Cod Liver Oil

Bought a bunch of MGM because it is literally the casino. Also Diller and crazy shrinkage. Should probably own IAC just in case MGM takes them out. Sold some 31 puts as well.

Yes, deep value guys’ obsession with complexity and suffering often leads to…..more suffering. Joe, Nintendo and Google are doing well and will continue to grow over the next few years. No epiphanies needed.

Please do not interrupt the compounding machine.

Does anyone lend their securities? What rates are you getting?

If you get hit by a bus, what is your succession plan? Very tricky and sensitive area in a family context. @nwoodman suggested the Buffett 90/10 index template with a trustee to carry it out.

Sports is a big deal in global culture. Lots of businesses converge in this space: https://frontofficesports.com/newsletter/lvmhs-big-sports-bet/ Being slightly dull, I just realized how important the sports/gaming theme is in our portfolio: Nintendo, Sony, Tencent, MSG, Nike. In a world that seems quite divisive, sports brings people together.

Added to Crox. All the shoe companies seem to be tariff casualties. I like Crox at 90 and NKE at 70. Skechers and Deck getting tarred with the same brush.

@rogermunibond I am always interested when great companies like Nike or Hershey go through hard times and the stocks lose half of their value. Are they permanently impaired? Why have they stumbled? Can they repair themselves? When? Are the problems systemic, secular, operational etc..... My guess is that NKE and HSY are still good/great businesses. DIS is probably a less good business than 10 years ago so may be formerly great. Hill has not really had a chance to impact the business yet but we will see what he can do in the next 12 months. Even though they have let some competition spring up, I don't think the brand is damaged. The stock is at least partially de-risked at 70. Turnarounds rarely work but Hill doesn't need to reinvent the wheel here. If he just gets back to basics, business will improve. I am conveniently skipping macro issues like tariffs and China retaliation at my peril.

Added to NKE at 70. Thinking about making it a core position. Dinar and Spek would disapprove because you need to look past the numbers to have this make sense.

When @nwoodman finally bought some, I knew we were close. The man owns very few stocks. His skull is a Fairfax planetarium. Good things to come. Many of these things have the EKG of a stone and awaken from a coma "slowly, then all at once." I'll wait until MSGE, NEN, Joe and Odet rip the van winkle.

Against my better principles, I’m buying some Comcast at 33. The stock has been a disaster but it’s getting a makeover and has some nice assets. Their collaboration with Nintendo in both parks and films is encouraging.

@John Hjorth not exactly a charity, but this one is for you: https://www.instagram.com/p/DFi7Viny3ZC/?igsh=MndzY3Y3Z3Fub3V3

Does anyone else think this guy is genius?

This is all table stakes for big tech. Parsimony is good for everyone except data warehouse landlords. People are running DS on raspberry Pi. https://www.seangoedecke.com/deepseek-r1/?utm_source=tldrnewsletter

@dinar and Druk think Milei is the real deal. Does it follow that we should put some usd to work in Argentina? If so, what are the best opportunities?