gfp

Do you have a view on whether you want Yen hedged or not? They make 'em in both flavors

Yeah, I agree with most of that. I am actually kind of surprised he hasn't sold out of St. Joe so that shows a lot of patience. He has increased the size of his fund without really changing the St. Joe position size, so it has become less important. I think he is more humble in person than he pretends to be when he is dropping a million fund-bro buzzwords online. Blowing up several times will do that. He isn't taking a ton of risk with other people's money at the moment (that I know if) - It actually seems like he is sort of short on good ideas and holding some cash. None of the positions are very large. I guess the Uranium and Tidewater/VAL combo would be the only concentrated exposures. I don't agree that AMRK is a good way to express a bullish view on gold but I am not a big gold bull. I agree with him that miners are a horrible way to "play" a gold move. He knows from experience because he invested in a lot of obscure pink sheet, microchip foreign securities and junior miners in the past. Almost all don't exist any more. As they say - there are no extra points awarded in this game for degree of difficulty. He may have learned that lesson by now. If anything will cause him to blow up again it will be his confidence / hubris / being public about his positions. It's a lot harder to change your mind when you have been all over the media making confident assertions and calling everyone else stupid. He will feel a lot of pressure to put up returns since so much of his capital came in after his 2020-2021 performance. We'll see how he handles it. Luckily his US fund is probably about full and the offshore fund will be slower to raise capital so he may have a plateau on new capital for a while here - which is good if you are short on ideas.

I don't think he planned / intended to sell all of his AAPL shares this year so you gotta stop somewhere. When people saw the even number they figure he stopped. We'll find out next quarter. The last bit was sold at $207.64 /share average - so he did get a little bit of the AI pop action for $1.3 billion worth.

we don't know. He had permission to go as high as 25%. He started selling. Price went down and he stopped - maybe just temporarily. He is still above 10% so far.

Dataroma doesn't work for prices paid or sold at. Berkshire bought Snowflake at the IPO price. I believe it was $120 / share. edit: I just checked inside Columbia Insurance Co, where Todd owned the stock. Snowflake was sold for $131.90 / share in Q2 so that was actually a small profit (terrible investment outcome).

I don't think Tesla sold it for $1000. I think that was some folks on the secondary market. Tesla probably charged $420 lol Oh man, now I see they are selling a branding iron and a texas belt buckle. These guys are geniuses.

And if Tequila isn't your thing you can get just the decanter https://shop.tesla.com/en_sg/product/tesla-decanter?sku=1655475-00-A Or glasses that can't stand up on their own! https://shop.tesla.com/en_sg/product/tesla-sipping-glasses?sku=1581744-00-A

That's probably a good one. Don't forget to model in the drive in movie diner earnings https://www.teslarati.com/tesla-diner-movie-supercharger-job-posting/

Oh wow - that snowflake stuff is hilarious! Yikes Todd

That was such a great WSJ article - it's like everyone talked! And now I know that "combat dolphins" are a thing that exists. Highly recommend the article - https://www.wsj.com/world/europe/nord-stream-pipeline-explosion-real-story-da24839c?mod=Searchresults_pos3&page=1

hopefully you realize that the price to borrow changes and you haven't locked in some better deal

Well reviewing the results from that 2023 thread should reinforce that shorting stocks is a tough way to make a living! CVNA, NVDA - yikes! I was short Stellantis but I covered it in the 15's. (I really don't like Stellantis) I was short the index but I covered it on JPY freak out day. I can't find much that I would want to be short at the moment. Maybe that idea someone had on this board earlier about SHW - that might be a decent short at $90 Billion - but it is breaking out to all-time highs and that isn't usually a great sign to go short. Plus I'm about to go buy a 5 gal. of Pro-block primer/sealer so that's money in the bank.

