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is that % monthly, quarterly or yearly

what is the churn frequency?

Instead of using a hypothetical scenario, what is the real scenario?

Spek - did you try the Von Trapp Cheese?

Currently I show 18,500 shares available to be borrowed @ -78.891. The answer to your question about borrowing vs cost revolves around a few things. When shares are sold short they are borrowed from the brokers inventory or clients that hold the shares in margin (availability pool). Availability could down because it is A) heavily shorted B) not a large amount of shares in margin or inventory. Borrow costs usually rise on heavily shorted stocks not becayse lack of availability. Example we had a buy-in notification 2 weeks ago the cost never rose and the shares were raised before the execution date so no action was needed. A large holder is incentivized to hold the stock in cash so that the shares can't be lent out. See if your custodian offers a Short Rebate Report which you can review weekly to see if costs are rising/falling. Personally i hate short selling, the need to worry about buy-in, unlimited potential lost, and dividend charges/borrow cost are all headwinds that make short selling difficult. if you are new to it i would suggest you just stay away, but thats my own personal opinion. If you do decide to keep at it avoid valuation shorts and look for broken businesses. BOL

I would just add that from my reading of value investing literature, there is an emphasis on limiting the downside. growth investing looks with more emphasis on exposure to upside. now, how does a value investor limit the downside? you can look to all of the metrics discussed, such as low P/E, low P/B etc, look for a moat to limit competition, etc...all of these metrics can be debated as to how effective they are, but they simply are filters that value investors use to try to achieve some modicum of safety. probably the best filter is to invest in a great business, but this is in the eye of the beholder. Buffett once said that he thought Sees Candies was a great business since whenever some guy bought the product, he got a kiss from his wife/GF etc. so I suppose there are many paths.... Being disciplined. Everything is about Odds (Against the Odds by Peter Bernstein is one of my favorite books). Shifting the odds into your favor long term will help limit downside. I.e. investing in stocks with 2:1 upside vs downside not 1:1. People make mistakes identifying mistakes and cut losses quickly is an extremely important skill IMO not sitting and waiting or doubling down. Do a post-mortem identify what what wrong and don't make the mistake again.

Exactly how I would summarize it. Value investing is a philosophy centered around research and ultimately intrinsic value. It doesn't matter how you go from point A to point B (Low P/B, P/E, FCF). Whereas low P/B investing is a strategy the same way momentum is. I've commented this same theme before, traditional value investors haven't been able to adapt to more asset light business models. I am younger raised on traditional value investing but my personal philosphy skews more towards Joel Greenblatt value than Ben Graham. Markets change there are not many opportunities available to buy net cash companies. GAAP Accounting is a crappy indicator of "value" and hence P/B is rarely meaningful (exception insurance, etc.). The only way to know what a company is worth is to do your homework. cherzeca - I would argue that noone actually knows the intrinsic value of TSLA and it is pure speculation they may be right now but for the wrong reasons.

Second Fiddle by Fiddlehead. Last year I bought sommelier beer glasses from the Alchemist and its been a great investment. Drinking good beer from the can doesn't do its justice. It really brings out the aromas and overall gives a totally different (better) experience to drinking beer. Highly recommend purchasing a good set of sommelier beer glasses if you don't already have them.

Idk look at Ackman usually when he is out in the media touting XYZ position it usually doesn't end up to well for him. Last two years he has performed well and he hasn't been out at Sohn's giving presentations about why he is right. Personally I wouldn't want to invest in a company that is extremely promotional trying to convince people why their stock should be valued at XYZ. I'd prefer a good capital allocator vs a car salesman. Part of why value investing works is because these stocks are overlooked. If you do good valuation work eventually the market will agree with you (to paraphrase Joel Greenblatt) sometimes that will take a few years and you may become impatient but if every stock was as widely followed as Mega Cap Tech the opportunities for value would be few and far between.

I don't think value has a marketing problem it has a performance problem. This comment above perfectly illustrates the challenges value investing has. Typically companies were left for dead and value investors would come in and scoop them up. They tended to skew towards more capital intensive businesses thus P/B was a good indicator of value. There is so much wrong with GAAP accounting that we know book is never really a good estimate of the actual value of the assets/liabilities on the balance sheet. Businesses have shifted to more asset light models and thus carry high P/B and old school investors can't seem to get past this. To me the securitization of markets through ETFs has made this more profound. When companies get cheap it seems to be all at once. You have a very short amount of time to find value and react. The research has to already be done and then pounce when the value is there. I also think value investing needs to evolve most value managers that have been performing well in the last 10 years are buying companies with strong cash flows at discounts to intrinsic value. The media paints value investing as low P/B or P/E and I think this classification is just flat out wrong. I would call that low P/B investing or low P/E investing. Value investing is an ideology of buying an asset for less than it is worth how you get to that value can be done many different ways. Like buffet said growth and value are attached at the hip and I think that there can be certain spots where value investors who do the work can pinpoint which later stage "growth" stocks will have competitive advantages, pricing power and strong cash flows.

