Dinar

SD, with all due respect, inflation is another tax on savers/investors/home owners, so it confiscates the wealth of people. I have nothing against business paying good or above market wages, but I remember how in college economics professors praised inflation since wages are sticky on the downside and inflation allows for wage cuts without actually cutting wages.

Bought CNQ & GHC

Ok, when you compare Putin to Hitler, I know that further discussion is not productive. Sandro from Chegem (Fazil Iskander) would laugh at you and your assertions regarding Abkhazia and Transnistria.

@dealraker, Charlie, thank you for the post. Would you be able to share what you think are good business to own? (forget about current valuations, as you know they fluctuate) I am just trying to add to my database of businesses to follow and buy if the occasion presents itself. Thank you.

Actually, no. Neither Putin nor any other Russian leader will be able to sell leaving Crimea. You are conveniently ignoring history. Crimea was part of Russia for two centuries before it was transferred to Ukraine in 1954 by Khruschev (Ukrainian) to celebrate 300 year anniversary of Russia - Ukraine unification. Also, eastern Ukraine and Western Ukraine are very different. Eastern Ukraine is very much like Russia while Western Ukraine, a huge chunk of which like Lviv (Lemberg) was Austrian until 1917, is more nationalistic and closer to Poland and Austria. Even in Soviet times, everyone spoke Ukrainian and did not want to speak Russian in Western Ukraine (Lviv, et all) while speaking Russian and not Ukrainian in the eastern part. The key to ending the war (assuming Putin is rational and just miscalculated) is to find a way for him to save face, so he can declare victory and leave Ukraine. As for Russia not respecting treaties and only respecting power and force, yes you are right. Sadly, however this is not limited to Russia. Germany, US, China, Japan and the list goes on.

I am sorry, but food + energy = 70-80% of spending? I am sorry that does not sound credible. How do you arrive at those figures? Assuming a family of four and $1000 a month grocery bill (I know plenty of people who spend that much on groceries for a family of four), that is $12K per annum. Even if you drive 80 miles per day 20 days per month, that's using 30 miles per gallon, that's 54 gallons or another $150 per month at Costco. So, their budget is $1150 / 0.7 = $1643 per month or $20K per annum. What income do these people have? Assuming 40 hours per week at $20 per hour, that $40K per year income assuming one person working and essentially zero taxes (only Social Security + Medicare) already gives you a $36K per year budget before government transfers, if any. Assuming 2 people work, which is normal by the way the budget would be closer to $60K per year.

His mother by the way seems certified batshit crazy leftist with zero common sense. If I am not mistaken, she claimed that people have no free will, and concepts of personal responsibility in crime and finance should not exist. There goes civilization... A real pity, since SBF is clearly a brilliant guy who was raised by brilliant parents with probably zero common sense. What a waste of intellect!

Not in my opinion, but he is fighting extradition to the US if I am not mistaken.

@dealraker, any view on wr berkeley? thank you

Has it been able to grow ahead of inflation in recent years? When I looked at it last, I was shocked by lack of growth.

You are 100% right, this is insanely stupid! Apparently Trump turned down the offer for Whelan before.

@dealraker, I had a conversation with someone today who claimed that reinsurance pricing is going up 25-50% depending on the line. So, have you by chance heard something similar or different? Also, any particular reinsurers or reinsurance brokers that you either own or would consider owning/respect? Thank you.

I would disagree re GS. The business is run for the benefit of employees, shareholders come last, and it would have gone bankrupt in 2008 without Buffett and Fed bail-out in my opinion. Keep in mind, if under Jamie Dimon JPM could take a $50bn London whale hit, then why not GS?

Most of the cap ex comes from the self-storage business, which requires very little maintenance cap ex.

@dealraker, any chance that you could ask Wells Fargo analysts where they see numbers say a decade from now? Or forecasts of organic revenue growth for the next 5-10 years + what if any acquisitions? I know it is a tall ask, thank you.

Spirax Sarco Engineering, Ashtead, Canadian Pacific (agree on Canadian National with @ourkid8), Heineken Holdings, L'Oreal, Dior (LVMH), Hermes (don't own it), Microsoft, Philip Morris International, MSGS (Madison Square Garden Sports), Campari,

I am down 3% year to date.

Why shouldn't target inflation = 0%? Switzerland has basically done that over the past several decades and is doing very well. Datapoint on inflation - large accounting firm (several hundred professionals) asked for a price increase (did not raise fee in 2020 or 2021) of 10%, so accounting bill would be up 10% vs 2021 level. I would have fought, but given zero price increase in 2020 or 2021, figured that it was fair.

tax authorities confiscate wealth in a world of 5% inflation, that is what i was referring to

@Gregmal, with all due respect, I disagree that 5% inflation on a consistent basis is not a problem. It confiscates the wealth of most people in society, except for the those able & willing to be long the stock market, and long property on a leveraged basis.

I read somewhere that Europe could cut its nat gas consumption by 25% if it lowered thermostats in winter by 3 degrees Celsius and raised them as much in the summer. I do not know whether that is true or not, but if true, there is a lot of demand destruction that can happen world wide if people accept less comfort. Even 10% would be a gigantic change.

Thank you. I went to a memorial service today for a professor of mine https://en.wikipedia.org/wiki/Roy_Radner, I never knew he was a big pacifist and spent a lot of time trying to figure out how to induce the world to disarm. On a side note, there is a Russian saying - war writes off everything (meaning corruption in the military can magically disappear when war consumes non-existent stocks.) Where are you traveling these days?

Is it really at a 7-8% cap rate?

I would agree that inflation (official = recorded) will be higher in the next decade than in the past decade. I think due to de-globalization, demographics, dumbing down of American population, disdain for manual labor (even very highly skilled manual labor), belief that everyone should go to college to get a degree in film studies/gender studies/Shakespeare/art history/et all, lack of investment in commodities & housing. I think it will average 3-4% per annum on a going forward basis on a recorded/official basis, and probably 4-5% on a real basis.

@SharperDingaan, what do you think of CNQ? It seems very cheap to me, but I am an oil/gas tourist.