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rogermunibond

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Posts posted by rogermunibond

    Does Mr. Buffett wiggle in his chair when he thinks of Disney?

    in Berkshire Hathaway

    Posted

    Charlie Munger was appointed to the Costco board shortly after the sale in Jan 1997, replacing the Carrefour CEO who previously was a Costco board member.

     

    It's funny but Buffett likes to complain that he's so sick of hearing Charlie sing the merits of Costco and their retail model.  Possibly because Charlie was pushing hard for Berkshire to buy the 10.8% stake that Carrefour was selling.  Munger personally bought shares around that time and holds to this day.

    Does Mr. Buffett wiggle in his chair when he thinks of Disney?

    in Berkshire Hathaway

    Posted · Edited by rogermunibond

    Carrefour Profits on Stock Sale

    Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 21 June 1996: No Page Citation.  
    Publisher logo. Links to publisher website, opened in a new window.
     
     

    PARIS -- French retailer Carrefour SA said it made a profit of 700 million francs ($135.7 million) on the sale of its 10.8% stake in Price/Costco Inc., a discount retailer based in Issaquah, Wash.

    Carrefour last month announced its intention to sell its 21 million Price/Costco shares. The sale was made at $19.50 a share, Carrefour said. In Nasdaq Stock Market trading, Price/Costco's shares rose 37.5 cents to $20.75.

    Does Mr. Buffett wiggle in his chair when he thinks of Disney?

    in Berkshire Hathaway

    Posted

    On 10/1/2021 at 3:26 PM, Brett said:

    BTW, I'm writing a book on ten of Buffett's earliest investments (50s/60s). This is one of them. Happy to send a draft if you'd like. 

     Brett - do you have the Costco stake that was up for sale in the 1990s?  IIRC Carrefour owned 10-20% of Costco and wanted to divest.  At the time, Munger was familiar with Costco and I think he wanted Berkshire to acquire the stake but WEB decided against it.  Probably a huge error of omission in retrospect.

     

     

    The Next FANGs

    in General Discussion

    Posted

    1 hour ago, Xerxes said:

    🙂 so then i guess i sold my shares to you in March 2020 ... LOL

     

    To make both of you feel better I owned NVDA from 2005 to 2012.  And sold around $7.50 per share (split adjusted).

     

    I reasoned that the GPU was just too cyclical based on the ups and downs of the console market.  At that time Jensen's visionary views on computation and AI etc were an interesting distraction.

     

     

    Best options for buying Indian or Pakistani mangos

    in General Discussion

    Posted

    Thanks Pelagic - great information on the US mango varietals.  I'll definitely have to look into getting a pre-order in for some of these varieties.

     

    Here we have a lot of the Ataulfo mangos, which are certainly better than the Tommy Atkins.

     

    Thanks Adesigar - I do sometimes get a bit of lip numbness from eating too many!  Never tried soaking them though.

    Best options for buying Indian or Pakistani mangos

    in General Discussion

    Posted

    I've never tried to order Indian or Pakistani mango varieties online so wondering if the folks in this board have any favorite websites for this and any experience ordering from these sites.  In the past, I've always gone around to the South Asian groceries in my area in April-May-June looking for Alphonso or other well regarded varieties.

     

    As a devoted mango fan, the situation in the US has been stuck in limbo for too long.  There was a good article in Vice on this topic back in 2018. 
     

    https://www.vice.com/en/article/gyw4zb/alphonso-best-mangoes-india-us

    China's Real Estate Bubble Finally Cracking?

    in General Discussion

    Posted · Edited by rogermunibond

    China's an authoritarian country, has central planning, has a central party that controls many things...  but there are also 23 provincial govts, various municipal govts, etc.  They all have had incentives to do things sometimes at odds with the central govt.  Local and municipal govts had taxation authority removed from them back in the 1990s and so the primary means for them to raise revenues was through land sales to developers.  Local and municipal govts also created off the books special financing vehicles that raised capital to buy up land and also sometimes to lend to developers.  The financing vehicles and developers all raised capital and issue debt to WMP (wealth management products) which were sold by insurance companies to private investors and average citizens looking to earn a better return than in a bank savings account.

     

    Lastly, China's hukou system which basically restricts rural migrants from owning property and living "legally" in cities is a mess.  Loopholes to the hukou system often apply to semi-autonomous regions like Inner Mongolia etc (Ordos ghost city) which is why developers and local govts collaborate to build huge apartments there, hoping that rural migrants would pick up and leave their "illegal" life in a big eastern city and move out to Inner Mongolia or some other out of the way place.

     

     

    Investing Lessons/"Mistakes" from 2020?

    in General Discussion

    Posted

    Sold a position in BYDDY bought at $5 because in April 2020 the outlook for EV and their other businesses seemed to be negative.  Partly driven by wanting to raise cash.

     

    Lesson is to not raise cash during a pandemic? I think it could've worked out for you, if it dipped again.

     

    Value - it did work out as the proceeds went into shopping center reit ROIC and JBGS and HEI.  Just not as well as BYDDY worked out.  Though I attribute most of that to a runup in the EV bubble.

     

    The lesson for me is that I generally do better not acting to market events.  I've held through drawdowns before.

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