Cevian

Just finished watching the recent full interview with Druckenmiller. IMO the best quote which summarises my own issue with the Fed's actions: "the Fed is there to solve a liquidity problem...they are not there.....in solving a solvency problem."

+1

Out today: https://www.sec.gov/Archives/edgar/data/1061768/000156761920010141/xslForm13F_X01/form13fInfoTable.xml This is the one I've been waiting for the most. Looks like new positions in Google and Facebook. That's a big pivot for Klarman.

I think we all agree that "cigar butt" investing hasn't quite worked out for them. Having said that, based on only the two names they announced on the call as having purchased in Q1 (Google and Exxon), it seems those were good purchases and entry points to have made at that time. I'm encouraged by those moves.

It seems to have taken Chou an extremely long time to learn that you can't just buy cheap stocks without understanding the quality of what you are buying. With all due respect to Francis and Mohnish....no one needs to pay either of them for their investment management "skill" in order to own Apple or Google. I personally do not believe either of them suddenly found this "new" approach to value investing. Francis staunchly defended his former approach to value investing for more than 10 years and now he pivots and buys Apply and Google? Call me skeptical....at best. I wonder how his long suffering unit holders who bought into his previous approach all those years feel now? I agree. I just don't understand how Chou funds in total could still have hundreds of millions under management, mostly at ~2% fees, even with his 10-15 year record. I never thought funds were that sticky but maybe so.

If you want the "work" conversation to come to an abrupt end, either at a party or even with customs officers, I've found "accountant" or "actuary" do the trick.

I think I should stop listening to the conference calls. :) Every time I listen, I get encouraged and buy more shares. Purchased more at CAD$360 today. I don't think I've ever seen this kind of discount to book.

Nomad, great thread. I agree wholeheartedly. I'm disgusted and disheartened by the latest actions and narrative from all areas of government and industry regarding bailouts. They pretend we're in a capitalist system yet, at the first sign of trouble, are willing to save everyone from failure. It's the same story every time, "this time is different", "it would create a much bigger problem if we didn't save...", etc. Speculation is being encouraged in all areas but the downside is being protected.

Let the government get out of the way and see how quickly the phone starts ringing. We'd have a Berkshire Airline by now for sure. ;)

It was funny to listen to the conference though. Prem is definitely such a nice guy. He always answers any question by "That's a great question...". He seems like a real team player type of leader who gives his managers plenty of space and loves making deals. Proud to be a shareholder. The only downside I see is that, with all the high-fiving going on sometimes, it may lead to a lot of groupthink.

"higher yielding investment grade U.S. corporate bonds with an average maturity date of 4 years and average interest rates of 4.25%, that will benefit interest income in the future." Honestly, isn't that one of the worst placed to be at the moment?

He's 89 years old

3 April 2020: Never thought I'd be able to purchase FFH again at CAD385

Remember stranger, as you pass by, As you are now, so once was I. As I am now you soon will be, Prepare yourself to follow me.

Anyone listened in today?

Good to see the difference on XFR.TO closing today. I had to second guess myself and analyse the entire portfolio in the ETF overnight so I could sleep easy. Very solid, mostly Crown Corp, unlike it's US counterpart.

I've been looking at this for the past 24 hours. Have a look at FLOT, XFR.TO. Same thing. There is a major credit and liquidity problem in the market that not many people are talking about. While investors are trying to redeem these types of ETFs, the underlying securities are frozen and can't be redeemed with such speed. A large discount has appeared between price and NAV, which I'm hoping will be resolved naturally via the market mechanism.

Can anyone explain what a "Tax Withholding" transaction means on a Form 4? As a specific example, I initially saw "Insider Sales" at CHK through filing of Form 4s on 31 Jan 2020 but, on closer inspection, the Form 4 is coded as F meaning "Tax Withholding" sale?

May all be true, still name 1 better source for news (not state propaganda) this day and age? I read it, yet I don't leave my brain at home while doing so. It is state propaganda, is the point. You just seem to personally prefer Russian state propaganda designed to make westerners hate and mistrust their own governments for the benefit of Putin and his mafia-state cronies. Propaganda - truth is a spectrum. ZH is much less propaganda than any western (US or European) mainstream news outlet I've ever come across. If (!) there's Russians behind ZH there's Russians behind ZH big deal. There are definitely groups of people behind mainstream western news outlets whose interests are not alligned with mine (or the truth). +1 Well said.

I loved this book. I've found one way to avoid revisionist history is to read letters, notes, diaries written in the time period you are interested in. One recommend he makes (to himself) in his diary is always to keep extra cash. The trouble today is that I don't trust any fiat currency, hence gold has become the default go to position.

I loved "Crime and Punishment" and "Brothers Karamazov". I tried reading Demons two months ago but gave up after 30-35 pages. Does it get any better? The reason I ask is because you specifically mention that it's your favourite. May be tempted to take another crack at it.

More than anything the markets hate uncertainty. Based on the current rhetoric it appears that Brexit is a done deal 31 Jan without the need for a second referendum. Businesses and investors can now make clear plans accordingly.

Bought some more yesterday. Waiting for Q3 results which may include losses from Hurricane Dorian. Will double down if there is a significant drop.

Bennycx, congrats on reaching the mark. Out of curiosity, do you own your own home? If not, where do you live? I find real estate has become a larger and larger component of ones net worth and it would be interesting to know where you are on that front.

I've recently gone ahead and changed the settings to ignore politics. It makes a big difference to the message board and even cleans up the recent posts. I'm still seeing this thread though since it has been posted in the General Category.