nickenumbers

This one is from 2017 and is fairly good. In my opinion, there are 2 Charlie Mungers. 1. The quiet demure one that sits next to Warren. [Why? Because that is the Warren show, and CM knows that he is the side kick and he plays his part.] 2. The real CM is in independent interviews, and he talks non stop. Wicked smart, well read, informed opinions, a smidge of arrogance, and does not share the conversation. CM will control the conversation because he has so much to say. BUT, I usually don't even want to hear anyone but CM. Whip smart. And he is honest about his mistakes. He knows that he wasn't born perfect. He has gotten so successful thru his hard work, intelligence, and learning from mistakes [his own, and those of others.] Here is another one that is a bit older: If you are pressed for time, this is a very good commencement speech and intro to CM's thinking: I will leave you with a CM quote: I’d rather throw a viper down my shirt front than hire a compensation consultant.

I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding. Charlie Munger

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” — Charlie Munger ;D Love that guy. Thank you Charlie!

I generally don't like puff recycled information news... but this was well written and a fair amount of current and new information for me. Buffett and Gates have a 1 hour conversation once a week. Who knew?? https://finance.yahoo.com/news/heres-what-bill-gates-and-warren-buffett-talk-about-during-covid-19-121314292.html

:-* :-* That is what I like about you bunch, smart, resourceful and willing to share. I can't wait to read it. Seth Klarman is on my top 10 list. Thank you!

Guys, I wanted to get your opinions on US national home builders. [Lennar, DR Horton, Pulte, KB Homes]. Over the years, I have tracked the them due to the narrative that we are all familiar with, post 2008 under supply, millennial growing household formation, etc.. I own Lennar specifically. And, it has had a run up to close to IV post Covid-19. Low interest rates and people moving out of the city. Entry level new houses and move-up houses. But, with government stimulus and with continued unemployment, I am starting to wonder if I should cut and run. Home owners need jobs and income to buy houses and to continue to pay for mortgage. The government is ultra incentivized to keep the party going, I know. I frame it to myself with a question. "Was owning the US National Home builders a better position in 11/2019, or in 7/2020?" Any input is appreciated.

Parsad, thank you for sharing that story. As you know, it is a long game with lots of poker hands in your future. This one you earned a lot on, and you had your risk management hat on to boot. Perhaps deconstruct the hand and see if you would have played it different with the same imperfect information. It is all good to leave a little money on the table. The tide comes in, the tide goes out. Again, great story! I need to go learn more about Overstock also. I thought it was a "has been".

Thanks for the posting Parasad. I read lots of books, but not a lot of newspapers. I do skim WSJ about 2 times per week. Parasad, what newspapers do you usually read?

Russian dealers are so 20th century. Just buy it on Amazon FFS: https://smile.amazon.com/Images-SI-Uranium-Ore/dp/B000796XXM/ref=sr_1_1?crid=2X6ULNHYIQ44Q&dchild=1&keywords=uranium+ore&qid=1595350695&sprefix=uranium%2Caps%2C157&sr=8-1 Good news! I was able to get in contact with a prince from Nigeria. Wired him money to buy call options on Uranium. He said he has both U-238, and U-235. He said he would US mail me a confirmation.

What precautions do you need to take to store/handle uranium? Uranium investments get interesting once you reach critical mass. You have to diversify to avoid the blow up. It is a regulated material so you have to protect and secure it. I would suggest putting it in your right front pocket and at night sleeping with it under you pillow. ;)

Every time I have bought a yacht they have accepted a credit card for the full purchase price!! ::)

Okay, I chuckled at that! You never know..

Why do we think Ajit Jain sold some BRK shares for just under $1MM? [info reported on Dataroma as insider transaction.] ≡ 08 Jul 09:42 BRK.A BERKSHIRE HATHAWAY INC JAIN AJIT Vice Chairman 01 Jul 2020 Sale 5,600 177.735 995,316 I * D/I = Direct / Indirect * 10% = Entity with 10% or higher ownership stake * A = Amendment Filing (SEC Form 4/A)

Munger is so impressive. As old as he is.... He runs as smooth as a Swiss clock. And, there was so much that he said in this interview that doesn't get covered in the BRK and DJC meetings. I guess I don't have to wonder if he has lost a step. NO, he has not. Unbelievable.

