weighingmachine

Zeckhauser is always interesting. Here is a book from one of his students: https://www.amazon.com/Maxims-Thinking-Analytically-legendary-Zeckhauser/dp/173534088X/

Bad Sisters season 2 is about as good as the excellent first season. Acting, writing, scenery top notch. Sharon Horgan is a real talent.

agree the post Mick Blodnick era at Glacier has been less than stellar. they still have a unique map though so one to watch

no one has mentioned Glacier Bank (GBCI) but that has been a good one over the years and an attractive niche up and down the Rockies.

@KJP on THVB what is your sense on their bench? The founders have been running it for decades now and not everyone wants to work til they are 90. Do you have any view on the next generation at Thomasville?

Boom and Bust by William Quinn https://www.amazon.com/Boom-Bust-William-Quinn/dp/1108431658/ Devil Take the Hindmost by Edward Chancellor https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806/ some free resources: Concise Financial History of Europe https://www.robeco.com/files/docm/docu-summer-read-a-concise-financial-history-of-europe.pdf Pedal Pushers: the Bicycle Bubble of the 1890s https://lookoutinvestor.blogspot.com/2020/08/blog-post.html Operating Under the Influence: the British Brewery Bubble 1885-1913 https://lookoutinvestor.blogspot.com/2020/11/operating-under-influence-summary-of.html

interesting list for sure, curious your thesis on Denali Bancorp?

anyone have small/micro US banks they follow, e.g differentiated business models (FFBB, Truxton, Hingham, University Bancorp) and/or quality management teams (West Coast Community, Independent Bancorp, Red River Bank)?

FFBB

Did not know the Iran/Iraq Jewish diaspora had such a large fraction moving east to India and China as well as western, great read, thanks for recommendation.

reported at 260 buy and looks like the sell would have been low 100s https://www.dataroma.com/m/hist/hist.php?f=BRK&s=SNOW the more worrisome thing is operational, if you read the tech threads above. Geico fell so far behind in tech by sticking w old school Nicely management for too long gave Progressive room to eat their lunch. now playing catchup and got sucked in by flavor of the month. looks like a mess.

well that did not work out too well for BRK, at least Todd gave some losses to absorb some of the Apple gains. Their dalliance looks pretty bad from an investment point of view, but more worrisome from a tech operations point of view:

On June 4, as part of the “Financial Issues Forum” series, Fordham University’s Gabelli Center for Global Security Analysis, the Museum of American Finance, and the CFA Society New York hosted a panel discussion on the brilliant career and lasting legacy of the late Charlie Munger, J.D., vice chairman of Berkshire Hathaway and long-time business partner of Warren Buffett. Lawrence Cunningham, J.D., author of Berkshire Beyond Buffett and editor of The Essays of Warren Buffett, moderated the insightful and entertaining conversation with three of Munger’s friends and colleagues. Over the course of the discussion and a lively Q & A session that followed, Donald Graham, chairman emeritus, Graham Holdings Company; Tom Gayner, CEO, Markel Group; and Ronald Olson, J.D., partner, Munger, Tolles and Olson, shared anecdotes, and reflections about Munger that had an impact—personally and professionally—on each of them.

" If you’d invested $1,000 in the S&P 500 in early 1965 when Buffett took over at Berkshire, you’d have a bit over $300,000 today. If you’d bought Berkshire instead, you’d have more than $42.5 million—a big reason why tens of thousands of adoring shareholders will gather in Omaha this weekend to hear Buffett hold court. If, on the other hand, Buffett had charged hedge-fund fees, you’d have under $5 million—still far more than the market, but about 90% less than Berkshire’s actual results." https://www.wsj.com/finance/investing/theres-more-to-warren-buffetts-game-than-just-picking-great-stocks-7b58fe86

https://www.wsj.com/finance/investing/theres-more-to-warren-buffetts-game-than-just-picking-great-stocks-7b58fe86 spoiler: 10x lower

"The Thief Collector" on Amazon. True story of uncovering the theft of a famous de Kooning painting, takes many unexpected twists and turns, from New Mexico across the world.

great to see that Todd Wenning has started a podcast https://www.flyoverstocks.com/p/building-the-next-generation-in-finance

2 Shane MacGowan documentaries "Crock of Gold: a few rounds with Shane MacGowan" on Hulu and "The Great Hunger: the Life and Songs of Shane MacGowan" from BBC4 on youtube

Helen Mirren deserves an award for Golda and her cigarette for best supporting actor. Set in 73 Yom Kippur war, unfortunately the events are still quite relevant.

USB A trading at $768 and paying 8.8% MTB-H trading at $22 and paying 6.2% TFC-R and TFC-O trading at $18 and $21 and yielding 6.4% and 6.2% A whole bunch north of 6% yields with double digit percent discounts to liquidation preference. Some smaller ones like KeyCorp, Associated Bancorp, Synovus paying north fo 7% still.

many of these listed here have preferreds priced under par and paying 7-8% yields

Katie Martin in the FT today - “Two years ago, to get a 5 per cent return, you literally had to look to lending to the government of Iraq. Now you get that on cash.” and "For the first time in roughly 25 years, we’re paid not to have a view,” Funniest bit “A year ago, I tried to make the acronym of choice Bonds — Buying Ordinary Notes and Debt Securities. Sadly, this failed. Too boring. But step forward Kevin Gordon, an analyst at Charles Schwab in New York who emailed to suggest Barbara — Bonds Are Really Back And Really Attractive. At a slight stretch to tap in to the zeitgeist, you can even bend this to Bonds Are Really Back In Earnest, or Barbie. This acronym has a chance of sticking. We can dream. In an ideal world, we would see Peter Oppenheimer, chief equity strategist at Goldman Sachs, opine on the matter, hitting the pop culture/markets nerd meme mother lode. https://archive.ph/ndU4v

https://www.pymnts.com/economy/2023/7-companies-declare-bankruptcy-over-weekend-in-15-year-record/ Bruce Richards https://youtu.be/fGfjEgS020E

Happy International Women's day, this book charts early in career women through to industry leaders, fund managers, and CEOs. Profiles include Monsoon Pabrai, Heather Brilliant (Diamond Hill, ex-M*), Jenn Cole, Jen Likander (Markel), Callie Haines (Brookfield), Lauren Templeton, Shilpa Andalkar (Ensemble), Perth Tolle (started her own ex-Russia, ex-China Emerging Markets fund based on liberty) and more. Review here https://rationalwalk.com/lighthouse-women-leading-the-way-in-finance/ Book here https://is.gd/35fOmp

anyone looking at these for the Sea Change? Keith Smith mentions Oaktree Specialty Lending, Ares, and some others https://twitter.com/Bonhoeffer_KDS/status/1578755183491747840?s=20&t=95Q7pTlqvcbUXBeisATctA