Dinar

Has anyone looked at this? Seems like a very good business (ELS is the best performing REIT by a large margin over several decades) but mismanaged. Anyone have any vies? @Gregmal, @thepupil, @BG2008?

Actually, it is not IMBBY spin-off. It is a 30% owned subsidiary of BTI that is spinning 60% of its Indian hotel business. Brokers think the valuation will be 40x EBIT for the spun-off piece. Some depreciation is economic, some not.

@longterminvestorand @dealraker, gentlemen, in your opinion, how hard would it be to turnaround WTW? Thank you.

It's also a way to get cheap leverage. He borrows in yen at what 1%? Then buys assets at a 10% free cash flow yield. If yen runs up against the dollar, he has a hedge.

Sold MSGE August 18 35 strike puts for $2.10

Ukraine’s Lack of Weaponry and Training Risks Stalemate in Fight With Russia - WSJ Sadly, this is what I worried about a year ago, neither plan nor foresight on the part of the Western countries, and recklessness on the part of Ukrainians.

Sold August 18th MANU puts with a $21 strike for $1.80.

https://aswathdamodaran.blogspot.com/ Interesting take from Damodaran on where equity risk premium is today vs history

@Xerxes, while I love it, Rashomon and Dersu Uzala are better in my opinion.

Generally the things that I own did well (portfolio has outperformed the S&P 500 comfortably), however the names that I did not buy outperformed the portfolio by probably 5% per annum over the past fifteen years or so.

@LC, I same story with me on Meta and yes, trying to be cute with oil/gas last year rather than take a 10% position in JOE.

@Gregmal, would you mind sharing your lessons from CTO? Thank you.

Mistakes of omission - not buying great companies because wanted a 5% or 10% lower price or I don't have an edge theory. A few examples: Sartorius Stedim Biotech in 2012, FSV in 2015, Google in 2009 (why, no idea - was a lot more fun looking at obscure microcaps half a world away), Monster beverages in summer of 2008, Deckers outdoors in December of 2008, and the list goes on and on...

https://www.ft.com/content/dc658252-6acd-44fc-8e0c-51a284009762

Aren't the Baltic countries part of Nato? So then obviously the mutual defense treaty applies. I don't understand why American taxpayers ought to bail out incompetence and graft of the Ukrainian government.

Let's keep in mind that nobody owns Ukraine anything. Zelensky's ungratefulness is not helping by the way. It was the job of the Ukrainian government to be ready for Russian invasion, not the job of Macron, Merkel, Meloni, et all to provide for Ukrainian defense.

@Saluki, GAAP is mostly concessions which are expiring soon if I remember correctly. In general airports are great businesses, however: a) Watch out for concessions versus owned outright b) In Europe, Aena is a great business, however may be hurt by environmental movement of switching trips under a thousand miles to rail c) Regulatory framework can be a blessing or a curse. While you want dual till structure (Aena has it), if I am not mistaken, Spanish government forced Aena to cut contract prices during Covid, that's why I no longer own Aena, I do not trust the Spanish government. d) Capital allocation is very important - the Mexican airports (concessions) historically paid very high dividends. Aena is empire building.

What are people's favorite places to go away for the summer with kids? Ideally a place that has ocean or sea where one can swim and a pleasant climate during the summer. (I know of Jersey Shore, Long Island, Cape Cod, Nantucket & Martha's Vineyard, Maine, and Hawaii, but wondering if people have other suggestions as the Balearic Islands, Sylt, et all.) Thank you.

On Maui, the 2nd home market is still very strong because there is no inventory for sale.

Just buy SNOXX (treasury money market fund at Schwab) that pays close to 5%, and is not subject to state & local income tax, a big deal in NYC, NY state, California, Hawaii, et all.

@Spekulatius, thank you.

If you hold someone as worthy of admiration as an investor, you should know what his or her returns are, relative to risk that he or she has taken.

S&P 500 return from 12/31/2007 through today was 9.58% per annum, in line with 100 year history. Do you know what the Firm's 2008 and 2009 returns were?

Do you by chance have a source? The reason that I ask is because a friend used to work at a very large pension fund (100bn+.) He told me that in 2020, they were offered an opportunity to invest in Baupost, and when they looked at the returns, they were not impressed, and passed on it. I was very surprised because of Seth's reputation but neither he nor his boss are fools.

Do you happen to know what Seth Klarman's return over the past 15.5 years (since 12/31/2007) happens to be? If so, would you or anyone else mind posting it? Thank you in advance.