Cod Liver Oil

Bought some Comcast, the most hated company in America. Much prefer trophy assets. This could go terribly wrong. I’m assuming, as capitalists, they will rationalize their shit. The parks sparkle in the dung heap. I’ll get in the sauna now and sweat it out.

@Malmqky I prefer my Tencent undiluted. The Prosus guy is a nuisance. He is more of a threat to Prosus than the CCP is to Tencent.

https://finance.yahoo.com/markets/stocks/articles/tencent-ramps-buybacks-share-rout-002809157.html This is best price/quality thing I see now alongside Nintendo. The flaws of both are well-known. Pick your poison.

Adding to Sony. It doesn't have the IP of Nintendo but at least management is restructuring to increase margins. Games are in the dumps but imaging is getting a nice tailwind from AI. Not world beaters but solid balance of businesses reasonably well run still at 6/7 times cf.. I like the anime stuff.

Is MSFT a SaaS company? It is trading like one.

Management seems savantish when it comes to IP development but retarded regarding basic capitalist behavior.

Bought some PDD at 80. It’s loathed but the b/s looks like a loaded gun. And more Nintendo. The park in Orlando is doing well and expanding soon. $15bn cash plus Pokemon plus Mario is a thing of beauty even though management is on the spectrum.

@gfp does Coupang make you throw up a little bit in the back of your throat?

@Paarslaars Sometimes the more instinctive analysis on short term stuff is better than the grinding granular hyper rational analysis we do when we make large commitments.

UMG

Shorting is a tragic endeavor.

Long Nintendo is probably short semis.

@Spekulatius you are right but I can't stand the perversity of the Prosus set up with them selling a GOAT and creating a massive overhang, in order to build a shitty venture fund, create jobs for themselves and argue "Math." Simplicity, even with the risk of circumcision, is better than a janky Rube Goldberg sex doll. I know you, @Luke and @MMM20 legitimately disagree. TME is also cheap.

In a few accounts, I am creating an ETF of the greatest companies in the world so I am adding to Tencent even though they can circumcise the VIE without anesthesia or prior warning.

Sold CSCO $117 Added NTDOY $10.80 Added TCEHY $59 CPNG also looks egregiously cheap.

I see a bubble in memory and possibly chips, a boom in the Goog stack and a bust in SaaS. Hard to generalize. Lots of cheap stuff, lots of macro risk.

Best news I have heard this week!!!!!!

Bought a bunch of sod to make a soccer field and an equivalent amount of Nintendo. I may have to water the former with the tears of the kingdom.

I hate to sell stuff but got lucky with Sphere and sold it to buy more of my favorite Japanese game company which has languished.

Hubris.

@frommi I think a lot about the length of the runway not just annual returns. Holding a stock forever and letting the compounding machine do its miracle for your lifetime is the holy grail of wealth creation. It's hard to estimate runways but right now I see long ones for Nintendo, Joe, Fairfax, Berkshire and the Knicks. If they underperform occasionally, I'm ok with that. Visible runway length for SaaS companies seems to have shortened. Please add your favorite runway stocks here.

I'm so sick of saying this: more Nintendo.

If you can sleep with the China risk, Tencent/Prosus is sexcellent.

Bought some SE at 80. It has been decapitated but is growing like a weed. I like Forrest Gump: https://podcasts.apple.com/us/podcast/in-good-company-with-nicolai-tangen/id1614211565?i=1000732240782 I will occasionally partake of a busted growth stock. The vol can be tremendous.

Has anyone been to Porto, Portugal? Was thinking about bring the kids there this summer to surf for a week.