DooDiligence Posted January 26 Posted January 26 6 hours ago, whatstheofficerproblem said: As a fellow fund manager, I do not condone taking shots at others. But this has me wheezing. Nice catfish photo. Dragging Nick Huber now. https://discountedtrashflow.substack.com/p/this-company-is-trash-thats-the-point
John Hjorth Posted January 27 Posted January 27 (edited) lol! - I think it's time for you - Jeff [ @DooDiligence ], - again to share here on CofB&F, that there exist a wide range of feasible alternatives to getting your own personal snowball rolling, than meticously studying and comparing money managers' doings, writings, sayings, track rerords, styles, modus operandies, to copy. I.e. being an officer on an oil barge operating in the Mexican [now American?] Golf, employed by an oil company, [, likely with a set of 'officers simply [while on barge, off duty], just don't jump subordinate personel [what ever gender!], DEI, old fashion 'non-equal opportunities policies', no hanky-panky among colleques policy' company, you know], again while not on duty, but still on the barge! So, on a barge, off duty, there is not much to do, other than to rest, read, eat and sleep. And when not on barge, but on shore, off duty, with all personal belongings stuffed into a backpack, those not in the backpack, stuffed into a 'paid-for' storelocker somewhere ['living asset light, 'back pack bum''], while not knowing where to sleep the next night [off dury, not-on-barge, on shore] is not a problem, but an opportunity!, towards the gender attracted to! No space for books in the backpack, only space left for 'margin of safety', 'downside protection' [read : condoms], you know! -Reaching owning a nice house, paid for in full, a boat, a car, a stock portfolio, giving the hamster wheel the finger, starting all over again, new education etc.! - at mature age! Edited January 27 by John Hjorth
DooDiligence Posted January 27 Posted January 27 2 minutes ago, John Hjorth said: lol! - I think it's time for you - Jeff [ @DooDiligence ], - again to share here on CofB&F, that there exist a wide range of feasible alternatives to getting your own personal snowball rolling, than meticously studying and comparing money managers' doings, writings, sayings, track rerords, styles, modus operandies, to copy. I.e. being an officer on an oil barge operating in the Mexican [now American?] Golf, employed by an oil company, [, likely with a set of 'officers simply [while on barge, off duty], just don't jump subordinate personel [what ever gender!], DEI, old fashion 'non-equal opportunities policies', no hanky-panky among colleques policy' company, you know], again while not on duty, but still on the barge! So, on a barge, off duty, there is not much to do, other than to rest, read, eat and sleep. And when not on barge, but on shore, off duty, with all personal belongings stuffed into a backpack, those not in the backpack, stuffed into a 'paid-for' storelocker somewhere ['living asset light, 'back pack bum''], while not knowing where to sleep the next night [off dury, not-on-barge, on shore] is not a problem, but an opportunity!, towards the gender attracted to! No space for books in the backpack, only space left for 'margin of safety', 'downside protection' [read : condoms], you know! -Reaching owning a nice house, paid for in full, a boat, a car, a stock portfolio, giving the hamster wheel the finger, starting all over again, new education etc.! - at mature age! I've always preferred promoting others over tearing them down. The account originally linked by @whatstheofficerproblem is dragging a guy who's been very generous with his analysis. Apparently got beef with Huber as well. Photo looks like a catfish designed to lure in 1000x more follows than it would based on content alone.
John Hjorth Posted January 27 Posted January 27 (edited) An X 'parody'[<-?] 'just stirring the pot' account created this January? [With an avatar that appears to be a good looking lady], so likely a grumpy old male, with a 'I still can't get it get to work, - damn!' track record.] [<- Wasen't that funny?] X is X! Edited January 27 by John Hjorth
whatstheofficerproblem Posted January 27 Posted January 27 1 hour ago, John Hjorth said: [With an avatar that appears to be a good looking lady], so likely a grumpy old male, with a 'I still can't get it get to work, - damn!' record.] [<- Wasen't that funny?] X is X! This account gained surprising traction in fintwit for the time it's been around. So seems like there is an environment of 'professional hating' going on in the space right now.
DooDiligence Posted January 27 Posted January 27 48 minutes ago, whatstheofficerproblem said: This account gained surprising traction in fintwit for the time it's been around. So seems like there is an environment of 'professional hating' going on in the space right now.
dealraker Posted January 27 Posted January 27 13 hours ago, whatstheofficerproblem said: This account gained surprising traction in fintwit for the time it's been around. So seems like there is an environment of 'professional hating' going on in the space right now. There has for years and years been a big need from a few for lengthy and detailed write-ups on Berkshire. I think to some degree Buffett's annual letters of long ago initiated the trend of the-more-you-can-write-the-better and many followed the trend. But I think what people miss is that on the commercial side is that investment people are marketing themselves the best way they can and Berkshire/Buffett is a vehicle that works well - for a few. Bloomstran is a decent investor who at times seems overly externally focused and critical as to how others are progressing who don't invest like him. In most ways I agree with what he writes but it doesn't flatter either of us to state it in print.
UK Posted January 27 Posted January 27 I do not think I have seen or listened to any podcast of him, but I think he does a great job at estimating BRK earnings power of the current year in his long letter (one can use search to find it fast). Add some ~10 per cent growth and you will have a decent normalised estimate of forward EPS for BRK to use for comparisons. His twitter posts on BRK results are also good/no bullshit.
Pellom Posted January 27 Posted January 27 Chris is really good on podcasts. Much more thoughtful than his Twitter persona, which he admits is aggressive and played up to rage bait. He's been on the Richer, Wiser, Happier podcast and William Green gets the best out of him. I do generally agree with the idea "get your performance up instead of writing 200 pages a year on Berkshire" but I think his clients know exactly what they're getting when they invest with him. Along with this board, and weekly Substacks like Kingswell, Chris' work on Berkshire allows me to keep a huge Berkshire position and to follow the company regularly without being a sleuth. I'm grateful for that. Also, I'd guess that his performance is better than the 6% CAGR. Just knowing what he has in the portfolio, I think 2025 was probably better than the prior few years.
DooDiligence Posted January 27 Posted January 27 1 hour ago, Pellom said: Chris is really good on podcasts. Much more thoughtful than his Twitter persona, which he admits is aggressive and played up to rage bait. He's been on the Richer, Wiser, Happier podcast and William Green gets the best out of him. I do generally agree with the idea "get your performance up instead of writing 200 pages a year on Berkshire" but I think his clients know exactly what they're getting when they invest with him. Along with this board, and weekly Substacks like Kingswell, Chris' work on Berkshire allows me to keep a huge Berkshire position and to follow the company regularly without being a sleuth. I'm grateful for that. Also, I'd guess that his performance is better than the 6% CAGR. Just knowing what he has in the portfolio, I think 2025 was probably better than the prior few years. Thanks for the Kingswell tip. Your comment on not having to be a sleuth by following Bloomstran and many members here, mirrors my situation. I have a lot more trust in someone else’s unraveling of Berkshire than I do with other businesses.
longterminvestor Posted February 26 Posted February 26 Semper Augustus letter is out: https://static.fmgsuite.com/media/documents/7c13e1b2-1daa-4621-b926-1bff480a67f9.pdf?utm_source=substack&utm_medium=email
FTX_Compliance Posted February 26 Posted February 26 hilarious people will pay you management fees to invest in Berkshire for them.
dealraker Posted February 26 Posted February 26 (edited) 7 hours ago, FTX_Compliance said: hilarious people will pay you management fees to invest in Berkshire for them. My two observations over the last 30 of my 50 investing years is that there was a in depth reading niche formed from the value crowd (Outstanding Investor publication) and Buffett (annual letter) writings, that this need now is serviced by Bloomstran. Two major others performed this task in the past, both have "retired." The second observation is that at most all times 50% of the total market cap upwards to 80% (at peak times) is of stocks/securities that (in this case) Bloomstran's display of data would say is over-valuation. From time to time this over-valuation dissipates but never for long. Semper is a decent investor, better than many - but not outstanding. Edited February 26 by dealraker
73 Reds Posted February 26 Posted February 26 48 minutes ago, dealraker said: My two observations over the last 30 of my 50 investing years is that there was a in depth reading niche formed from the value crowd (Outstanding Investor publication) and Buffett (annual letter) writings, that this need now is serviced by Bloomstran. Two major others performed this task in the past, both have "retired." The second observation is that at most all times 50% of the total market cap upwards to 80% (at peak times) is of stocks/securities that (in this case) Bloomstran's display of data would say is over-valuation. From time to time this over-valuation dissipates but never for long. Semper is a decent investor, better than many - but not outstanding. He does provide a decent explanation of why the General RE acquisition was so valuable despite many today who still believe it was a mistake.
