nkp007

Sounds like a mess if #2 happens.

Amazing! Thanks for following up. Must have been a harrowing ride though. What would have happened if you sold at the end of each year? 2013. 2014. 2015. 2016.

FYI there's a place in the stadium you can go to and bring a copy of your brokerage statement (or show it to them on your phone) and they'll give you credentials right there. The credentials are really no big deal.

Amazing letter. I really like the part where Klarman mentions he will never give up on a position or let his investors down. A+ dude.

WELLS FARGO (WFC)

I've been using limit orders for as long as I have been investing, but as the amounts I am dealing with have gotten larger and with some of the companies I have invested in having low trading volume, I kept noticing that when I put in limit orders the order executes ~ 100 shares and the price jumps up to the next cent. I'm guessing the market sees the order sitting there and the algos take over to pump up the price knowing there's a temporary floor. I started experimenting with IB's adaptive algo and it has been really useful so far. You can essentially set a limit order using adaptive algo and it will automatically break your order size down into much smaller increments and make incremental bids up to your limit price. In addition, I think it hides your order size so the market doesn't realize the full size of your bid since the algo is taking things down in 100 share increments. For example, I put in a large limit order earlier this week and the stock jumped from like $8.50 to $8.67 and I executed 10% of the order before thinking this is ridiculous. I then used the adaptive algo and the order executed within a three cent spread over 15-20 minutes. https://www.interactivebrokers.com/en/index.php?f=19091 Would love to hear how others approach this problem. I got tired of the market seeing my entire order and taking advantage of me.

Merry Christmas to the smartest and weirdest group of people I know.

Everything. If something is really cheap, it should take like 30 minutes to figure out.

they are copyrighted, hopefully, one of these days, author will make the available. OID is inactive, the website no longer exists, the phone lines are down. Besides, how does copyright anyhow prevail over the contents of a public meeting whose contents were transcribed, not created by OID? No expert in copyright law, but this seems odd to me. Wouldn't the copyright belong to the original speakers i.e. Buffett and Munger? OID took great care to create and published the transcripts from their notes, so you will have to ask them. Buffett didn't provide it to them. I'm not defending them just stating the facts. Not to mention I paid $200+ (or whatever it was) for a 10-issue subscription, received one issue, then they ghosted on everyone. No guilt about the damn transcript.

And if so, would the liquidity air pocket be an opportunity to buy significantly discounted ETFs? http://rick.bookstaber.com/2017/10/can-we-have-etf-meltdown.html https://itunes.apple.com/us/podcast/38-black-monday-first-hand-accounts-of-the-87-crash/id1210383304?i=1000393758125&mt=2 https://itunes.apple.com/us/podcast/etfs-are-eating-the-financial-world-and-theyre-not-done-yet/id1056200096?i=1000393879885&mt=2

Really well said. I think the bolded parts are key. He has all the intelligence necessary to be a great investor and I was able to utilize many of his ideas by just buying and holding. Investing ADD is real and looking at stock prices every day will make the smartest people dumb. If he looked at his share prices once every six months instead what was likely multiple times a day, he would still be in business.

I think: 1) Tilson will continue his awesome analysis and release presentations. Seems like his passion, even on a personal level. 2) Just don't short. It sucks and upside is limited unless you're using some asymmetric vehicle. Edit: Below quote from his latest letter. WOW. Held a short as it went up 7x against him? 3) Tilson / Ackman look like fools now. But they always come back harder than they left. I look forward to their future ideas. I'll continue listening to what they put out because sometimes they are very, very right and they are always very analytical.

Eddie Lampert / Sardar Biglari.

100% Chicago. Great universities (Northwestern, UChicago, etc.), great downtown area with public transport and tons of apartment capacity, two major airports, tons of add'l talent via midwest universities (Wash U, U of Illinois, Wisconsin, U of Indiana, etc etc), affordable cost of living / high quality of life, Amazon will get tons of incentives, lots of companies already in Chicago to poach from.

Lot of wind insurance in South Florida. And if it hits, losses will be huge.

Quoting him for posterity. I have been following him for a few years and was envious of his returns, but couldn't quite grasp the process.

Anyone have an opinion on Sonic Automotive? $sah -Looks decently priced ~12-13x E. -Parts + Service Tailwind -Family-owned /controlled - 50%+ (low liquidity) -Reinvesting into growth opportunities - temporarily depressing earnings. I figure if the initiatives don't work out, they can simply stop. It's a self-inflicted overhang.

They're all over eBay.

Could be. http://domains-by-day.com/2015-03-06/domains-237.html bruceberkowitz.net 198.185.159.144 2015-03-06 13:10:22 Looks like it was registered March 6th. Maybe he wants it to go viral. Someone should convince him to start a Twitter account.

Not sure how I missed this but: http://www.bruceberkowitz.net/ Bruce has a blog with analysis / presentations. For example.... http://www.fairholmeonimperial.com/

Biggest miss: Fannie/Freddie prefs. Was up 2x +, sold at slightly lower than cost basis. Lessons learned from this: 1) Position sizing is important. The position grew to 20% of my portfolio even though it started as a small part of my portfolio. 2) Your downside isn't your cost basis, it's the current market price. I should have realized at some point the upside was 2x, and the downside was total. I was so caught up in holding until a decision was made that I didn't recognize the market was giving me an opportunity to cash out at least part of my stake. Ideally, would have sold half given what was knowable at the time. Sometimes the market gives you opportunities to buy in / cash out at attractive prices. Not everything needs to be played to fruition. Sometimes selling on optimism / exciting master plans is the way to go.

"When in doubt, kiss her"

Mainly by vomiting in a trash can.

I love Pabrai. He's taught me so much. Y'all a bunch of haters. 8)

Even though Sweeney's case is currently in some sort of discovery...can she file a similar ruling or must that wait until discovery is over?