Charlie

And the consequences are the trillion dollar theft or as Munger described the state of the stock picking industry: "If you stop to think about it, civilized man has always had soothsayers and shamans and faith healers and God knows what all. The stock picking industry is four or five percent super rational disciplined people. The rest of them are sort of like faith healers or shamans. That´s the way it is, I´m afraid. It´s nice that they keep an image of being constructive, sensible people when they´re really would-be faith healers. It keeps the self-respect up."

https://investingnews.com/daily/resource-investing/mark-these-tax-loss-selling-dates-on-your-calendar/ This article explains tax loss selling a little bit. ... The flip side of tax-loss selling As tax-loss selling starts, opportunities can open up for those who have spent the year on the sidelines. In her piece “How Bout Tax Loss Buying?,” Gwen Preston of Resource Maven explains that Canaccord Genuity (TSX:CF,OTC Pink:CCORF) has found that from mid-November to mid-December, S&P/TSX Composite Index(INDEXTSI:OSPTX) stocks that are down more than 15 percent year-to-date underperform the index by nearly 4 percent. However, from mid-December to mid-January, those same stocks outperform the index by 3.6 percent. “That outperformance is on top of gains the TSX reliably generates over that time frame,” Preston explains. “So instead of only seeing tax-loss selling as a time to generate tax credits by dumping dogs, let’s look at the opportunity to profit.” How can investors time tax-loss selling? Regardless of whether you’re engaging in tax-loss selling or buying, Steve DiGregorio, portfolio manager at Canoe Financial, recommends acting swiftly and aggressively as “liquidity will dry up.” He sees the second and third week of December as the ideal window, which is well ahead of the “Santa Claus rally” — the period around the last week of December when stocks tend to rise ahead of a healthier market in January. For now, the year isn’t over yet, so whether you’re tax-loss selling or buying, there’s still time to talk to your accountant or financial advisor to determine which approach is best for you.

gfp, any numbers of long-term performance regarding outperformance of the "Tax loss selling" strategy? The strategy sounds good, but the historical outperformance is important.

@Luke, I don´t know. I´m at Consors. But when there is something to short, it is the cryptos..., with no cash flow, no earnings and no revenue. Of course there are the promoters, which make shorting dangerous.

The best long-term Trump trade could be this: Wait 6 months-2 years, until everybody is talking about Bitcoin and then you are shorting it. That could be a very smart trade. Like John Templeton did in 2000 when he shortet internet stocks shortly before insider could sell their internet stocks with no earnings.

@Munger_Disciple, Thank you!

@Blugolds, Wow, that is a very good tax rule. U.S citizens should be very lucky to have it!!!

@Munger_Disciple Is this the law in the U.S., that if somebody dies the deferred taxes of every equity investment for the heirs don´t have to be paid? Does deferred taxes become zero taxes, e. g. for the Munger family?

The German DAX index today reached 20.000 points first-time: https://www.comdirect.de/inf/indizes/detail/chart.html?timeSpan=1D&ID_NOTATION=20735#timeSpan=SE&e& Interestingly The DAX index is not far behind the SP 500 long-term: https://www.comdirect.de/inf/indizes/detail/chart.html?timeSpan=1D&ID_NOTATION=20735#timeSpan=SE&benchmarkNotations=8941848&benchmarkColors=147de6&selectedBenchmarks=true&e& Conclusions? Germanies equities are not cheap (sorry, no gloom and doom) and had a very good long-term performance although being very capital-intensive.

Happy Thanksgiving to everyone and thank you to Parsad for this great community!

Bought this one. https://www.etsy.com/de/listing/1183969368/was-wurde-warren-buffet-tun-weisser?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=Charlie+Munger&ref=sr_gallery-1-43&frs=1&content_source=217842120a0d1f3a36fd056a30c3b00137e2410b%3A1183969368&search_preloaded_img=1&organic_search_click=1 I hope it helps me to stay rational. Thanks @gfp !

Thank you, gfp

gfp, why is Berkshire short Euro? It is probably 90-95% US based, but short Euro? Buffett was very good in the Euro/US Dollar trade, until he said something to the effect that it is outside his circle of competence. Time showed he was right.

What do you think are the Trappings of Wealth? Kids in private education, very big house, luxury holidays, eating out regularly at the best restaurants, always buying the newest expensive car, leaving too much money to your children, buying expensive luxury items, becoming lazy, full bladder effect: That you "piss" your money out or buying a lot of things you don´t need. Don't realizing your deeper reel needs and succumb to superficial needs that are marketed to you. Getting to think that you know everything, Getting too much ego, Envy....?

Earnings and investor conference call are coming tomorrow. So people are buying in the hope of good news.