Ballinvarosig Investors

Please elaborate a bit about your line of thinking here, Ballinvarosig Investors, It would be much appreciated, thanks. Do I really need to go there? There is just so much wrong with what Warren Buffett is saying these days. For a start, he continues to beat the very worn drum that a basket of hedge fund, fund of funds will under perform an pre-specified index of his choosing. What's worse, is that he conflates that statement with the notion that all types of active management is bad. Not only that, but he states that in all his career (60 years plus of being in the market), that a maximum of ten people he has ever met can hope to achieve the goal of out-performing the index. It seems to me that he is in complete opposition with his previous teachings, namely that an investor with a small amount of capital has a very realistic chance of out-performing the market. John Hjorth - I take it that you are an adherent of the cult of Buffett? If you are a devotee, then may I ask, have you adopted the advice of your protegé (excuse the pun) and adopted the index strategy? From the recent statements of Buffett, I think it's fairly clear that the circle of ten people that he identified as having the ability to out-perform the market are extremely unlikely to be inhabiting this particular discussion forum. It seems to me that yourself and other adherents of Warren Buffett would do much better in your present investment strategies than to sell all your holdings and adopt index weighted holdings in the likes of Tesla and Snapchat, companies that truly represent the dynamism of American business (clearly, anything that is not American is abysmal by the standards of Buffet).

Yet another poor letter, filled with horrible contradictions. The only thing that was honest about the letter, was that the negative undertone about the ability of Berkshire to acquire businesses at a reasonable price.

Does anyone find it interesting that their overall equity position has gone up quite a bit (yes, I am aware that equity is only a part of their portfolio). http://www.dataroma.com/m/hist/p_hist.php?f=BAUPOST

http://www.cornermarketcapital.com/annual-reports.html Now in the public domain.

I was thinking the same thing how about something like this: Portfolio Over Time Works better for portfolio's where you don't have lots of smaller positions, ie. search for Allen Mecham. I would say it's a graph that's worth including.

Meaning my screen could be improved or Dataroma's screen? There are some performance-related issues with letting users see the entire portfolio history on a single page (rather than having to filter to a specific quarter), but long-term it's something I would like to do. FWIW I never found the Dataroma history page all that useful just because it's presented poorly. But I think given enough time and resources I could improve upon it. This one for example, like you said, it could be better. http://www.dataroma.com/m/hist/p_hist.php?f=aq

One thing I like looking at on Dataroma is the portfolio history of a "guru" at a glance. They have a nice screen with all quarters of portfolio history with a total size of portfolio, and positions sized from biggest to smallest (without % sizes though). I wonder could that screen be improved to add the weighting of the actual position size?

https://www.bloomberg.com/news/articles/2017-10-16/berkowitz-liquidates-hedge-fund-that-owned-sears-holdings-shares Another active manager biting the dust?

I haven't read the book yet. I've listened to a bunch of Dalio's talks and discussed the principles he mentioned with some people. I have some previous experience with radical transparency from another context. As a management handbook, maybe it has some sort of value, but I really don't have any opinion on that.

Am I the only one who read Ray Dalio's book and thought it was a joke? 95% of the book consists of Dalio name dropping or talking about how great he is.

Here's Yusko's performance. https://www.morgancreekfunds.com/global-equity-longshort-fund/

https://www.cnbc.com/video/2017/10/03/watch-cnbcs-full-interview-with-warren-buffett.html?play=1 Full video, enjoy.

I don't blame the guy for quitting. The US market in particular makes no sense whatsoever at this time. Things that are clearly overvalued like Tesla, Netflix, Wingstop, and Wayfair which Tilson was short, have rocketed.

Vadim Perelman

Buffett featuring in a short Forbes article, presumably there'll be a much longer article in the magazine itself when it comes out. Nothing in the web article no one hasn't heard before though. https://www.forbes.com/sites/randalllane/2017/09/20/warren-buffett-my-greatest-investing-advice-and-the-investments-everyone-should-make/#7e9541d1593e

No, absolutely not. Currently to get a bitcoin transaction done you have to pay around one or two dollars, so it's actually quite expensive compared to regular banktransfers. Also consider the hours/days required for a transfer to complete, also think about the complete lack of built in ability to cater for fraud/chargebacks. I am amazed anyone on this forum is getting suckered into this rubbish.

Buffett admits he was wrong on IBM https://www.cnbc.com/video/2017/08/30/buffett-i-was-wrong-in-my-original-ibm-analysis.html

https://planetmicrocap.podbean.com/ This one is also hit and miss, but I have to say, I enjoyed the recent podcast with Mark Vonderwall, and the interview with a certain person who has actually already responded in this very thread *cough* Travis Wiedower ;D

I found the Ted Seides podcasts mostly a miss. However, there were four podcasts that I remember were excellent. http://www.capitalallocatorspodcast.com/overlook http://www.capitalallocatorspodcast.com/tomrusso http://capitalallocatorspodcast.com/charley http://capitalallocatorspodcast.com/steveg

Jesse Felder has a good podcast on markets. Some of them are technical analysis orientated which you can skip (I listened to them anyway, they were fun if anything). https://thefelderreport.com/category/podcast/

http://www.barrons.com/articles/joel-tillinghast-finds-big-returns-in-small-stocks-1502511285?mod=bol-social-tw If you're a traditional value guy, then you'll really enjoy this article. For once, one of the good guys is knocking it out of the park!

His letters are about as public as you can make them. The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc). If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access. This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection. Cheers! Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :) It will go up 6 months after partners received it...they got it in March...so around early September it will go up. Cheers! Thank you, Parsad. I look forward to it :)

His letters are about as public as you can make them. The SEC requires/required accredited funds to have a separate log-in to access information from advertising (newsletters, performance numbers, etc). If you are accredited and contact Pabrai Funds to access the letters, I'm pretty sure they would grant access. This rule was loosened up a couple of years ago, so I'm not sure why most funds still use the password protection. Cheers! Speaking of letters, will you ever be making the 2016 Corner Market Capital letter available? :) Pretty sure Sanjeev can't himself, but you know, if one of his accredited investors happens to attach or link it... He has all his old letters from 2015 back on his site.