate into Q2 2022,” - CEO

Investments in Banks went up 10B. So it must be +100b business thats not bac and unlikely to be wfc. My best guess is JPM.

I understnd ur pt..but im trying to articilate his risk assessment Irresponsibility of margin comes from forced liquidation at the bottom tick...which is tied to assets in custody with controllable liabilies ( unrealized taxes, credit lines or bank notes ) not just the balance sheet equity . Stocks have to fall nearly ~50% from here at which pt still has ~200m of liquid assets with his custodian while owing 69m before he faces forced liquidation.so an Equity % of 48% or so...I think he factors that possibility to be remote enough and probably has alternative recourse to raise cash before that scenario.

He didnt duck it- he said "we are okay with a little bit of margin". Folks can disagree on his position both in terms of risks and size of margin but he was clear about his view- risks in his mind were smaller than the market thinks, and he was okay committing small amounts of margins towards his book. Margin is roughly 20% of invested assets- 395M of securities, 14M Cash (incl restricted) and 69M funded through margin

Below are my results agg separately managed accounts of partners...very satisfactory on an absolute basis...only a couple of ppts of outperformance on a relative basis (SPY at 18% annualized over the same period). Year Partnership Results CY 2016 (8 mths) 15% CY 2017 12% CY 2018 27% CY 2019 24% CY 2020 8% CY 2021 27% Cumulative 177% CAGR 20%

What are the chances he has trimmed AAPL at a 3b valuation and piled the proceeds into repurchases ?