Gregmal

Stupid real estate investors...these are just a bet on lower rates! Stupid David Tepper, going balls to the wall long financials in 2009 is just a bet on a bailout. Smart real estate investors, just like Mr. Tepper, you're just betting that the Fed will do exactly what they already told you theyre doing. Its easy money? Thats smart money versus dumb money for you!

Anyhow, went through the ytd blotters cuz I really havent bought much this year and the only sizable buys recently were RTO around 27 which was by far the biggest new position and then adding to existing Fairfax around 1060. Been a boring but productive year so far.

@dealraker has shared his thought DG before. Not a fan IIRC lol

Totally, 150%, this! Not to pick on Blake, but I thought it ironic that he states everything is expensive, and then when asked about Fairfax, states he hadn't looked at it. I havent had less than 120% long exposure since I started investing. If I ever start getting down to 100% exposure, let alone a cash balance, that means I NEED to be looking at EVERYTHING, relentlessly, until I find something. Because as you said, thats the thing, theres ALWAYS something, you just gotta find it. There was soooo much value and opportunity over the past 2-3 years. People who missed it just got caught up in the headlines.

Love it Charlie, preach the gospel my man.

Yea it’s circus clown behavior. They’re currently “bracing” for clueless Jerry’s speech. Trigger finger ready to instantly smash buy or sell buttons in reaction lol

Nah. Locking in 5% is like being offered free tickets to sit anywhere at The Garden for a Knicks game and asking to sit in the 400s.

Reasonably priced. Somewhat recession resistant. Done way better than stuff like MCD in terms of keeping the menu affordable and expanding the customer value prop. Think there’s some upside on breakfast too.

The Bergen County property market literally never goes down. Never. GFC home prices basically just stayed flat and still sold inside a week. My sister in law was in the market for a starter home for 5 years. 2 years ago she finally threw in the towel and bought a 1930s 2/2 in Waldwick for $480k. List price was $400k. Her explanation was “I’m tired of being outbid for stuff that isn’t even on the market long enough to see. I’ve bid and missed out on 2 dozen homes over the last 3 years. I just wanna get on with my life”.

Haha yea good times. It was and still kind of is one of those situations where it just seems so obvious. And baffling when you see who’s on the other side of these trades. Like you had your pick of quality and quantity, location, you name it. Getting blasted for little real reason other than “rates”. Except we were already told rates were temporary and going to be lowered in the not too distant future. That supply increase was a big one off. Pacmanification of the space was occurring. All you had to do was wait and get paid lol.

Idk but I get a totally different vibe from him when I talk to him on a personal level than the public podcast and Twitter persona. Take it all with a grain of salt of course. I generally don’t like sharing personal convos, so I won’t in detail, but to his defense, he’s been accused of being a pumper, yet held onto a lot of stuff long term that I would’ve absolutely expected him to dump or at least trade. The AMRK position, JOE with its obvious trading range, VAL….which is wholly consistent with everything he says. In order for him to “blow up”, which of these are blowing up, and how? Given the balance sheets are pristine and they do have tailwinds? Do I think he’s unique? Sure. Do I think he says some wonky stuff? Sure. So does anyone who’s honest. But I don’t get the hate. He’s got one of the highest level work/life balances I’ve ever seen in a guy. He busts his ass and is building a hell of a fund biz for himself. He enjoys life on his own terms. He’s brutally honest about his returns and future volatility parameters. So I don’t get the fuss.

Bought some WEN a few times this week.

You know housing is a solid place to be when even Willie Browns ex lover’s economic platform hinges on plowing money into the housing ecosystem.

Totally. Used to do that with managed accounts too. Someone wants to do something? No pushback from me; only downside getting in the way.

This must be where they protect democracy by nominating a candidate who never won a primary. Hoorah Democracy!