where in NYC? I live in Burlington, VT. I remember the days when people (myself included) would line up for an hour or more to get it. Now, it's available at every supermarket, gas station, corner store, etc. here. I still grab some every once in a while, but there are so many other amazing IPAs here in VT. CT/ Burlington has some good stuff to drink. We recently stopped by at von Trapp in Stowe and Vermont Artisan Coffee and I loved Citizen Cider in Burlington when we visited a few month ago. Would be nice to meet for a cold one when this pandemics crab blows over. The sweet sound of music. They also make really good cheese if your interested. https://www.jasperhillfarm.com/von-trapp-farmstead

where in NYC? I live in Burlington, VT. I remember the days when people (myself included) would line up for an hour or more to get it. Now, it's available at every supermarket, gas station, corner store, etc. here. I still grab some every once in a while, but there are so many other amazing IPAs here in VT. Yea everywhere has tons of local brews now. My mom's from Waitsfield, VT. Lawson's paired up with Two Roads in CT and expanded production went from a small brewery like Alchemist to now available across the country. Alchemist definetly created a buzz with limited supply. Still pretty scarce outside of VT tho. I have noticed since COVID started that places in NYC are getting cases. The spot i bought it was the 3rd place i found with it but the other stores sold out in hours of posting on Instagram. There are better IPAs out now but always have to grab a 4 pack whenever I can.

where in NYC? Hells Kitchen

Live in NYC so its extremely hard to get heady topper. Local shop got 1 case this week. was lucky enough to be there when it got dropped off.

to quote the great Charlie Munger “You're looking for a mispriced gamble,”, “That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.” Value investing isn't dead just depends how you define value investing IMO. Obviously so much wrong with P/B but some people just can't get their heads around that.

I tried looking for an article on Medallion fund but haven't found it. I think it came out last year in case anyone knows what I am talking about they can post it. From my memory, the article explained how the Medallion fund operates (vaguely as much of it is proprietary) much like a casino, placing millions of small trades every day on both sides. That way market moves are somewhat irrelevant and they take a daily vig. Investments never last longer than 2 weeks.

I'll try to stick to one theme, incentives within a company. This can impact everyone from sales to management. One huge issue I have is with stock-based comp and bonus incentives. There is so much room for Management to implement policies that financially benefit themselves. Basing incentives on share price return or EPS growth vs. fundamental metrics (ROIC) can lead to companies approving a buyback with debt. Closely aligning shareholders and management incentives is something I look for, but even that can be manipulated. Independent board members and proper corporate governance are all ways to help mitigate this issue. At a lower level retaining the top employees often requires increasing compensation usually through stock-based comp at the expense of diluting shareholders. I get how offering stock benefits companies as it is added back in operating cash flow and time to vest may result in employees forfeiting rewards. Why can't companies issue cash to employees and allow them the option to buy back in the public market? At the lowest level sales incentives are equally important. Look at the shift in asset management from AUM based flat fee (RIA Model) vs commission (Broker-Dealer). Wall Street used to be incentivized to have a company split stock just so more shares could be traded. More recently a flat fee for commissions was commonplace now most places offer 0 commission trades. Part of this is disruption, incentives that hurt consumers were weeded out by companies that were offering a more cost-efficient model. This isn't always the case annuities, insurance, etc. The tough question is what is the balance between rewarding employees for good work without screwing over the client?

I'm in. I've worked at identifying my biases as part of my framework. Overcoming them is a different story.

I agree with what everyone above said. It really boils down to each specific company. The one thing I would add is you have to know the company extremely well. If you know Company X is building a new factory that will add capacity (growth) I would not penalize the company for making the investment as it will drive higher revenue in future periods. Whereas if a movie theater company that has 500 locations is renovating seating once you get to the 500th location you will have to go back to 1. In this scenario you are generating higher revenue through upgrades but the costs are really maintenance not growth. In certain cases, you can estimate maintenance capex from the companies PPE schedule.

Heady Topper.... but since I'm Irish we would have made room for the booze. So stashed in a backpack would be a bottle of Bombay Sapphire and Q tonic and in the glove box will be a box of Rocky Patel Vintage Connecticut 1999.