Malmqky

Some company that sells plastic shoes at 60% gross margins.

I think we’re below 1.5x book, no? I’d be happy to pick up some more Berkshire around 1.3x I know it’s not the best measure these days, but I’ve been conditioned.

This is a good point, it's extremely hard to get hired right now as a white collar worker. That's the reality, don't care what job report says.

Bought some more BRO. Small position, so happy to average down over the next few years

I would imagine people who selected $100+ were thinking annually and not for the quarter.

I started a position in $BRO today as well. I think I finally understand things well enough to dip my toes in. Took a while. Might add AJG in the future...

I like it, but I think the venn diagram of people who bitch about "socialism and government handouts", and the people that support this, have some ironic overlap. Yes that includes me

EPIX being acquired for $1.91 per share and a 0.06c CVR. Not the worst outcome. Got lucky with timing so IRR is good.

I think 99.9% of Americans and everyone on this board hope Trump betters America and is right on these issues and his approach to fixing them. Im just skeptical and don’t particularly like the guy, doesn’t mean I don’t want him to “succeed” and this country to prosper. I think Buckeye would fall in the same camp.

Up 23.5% ytd

Finished reading up on Amrize, which inspired me to revisit Monarch. Ended up buying some MCEM but no ARMZ.

Bought in an IRA I expected this to wrap-up a few months ago actually, so hoping September is conservative enough.

Friend has been trying to convince me to buy EPIX for a while now, and I just saw a write-up on VIC so figured it was a sign to dip my toes in. Looking for a ~20% return by the end of September via liquidation. Not a world beater, but a good IRR and I think the shareholder base will prevent management from doing something stupid like a reverse merger. We'll see how it works out.

Thanks, will read. I'm currently reading through this thread and may find the answer to my questions shortly. Or maybe they're obvious. But what is the best way to value insurance brokers? And has anything fundamentally shifted recently that would make comparing valuation now to historic valuation foolish?

Israel announces preemptive strikes on Iran.

Trump comes off as an easily manipulated idiot, but that never proves to be the case. It's interesting. I thought when he ran the first time it was a joke, yet he became president. Then, he somehow pulled it off a second time. That's no fluke. I'm sure Elon thought he could use Trump, but he just got played himself. I don't get it, but I accepted long ago Trump is some kind of marketing savant.

I am more or less fully invested at all times. I originally mentioned hedging in this question, but I'm more interested in taking advantage of drawdowns. Volatility isn't a concern. Appreciate everyone's feedback.

Are bonds the best way to hedge/provide optionality during drawdowns? Curious to hear your thoughts (and others) on bonds compared to gold/oil/bitcoin, margin, and even just a cash position instead. I've been lucky enough to have enough inflow where I've been able to ignore hedging/dry powder positions in the past and take advantage of drawdowns in other ways. Always happy to learn and hear different opinions however.

This has been the most boring playoffs in years. Pacers are probably going to get swept. Hope I'm wrong.

Thanks for explaining, understand what you’re saying now

Microsoft isn't a counterpart to Deutsche Bank. Either compare the entire market, sectors, or direct counterparts - JPM or something.

Feel like we need to keep in mind what Jamie said directly after saying bond market will crack and people will panic ^ Not to hijack the bond thread, but If things really do hit the fan, don't we want to own businesses that come out stronger after crises (often because their lesser competitors get hurt)? Fairfax, Amazon, Berkshires, JPM, etc.

Ha, you may be right. Something to be said about a business a ham sandwich can run. I own a good amount of PM and some BTI, and I reckon they'll do better than MO. We'll see.

MO also has been doing dumb things for a longgg time now.