wescobrk

http://www.businessweek.com/articles/2015-01-17/elon-musk-and-spacex-plan-a-space-internet Damn, I'm starting to think this guy isn't human. Amazing at 43 what this guy has accomplished and his aspirations for the future. He's so brilliant I'm sure he is aware of the risk of spreading himself too thin. I hope nothing bad happens to him.

Did anyone watch the interview with Ron Baron on cnbc? I wasn't able to watch. I hope the interviewer didn't just try and look nice for the camera and challenged him on what the number of cars, gross margin, etc he is assuming. Just thinking out loud, Musk's goal is 500k cars in 2020, if we assume another double by 2025 that is 1 million cars. Musk has said operating margin will be around 15%, I believe. If we assume the average car is about $50k (Musk said $35k for the model 3) so that is $50k x 1 million is $50 billion I believe (no calculator just typing quickly) and 15% operating margin is $7.5 billion. Subtract 35% for taxes and let's call it a round $5 billion. These are some huge assumptions as there is already skepticism about the 500k number by 2020, that assumes 50x earnings with a company with 15% operating margins. This doesn't take into account dilution, which I'm assuming will be quite a bit to keep employees. If we assign a 15 multiple then get to to a triple which sounds more realistic. I think Musk is amazing but does anyone else think Ron Baron is crazy?

It's a Festivus Miracle!

I'm taking Level 2 in June. I haven't taken an exam since 2012 so hopefully I can brush off the rust. I definitely don't want to take Level 2 again. I need to pass in June. Any insights by people that passed Level 2 besides end of chapter cfai questions? One person told me ace ethics, equity and accounting and you should pass.

Congrats! Very impressive! I made a nice amount in Red Robin the past few days but unfortunately other unexpected issues have caused a lot of spending this year. I'll need some time to build back up.

Just do the opposite what I do and everyone will make a fortune. I bought wells for the first time a week ago thinking I'm going with the safest bank and then watch a 10 percent decline. I know as value investors it's great to buy more but it was already a full position for me.

http://www.cnbc.com/id/102081285?trknav=homestack:topnews:1

Wells Fargo I'm betting a strong report on Tues

Perhaps I'm a bit daft but given the IMF upgraded the US but downgraded Europe a couple of days ago and since Wells international exposure (to my knowledge) is virtually nil, is there a rationale why it should be down a few percentage points recently? I bought a lot today but I don't understand the sell off. How can wells be hurt with germany slowing?

Congratulations!!

Cheers, Gio Thanks, Gio. I just ordered (used copy, naturally)from Amazon. I also ordered Berkshire Beyond Buffett. Foreword by Tom Murphy. It looks good as well! Amazon is like crack. :)

I love audible. I'm currently listening to the small big by cialdani seems to repeat some things from influence, but other than that, it's a great listen, so far.

I think the odds are slightly in favor of the no's winning but I have a ton of cash if the yes votes pull it out. As an investor I'm hoping the yes' win to make some money but as a person it's probably better that the no's win.

for those that can tune in

Thanks for posting!

"if you look at the results set out in the 1984 Graham and Doddsville article/speech Schloss had a better overall record over a longer time period." Schloss had 21.3 compared to munger's 19.8 cagr but schloss had another 14 years to offset the 73-74 on his returns compared to munger. Your statement is definitely correct but I thought further data helps explain how close they are and walter had more time to offset the 73-74.

depends on your comfort level with volatility. Munger's entire portfolio (and has been for many, many years) is 3 stocks.

Also, which website can one obtain implied volatility for call and put options on different stocks? I thought Morningstar had it but now I can't seem to find it.

"Amazon is taking its sweet time sending me my copy. I'm guessing the publisher is part of Hachette... :-\" I receive my copy early this week. I actually forgot about the order as I placed it several months ago when it was announced on this board. Amazon's moat just keeps getting wider. It showed me how the price of the book dropped in price after I placed my order and they (amazon) gave me the lower price. Bezos is amazing (I don't own any stock just an admirer)

I regret not buying a small position after the fire story. I'm curious what price the board what buy Tesla at? I may have to wait for the next bear market to initiate a position.

Also, can you give us who the top five largest shareholders are and the % breakdown? Thanks.

Congrats, Sanjeev!! I couldn't be happier for you! How do I find the financials for prdgf? I would love to be a shareholder but I need to look at the financials first. Thanks!

I've seen shark tank and find it entertaining but I've only caught snippets here and there. I don't understand why Cuban invests 100k in a business with the promise of how he can help them. Seems like a massive waste of time for him but I suppose he enjoys the action.

I think TBV is a bit misleading in Citigroup's case as nearly 30% of TBV is made up of DTA's. The DTA's would be utilized over the next 10-20 years in Citigroup's case, since profits are generated in different jurisdictions compared to where DTA's are located. So if you take PV of these DTA's they should be 30 cents to the dollar. If you make this adjustment, it is trading at about TBV. Not saying Citigroup is not attractive, just that TBV would give you a misleading picture. Better I think to look at cash earnings. Vinod Good point, thanks. Citigroup is trading 8.2, bac 9.8 and jpm 8.6 2015 earnings using yahoo finance estimates of roughly 26 analysts.

"I noted many times that the capital return would likely disappoint and be low. My views on this were hissed by many of the true believers on the board. People believe what they want to believe." I thought bac would disappoint as well but I also thought citi would pass three stress tests when I saw them 160 basis higher than bac on stressed tier 1 but we all know how great that decision of was mine. This is a humbling business. I have new appreciation for Buffett always looking for the sure thing.