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@Luca - I like what you have to say.. what is your TikTok or Insta? I will heart your posts! LOL.

Uh.. maybe... but, I think the cultural revolution will have a lot do with it.. US and the Great Generation had that trauma of the Great Depression... and the Chinese had the Cultural Revolution and communism -- which was the buzzkill. One could only control their cost... China had their version of the Roaring 20s..... and then, WW1, WW2, and the Cultural Revolution kinda put everything into perspective....

@Saluki - It's a really hard to find book to find. It's worth something. You should keep it.

I don't know how Nubank (black) can have data in 2015, when it didn't IPO until December 2021. Apple is Warren's pick... If he is doing so great, I think Warren should tout their records.

@MCR - I see the vote of confidence for Greg Abel, but I have no clue how he would perform on stock purchases. He's an operator and can talk to their sub's CEOs on amount of capital to give them, but I have no clue what he would buy. I've seen Greg by Warren's side on the Japanese investments..but, did he bring in Chubb? Did Greg advise on the OXY purchase? He's more of a black box than Ted and Todd.

Strange -- I did a broccoli experiment with kids and they didn't eat it when I left and when I gave them twice as much afterward, they passed.. hmmm...

Maybe, that the natural order and balance in life. Most people will not get it. Thoreau's quote is spot on: "Most men lead lives of quiet desperation" I keep telling my friend, I wasn't born to be a feeder fish.....

@DooDiligence - LOL. It's all about when you hit your peak. For some, it's living their best life in high school.... you don't want to be the richest person in the cemetery. George Best was epic.

@Sweet - But, are they still spending on girls, drugs, and drink.. If so.... They are living their dream!

I see a lot of people doing a day-shift and then, doing a night shift. Like an off-duty cop doing mall security work. I see a lot of people doing service-desk from 9-5 and then, taking a "night shift" too.

https://www.marketwatch.com/articles/berkshire-hathaways-mystery-stock-chubb-fe2ac440?mod=mw_quote_news Yup, it is.

Makes sense. Thanks.

@bizaro86 @TwoCitiesCapital @johnpane - Thanks for the reply. I have one German bank position (Commerzbank) that I believe will be a takeover target in the future. Do you know how stock mergers work out in ADRs? Do I get converted to cash nonetheless or will I get new ADRs if there is a stock transaction. For example, if it get bought out by Deutsche Bank, which is NYSE traded, versus Unicredit (Italian and ADR, itself). How do mergers work out either way? I'm worried about the tax treatment.... if they pay me out, there's going to a huge cap gain... versus rollover into a stock position... of course, that's a rose-colored glasses problem.

Also, Warren mentioned "Pleased, but not satisfied".... which is David Sokol's book. Easter eggs? LOL

Does anyone find it funny that Ajit has "salty nuts" for his See's item? LOL

I have InteractiveBrokers, so both transactions should be easy (ADR or purchase in foreign market). That said, is there any reason to buy ADRs instead of going directly to the foreign market? Many noted they bought Nintendo directly in Japan instead of the ADRs. I know ADRs have extra, hidden (custodian) fees... Is there any reason to buy the ADRs?

+1

Ben Graham essentially focused on mis-informed, bad management in his value investing approach (aka the cigar butt)... He and Buffett had to get control of the board or influence somehow to unlock value. I always thought they were activist investors before it was a thing. Buffett mentioned many CEOs and management teams are really bad capital allocators. So, you're lucky if they hoard cash.... otherwise like Salomon Bros, the management use it as a piggy bank to enriching themselves. The Directors are sadly in on it too. Directors are suppose to represent the shareholders..but, that's in theory.... It's like many hedge funds and mutual funds are actually asset gathers and closet-indexers.

@John Hjorth Are there any segments that were removed in the latest editions or only present/discussed in the early editions?

If professional sports are good reference points, nobody is sacred. The portfolio will be touched and redeployed. Look at DJCO, I mean.... Wells Fargo and Bank of America is being reduced nonetheless. Whether it's Lou Simpson, Sir John Templeton, Teledyne under Henry Singleton, the position will be touched sadly.

When Warren passes, I would expect there will be selling of his prized holdings too.

How different is this from Jeff Bezos and Amazon? Or Steve Jobs wanting small, technical teams of creatives?

True, once the business has negative earnings... the overpriced shares bought earlier becomes an anchor.

The beauty behind this is they have positive earnings, so the game is not necessarily over. Trading at a P/E of 9, it can catch up.

Does anyone have any examples of cannibals that didn't eventually increase in value? CAR has the possibility to be like Long-Term Capital. Good strategy until a Black Swan event takes them out. I also like companies that address corporate debt first before buy backs. Little or no debt gives companies a lot of flexility in good and bad times.. I rather than build the ark waiting for the thousand year flood. Otherwise, it's like picking nickels in front of a bull dozer.