Cod Liver Oil

@Gregmal Start small with body weight and a pull up bar and a set of something like this: https://www.amazon.com/ProForm-Select-Weight-Dumbbell-Black/dp/B08BDD6GNM/ref=sr_1_16?crid=2WGBLJ3KYRKD7&keywords=nested%2Bdumbbells&qid=1666191863&qu=eyJxc2MiOiIzLjQzIiwicXNhIjoiMi40MiIsInFzcCI6IjEuNTkifQ%3D%3D&sprefix=nested%2Bdumbbe%2Caps%2C99&sr=8-16&ufe=app_do%3Aamzn1.fos.ac2169a1-b668-44b9-8bd0-5ec63b24bcb5&th=1 Just hit a few reps every time you walk past the thing. Do something every day. If you want heavy weights, go to the Y a couple times per week. Ill post a couple a programs later. Def good for ADD, patience with crazy kids and clients and being able to rip faces off if necessary.

I have owned Itafos (IFOS.V) for a couple of years and buy more when it pulls back like now. It is the cheapest thing I own at 2 times fcf. Yes, it is a fertilizer company but is a secular bet on the American food supply chain becoming an area of national security. It's main asset is in Idaho. It is paying down debt rapidly with the gushing fcf, selling non core assets and has responsible and aligned owners in Castlelake. We don't own much commodity related stuff except TPL but I like the odds on this. https://itafos.com/

To paraphrase the Mexican soccer player in Ted Lasso "Investing is life!!!!!" I get a big kick out of all the personalities on COBF. It proves that an internet community can actually add value and fun to your life. Who knew? Like most people here, I love my kids and coffee and sports but the one non linear thing that has radically improved my life is weight training. It makes no sense but I am a better father, husband and person since I started lifting about 10 years ago. I was a D-1 athlete and was always fit but never really lifted in college. All of it is good including that Starting Strength stuff. I also like this Knees Over Toes guy for strength at the ends of your range of motion. LMK if you get into it:

I realize this is an unattainable standard but I love the idea of a hundred year time horizon where you only buy cool companies and never sell them. I love the idea of enjoying the businesses you own amidst all the agitation as both a source of pleasure and education which informs your life. Owning Nintendo, Disney and MSG is a hell of a lot of fun and has made me a better businessman. I expect the economic returns will come with time. Thanks for articulating that, dealraker.

Druk is not really a stock picker. He is a great portfolio risk manager. I spend way too much time on security selection and, being perennially agnostic toward the market, punt on exposure. In times like these risk exposure dwarfs security selection in importance. Its a blind spot for me.

Druk. shares DNA with Soros. Like most HF managers, they got paid for pre-tax performance which strongly influences their approach. If you took his 30% for 20 years but taxed it at ordinary income tax rates, the results would regress accordingly. Does anybody want to run that regression? No shade on Druk, he is a legend. If you are an after tax, compounding type investor, the proposition is significantly different. Your time horizon may be orders of magnitude longer. Sloth may be more rewarded than aggression. Your focal point is different. If you are a vanilla wealth manager taking 50 or 100bp of AUM, you play a lot of defense trying to manage relationships with a likable portfolio. If you are dealing with family wealth that may be passed down, you are paying attention to the stepped up tax basis benefit. I am fascinated by trying to construct a forever portfolio which you don't fuss with much, like Dealraker who has owned the same things for 50 years. I have heard about guys who never sell stocks at all but only buy when cash is available. My five largest positions (75% of the portfolio) have remained the same since the GFC. Now I am cleaning out the underbrush and adding a couple of other large positions that seem interesting. Companies with long histories like Nintendo and Bollore are cool the way they have persisted for 100 years+. Margin, currencies, a short book and derivatives are a whole other set of variables that many successful guys have used. In the name of simplicity, I have not done a lot of that.

I don't think the issue of size can be overstated. Some of my greatest mistakes have been cutting huge positions because they became too conventionally large. Size may be the only real investing question. I had zero in Amazon when it went from 10 to 150. But I have also sold 10-baggers and paid taxes before they went on to sextuple from there. How do you guys think about portfolio construction and sizing? We need to embrace the fact that our ability to see the future of a company is excruciatingly limited. I am way too enthusiastic about Nintendo and MSGE so I need some guard rails and head gear.

I sold atm December MSGE puts. I bought:

A massive brown bear stood outside my window yesterday displaying his furry junk. Then he climbed a 50 foot oak and ate the acorns at the top. I may be confusing the message but I took that as a sign to buy more hard assets: PCYO and Itafos today.

I get the attraction of having permanent capital and not having to become a fee based AUM hunter/gatherer type. I guess that's what all the Buffett clone re-insurers are about. I have always owned the same stuff as my LPs but have owned it in larger proportion to net worth and in more concentrated form than people would normally be comfortable with. We are also beginning to start and own small operating businesses. Let's see how that goes! Why even do it when you can own parts of scaled world class businesses by pushing a button? A lot of people on here are discussing investing as a part of their larger life endeavors. I think that helps keep things in perspective. As Greg implies, it's diminishing returns when you need to play therapist while holding your nerve in a bear market draw down.

For those of you that manage other peoples money, how do you approach that differently than managing your own personal account? The psychological and economic dynamics may be very different. How do the outcomes compare?

Maybe currency is the tail on the dog. Nintendo's costs are in yen but their sales are largely international so the weak yen may benefit them. It is a lumpy but great business imo. They have high quality under monetized IP. I keep buying that. Sony may be in a similar position but is more spread out with a solid but less fanatical fan base. If anyone has any thoughts on Nintendo or Sony, please speak up.

The USD is at 20 year highs versus the euro, yen and GBP. This seems significant. What does this mean and what opportunities does it create for USD based investors?

Bought back some UMG.

My simple heuristic has been to buy world class assets which are currently at COVID lows while business is improving: PCYO, DIS, MSGE and Nintendo (slightly above Covid lows). The world is a mess but these companies can do well.

Buying Disney and MSGE with a little throw up in the back of my mouth.

Will be adding to DIS and NTDOY today thinking the best IP in the world has inflation + characteristics.

I have been adding to Nintendo also. Pretty diverse currency stream. Bullet proof balance sheet. Things in Japan move slowly but in general are becoming more shareholder friendly. Its a bank with a good business attached to it with some options on world class IP. Maybe only Disney has better IP. Would love to hear people's thoughts on top five global IP companies. Sony is cheap too.

Adds to PCYO and NTDOY.

I am starting a 500bp allocation to forced liquidations. Bought a little NTP and CPNG.

The culture at Nintendo is fascinating also. Its embrace of "withered technology" is counter cultural to the gaming industry but deeply Japanese and imo brilliant: https://en.wikipedia.org/wiki/Gunpei_Yokoi