gfp

Yes, separate accounts, no fund for me

I thought that was just the name we used for @wabuffo "oh, that's Bill. He's turbo rich"

Yep - this is all you need. I don't understand that study that says the best performing funds 'were forced to shut down' - didn't their AUM grow by large amounts each year through performance alone? The best way for a good performer with no interest in sales or asset gathering to build a business is to make your early investors very rich through year in year out compounding. They reciprocate with trust and are the best clients/partners/whatever you could hope for. And you never need to spend time fund raising. I only ever had a single client that was rich when we started (and they were very rich). Everyone else was not. If you are putting up a good long term track record and managing money for others that isn't completely for free, you are getting a raise every year. Add in the investment results on your own capital and you are getting a substantial raise (almost) every year.

Yeah, My wife is not an expert on India by any stretch (although she has many Indian and Indian/American friends) but one thing she knows about is famous stories of women getting gang raped on the bus. I guess in Delhi. That may have happened only once for all I know, but it went world famous and it sticks with people. Women are raped every day in the USA but usually not gang raped on the public bus so it sticks in peoples' mind

Thanks for the link UK - I thought that was a pretty good overview of current conditions. Allowing women to work after dark! Who woulda thought (I mentioned this to my wife and her response was, "as long as they don't get raped on their way home" - seems India still has a bad reputation on that front.)

No, he started working for Glenair in college and became CEO in 1977

Kaufman is co-executor and trustee of Charlie's estate along with Charles T Munger Jr. From DJCO proxy: Peter D. Kaufman may be deemed to be the beneficial owner of 131,297 shares in his role as trustee of certain trusts for the benefit of the Munger family that hold shares of Company Common Stock. According to the Schedule 13D, Mr. Kaufman’s address is 1211 Air Way, Glendale, California 91201

As of Q3 they own this much

I think that one of the only muddy waters points that actually landed was that Fairfax is more active in surfacing this "hidden value" (under marked assets) than many other companies that are similarly situated (Berkshire being a good example because Berkshire almost never writes anything up or sells non-mark-to-market investments). Its something to pay attention to, but just like for Berkshire over many years, I just incorporate the knowledge of under marked assets into what price to book value ratio I am willing to pay and leave it at that. An insurance company can sell for 3x book to another company, but guess what, that same dollar amount is now marked at 1x book on the next guy's balance sheet. I don't think this "hidden value" is unique to Fairfax and they are actually one of the most active in realizing / marking up these types of things.

It's getting harder to sell BH.A ... what does it mean? Are the robots still interested in buying stock?

I agree but let's not count divesting Kraft as a fait accompli - all they have done is registered (most of) the shares for a possible resale. The press is acting like they filed for a secondary offering and are out

So that's pretty helpful. $1 million to start your fund, make it to a year and he invests another $6m and corrals some business associates for another $9m. It's good to know people!

Guy's father Simon Spier owned a family business called Aquamarine Chemicals in London that traded in agricultural commodities. He is related to the Lazard, Speyer and Rothschild banking families through his great-great-grandmother, Johanna Lazard. His Dad seeded the launch of his fund with $1m and encouraged him to start a fund instead of being an investment banker/employee. Guy has described his early upbringing as solidly middle class during their time in Israel, living in a modest walk-up apartment. That said, he was educated at private schools and was able to launch a fund with family & friends money. My understanding is that Daddy invested significantly more a year into the fund's existence when he raised $15m (not all from Simon).

No, yahoo finance is showing a couple of random volume spikes during the day that aren't showing up on other data providers. I'm not sure I would take yahoo finance as correct. IB doesn't show the large trades. I don't have a bloomberg to check

And before someone flames me for including Truflation - just forget about it

Robotaxis are live in Austin with no safety driver / monitor. A pretty big deal

There was enough liquidity to use market orders this morning. I usually don't use market orders but this type of morning is the perfect time to use them. Primarily through fidelity on FRFHF, since they route to citadel and those fills are usually very good in a fast moving liquid market

Like a broken record, I am, again, selling Biglari Holdings class A! Come and get 'em crypto bros! Or robots?

Tim's letter has a good analysis of Exco Resources for those interested from a Fairfax / Chou angle https://static1.squarespace.com/static/5ea6570a0ba57d406203e048/t/6971662dea3ab16d2ec514e0/1769039405165/Q4+2025+Results+for+Cedar+Creek+Partners.pdf

This one is short and pretty useless but it is an early one https://irp.cdn-website.com/cfd0d660/files/uploaded/ltp-1985-q1.pdf

https://www.sec.gov/Archives/edgar/data/55698/000090479303000035/agreement.pdf activist & board correspondence https://tpltblog.com/wp-content/uploads/2022/03/letter-to-tpl-board-from-lawrence-goldstein-3-21-22.pdf https://tpltblog.com/wp-content/uploads/2023/11/santa-monica-partners-letter-to-micheal-dobbs-bod-11-20-23-1.pdf

I have the book but I'm not going to scan 500 pages for you! Here are some links to individual letters https://irp.cdn-website.com/cfd0d660/files/uploaded/ltp-2006-q1.pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP Q4 2020 Letter to Partners.pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP Q1 2021 Letter to Partners.pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP Q3 2021 Letter to Partners .pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP 2021 Q4 LETTER TO PARTNERS.pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP Q1 2022 LETTER TO PARTNERS.pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP Q3 2022 LETTER TO PARTNERS.pdf https://irp.cdn-website.com/cfd0d660/files/uploaded/SMP Q1 2023 LETTER TO PARTNERS (for website)-6181ddd3.pdf

What was that all about? Plus another $600k or so through fidelity. Weird morning but nothing better than Biglari up Fairfax down!

The irony is that the best reason to sell a longish dated treasury bond is because you are getting more bullish about US economic growth. The US economy doing shitty is a positive for treasury bond investors. The US economy doing well is bearish for treasury bond investors.

haha - I definitely know some people in their 80s where the rare steak salad at their favorite lunch spot is by far the highlight of their week!