Cod Liver Oil

My friend runs this one and it’s great: https://cureblindness.org/ I also like Greg’s idea of random acts of kindness like leaving huge tips or helping strangers in unexpected ways. Being involved in a hands on way in your community is also very fulfilling. I prefer a personal rather than institutional approach but foundations skew towards naming rights and other forms of puffery.

A couple of my clients are foundations with wide charters. Do you guys know of any charities which do good work and most of the money gets to the people who need it? Thank you!!!

Great interview about the music business:

Yes!!!!! RTO is a classic Peter Lynch dirty business involving rodents, insects, poison and waste tied together with a subscription bow. I enjoy owning RTO and Dior together: beauty and the beast. I think the beast will best the beauty over the next year or two because pestilence never goes out of style.

Yes, the EU is a mess. Luxury is also a mess. But I have a soft spot in my heart for dynastic French families so I am adding to Dior at 16 times today. I like what Arnault is doing in real estate with Catterton. National and familial DNA seem to be merging. L’etat, c’est moi kind of thing.

Chesky has a very good approach. In tennis, we would say he has soft hands. IMO he is a creative problem solver who will make it work.

@Sweet I agree and think the stock goes lower from here but has the DNA of a great investment when the stars align. Could make it large below 100 if Chesky lubricates the sticking points.

Many busted growth stocks: LULU, NKE, SBUX, PDD, ABNB. I bought some LULU and ABNB and could see making Chesky large under the right circumstances. He was a competitive bodybuilder and it is well known that CEOs who deadlift have superior returns. I actually think there is greatness lurking beneath the growing pains. Yes, I have worked around the ABNB platform several times myself but they invented and dominate the category. You have to get the timing right with cyclical growth companies but I think we have the right owner/operator running a powerful toll booth type monster.

Starter in OXY. Net margins, already good at 17%, are going up as costs go down: The average time it takes to drill a well dropped from 35 days to 14 in the last two years. The cost has plummeted from $4.5 million to $2.6 million. The average drill cost per foot was lowered from $245 to $143 as tech improves rapidly. (Thank you @DooDiligence). Hollub is solid. Oil may be a good hedge on the macro. Clean energy is dragging its ass and cannot handle Increasing energy demand. Berkshire/Abel have a forensic understanding of the domestic energy picture and find these assets valuable. How Booming Electricity Demand Is Stalling Efforts to Retire Coal and Gas: https://www.wsj.com/business/energy-oil/electricity-demand-coal-gas-retirement-charts-dd07029a?st=475hq4x900m88gc&reflink=article_imessage_share I am making a case for systemic profit expansion but maybe this is just a commodity shitco in shiny Buffet wrapping. Please let me know.

Alo is trying to out-Croc Lulu but, according to my 20-something sources, is an inferior product. The category is growing well enough that even if Alo takes some share, Lulu will continue to do well.

Starting Dior as it drifts sub 600.

Knees Over Toes (Ben Patrick) is 11. Most of his stuff is free on YT. He will get you fit, strong and mobile with no injuries.

UMG to go with Bollore, Odet, Sony, Nintendo, MSG complex in the music/entertainment space. I like focused clumping.

I hate to be a value investor, but am adding to MSGE and FRPH as they drift aimlessly on low volume and we head into a RE recession.

Both PCYO and FRPH have the ekg of a stone. Which has more upside? Can you own either in size or do both reek of opportunity cost?

Richemont. Its a special asset that Arnault would like to own someday: https://www.ft.com/content/eb9a7ae9-0dee-4c52-8542-f4f890e459dd

Is this a SNL skit? If not, will be very soon!!!!!

DEO has compressed to a 14 multiple but can they grow at all?

I own some because I like the airport and the story but am well aware of the history of owning assets downstream of a fee collecting parent. Easy to get Flattened (Bruce Flattened). Downstream entities exist to be abused.

Starter in Sony and more Nintendo. As @nwoodman has said there is a little too much consensus on Nintendo, but I don't think that matters.

Sold Para for a trade but am getting interested in buying Sony. I like the music and gaming divisions. It's not Nintendo but solid at 15 times earnings. Big, high quality, conservative Japanese monster. Loeb went at it twice: https://www.hollywoodreporter.com/news/general-news/sony-rejects-break-up-plans-activist-investor-daniel-loeb-1240274/

More MSGS. Could be a long wait but franchise values are increasing. Happy see progress at E, the other side of the same coin.

Fairfax India. It is an imperfect vehicle, but a cheap way to own Indian infrastructure, participate in privatization and ride the growth curve.

Ackman and Watsa have both hit home runs in the last decade with black swan hedges. One may argue that their success gave them brain damage but what is the optimal way to do this right now? Obvious tail risks now are inflation, doddering and insane world leaders, nuclear war and the thousand things just outside our peripheral vision. I am by no means a doomster, but I wouldn't mind buying some insurance at this weird juncture in history.

More Nintendo. Now have an egregious amount. They probably named a conference room after me by now. We own the locals and the ADR. Is anyone hedging the yen?