Gregmal

So Fairfax touched $900 this year, and now clownshop operator Chanos is out of business….solid year for the good guys.

Ray peddling more BS on CNBC this morning….

There’s also this kinda of mafia level “wink, wink” understanding in the pits of the institutions managing OPM where they all promote certain things…mainly there own safety and security versus the quality of the product they deliver. I would almost certainly guarantee that most of these guys would even agree that the way they manage OPM isn’t the way they would manage their own; unless of course, managing their own came with a PE like performance enhancer via fees generated from outside capital. So yea, it’s 100% designed for and by institutional managers. The guys getting paid huge salaries and fees, the fund of fund guys, etc, none of this stuff is designed to actually optimize returns.

There goes the whole oil gonna cause inflation part of the thesis.

100%. Look at the multi levels of theft in the system. Money made at corporate, taxed by federal, state, and local Paid to employees, taxed again at Fed, state, local levels Spent by employees on housing, taxed annually by local gov spent by employees on goods, taxed by the state gov Not bad for a country founded on the principals of rebellion against unfair taxation…unless we believe Bobby Menedez is my representation and Chuckie Schumer covers @changegonnacome and @BG2008…. Total fuckin farce Then I go to Florida and see entire cities being built in the time it takes NY/NJ/CT to fix a couple roads….

As a holder of several discount to NAV co's I support this new plan...already being ahead of the curve on the tax benefit aspect!

Nah Flatt will be chillin with Mike Pearson by then. Ackman will be President of the USA. He’ll sell a majority stake in US Infrastructure Co to Pershing SPARC IV and all will be well.

Nah there’s a simple and capitalist answer; one Trump already raised. Sell the infrastructure like bridges and highways to private enterprise. They’ll take care of them properly. And our government will endure the same fate all poorly managed and over-levered entities do. All that’s fine too. Good for efficiency.

I also don’t think we found a way at the time to express a belief that was somewhat arcane in terms of expressing it profitably. Best one IIRC was 5.50-6 Fed Funds futures which was a bust.

I think the issue with ‘Nish is really one with a lot of finance dudes. If we just called a spade a spade and that’s it, I doubt people would care. Guys an entrepreneur, and a good one. Opening a fund is about one thing, make money for himself. Nothing wrong with that. He’s gonna market it. Nothing wrong with that. Except in the finance world, you get these guys, who can’t just admit the simple truth, but rather need to feed the monstrous egos too. A dentist or a warehouse owner makes their money but they don’t go around lecturing everyone on how alpha male they are or how unique they are; they just have their businesses and make money from it and everyone knows B is because of A. In finance, you get these guys making tons of money, doing things that aren’t even that hard, like charging AUM fees, and then they go around acting like because they have a lot of money or because they run a fund, that they’re visionaries and elite investors LOL. Essentially trying to convince people that B is because of 1/8d+TK^3. That’s kinda the issue imo. The best example I can think of are investment bankers. At the core, they’re glorified real estate agents or car salesmen who spent way more time in school. But they don’t do anything special they just charge % fees after convincing someone to move money around.

Edward Norton, Kevin Spacey, Denzel....best modern era actors IMO All pretty unique and brilliant individuals.

Tough making a living trying to call 10% fluctuations.

Haha nice. I guess it’s ultimately the lens you look through which shapes the view.

Yea I’m super fat and happy on 30 year fixed at 3/4/5 rates from primaries to investor loans. No plan to sell but if a bank said hey that $450k mortgage can be paid off for $325k I’d probably consider it, or at least do partial buybacks if available. But knowing the system if I say hey I got this one here at $450k with a 3.25% what’s the payoff they’d say $452k lol and it’s like ok enjoy your NIM

Kind words appreciated but I like being away from the crowds. Figuratively and literally.

Is there actually a legitimate way to do this? Would imagine getting a payoff quote aint getting you a discount to amount outstanding.

Yea obviously coal is high conviction for him(I think Horsehead was too) and the launch point is basically just hoping to catch a massive year or two out of the gate and then be able to market this for the next decade or two as an “outperformer”.

Bought some save Sucker for reversals lol

If you’re retired you probably also have huge home equity. Despite that whole crock of shit from people claiming we have a housing crash on our hands…

Peoples desire to be in the stock market without accepting the risks that come with being in the stock market continues to make clever salesmen rich…when will they learn? Probably never. Especially if you tell them scary stories.

The bar for a roaring 20s is also so much lower today because of efficiency. Imagine going on a vacation from NY to say Cape Cod in the 20s? The cost relative to average wage? The time? Today it requires much less for people to live well and we finally do at least temporarily seem to have an environment where if folks want to do well, they can work hard for it.

So the debate is settled then? They probably shoulda just bought stocks

Tops in on rates, yup.

You speak soundly on a lot of issues! The Fed has basically committed ALREADY! to cutting rates, and potentially hard, on economic weakness. They’ve backed themselves into a corner on the “landing” part, since they’ve been 100% the reason for it even existing! Double down on that with their constant bs about rooting for economic weakness, and you bet your last buck they’ll be there to save face, along with the politicians and all the usual suspects.

Yea I’d just margin some of those FRP-bills you got and then payback the car loan equivalent every month.