Malmqky

Great work!

Nintendo is my pick. Seeing 2/3rds of my portfolio mentioned here makes me feel nervous and confident at the same time…

I assume skin cancer. a family friend of ours went in to get some moles removed for cosmetic reasons - one of them ended up being cancerous. Things would be very different if she had decided not to get that “cosmetic” procedure. Dermatologists are underrated - not all about aesthetics.

Between 6 months and 2 years, with most being closer to a year iirc.

I have a few bitcoins held in a wallet on an old laptop of mine. Don't remember the credentials to access. Sad days.

Best investment I've made off the top of my head was buying a basket of energy stock calls and warrants during Covid lockdowns. Thesis was simple - world wouldn't be locked down forever. I didn't have any particular insight into the industry, so I just bought a basket. Wanted some kind of leverage because I was very certain of the outcome, hence not buying shares and instead warrants/calls. Holding period was like a year or so. Position size was 25%ish. Too bad I didn't have the balls to go all in.

Little Tencent, little BTI

Oh my. That’s conviction alright! I’m considering increasing my position as well - though I prefer a basket approach with PM (nice) and MO (ew…maybe one day it’ll be better/cheaper)

This is a terrible idea. Mavericks have a huge fan base in Dallas and it’s not like it’s a scrub market. Moving them would be value destructive and just a slap in the face to the fans. I have no insight if it’ll happen or not, and you make it sound like a real possibility. But man. This would be an out of touch, stupid, stupid idea. Cuban selling ownership but retaining control of basketball operations seems like a sign it might happen. This way he can save face. If it doesn’t happen, I think a group of owners with Lebron as a figurehead will start a team in Vegas eventually.

These teams have never been and never will be valued based on cashflow/what they earn. They’re trophy assets. I think things might be slightly inflated due to a decade of low interest rates. For the NBA specifically however, I see growing international popularity and huge tv/streaming rights deals looming in the near future. I feel good about the NBA long term, and near term I think things will be fine too. Something like Baseball however? Well…I’m not so sure about the future prospects. Cuban specifically, I’m not sure if we can view him selling as a valuation based decision. He’s a serial entrepreneur who has many different interests/businesses.

Does a single shareholder own like 50% of shares outstanding?

I for one like the AMR investment. Not sure if it fits his wagon analogy, but I have a feeling it’s going to be a fine investment. I think that’s the last thing he should be criticized for here. Really, if he lowered his management fee to 0.25-0.5% and got rid of the team, I don’t think there’d be anything valid to criticize him for, except for perhaps the BRK name dropping. I’m split on that one however. We’ll see if he takes too many moonshots like he usually does, but the portfolio seems solid to me and if he doesn’t experience thesis drift and actually buys and holds forever…well this should do ok, ignoring the fees. Lots of ifs though.

Yeah I was initially pissed to read FFH was buying more BB. Decided to figure out exactly how much was purchased because hey…$0.5m isn’t an exact amount. However, I couldn’t t find anything either. Turns out GuruFocus isn’t 100% accurate, who would have thought? Sidenote, Not sure why ppl care about a $4m purchase that could very well be tax related.

this is the most likely outcome imo as well. ideally some sort of universal basic income is implemented, welfare is abolished, and ppl are then free to pursue things like art, writing, investing, small business ventures of sorts, etc. as “jobs”. This is unfortunately a very unrealistic outcome however.

A smaller starter/tracker sized position in CPNG Maybe more AMR and UNTC if limit orders fill.

UNTC isn’t necessarily the same story, but trading well below intrinsic value and is yielding 20% with 8ish years of reserves. Going to be returning a lot of cash to shareholders.

AMR, MSGE, UNTC, NRP

Starter in NRP as well Thanks @KJP

Just continued to be puzzled by the valuation But yes, perspective is everything. 100% in a year is nothing to sneeze at.

To add on to the above discourse, I’ve had conversations with friends who work in the insurance industry and are solid value guys. They too dismiss FFH entirely - BlackBerry, Prem’s mistakes, etc. Maybe in a year or two people will appreciate it. The fact that everyone seems to dismiss it without looking into it gives me confidence however. There’s not really any REAL pushback. That tells me we’ve identified a good opportunity, and aren’t missing something.

Am I cloning you? Starter in AMR, seriously considering OXY as well.

Wasn't Apple originally a Ted pick? Yes Buffett gets most of the the credit for making it a sizeable position, etc. But surely Ted should get some credit as well. I think Ted and Todd are fantastic in their own right, and I don't think Berkshire should shrink the publicly traded assets for a reason that boils down to "it might make them feel less pressured". I also think Ted and Todd are mentally...strong? developed? (idk the word) to not feel pressured by working within "Buffett's shadow". I don't think we should care what the average investor thinks of their inevitable mistakes either, they're going to be compared to Buffett no matter what.

So Brett does not understand people can learn and grow from their mistakes. I’m talking about Prem as well as Brett himself here. Oh well, it’s his grave…

Same. I’m using Brk and Frph as cash positions essentially for obvious reasons, so happy to be overweight in both.

No way! Excited to listen to this.