I don't know anything about that. I'm all in on Ulaanbaatar office buildings waiting for the inflection

he does a lot of social media and podcasts. Runs a hedge fund, maybe $360 million AUM? He owns St Joe stock. Tulane undergrad

Just scroll up in this thread - I think it came over from Eurolife or something like that. Out of the office so can't check exactly but for me the 49.99% figure is in this thread several posts above this

Yeah I don't know who called who but Pilot was unique in that it came with some very expensive bank debt that stuck out like a sore thumb in BRK's capital structure. I'm sure there was some grumbling at Berkshire when Pilot aggressively borrowed and paid out dividends (including dividends to Omaha for its share) and now they have the debt to deal with. They probably planned to replace the bank loans when they took over 100%. Nice recent article in the Knoxville paper about the Pilot CEO in case anybody here missed it - https://www.knoxnews.com/story/money/business/2024/08/07/who-is-adam-wright-pilot-ceo-and-former-nfl-player/74271777007/

I think Fairfax owns half of Cairo - like 49.99% or something like that

You can see how National Indemnity capital is sometimes used to refinance subsidiaries - Pilot came with a bunch of expensive bank debt and National Indemnity appears to have refinanced them out of most of it at 5.25%. This stuff gets eliminated in consolidation on the SEC filings since it is between subsidiaries.

National Indemnity Q2 NAIC filing. maybe a coupe of you nerds that like reading these. The way Citi shares were moved to add capital to West Guard Insurance during the quarter along with other Buffett positions makes it seem more likely that Citi is a Warren Buffett investment and not a Ted/Todd position. Average price of AAPL shares sold during the quarter was approximately $188.40 I'll bet he stopped at 400m shares even. The stock went sideways while he was a seller and when he stopped selling it was able to go up with the market. 20087.2024.P.Q2.P.O.2.4817539.pdf

Finally someone is on to Warren's master plan - https://www.cryptotimes.io/2024/08/15/what-if-warren-buffett-launches-a-game-changing-stablecoin/

Kuppy's 6/30 portfolio - probably a decent cash position as well. I would think this fund has "money weighted return" problems written all over it. The performance was on a smaller capital base and then it grew to over $365 million and there ain't a lot of inflecting going on. https://www.sec.gov/Archives/edgar/data/1949877/000194987724000012/xslForm13F_X02/ppr_2024q2.xml

Just anecdotally, we are renovating the interior of our house right now and I have been to several local SW stores often recently. They have not been busy, but I purposely avoid the mornings when contractors would be in there. And our local SW stores do a lot of delivery business so it is hard to know how busy they are. But the stores have been dead - which is nice because I can get in and out quickly and they aren't sold out of most of the products like they were during covid. I would use the local BM affiliate but it is run by someone's idiot nephews and it is painful to buy paint there (it is also more expensive). People paint when houses change hands. Living currently in a construction site I understand why! Now, to get back to removing drywall mud from standard poodle hair...

The main 'pro' for a US investor (no clue what is allowed in the UK) would be the ability to own BTC inside an IRA or other self directed tax deferred retirement account. Other 'pros' might be ease of use and mitigation of the risk you lose your key and lose access to your BTC. Inside a retirement account you are not taxed on each BTC sale. The main 'cons' would probably be that BTC trades 24 hours a day and some buying and selling opportunities wouldn't be possible to take advantage of with an exchange traded product. Weekends as well. Maybe robin hood or some such has introduced 24/7 after-hours trading but I haven't seen it. Other cons would be that it comes with a carrying cost, it is not private, it is not the real thing so you can't leave the country with it at a moments notice or use it in a transaction on the other side of the world like buying a piece of real estate at 11pm on a Sunday or something.

Alas, the Social Security trust fund and SS disability trust fund don't own any marketable treasury securities. Only the special issue IOUs of the US gov.

At least inside Odyssey Re, the cost basis for UA was $6.994/sh. and the cost basis for VOO was $464.91 / sh. At Odyssey, average price sold for MU was $127.75