Ballinvarosig Investors

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.

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? :)

Getting back to the original question, would a "superstar" investor be beneficial to investors? Honestly, I am not so sure. I will give you my own example. I started off in the market over 10 years ago now. When I look back at the first stocks I bought, I wince at just how naive I was. I bought Bank of Ireland based on a 20+ year record of growing earnings, excellent returns on capital/assets, high quality (relative to peers), and great dividends. Within three years, I lost most of the money I had in that stock. I owned GE, another company where investors gushed about how great management was, had Buffett has an admirer and a long outstanding track record. That also went into the pond and even today has still not recovered. I owned Marstons, a UK based hospitality business that had shown really positive earnings growth. Even after dividends it has delivered an awful capital return in 10 years. The funny thing in all this time was that I had a mentor who I would have spoken to about these trades. I asked him much later, why didn't you warn me off these value traps? He laughed and told me I should be grateful as he had taken similar lumps before for far greater sums. In hindsight, he was completely right, for me at least, no amount of teaching would replace the experience I learned from picking those losing stocks. To be honest, I think there is far too much focus on "gurus" and "superstars". In the last few years especially there has been an explosion of books, quotes, podcasts, articles in the value investing universe. Honestly, I think much of it is regurgitated garbage. I say this as someone who used to buy about 20 investing books a year as well. As if the monetary cost of my folly wasn't bad enough, the time I lost reading these books was even more wasteful. I'd say 75% of the books I read delivered no value whatsoever, 15% maybe had a few useful crumbs, 10% at best would have been worth reading again. A much better investment of my time would have been to just read more annual reports. In my opinion, if you want to be a better investor, stop reading all the books and listening to all the podcasts. If you're accounting isn't strong, then that's the first thing you need to look at it. If you have ok accounting, then just get stuck into reading annual reports. Once you're comfortable, you can start picking a few companies out. Either keep a virtual portfolio, or use SMALL sums. Keep a diary/spreadsheet of everything you buy/sell. Say why you invested, say what it's worth when you invest, say at what price you will get out. Always do post-mortems on your selling. This is the best way to get familiar with companies and industries, it's the best way to understand risks/opportunities of the business cycle. You will make lots of mistake to start with, but as time goes by, you will develop your own style of investing that works for you. Charlie Munger is right when he says to excel in investing, you need to be a learning machine. The thing a lot of people seem to miss is that you need to be learning the right things, ie the companies themselves.

This sounds like a very cynical view, but unfortunately it's pretty accurate. One of the greatest investors ever, John Templeton, was only able to increase his AUM over 20 years from $7m to $13m despite out-performing the market by 3% annually. It wasn't until he got a salesman on-board that AUM really started to explode.