nickenumbers

I have no idea what Google is up to. I am a Google and Android fan. I use a lot of Google's suite of products. They are an amazing company... But, they went from a pretty good Finance Site, to a MICKEY MOUSE site. It is so bad, I have been going back to Yahoo Finance, and Morningstar for some quick basic stuff. The new website is worse than a roll of Wet Toilet Paper. Try to wipe yourself with that! Booo Google FINANCE!!!!

He can be the smartest guy in the room and a good listener at the same time right. He doesn't have to be one or the other. Perhaps I should have said ONE OF the smartest guys in the room.. It is like an alligator that likes to have his back rubbed doesn't make him your pal, and it doesn't mean that you can kiss the alligator on the mouth. Just rub his back.. [My comparison kinda broke down there, but it was too much fun to stop.. "Pull up Goose"] Thanks for the link, Cardboard!

I know that this is a chicken or the egg questions, but I would still enjoy hearing the groups thoughts and spins on it. If we start with WEB when he sits across the table from Charlie for the first time. WEB knows that he/himself is the smartest guy in the room in a lot of ways, but along comes Charlie and WEB, stops, listens and says....WAIT A MINUTE!!!! This Charlie guy is special, he is different. Plus, the fact that WEB and Charlie were able to put their egos aside and work together. That is very uncommon. Humans are competitive. It is a 2nd small miracle that the two of them were willing to collaborate. Related. At every Annual BRK Shareholders meeting, WEB does 90 or 95% of the talking. And he turns to Charlie to see if he has anything to add.. We can all tell that they are both equal, different and brilliant. Plus, they honor and respect one another despite their disagreement. Thoughts?

Really Cool! We sound like we are making this stuff up now.. Kernel+API+Blockchain+digital signature+PandaPanda+Marshmello+DocuSign+PE+VirtualReality+ OpenSource I wonder why Charlie and Warren warn us to stay inside are circle of competence. ;) Munger- "I am not trying to do something smart, I am just trying to not do something stupid!"

Great little read. Thanks for sharing it.

How do you go long on Bitcoin? I am not a Crypto fan, at all. I am just an observer. Can you buy a 12 or 18 month Leap on Bitcoin with a TD Account?

Fun discussion. Really hard to find and have enough conviction to pull the trigger on it. I hear Charlie Munger in my ear "If it is close, we don't buy. It has to be a no brainer." I bought COSTCO 6/2018, $170 LEAPS at a couple different points late June 2017, Early July, then again in Early October. I sold it all out at the end of November 2017. I made an average of about 78% on my capital, straight up. If you annualize it would be around 185% (but I don't get too impressed with an annualized number.) Now, life can be viewed in hindsight, and I should have done a larger position, OF COURSE! But, I continue to learn, and risk control myself. It wasn't a sure thing SMACK BANG, it was just a high conviction, high probability calculation. I made 54% on Tesla $315 put options, but that was a long, ugly bumpy ride, that was negative for a long time. It was a small position and I thought I was going to sell it out at a loss. But, I learned that I can be right over the long term (5-10 year opinion on Electric Vehicles), BUT option basics- you gotta be right within the time period of your option.... Tesla tanked AGAIN, and I sold quick and ran to the exit. Who has something cool that they are considering and has a good narrative around? One of the beauties of the option is the magnified return, but it is pretty far out on the risk spectrum vs. a buy and hold on a stock.

Outstanding question Dr. Value! We are putting the nerd meter into the red with this one, and I LOVE IT! ;D There are some Genius investors on COBF that are going to add more than me on this topic, but.... Event Driven LEAPS are one of my favorites and secret weapons. I think of them and use them as you have described. I keep my eye open for an asymmetric risk/return reaction to a situation, story, event, etc. Lets say that Amazon buys Wholefoods, and Costco goes down by some silly stupid number over a couple of weeks. The size and scope of the reaction just doesn't make sense to me (fish in barrel + water level going down), so I will buy: 12 or 18 month COSTCO LEAP Out of the money with a strike price say 5% or maybe 10% higher than the present depressed price And I might allocate 1/2% of my portfolio, maybe 1% Plus when the tide is coming in [growing GDP/economy] you have an added sweetner of maybe a 4% price appreciation, independent of the event. I have used the strategy with Puts also with a company like TESLA when it is at a high, and it has worked, but with less return.. And it doesn't feel as comfortable to me.. Betting on long term growth is easier for me to calculate than the top side of a stock. But, I have learned with Long Term LEAPS to reach for them very very slowly. They have to be a high probability fit.. Don't be a "man with a hammer."

