Liberty

Almost everyone is short-term oriented. This only works for long-term oriented people, and for public companies, you have to spend a long time educating your shareholder base about what you're doing and they have to trust that you really mean it and can pull it off, otherwise they won't give you the latitude (also helps if you are a founder-majority owner)...

Correct. It's easy to beat your competitors on price and grow if you don't need to make a profit. For now Amazon is not a business. It's a non-profit. You're looking at it wrong. For sure I am. After all a company is not supposed to make money. A company is supposed to create value. Reinvesting all your earnings internally is one way to create value. TCI didn't have any earnings either. Update: A bit more here http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/amzn-amazon-com-inc/msg300226/#msg300226

Correct. It's easy to beat your competitors on price and grow if you don't need to make a profit. For now Amazon is not a business. It's a non-profit. You're looking at it wrong.

Exactly. Hard to draw useful conclusions from a faulty premise...

So what did they say about CHTR yesterday? :P

Yeah, but any occasion to hear a Q&A with Maffei and Malone is worth listening to, IMO.

It isn't? That sucks. Would love some notes or a recording.

New piece by Ben Thompson about cryptocurrencies and shared myths and tulips: https://stratechery.com/2017/tulips-myths-and-cryptocurrencies/

Sometimes the value of the lesson learned from a mistake - over the long term - is higher than actually not making the mistake. I don't know if it's the case here, but hopefully that offers some consolation :)

Missing the forest for the trees. You know what he meant.

For someone living in Quebec where there's a Couche Tard on every other street corner, it was probably more obvious. I missed it too, but mostly because I felt it was outside of my circle of competence.

It can certainly be played that way, but not if you want to actually ever feel sustainably happy and satisfied and fulfilled, IMO.

http://thehappyphilosopher.com/single-player-game/ Good read, lots of wisdom in there. Relatively short but covers lots of ground, lots of "idea hooks" that you can follow deeper. Thought some here would find it interesting.

Thanks. I saw that book mentioned on a French-language forum and added it to my list, but haven't read it yet. Wasn't sure if it was actually worth-reading.

No idea where the insecurity is coming from, I feel like I missed a thread somewhere. Personally, I'm just not interested in pharma supply chain right now, so that's why I haven't really commented on anything in that field.

Give www.rocketfinancial.com a try.

Masochist? Aspiring bagholder. Couldn't think of a faster way. :-[ You could always lever up with margin :-\

Masochist?

SHLD HCG CXR

Some of the latter chapters were of little interest to me, but I can imagine that they'd be a good primer on a few things for a more general audience or investing-beginners, so I don't mind to much. I just skimmed them (realizing that I didn't have to finish books and read every word was a very freeing realization). That's the good interpretation. The bad one is that some editor said: "We need more pages".

FAQ on the Boring Company: https://www.boringcompany.com/faq/ He posted some pics recently:

Average Canadian house worth $559,317 last month, up 10% in past year http://www.cbc.ca/news/business/crea-house-prices-1.4115208

1. MSFT 2. FB 3. AMZN 4. GOOG 5. AAPL

Moody's downgrading six canadian banks: https://www.bloomberg.com/news/articles/2017-05-10/six-canadian-banks-cut-by-moody-s-over-consumers-debt-burden

I thought this interview was interesting (starts Page 36): http://www8.gsb.columbia.edu/valueinvesting/sites/valueinvesting/files/Graham%20%20Doddsville_Issue%2030_Spring%202017%20-%20v3.pdf Found via Bluegrass Capital: