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gfp

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gfp last won the day on August 30 2024

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  1. A new spin on underperformance! It will be interesting when the 5 and 10 year records underperforming are spun as a good thing
  2. That’s right - Panic!!
  3. I don't think I will ever understand why you focus on an arbitrary price per share of the bitcoin ETFs - they can split and it is a meaningless number.
  4. You've got Tim Eriksen over at Solitron - he's a "value investor" if that's still a thing. SODI
  5. Yes - year-end marks are important for hedge fund managers in any year and even more so when they are going to be actively marketing their track record to IPO the management company. But even in a regular year their performance reallocation usually crystalizes on the year end mark.
  6. Some more VRSN purchases. A few tip offs that it's not Warren himself are that much of the stock is held in the various pension funds, which was the first capital he turned over to Todd and, later, Ted. Also these trade sizes are not Warren's style at all. https://www.sec.gov/Archives/edgar/data/1067983/000095017024141263/xslF345X03/ownership.xml
  7. Some companies cancel the stock, some don't. Apple cancels it. Berkshire holds all the shares they have repurchased as treasury stock. They could easily use it as merger consideration in the future if they desired. The treasury stock is not outstanding and doesn't get voted by management. The other variation is the GAAP "treasury stock" at Biglari Holdings, where the company indirectly owns several hundred million dollars of its own shares through an LP investment, where management does vote the shares but they are eliminated from the GAAP financial statements as look-through treasury stock. This unusual arrangement causes many market participants to incorrectly compare the market cap using one share count to the published balance sheet. If you leave the balance sheet entry for Treasury stock (at cost) it can provide an easy to judge record of accumulated share repurchases over the years. If repurchases flip shareholders equity negative it can make the relationship more apparent at a glance. Apple, for instance, will likely flip to negative shareholders equity some time in the next few years. They publish a separate document that shows what Berkshire's 'Treasury stock, at cost' line item conveys - https://s2.q4cdn.com/470004039/files/doc_earnings/2024/q4/generic/Q4-24-Return-of-Capital-Timeline.pdf
  8. I don't subscribe to their service but I did follow dirt cheap on twitter. Value investing can definitely be exciting when you find something great and nobody else is buying it and the more work you do the more sure you get that you are going to make a lot of money. The money is made in the buying in this game and that's the exciting part for me. Selling doesn't do it for me, even though that's when you crystalize the profit.
  9. Interesting that the entire SPX has formed a head and shoulders pattern. I'm not predicting it will break down or advocating people should change their investment positioning - but something to keep an eye on since there will be others watching for a close below that neckline.
  10. dirt cheap stocks put out a nice re-cap / summary / case study narrative of when they discovered the ECIP program - a story well told and worth a read for most -> https://dirtcheapstocks.substack.com/p/case-study-3x-earnings-20-of-net
  11. I'm sure the timing to publish this "tip" on 12/30 was just a coincidence.
  12. If my memory is correct, this was one of Todd Combs' early positions when he came on board at Berkshire. I'll have to go back and figure out why I thought that - maybe it was the broker he used or something he said.
  13. At least start here if you are going to post about it - https://blog.bitmex.com/microstrategy-bonds-can-mstr-get-liquidated/
  14. Are you familiar with the type of debt MSTR has outstanding, the maturity dates and amounts due, the terms of the debt, and the equity base of the company?
  15. Good post and I agree but I had to laugh at "I'm old enough to remember 2022"
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