gfp

I hadn't checked in on IIFL Securities in a little while - was surprised to see the chart

Are you talking about holding company cash? That isn't where claims are paid from. There are plenty of invested assets, cash and otherwise, in the insurance subs and that is where claims are paid from.

I would add Bentley Systems - BSY - I have no position in the stock and these software companies are never "cheap" but the family has seemed to indicate they are willing to / looking to sell. Negotiations with Schneider didn't lead to a deal at that point. Wouldn't be surprised to see them taken out as infrastructure is still a strong theme for acquirers.

Is this a report you made Haryana?

I'm going to wait a day or two but I'm hoping to get short the TLT around $100/share. Probably through October options. We might even get a quick breakout above 101 but we are coming into some very persistent seasonal trends where no matter what the fundamentals indicate - interest rates have been rising end of august through september pretty regularly. It will come as a nice surprise with all eyes on the rate cutting cycle. Probably will find some cheap out of the money puts to express it but I may figure out a different plan. Micro treasury yield futures are pretty user friendly. Now let's just get her up above 100!

resumed selling BAC https://www.sec.gov/Archives/edgar/data/70858/000095017024098772/xslF345X03/ownership.xml

The structure is 1.25% and 20% with a high water mark (but no hurdle). He does have overhead, somewhat offset by the fees Mongolia Growth Group pays Praetorian PR to research and produce the subscription product KEDM. Praetorian analysts / staff produce KEDM under contract but Mongolia Growth technically owns KEDM. Looks like YAK will have to liquidate soon since they don't really have an operating business.

You can certainly buy some of one type and some of the other... I have no view on whether it will be beneficial to hedge the JPY going forward. I'm going to be in Japan in September and October so maybe I will come back with a view on that. There has been quite some volatility in the JPY recently! Warren has it worked out pretty well. He's majority hedged from JPY weakness and his major investments in Japan earn a lot of their income in US dollar type of international activities. You can sort of see the differences in how the two types of ETF (hedged and unhedged) performed differently at different phases of the JPY-weakness and JPY-strength/unwind/freak-out

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