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thowed's Achievements


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  1. I sympathise - it's simple - I'm against double taxation. But I'm also jealous. In the UK the threshold is below US$500k!
  2. I'm not sure about ETFs - I think China currently has relatively inefficient indices, so you're arguably better off going Active. There are some interesting boutiques (most that I know are non-US), but JP Morgan have a solid team - their China fund is a bit like a Growth ETF (i.e. not that concentrated) but most holdings are decent quality. I see it as a decent high-ish beta play. Baillie Gifford have, I think, a new-ish mutual fund in China A-Shares which looks really interesting - concentrated portfolio. They are a Growth house, just set up an office in Shanghai, & while I sometimes disagree with their thinking, overall they're a pretty decent firm.
  3. One obvious side point is that those of us who remember it were a lot younger then... There are some things e.g. Crypto that remind me of the time i.e. people having crazy paper profits in a very short time. But Crypto is still relatively niche. Back then there was a whole sector of the stockmarket where day traders could make crypto profits with tech companies, and the feeling that anybody could do it. Even with the SaaS froth last year, it didn't feel like loads of ordinary people were doing it. And as mentioned, there was the valuation disparity which isn't apparent now. I was young and got a valuable lesson, buying 2 stocks tipped separately by a Financial newspaper in 1999. One was a small-cap, racy tech stock. The other was a very cheap, high-yielding large-cap utility... But as people have said above, nobody really knows in advance - you just can't time these things. That's what makes it interesting.
  4. Wotcha Been interested by your recent posts on MOTR and IPCO - thanks, I must look at these more. I'm a relatively rare UK person on this board, & pre-COVID would sometimes be in CH. Fear I can't meet for a drink, but just wanted to say hello as a fellow Brit nerd! I'm not really smart enough to analyse stocks, but do in-depth research on (mainly boutique) funds all over the world & know a little about a lot of companies. I also have long-held appreciation of Brown Bottle, Sid, Sandra & Tray etc! Cheers
  5. To start with, I'm incredibly grateful to this board, especially Gregmal & Pupil, for providing amazing info about small-cap RE opportunities. I want to learn more, and wondered if there were any good funds etc to learn from (or even decent concentrated portfolios to get ideas from). e.g. I'm quite fascinated by things like STORE i.e. the great CEO letters and the BRK stake. The only one I can think of so far is Rhizome, which is a small indy operation that has some CoBF friendly cos. Otherwise I'm stuck. In the UK, we have TRY - a LSE-listed closed-end fund, which has outstanding, long manager commentaries in the Annual Reports. I recommend this if you want to learn about Euro & UK RE. It's a big fund now, so has to restrict it's small-cap exposure - but does discuss them - he calls this section the... REIT Petites. Thanks in advance. I don't know why the UK doesn't have any decent US RE funds of its own - a real gap in the market.
  6. Yep, I got this from a Commodity fund letter (underlining is mine): We have explored ETF alternatives such as KRBN, which provide exposure to various carbon markets but are not comfortable with the structure’s shortcomings.
  7. Congrats, Greg, this was on my list of RE to check, courtesy of your good self - I've got to speed up!
  8. Paging Liberty... he's been talking about Obsidian on his newsletter. I've downloaded it but not got round to trying it out yet. But thanks for highlighting this - I really need to update my work methods, and you've put some good ideas for me.
  9. +1. I have a bit of cash, and REITs seem to be the place where valuations seem more reasonable than most other things. I'm looking more at Europe as I know the market better, though I'm increasingly fascinated reading about STORE, as the culture seems so impressive. I'm also looking for inflation-linked long lease stuff, as I've thrown in the towel on TIP$ for now, CPI doesn't seem the best way to play things (thanks to Horizon Kinetics for inflation-related thinking).
  10. Lots of good answers here. Personally I think I'd start with Terry Smith's Fundsmith Annual Letters, and the Fundsmith Owners Manual (on their website). They are very no-BS and straightforward. The Buffett annual letters are also great, but if I'd read them a bit later on, I think I'd have picked up more of the nuance on top. Lindsell Train also have a ton of simple-but-wise papers on their website. And Chuck Akre. I think people like this are good places to start as they have some of the simplest (& best) strategies to start with i.e. 1: buy high quality companies 2: do nothing. But they expand a bit more... Then various classic books, as discussed. Fit them in, but don't get over-obsessed by reading everything. I think it's worth reading a book on the History of Bubbles - the classics include ones by Edward Chancellor and Galbraith. And... just invest a bit. There's no better way to learn than just doing it - a 'model portfolio' isn't the same in terms of the important psychological emotions you need to learn (& learn how much you can control your emotions in the face of adversity/opportunity).
  11. There was the most amazing twitterstorm (since deleted) from him shortly after publication. I wonder if he celebrated a bit too much...
  12. I mean, you really can't make this stuff up anymore...
  13. One thing I find is that there are too many posts per page for me - I don't like keeping on scrolling down (on a laptop - it's probably better on a phone). It feels like there's a lot more spacing - I preferred the compactness of the old site for reading. I know that the new site is a lot more customisable - unfortunately I'm too old & lazy to get round to doing this, which I accept is my issue. I say all this reluctantly, knowing how much effort's been put in, but I feel it's best to be honest.
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