I am not familiar with all of GE's segments and sub-businesses, other than just general knowledge. Can BRK spend $20B, and buy all the insurance, or financial service, or mortgage segments? If GE is looking to refocus, that might be a good fit and a larger acquisition opportunity. Again, I don't know what GE has available.

I get Joe wants to be a bit of a comedy break, but it is just nonsense. He doesn't even clearly communicate his joke/question. Joe to WEB-"Warren, Taco Bell or Chipolte? Fast, pick one." WEB is wondering what the hell is Joe even asking, and what the hell am I answering. Becky had to decipher Joe's stupid question. Joe is not a total idiot either. Joe, slow down and say something funny, say something meaningful, or shut it. :-X I wonder if before they go live Becky says "Now Warren, Joe is going to ask a bunch of stupid questions just to get sound bites for Main Street America.. I mean some of them are going to be dead, dumb, stupid remarks/questions by Joe. Just smile and I will help you through them. "

Could Berkshire buy CHICK-FIL-A? I know it is private, and he owns Dairy Queen. Just a thought.

When WEB says "Fueled by retained earnings, Berkshire’s growth in value was unlikely to be less than 8% annually, even if we were to experience a so-so economy." Can I take that as WEB making an approximate low bar assumption that BRK should grow an an annual rate of 8% per year, even in a down economy? I guess he is not referred directly to share price, but that has been the 2 prong yard stick of late (Book Value and Market Value.) Can I assume that he thinks that BRK will grow at a low bar rate of 8% per year for the next 5-7 years?

Great conversation. Very thought provoking! Humm..

That is a really cool rule of thumb. I have not heard that before. It is a good quick short hand. Thanks for sharing it, mcliu.

Thanks for the replies. Any others?

Very cool. Thank you for sharing everyone! I can't wait to listen to the audio of Daily Journal 2018.

All, I was wondering if anyone lives in northern Virginia or the Metro Area? I wanted to see if there were any COBF members that were near me. Please email me directly so that we don't waste the group's time. Thanks.

Genius Crowd of COBF, When do you all think the meeting today at Daily Journal with Charlie Munger will be posted to Youtube? I have a Man-Crush on Charlie. Thanks!

Thanks for the Book Daniel. I just downloaded it and I will check it out.

Thank you for the Podcast alternatives that you prefer. I found them all!

All, I am sure many people follow and listen to The Investors Podcast [TIP], and it is hosted by Preston Pysh and Stig B. I really value the work that they do and the time that they invest in the content that they create. There is a BUT coming,.. But, Preston does a couple of things that get under my skin and I wanted to get your guys take on it. Preston does the following- -Every guest that comes on his show is the best, the greatest and the most exciting in the would. [How can the last 10 guests or books be the most exciting the the world.] It reminds me of a puppy that pees all over a guest's shoes. -Bitcoin and blockchain. He loves it. I get it. We all don't have to agree, but you make your case, I make my case and lets agree, disagree, or move on. When ever anyone brings up blockchain, or even if they don't bring it up, Preston is like a young pup constantly going back to his favorite toy blockchain/Bitcoin, and re-making his case again. -Things that are new- he has [and we all do], an excitement around things that are new, and therefore better. And the balance of his excitement is tipped too far to the extreme for me. If it is new, he probably loves it. Does Charlie Munger love things that are new?? Having said that, Preston's accounting, finance and math is spot on. His analysis can be insightful. And his is certainly a successful and impressive person. Are these observations just me and do they get in the way of your listening to the show? What do you guys think? What do you think Stig is thinking?

Great topic about Charlie- Speak loud, slowly and clearly. Don't ask him get rich quick stuff. Zero of these. Don't ask him for the 3 easy steps of this or that. Don't ask him for the 3 most important mental models.. He will tell you there is no easy way, and there is no shortcut and they all work together. I want to hear him talk about BRK's cash pile, and the plan to buy or send out a special dividend. I would also like to hear him talk about which of his favorite ideas he has trashed in favor of a new and better one.

I think that the unit delivery is the best metric to look at as it can't be manipulated much. I really want to know when investors are going to wake up and figure out when they are going to get an ROI, but I don't think that is going to happen soon. Tesla could miss and the market is going to go, mehhh, and keep buying. I love ELON, but TSLA is a financial black hole.

Becoming Warren Buffett 2017 HBO Documentary Films [i am sure many have seen it, but I don't think it was mentioned yet.

It has already been said, but I love THE BIG SHORT! It is really well done.