thowed

That's completely crazy. Where is the lurker?!?

Crazy. Well done being on the ball - I'd be tempted to buy more under 2,200.

How wonderful! Are you going to any others?

I've got CSU and NOW for this - fairly confident now there will be winners and losers in software wrt AI. But bearishness persists.

ITALY!

Hope England keep playing like this, much more fun football to watch than their usual. Polite p.s. England, not UK - otherwise Scotland wouldn't be playing.

I suspect Israel/Hezbollah might both be tired, and welcome of a break. But it will inevitably start again at some point.

More MIAX. Stinging a bit, but feels ridiculous over-reaction to Perps (I'm guessing it's that) which are a different game. Only thing that nags a little is the court case, but my guess is they'll settle, hopefully sooner rather than later.

It's up after hours, so possibly not. But no idea how people will feel tomorrow. I think most people thought rates were going up, and it was contrarian to think he'd be dovish? But maybe everybody was HOPING he'd be dovish, and so have been caught offside.

Would everyone (including Parsad) be happy with an LLM scraping all the contributions/copyright from here, training on it, and potentially commercialising it in future? If it was an internal LLM just for the site that couldn't escape the garden, then much more interested.

Sounds good. It's a wonderful company (at a price). Hard to find much higher quality, so worth a place in a portfolio. Good luck to us all!

I own a chunk of RWWI - you guys should look at again - if you know/remember it's basically a Royalty on ADSK. And dirt cheap at moment. Seems like retiring Directors have been selling & is so illiquid it has suppressed price. And still residucal concerns that ADSK might shake things up. But feels like RWWI too big for them to want to piss off. And the cash flow is looking good. Separately - it's so wild that people here are buying ADBE, ADSK, INTU - can you imagine that 5 years ago?!

Ha, funny you know about that guy - I think of here and the arrogant know-it-alls on X as being completely walled off from each other. I hate X, full of idiots, but I do still find it useful for researching small-caps - there are a handful of great people you can exchange ideas with. Otherwise it makes me appreciate this place even more for how civilised and decent it is (excluding Politics thread!).

Fair enough. Feels like this is a Narrative drives Price thing atm, not you, but generally. It was untouchable for so long, but now the price has corrected, everyone feels more nervous (myself included!). It's crazy it's just been at the Nov 21 peak price. For me, the main issue is size - how much bigger can they get? Can Elephants gallop? But then, given the prices, the volumes probably can get bigger. Meanwhile you have an Outstanding family-led management team who execute so well. I guess the turnaround is predominantly China/Asia recovery - though I imagine all the IPO money might help a bit too! (Or will that go more to Ferrari...). I also hope it is inflation-proof.

Tampons aren't unmentionable! What is this, the Dark Ages?! Camilla is great, real shame they weren't allowed to marry at the beginning. Diana looked great, but was young, and not right for the job. And Charles probably didn't behave brilliantly either. He's done great stuff in his time, though, and after being a joke, people are realising he was ahead of his time in some respects.

Alternative view I saw recently, referring to Goldblatt I think, was saying that your largest position should be the one you think you are least likely to lose money on.

Thanks as always, @Viking, for these fascinating posts. I am relatively new to FFH, but do remember being impressed at the time when Prem took off the hedges in 2016 after Trump got elected. I think we can all think of fund managers who became bearish, not unreasonably, but who have struggled to concede they were wrong, and have just stayed stuck with their convictions, underperforming. So while it was a painful decade, it is a great credit to them that they managed to recognise their mistake, and how things had changed, and reposition themselves. Cheers

OK! Fascinating - feels like things are rocketing today! I still have some QQQ Puts, so feel reasonably ready if it goes up or down, though probably need more Tech if it goes up!

Amazing - very good. Andurand not on there, though can't work out how he's fared long-term - so volatile! Also in IPCO so agree - hope it will be another long-term Lundin success story.

I use free Fiscal.AI for Earnings Call Transcripts (I find it quicker to read than listen) and have been v happy with it, but can't vouch for other features.

Wow - I lost track of MSGS - congrats. Think not being in the US/East Coast, I just couldn't quite get my head round it, though it was tempting from reading the pitches here. Definitely one you needed conviction for, to have the patience.

Is this another fertility play? From memory your last one got taken out. I found a Japanese one recently, but haven't dug in yet.

I'm happy paying for Claude atm as it is operating as my 'intern' i.e. writing intital reports on companies I'm researching. I would like to spend more time understanding what I can get out of it, as I am scratching the surface I think. I have no idea what will happen with AI, like I had no idea what would happen with the internet in 1997. What often happens with massive infrastructure spends is that they're overrated in the short-term and underrated in the long-term. So I expect the share prices to go down as they're overly optimistic at the moment. I also suspect (but total speculation) that AI will become, like the mobile phone companies in the late 90s, a Utility and will command valuations like that, rather than tech. (I don't remember the US situation, but in Europe Vodafone was the biggest stock in town in the late 90s).

Thanks! His weekly is something I used to read but just ran out of time for.

MIAX - Murray Stahl (RIP) favourite that seems to be taking share in options & predictions markets. TVK - I Trust in Dustin