Longinvestor, The future leader of BRK is certainly cloudy and opaque, but to me, it seemed like Greg Abel was/is the guy. The other 3 are very important [4 Amigos], but it appears to me like Abel will make the call. My 2 cents.

Guys, After watching WEB at the shareholder's meeting this past weekend, I am coming to the conclusion that he has changed. And, that is fine. We all change. It depends on where we are at in our life and what life throws at us. But, I am thinking that Bayesian Thinking is in order here with WEB and BRK. We all want what WAS, this historical WEB and CM. But, so much has changed to them and to BRK, that old reality is gone, forever and for good. And, listening to WEB this weekend, he is a different guy. He is in capital preservation mode, slow down mode. With Bayesian Thinking, now with new information about WEB and BRK, I need to forget the past, or reduce it's weight in the present. I will respect and listen to WEB and CM, but I will NOT rely on them as much to make capital allocation decisions for me. I sold some BRK-B today.

Guys, I read through a number of 13-f rules and reporting guidelines and FAQs. I wanted to clarify that the lower limit on reporting is any position that is great then $200K? [it seems kinda low for a large investor.] My question is: What is the smallest position size that a super investor is required to report? For example: When BRK reports their 13-f in a couple of weeks, if they have a $220K position in Google, are they required to report it on the filing? Thank you.

Yeah, I agree with you guys. It is really smart and necessary to physically distance all of them... But, we all look forward to Charlie. Maybe they could let him talk for 10 minutes at the end. Just cut to video in California, wake Charlie up from his nap and say "Talk Charlie." I don't care what he says it would be great. Dude is Wicked SMART and hysterical.

Here is my quick math. 2/13/2020 3/04/2020 Diff Aprox Value A 700,396 699,123 B 1,385,994,959 1,382,352,370 "A" Share Equiv 1,624,393 1,620,691 (3,701) ($1,032,688,554) -0.23%

It seems BRK has posted a new Proxy to their webpage. Check it out https://berkshirehathaway.com/2020ProxyStmt.pdf It seems that they post their share count as of 3/4/2020, and I compared it to the count at 2/13/2020. Unless I am wrong, it seems they have only repurchased about $1B during that time period. Now, we all know the time after 3/4/2020 was pretty turbulent. I hope they repurchased more shares.

BREAKING NEWS!!!!!! Daily Journal has just filed their 13F.... wait for it..... wwwwaitttttt for it......... Munger didn't do anything. No buys, no sells. ;)

Whitney Tilson sent me a "1 hour left" offer to be a founding partner. I think i peed a little when I saw it.. I have been waiting my whole life for this opportunity. Whitney- He knows more ways to take your money than a roomful of lawyers. He’s more slippery than a pocketful of pudding. Whitney’s on a first-name basis with the bottom of the deck.

Preach it, Gregmal! And GOOG, AMZN and MSFT [maybe a few others] in the midst of the crisis would have been great additions and places to dump $30B real easy. 100% Agree

Munger is not interest in talking UP the BRK stock. He doesn't care and he is not a Selling shareholder. If there is a chance that WEB and the HQ is repurchasing the shares... Munger would have a double preference to talk down the economy. Munger has said that his family and his estate is LONG in BRK, and share repurchases at low prices work for him. I am not suggesting anything nefarious, but Munger thinks very long term. Maybe he is playing poker against the short term selling shareholders in favor of the long term staying shareholders. I am ready to be wrong. Thoughts?

Yeah, I think Munger is giving you his own opinion with a 10% tie into BRK and WEB. He does tend to be more pessimistic. And he doesn't check with Warren before he says what he says. Maybe Munger is playing pessimistic Defense while WEB and the other Captains are playing offense. He is also pointing out that due to the conservative nature of BRK with Insurance, and with 90% of some people's wealth tied up in BRK, WEB and CM are not going to throw $125B at the market right now. It does not seem like a sure thing to him. But, Munger also probably considers $40B in new common stock positions and BRK share repurchase a trifle. It is small bananas to him. He is not saying that they are not buying, he is saying that they are not putting $125B into play. Munger is also not going to tell you/us when they have an advantage. Why would he? They are going to keep playing their hand until 5/3/20, and then they are going to lay some of the cards on the table for us to see. Finally, I think we have to take into account what Ajit, Able, Todd and Ted are saying to the old grumpy WEB and CM. If the younger 4 find value and opportunity, I think many billions will be invested.