DooDiligence

I'd rather BRK buybacks but that view may change into retirement. Or not; like you said, sell if you need supplemental cash. Other companies with better places to deploy cash should do so. Screw dividends, except maybe with something like Altria (seems like they'd be able to find a way to spend some $$$ to expand alcoholic bevs but shareholders would go nuts if the dividends started getting diverted.) When I learned about BRK Energy & how they started putting former dividends back into the company, it helped me understand (I'm only assuming that these investments are digging a moat around the operation.) --- Many people imagine that it's easy to extrapolate a steadily increasing dividend will return x% of my investment & the rest should be provided by a bigger business down the road (whether it works out that way or not WTFK.) Is is that much harder to figure out if cash deployed (instead) towards organic or acquisitive growth will result in more value? (You bet it's friggin harder with 2nd level thinking & all that.) - not saying I can think like that but a lot of people here & on FinTwit sure as shit can...

Bump

I deleted a few posts/clogs over on that other thread but had to leave 2 in order to keep myself honest (probably could move those - yea or nay?)

I actually meant selling fuel on credit. Sorry John, future posts will go to the right thread.

Oops... https://www.law360.com/articles/951809/abn-amro-adds-defendants-to-12m-defaulted-loan-suit Hispania Petroleum SA --- I got sucked in by Eike Batista before & suppose this could be another one...

You still following MVN/MDLNF? A lot has happened since 2014. New management & a cash infusion (see attachment.) Jose Penafiel is the new CEO & he appears to have a lot of experience in the Vaca Muerta, Permian, etc., & he's had extensive dealings with Lukoil (Formerly the CEO of Hispania Petroleum SA & an Oxford PPE grad FWIW.) --- Cristina is gone? https://www.forbes.com/sites/riskmap/2017/03/23/argentinas-mid-term-elections-will-macris-pro-business-reforms-stand-the-test/#769e1da426ca Likelihood of a recurrence of the Repsol mugging? --- It appears that the reforms are attracting capital http://petroleumworld.com/story17010605.htm --- Does anyone know if they still cap petroleum to curb exports? --- Price is significantly lower than 2014 & looks like it has enough volume for small accounts. and of course https://en.wikipedia.org/wiki/Vaca_Muerta --- Not sure if this is significant https://globenewswire.com/news-release/2017/09/27/1133980/0/en/Madalena-Announces-Change-of-Auditors.html I think they're looking for the removal of a statement regarding "ongoing concern" --- I haven't read any of the company's reports yet & so far it's just a neat sounding story. I'll listen to the latest call... (this idea came from a Tweet by Maglan Capital) 08092017_Announces_the_Issuance_of_Warrants_to_Hispania_Petroleum_SA.pdf

Credit?

Sounds like a perfectly Phil Fisher'ish thing to do (might find a good manager to put money with in the process...)

Me 2 because it's the 1st trading day of the month. This is my 2nd month in a 12 month plan (equal amounts every month.) Just layin' the strategy out for any lurkers. It's kind of liberating 2 have 1 company 2 buy regardless of price (might break me of chasing 1/8's & 1/4's on stuff I plan 2 hold semi-4ever...) I believe Berkshire itself does something like this when building a position. Only that their buy parameters are a little different from ours; a % of trading volume, daily buying, and of course a shitload more quantity of stock until they get to just under the 10% ownership of the entire damn company (we start to sweat when it gets close to 10% of our portfolio) ;D I look at BRK's BV & it amazes me. Could anyone take Berkshire's mkt cap in cash & re-create the company? I don't think so. I'm not counting on a re-rating by markets over the next decade or so but... Just what, exactly, holds BRK at such levels? I feel comfortable dollar cost averaging over the next year. The 1/8's & 1/4's thing is really stupid (kinda like playing Lunar Lander on an old punch card machine) & I'm just not gonna do it any more. I range from 3% to 6% positions & will prob wind up with 10% or more in BRK (call it a capitulation of sorts.)

Lower prices means more demand too. Lots of projects that wouldn't make sense with a 100m launch might make sense with a 10m launch, for example. And once you start building bases on the moon and creating staging areas for interplanetary travel for a lot of mass, the number of launches go up really quickly... But I don't think he cares, he just wants to do his part to push the space sector forward. If it means not optimizing the economics perfectly, ¯\_(ツ)_/¯ If you believed they put a man on the moon Man on the moon If you believe there's nothing up his sleeve Then nothing is cool

Me 2 because it's the 1st trading day of the month. This is my 2nd month in a 12 month plan (equal amounts every month.) Just layin' the strategy out for any lurkers. It's kind of liberating 2 have 1 company 2 buy regardless of price (might break me of chasing 1/8's & 1/4's on stuff I plan 2 hold semi-4ever...)

Ditto...

That would be a shame if it is, just when his short would have worked out. I recall Tilson actually writing a great piece on exactly this. Quite humble It was maybe late 2015 into mid 2016 where he acknowledged no longer being able to take it and covering almost all of his short book in November, only to see 90% of them declined by something crazy (like 60% on average) over the next 6 months. If only he had Michael Burry as the gatekeeper.

@ScottMONEYHall (Brilliant, insightful, diligent & non conventional)

Sex, drugs, and rock'n'roll. also bajillions of bucks, CoBF, fame, Internetz, superpowas, youth, vintage youth, exploding kittens, Instagram, cheese and good night's sleep. Why not!?!

It does. Short the bad stuff & lean in on your longs. Thanks DC ----- "Follow your bliss" - J. Campbell https://en.wikipedia.org/wiki/Joseph_Campbell

Pics please! Watch is supposed to arrive on the 22nd & there will most certainly be images, in the water (there may or may not be fish in the photos...)

Holy moly, a pink swan event! I was thinking about going 2 Bermuda some day but if I gotta dress like that, not...

Apple Watch 3

Yes & as stated in the letter the p fee will be paid in sub voting shares of the company unless PB is over 2.0, in which event Fairfax may elect to take cash. Also, CEO, CFO & corp secretary compensation will be borne by Faifax. Someone smarter than me (or more motivated) should try & figure out if the performance fees cover comp costs for Fairfax. Prob should own both but I don't really understand what Fairfax is/does/will be (will read thru the threads today...)

What are the "performance fees"? If it's a publicly traded stock can it have performance fees? Is it not set up like FFH where management has equity and is payed a salary for the day to day work? Thanks, This is not a stock, it's a group of stocks (basically a hedge fund without the huge buy in...) http://www.uglymule.com/images/performance-fees.png

I guess the property is contiguous with the airport. I'd already read the letter but missed that part. Yeah, the letter is spellbinding but I'm anchored to what I paid already & refuse to buy more here...

I've searched & can't find the exact location of the extra acreage (can you point me 2 it?) I Google mapped around & found a lot of high tech industrial going on in the area. FFXDF is at the mercy of its underlying & the markets willingness to price above NAV. I don't see any urgency to add but might if it were back around a 10% premium.

This is a leap of faith based on Prem Watsa's wonderful storytelling. The fact that the region has such great demographics makes it believable. I particularly like Bengaluru. I don't so much care for the performance fees. Wish I'd gotten more at a price close to what OMERS paid but it just keeps going up...

Agreed, look at how much SLB & CLB & others paid for stepped up buybacks between 2013 & 2015 (shoulda saved the $ 4 now...)