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n.r98

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  1. Consider a look at Israeli based payment co, Shva.
  2. This whole thread has gone from moderately informative to just downright toxic. I suggest we end this whole conversation; Pabrai is just a fella clawing his way through the woods like all of us. Let's mind our own business.
  3. It's tough. He's vocal about it but he's still struggling with "quality". Reminds me of Robert Pirsig's novel, Zen and the art of motorcycle maintenance. - "Quality is a characteristic of thought and statement that is recognized by a nonthinking process. Because definitions are a product of rigid, formal thinking, quality cannot be defined."" "intellectuals usually have the greatest trouble seeing this Quality, precisely because they are so swift and absolute about snapping everything into intellectual form." "People differ about Quality, not because Quality is different, but because people are different in terms of experience." Everytime Buffett has attempted to define "quality" in a specific parochial way - "so good a fool can run", "inevitable", "non-changing", it has not stood the test of time. It's paradoxical; mental models are good but model rigidity is bad.
  4. Humble opinion: I admire Pabrai's generosity and am thankful for the amazing yet simple investing lessons he has taught over the years. But sometimes, I think he shares a little too much and unwittingly drills those ideas into his head; "I am a cheapskate", "P/E 1 or 2", "I'm a spawner guy now". He admires Nick Sleep a lot and one of Nick Sleep's weapons was a conscientious awareness of not pounding dogma into his own head. Heck even terms like "value investor", "growth investor", "microcap investor" are ideologies and dogmas that may eventually slice one in the throat. Ultimately, one is just looking to do intelligent things and navigate this amazing puzzle capitalism has provided us with.
  5. My work on airports are still at infancy; have been distracted by other industries, Munger going big on Alibaba has pivoted my attention to China's tech space once again. I generally try to look for those with superior EBITDA margins, healthy B/S and good dividend yields. Thus far, $ASR fits the bill best. Shanghai airport looks interesting as well but seems to trade at an EV/19 EBITDA premium. Another that's on my list with a more levered B/S is Aena. I don't have much opinion on FF; I'm wary of cyclicals unless they have some sort of "cornered resource" or I can figure out the normalized FCF going forward and pay a low multiple on it. Do share your thoughts if you decide to delve deeper into airports.
  6. I've been thinking airports look interesting; toll-gate like monopolies, high margins, good dividend yields. Only worry is the broad market recovery coupled with experts forecasting a 3-4 years time-frame before traffic reaches back to 2019 levels; valuation then becomes tricky imo.
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