Fitz

Up 52% in 2023 in equities, brokerage as a whole is up 32% but moved a large amount of cash from bank to VUSB short-term treasuries that would not have been a drag in the prior years. The names that brought me down last year (-31% 2022) lifted me up with META a large position, BRK and GOOG doing well. China still gets me holding BYD but cut my losses at the tail end of this year in BABA and TECHY, and reduced my BYD by the same amount of gains. I still really love the core business of Tencent specifically and the BABA marketplace but the TAM of Chinese companies looking more and more like it will be limited in the rich Western countries.

The number one qualification, a money mind. He’s produced 30% annual compounded returns since 1998 and the only manager who Munger ever gave money to. That and he seems like a high integrity guy.

Li Lu would be a nice addition and Charlie approved.

@frommi I was thinking the same thing. I think it is a little dangerous to think that way, when you look at past prices and try to make a statement about owning certain stocks over bonds due to their 'price' volatility it's missing the point. Owning a bond, or lending money to a company is a completely different animal as the cash flows and return aren't determined by the sentiment of the market at any point. They are only determined by the company or country's ability to pay. When the yields on bonds, especially treasuries are higher than the earnings yield for the market, it may be a nice time to move some of your money into bonds. Especially if you have an opinion about the growth in earnings going forward.

Completely agree, nothing aimed at the original poster. But a quick summary of why the link was interesting to to poster or why the board would benefit seems reasonable.

gfp, I didn't know they got that approval! I guess a quick google search could have solved this... https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-almost-25-percent-bank-of-america-2020-8-1029465456

They had to divest a Bank they loved in Rockford Bank n Trust due to banking regulations limiting what they would have been able to do with the rest of the company. They cannot wholly own a bank and have to sell off their shares when they start to reach 15% interest. BRK filed a petition to allow for his interest to eclipse this threshold if it was due to buybacks alone and wasn't granted the exception.

I'm down -31%. Nearly everything I own outside of BRK went down this year.... a lot. TECHY, FB, BABA, GOOG, AMZN, BYDDY. I have added more to AMZN and the other positions neutral. Was +80% last year, neither that figure nor this one reflected the businesses performance. I like the competitive positions of these companies and long term prospects. The Chinese government's regulations and crack down on BABA's cloud business and TECHY's video games certainly weakens the growth for both companies, this gives me pause and have not added.

My passive income from rentals exceeded my spending annually 5-6 years ago with a portfolio of single family homes and duplexes. I still work because I get to hang from the bottom of a helicopter, and honestly I would probably pay to do it .

You might look so long and find the best spread over prime, but if the prime rate goes up 100-200bps in that time you’ll still be significantly worse off! The Feds have made it clear that it’s going higher by 75 a meeting! Just a thought.

2021 - 12.3% 2020 - 79.9% Winners - DISCA went for 2.5 bags and happen to sell around 70. FB, GOOG, BYDDY went up a bit, trimed the position and invested into BABA and TENCENT Losers - BABA, TECHY Investment in BABA is down by nearly half and is about 20% of assets. Sold December 28 or 29th as I had a lot of realized gains from the BYD and DISCA sale, I have never sold for tax reasons and when looking at the huge bill I had coming, decided to offset those. Hopefully this does not turn into a huge mistake picking up pennies and losing dollars.

Interesting discussion, but I’m with Eric. Reminds me of Buffett’s quote at Salomon: “if what your legally allowed to do is the boundary lines of a football field, stay between the hashmarks” Above strategies could probably work, but could also cause some unnecessary headaches.

No return details on these funds. But Datarama follows the 13f of a lot of well known value investors. https://www.dataroma.com/m/home.php

I think you can get inspired for your investing ideas by reading many things in life and you never know when one will click in you brain and its a business model you can understand, and a price thats attractive. So if you have benefited from these thats awesome! I prefer to read annuals, bi-annuals or investment letters from active and concentrated managers that have much of there own wealth in the companies they explain. You don't have to be a math wizard to understand that if this guy is beating the down by a “43-1” margin over 20 years, it makes much more sense for him to invest every penny he owns into his strategy and also raise as much outside capital as that strategy would support. Selling investment newsletters would be a much worse return as it has not compounded over the years. But, wouldn't he would already know this with that kind of track record? Quite the head scratcher!

Not sure how any of the others ones are, Waymo is doing lvl 5 self drive in two cities right now, they are the boy ones doing that right now, with no driver at all. Tesla is going lvl 2-3 and getting an insane amount of user generated feedback and corrections to build there system up. They are also only using cameras which are cheap and easier to include on all vehicles where Waymo has a pretty advanced LIDAR setup and costs several hundred thousand dollars, so it wouldn't work for personal vehicles as well as the taxi or commercial application. What I do know, is Tesla’s is really good and ob the freeways I have never needed to give it any corrections. Around town sometimes it does some weird things.