thowed

Modeselektor - Happy Birthday LP Crunchy European Electronics.

Ha Ha - yes, well as long as I've been organised & have cash.

Yep. Our memories are short.... some time last year, I ended up reading some posts from Jan/Feb 2009 - it was really educational - people scooping stuff up when they were dead cheap, and then seeing the price plummet further. That was proper fear in the market, and frankly I hope we never see it again (though it's bound to happen eventually).

Please can we get back on topic to Value Rotation. Discussion of single mothers not relevant - some do OK, some don't. Just like some nuclear families do OK, some don't. Think that's all we need.

Yep, this has been the case in London too.

Yes, I do! I've just been re-reading The New Money Masters, and remembered how impressive he is. I'd forgotten that he is very much my favourite type of quality compounding investor, like Akre, Terry Smith, Lindsell Train etc. Cheers for these links - I plan to dig around the internet for more features/interviews with him when I have a moment.

Interesting thinking. I imagine that this would be good for something like TPL?

I I mean, obviously, nobody knows, but I will point out that there are some crypto tail risks. There WILL be more crypto hacks, which will reduce trust - and this is pretty much all about trust. I'd bet there will be more hacks than gold bars stolen. (of course, the discussion about whether all gold ETFs hold as many bars as they say they do is another topic altogether...).

There's some good stuff i.e. some of it looks incredible. There's some good tension in the middle. But yes, overall, given the hype, very disappointing. I am unbelievably stoked for Succession Season 3 next week.

I sympathise - it's simple - I'm against double taxation. But I'm also jealous. In the UK the threshold is below US$500k!

Chapeau!

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.

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.

Many thanks for these, chaps.

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.

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.

Congrats, Greg, this was on my list of RE to check, courtesy of your good self - I've got to speed up!

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.

+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).

There was the most amazing twitterstorm (since deleted) from him shortly after publication. I wonder if he celebrated a bit too much...

I mean, you really can't make this stuff up anymore...

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.

Ha ha!

Parsad Firstly, many thanks to you for this board, period, and all the hard work done on the update (and for letting us stay on as members). I'm sure I haven't exploited many of the improvements yet. The only request I'd make for now is if the Index/Home page could be made smaller, so I can see the lot on one laptop screen, as was before. It's a small thing, but just makes it easier to open multiple tabs for different sections. Many thanks again.

Any thoughts on this? My starting point would be Consumer goods companies e.g. Mondelez, Unilever etc. for price increases. I'm sure Buffett says something about this in his 70s feature on inflation - will have to dig it out.