Spooky

I love when everyone thinks Warren is washed up - those have been great times to buy!

For me this year I have been buying decent amounts of Fairfax, JOE and Enbridge. Also added to some BRK.B at the start of the year. Sold BN, BAC and PARA.

I find that it is the opposite. I'm only comfortable concentrating in positions I'm willing to hold for the long term. I have never sold a share of BRK or CSU but have added to them over the years.

Definitely agree with Munger. Trying to find good companies I can hold for 10 years or longerand just let them do their thing and compound. Been holding BRK and CSU now as 75% of my portfolio for about 7 years and they have treated me well. Also gives the advantage of lower taxes and transaction costs. Not really sure if I will ever sell these two companies.

Latest memo from Howard Marks about the recent bout of market volatility: https://www.oaktreecapital.com/docs/default-source/memos/mr-market-miscalculates.pdf?sfvrsn=ddfe5566_3 Worth it for some of the cartoons he has included alone.

Thanks Dealraker for your insights. I am guilty of trying to calculate my returns on an annual basis but it is mainly for the purpose of bench-marking against the S&P 500 to make sure my investing process is working. Part of me is always worried I should just buy the S&P and I am hurting myself in the long run. I'm lucky though that I have a long term orientation and am just looking to buy a few great companies and sit of on my ass(ets). What criteria do you use to make sure you are invested in great companies? Maybe I should benchmark over a longer time horizon than one year. One thing I heard on a podcast recently (think it was value after hours) was that people focus on the "r" in the formula x*(1+r)^n rather than the "n". The "n" or number of years has a bigger impact on compound returns since it is not linear.

A bunch of my friends who lean more towards the meme stock / Bitcoin / Nvidia universe are so wrapped up in Fed watch. Some were buying short term options on Nvidia. Seems to be a big thing with the younger reddit generation of traders - very short term oriented so Fed speeches are big events for them.

Me too, he is one of the best interviewers around.

Did you ever find a good version John?

Thinking in Bets is A+++ material for me. Please share if you have anything similar. If I had to choose my top investing books not counting Buffett letters / Nick Sleep letters: 1. Phil Fisher, Common Stocks and Uncommon Profits: Amazing. I tell my friends if they are only going to read one book on investing this should be the one. It's got it all. 2. Poor Charlie's Almanac: RIP Charlie. His wisdom was / is unmatched. 3. William Green, Richer, Wiser Happier: A nice book which discusses the investing philosophies of some great investors.

Was camping in the back country last week and missed all the drama! Looking at prices things don’t seem off significantly. There is definitely something to be said about not looking at short term market activity.

In my opinion these moves don’t say anything about market timing and media writing about it don’t have a clue. How many times has Buffett said they don’t focus on the macro but on the intrinsic value of businesses? Clearly, he thinks Apple is overvalued and without Munger he is not just going to hold it forever. I also think the argument about clearing the decks for Greg makes sense, give him a big war chest and right sizing positions that Warren knows intimately.

Munger would probably say it’s a mistake again!

How did Berkshire’s operating results look? Any signs of weakness in their underlying businesses? I’m on the road and can’t check.

Let's see if this downward momentum has legs. I'm hoping we get some better opportunities from here.

Also some more Fairfax.

Because its fun. Broadly I agree - who knows why the market does what it does on a daily basis. Stocks go up. Stocks go down. But in the long run they tend to go up. Also, I am trying to understand what is driving sentiment / investor psychology.

Sounds like opportunity awaits.

You think this is the start of the collapse of the "super bubble"? Or maybe just the unwinding of the AI euphoria?

Anyone know what is driving the big sell-off today?

Warren also mentioned that their phone was starting to ring in 2020 but the Fed acted so swiftly and decisively to give firms access to funding they didn't need capital from Berkshire.

The horror! Stocks should never go down /s

Really interesting paper and discussion, thanks for sharing. I wonder if it is possible to put together a list of the criteria those 17 stocks have in common to survive for such an extended period of time. Perhaps it would be easier to invert and come up with a list of the items they don't have or do which killed off other companies.

Any recent news driving the share performance lately? Haven't found anything but this mini value / small cap rotation has been excellent for my portfolio.

My man! My top two are Constellation and Berkshire as well with FFH now at number 4 or 5.