Dinar

That's just NOT true. If you go to the hospital as a cash payer, you pay $30K. If you go with insurance, the insurance company + you pay $10K. So the government forces you to buy insurance otherwise you a price 3x more than the hospital charges an insurance company.

Why? It seems rather poorly run, particularly from the IT side. Why would I need to own a bank? I am happy to own a bank, but I do not need to own one. Why would you not take Eurobank over UBS?

I have been looking and investing in Europe for more than two decades. I am not finding much of interest right now. Aside from Airbus (which I own and would buy today), I own but would not buy today - Safran, L'Oreal, Dior, Ashtead, Hill & Smith, STJ LN. If you classify Israel as Europe, I own, but would not buy today Tel Aviv Stock Exchange.

No, value is buying what's cheap. BP at 10x p/e or BNP at 10 p/e is not value, when BP is dedicated to pissing billions away on clean energy. Buying MSFT at 10x EPS 5 years out in 2019 was.

The difference in returns have primarily been driven by MSFT/GOOG/META/NVDA/SPGI/MCO/V/MA. Can you imagine any of these firms being started in Europe?

@Dalal.Holdings, why does that matter? How would have that chart looked in 1918? 1960? 1976? Similar, no? Yet, the following 48 years did not see Europe outperform the US, eh?

Based on what exactly? Does Singapore have more drug problem than the Netherlands?

TMO on Wednesday.

Bought Airbus on Monday.

David Tepper has an incredible track record, I think I heard somewhere 20-30% per year (after fees) over several decades. He is a trader though. Historically he was an investor in distressed companies.

I have owned Tel Aviv Stock Exchange since December of 2019. I am not a buyer here, but I am not selling my shares either.

You are wrong. Trump is not looking to impose tariffs on Canada, he is using tariffs as leverage to make Canada stop illegals and drugs into the US.

Why? It is a negotiating tactic to make Mexico and Canada stop flow of illegals & drugs. Now if only the headlines (looking at you WSJ) would reflect what Trump actually stated. (Surprisingly NYT headline was actually accurate and the Journal's was misleading.)

Actually, not at all. What he said was the tariffs will stay until the countries stop the flow of drugs and migrants to our borders. Seems reasonable to me. The ball is in Mexico's court.

You are 100% right. Unless Israel wipes out Hezbollah, wipes out Iran's nuclear capability, and transfers Gaza's population and West Bank's to Syria, it will lose the next war, since it will be under arms embargo from the West.

You guys just don't get it. Europe is finished unless it gets Margaret Thatcher in every country and kicks out those that hate the western way of life. A continent where most political leaders (except Germany, Hungary and Czech Republic) obsess with jailing Israeli leaders for waging war the way it has been waged since tirme immemorial rather than focusing on fixing their economies or preventing natural disasters from killing hundreds people (Spain) will not prosper. Historically societies that kicked out Jews did not prosper, and neither did societies that imported millions of Muslims. Europe is doing both. There is no freedom of speech in UK unless you call for wiping Israel of the map. In Germany they want to ban essentially the largest political party - Afd. Imagine the US being run by Harvard/Yale faculty, no freedom of speech/information control that would make old USSR proud and instead of Elon Musk + Indian/Chinese/Korean immigrants you have Muslim immigrants with no work ethic and many of whom hate and ready to kill non-Muslims. Now would the country prosper? US is being saved by entrepreneurs both domestic and imported, but why would Musk go or stay in Europe? To have Rachel Reeves tax him to death? Macron & Sanchez regulate him to death?

I disagree with you. For one, you are assuming that none of the spending finds its way outside the country. Furthermore, you are assuming that spending is not counterproductive. Say government gives $150K loan to someone to get an MFA in film at Columbia, who will never repay the loan, what is the impact if that loan is never granted? That person actually has to go and get a job and do something that is productive raising the GDP. Meanwhile, Columbia has $150K less in revenue. So it either has to spend more from its endowment, or it spends less, but on what? On foreign trips for its faculty? On leather couches that it imports from outside the US? On foreign graduate students? You have millions of people who could be in the labor force who are not because they are subsidized by taxpayers do learn something unproductive in academia. What makes you think that if these people actually worked, they would produce less than $400bn in GDP?

Actually, you are not correct. First of all, 3% GDP growth by itself should shrink budget deficit as a % of GDP by a full percentage point due to higher taxes and less social spending. Also, if you bring spending to the 2019 level, you have a budget balance. Lastly, if you eliminate $400bn+ spent on student loans annually + say tens of billions on illegals, will that really impact GDP? How much is being spent on subsidizing research abroad? Didn't Fauci's department subsidize Chinese research into gain of function for bat viruses? Real value add there.

Which names do you find attractive and why? Thank you.

I would buy today and probably hold for a decade (I own all of these names): Arcosa (ACA), CRH, CP (Canadian Pacific Railroad), St Joe (JOE), MSGE (Madison Square Garden Entertainment), New England Realty (NEN).

What is CNSFW? Cannot find it, thank you.

Here is an interesting anecdote. I have an investment in a company that owns several dozen apartment buildings in and around Boston. Their insurance expense went up 30% - 5% due to a rate increase and 25% due to higher insured value of buildings. The higher insured value drives demand for more insurance, and hence in this example, the insurance industry has to set aside 25% more capital to insure these guys. So if this is replicated across the industry, then this could keep upward pressure on rates. On the supply side, according to Renaissance, they have not seen additional capital enter. Meanwhile, ACGL just announced a 5% special dividend. So it seems the industry is staying discipled. By the way, Tom Gayner of Markel bought around $200k worth of Markel stock in the past two weeks - another insider who is bullish. Everest (EG) just saw a director buy USD 1MM worth of stock. So industry insiders are bullish, time will tell whether they are correct or not.

Renaissance Re on its conference call on November 7th: strong markets and rates are here to stay.

Very, very good investors. A number of their funds have excellent returns.

I haven't been following, what has she done? Thank you.