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valueorama

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Posts posted by valueorama

    Thoughts on Tracy Britt?

    in Berkshire Hathaway

    Posted

    In that clip he says he "concurred on who was put in."

     

    I feel more comfortable with the whole thing. Thanks!

     

    That is a bad statement IMO.  I dont ever expect him to disagree openly in public. If he says concur, it implies he doesnt like it. If he likes the decision, He is usually very upbeat about it.

    It's Just Silly To Own Berkshire Hathaway Stock

    in Berkshire Hathaway

    Posted

     

    That guy looked at 1yr correlation. 5yr chart shows that S&P 500 did way better than BRK did.

     

    Useless article.

    Student Loan Delinquencies Reach "Unsustainable 15 Percent"

    in General Discussion

    Posted

    http://www.zerohedge.com/news/2013-09-05/jpmorgan-stop-making-student-loans

     

    I am very curious as to whether this can be translated into an investment ideas, apart from banks, which companies will be hit by student loans not performing?

     

    So unfortunate my BB terminal is at the office :D

     

    Given that these are govt-guaranteed loans no company/bank gets affected. Tax payer is on the hook. It is basically showing that unemployment/under employment of newly minted graduates is creating the trouble.

    SAC Capital

    in Fairfax Financial

    Posted

    I thought mail servers kept track of whether you opened an email or not? in fact they might even keep track of when it is opened. I guess SAC just deleted those records.

     

    Remember that one can ask for a return receipt or open receipt when sending emails. So such information is available.

    Skybridge trader defends Steve Cohen

    in General Discussion

    Posted

    It took under 5 days to put Bear Sterns under, & it was because nobody had any confidence that Bear could make good on its short term paper as it came due (counterparty risk) - starting a liquidity run. SAC is not going to be able to roll all its short-term paper, it is going to rapidly suck the liquidity out of them & their satellites, & they are going to have to sell what they can for whatever they can get. You have to think that the only real bulk buyer for a lot of their illiquid holdings is the Fed  ... & it is going to come with legal strings attached.

     

    Mother of a bear raid!

     

    SD

     

     

    According to that article i linked, rumor has it that SAC is sitting on $6 BB of cash. All depends on how fast clients withdraw. Lot depends of how the lockout agreements are worded.

    IV... and your estimation

    in General Discussion

    Posted

    OK I couldn't resist. I have been following this discussion and wanted to throw my 2cents.

     

    The key distinction between what Eric is saying versus others seems to be,  IV estimates vs actual IV.

     

    As we get new information, our estimate of IV changes. As Buffett says, his estimate need not be same as Charlie's estimate of IV.

     

    Is it as simple as above or am I missing anything?

     

     

     

     

    Leucadia National, Cumming & Steinberg Final Annual Letter

    in General Discussion

    Posted

    Thanks for posting the letter.

     

    Best part of letter (even the best in business miss important information):

     

    "Shortly after the acquisition one of us got a call from a gentleman who introduced himself as

    David Mitchell, President of “our” power companies. We demurred saying we owned no power

    companies, but David insisted, telling us that buried in the files of Baldwin United were stock

    certificates representing controlling ownership positions in Barbados Power and Light,

    El Salvador Electric, and Bolivia Power. To say the least, we were astounded. We were a utility!

    One of us seized the day and became Chairman of all three and for years worked on maximizing

    the value of these companies. "

     

    Kass: Rabbi and the Oracle

    in General Discussion

    Posted

    Is it just a coincidence that the people who invested their life savings with Buffett during the early years never splurged and led a simple life?

     

    Contrast this with lottery winners, a bulk of them declare bankruptcy after few years

     

    First one, i dont think there was any restriction on investing in HF like it is now. I think if you want to invest in an Investment partnership now, you need to have $1mm or high earner. During 50s-60s, i guess you would these middle class earners as your clients.

     

    Second, lottery winners dont earn money over time like buffett's clients. Plus there is survivorship bias with buffett's investors. I am sure there are so many who held BRK for couple of years and sold it for various reasons.

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