alwaysinvert

More pkx

Absolutely horrible furnishing.

Index funds, index funds, index funds. Some people will do it; many will do it and withdraw at inopportune times, others will do it and tire and go do something stupid with the money. Either way, no one will be worse off from that advice. But tbf I have continually offered this advice to people I know (who have asked) and yet to find even a single person who has heeded it (except my parents, whose accounts I control).

Have not read it, but I watched an interview with the author in Swedish and he didn't give a very serious or particularly insightful impression. Guessing the book mirrors that.

I don't think every well-off guy can get a young hot babe. In fact, I'm sure of it. It's more a question of what her requirements are... You said she was attractive and somewhat intelligent and she has two degrees. If that's the case she will be fine in the relationship department as soon as her bar gets lowered from Bradley Cooper lookalike to merely above average. Her main problem is that the biological clock is ticking so she doesn't have loads of time on her hands.

Skype? Youtube?

Go to 10:40 :)

Buffett said on CNBC just now that he bought some IBM shares this year, but not a lot. So I guess that rules out IBM as his secret purchase.

The problem is inherent in the EMH framework itself. The framework is logically unflawed, but rests upon axioms which may or may not be true. Irrational bubbles and pricing anomalies cannot exist since the few people who see them coming may have been just lucky, while if the bubbles were identified by lots of people they would never have been blown up to that extent. Because the nature of bubbles is that they can only be widely identified post hoc, it's a meaningless concept. Well, maybe. But I find that some people who share roughly the same framework consistently either do not partake in these bubbles or actively bet against them. Hard to show statistically, I guess. Btw, I read somewhere that Fama stated that Shiller had been speaking about a real estate bubble since 1996, which was news to me. Would be interesting to find the quotes from that time.

Click on the thread you want to search, and then use the search bar on the top right hand corner. It will only search the board or thread that you are in. If you want to search the entire board, then click on "Home" and then do a search, and it will go through everything. Cheers! D'oh! Didn't realize it worked that way. No wonder my search results seemed erratic when I thought I searched the entire board from a subforum. Thanks! Still, a search by author+keyword feature would be extremely helpful.

Is there some way to implement a feature in the advanced search functions where you can search for keywords and authors in specific threads? That is finding every post by a specific user in a specific subject and being able to see all posts containing for example the word "balance sheet" so as to be able to follow a certain subset of the discussion easier. If I'm interested in the cashflows of Apple and what people have to say about that, I'd rather not skim 2000 posts on pure tech stuff to get to the meat, if I want to know more about the real estate value in Sears I don't want to read everything about short squeezes etc. You get the point. Likewise it would be great if you found some user posting good stuff in a thread and could just just search on all his posts in that subject, instead of having to sort through all his posts in all threads that he has posted in. If I want to find what ERICOPOLY has written on BAC, I'm not necessarily (at that moment) all that interested in his tax expertise from other threads. I know of a couple of other boards where this is possible. Does the software allow it?

I don't have nearly the readers that you do, but, I do agree that a lot of the people reading my stuff don't invest in a lot of the things I talk about (that said, I own a fraction of the stocks you do). I do agree that the value field is getting crowded though- but, it seems like it gets crowded in a bull market, where people start seeing the good returns that value guys got when the market started rising in the previous recession, and wanting to emulate... There are a ton of nano cap stocks that are now talked about as value plays, when they are trading for 3-5x what they were in the recession- and considered total piece of shit stocks (that were actually great little companies) EVI, IBAL, and a host of others... Packer could name off a ton of this regional radio carriers (that, I by the way, was too stupid to invest in despite him telling me too!). Same thing with a lot of the regional banks (well, financial institutions in general) now. What I am getting at, is I want to see what this forum, or the value investing community looks like when a whole bunch of us make a bunch of bone headed decisions for a year or 2 in the next downturn... 4 years ago when I started reading this board, macro informed value investing seemed to be all the rage. People were putting on hedges and buying puts and shorting indicies. "You can't ignore macro", was a common statement. I never quite got to the bottom of what that actually meant. But anyhow, I hardly ever see anyone say that now. The equivalent these days seems to be moat investing. I don't know wtf that really means either. Except that apparently you are better off buying Google than HPQ. I listen to the manual of ideas podcasts and every single fund manager they interview rave on about high-quality businesses and moats. I'm quite jealous, how do people find all these super businesses trading at bargain prices? I must be doing something wrong, apparently.

Your biggest mistake made you +64%? Not too shabby... Yes, in hindsight I think it's quite clear that was my worst buy decision ever, even though I've obviously owned stocks that performed way worse. Can't count on good sells if I make purchases like that in the future. EV differed wildly from outcome. It happens.

My biggest mistake was buying convertibles in an oil prospecto yielding 11% at below par right after issuance. I thought I got a cheap option on the low oil price with a very nice coupon attached to it. This was in early '09. Actually going through the financial statements properly and reviewing management's track record didn't occur to me until later. I sold out in September the same year after getting more and more spooked by management behavior. Things I obviously should have noticed much, much earlier. Result? +64%. The company has since raised capital multiple times, changed CEO a couple of times, done a couple of reverse splits and the convertibles were forcibly converted into common stock, diluting the common by 90%. Needless to say the stock is down 99% since '09. Lucky break, heh.

I'b be very interested to hear his current view of Posco and what they have done in terms of diversification and growth investments? What does he think about them paying a dividend and at the same time selling treasury shares? You could even be a little cheeky and ask if his fund were in on the buying of those shares? :)

Munger said in reference to this (and I'm paraphrasing) something like "we're not a religion, just because Warren said something 20 years ago doesn't make it the absolute truth". I don't remember the exact occasion, though. Maybe the last AGM?

I'd take the most talked about small cap stocks with no earnings. Maybe some screen for criminal records of management too and no short interest.

I'm not usually into "food porn" but this film is beautifully shot and just like Liberty said about a true craftsman. Very inspiring. Felt a bit sorry for his eldest son, though :)

Mastery is one of my favourites in the last year. The other ones don't seem to tackle subjects that interest me that much, but maybe I will give them a chance. The titles are horrible, too.

Can they obtain this permission even when adding to existing holdings, say when going from 1% of the shares to 10% or something, or is this only for new buys?

Any guesses on what stocks they've added? Wells Fargo is a no-brainer. But is all the $4b in the commercial and industrial category really Todd and Ted? What are the most likely candidates from the portfolio. DTV? IBM? Tesco? Or perhaps my favorite, Posco. None of those stocks (bar DTV) have had a good 2013 so they all make sense to me.

Why not keep the money you cannot deploy in stocks in those mutual funds for the time being and slowly reposition opportunistically? Buying something you think is too dear just to construct a portfolio composition you want seems like a recipe for low returns. If you thought the fees for the mutual funds were OK before and still think they will perform well, I don't really see why you need to overhaul the entire portfolio so quickly. On the other hand, I can't quite wrap my head around how you would value the great capital allocators without a working toolbox of valuation techniques for different companies without those kind of attributes. Merely extrapolating their historical returns and evaluating deals with hindsight bias is fraught with problems. The leap of faith element seems far too great for me.

King Icahn is the only one I know of. It's not very up-to-date, but a decent read.

And Simons and Soros? :) Thanks for the link.

I have pondered taking up bridge for quite a while. Maybe I will take a couple of hours to learn the rules and gameplay.