A_Hamilton Posted February 26 Posted February 26 7 hours ago, FTX_Compliance said: hilarious people will pay you management fees to invest in Berkshire for them. Semper was up 42.6% last year and Berkshire Hathaway was up 10.9%.
dealraker Posted February 26 Posted February 26 10 minutes ago, 73 Reds said: He does provide a decent explanation of why the General RE acquisition was so valuable despite many today who still believe it was a mistake. At the 1998 annual meeting (in the spring of 99) I stood and asked a question about the General Re acquisition (I owned General Re too....of course LOL) and Buffett deferred to Munger. Munger's reply was, and I can't remember now exactly, something to the order of: "If we invest the float even just for average returns it will turn out well."
dealraker Posted February 26 Posted February 26 10 minutes ago, A_Hamilton said: Semper was up 42.6% last year and Berkshire Hathaway was up 10.9%. The Dollar...General and Tree!
73 Reds Posted February 26 Posted February 26 3 minutes ago, dealraker said: At the 1998 annual meeting (in the spring of 99) I stood and asked a question about the General Re acquisition (I owned General Re too....of course LOL) and Buffett deferred to Munger. Munger's reply was, and I can't remember now exactly, something to the order of: "If we invest the float even just for average returns it will turn out well." How funny, I too owned shares of Gen RE and of course had no clue about the issues it had at the time.
wabuffo Posted February 26 Posted February 26 (edited) He does provide a decent explanation of why the General RE acquisition was so valuable despite many today who still believe it was a mistake. I don't think he came up with that thesis. I think Daniel Pecaut originated it in 1998. Pecaut has written a book about BRK AGMs, (University of Berkshire Hathaway). FWIW, Bill Edited February 26 by wabuffo
73 Reds Posted February 26 Posted February 26 1 hour ago, wabuffo said: He does provide a decent explanation of why the General RE acquisition was so valuable despite many today who still believe it was a mistake. I don't think he came up with that thesis. I think Daniel Pecaut originated it in 1998. Pecaut has written a book about BRK AGMs, (University of Berkshire Hathaway). FWIW, Bill Yes, the thinking is not original in that Buffett used overpriced Berkshire shares, an overpriced stock portfolio and high tax rates to his advantage. But it is a good reminder of how much downside risk goes into every investment so that inherited problems are never as bad as they seem to be.
FTX_Compliance Posted February 26 Posted February 26 4 hours ago, A_Hamilton said: Semper was up 42.6% last year and Berkshire Hathaway was up 10.9%. take a look at 2023 and 2024.
Pellom Posted February 27 Posted February 27 Given he's managing individual accounts (subject to client flows), I'm inclined to think he's a pretty good investor, or at least better than the reputation here.
DooDiligence Posted February 27 Posted February 27 He's done pretty good job of branding himself as an expert on the gold standard of capital allocators. Better than Ackman's weak attempts at fluffing himself up.
John Hjorth Posted April 29 Posted April 29 This forenoon I have just listened to this, running it on YouTube on the TV: YouTube : The Investor’s Podcast [April 26th 2026] : Is Berkshire Hathaway Undervalued Right Now? (Chris Bloomstran Explains) (TIP810) Structure, agenda : 00:00:00 - Intro 00:03:06 - What the intrinsic value of Berkshire Hathaway is, and what type of return you can get going forward 00:20:05 - Chris’s opinion on Greg Abel’s first letter to shareholders 00:33:24 - How should Berkshire management be compensated? 00:58:08 - How to think about valuing OpenAI 01:05:17 - Why S&P 500 share buybacks don’t benefit investors 01:15:27 - Thinking about investing risk from sudden loss vs. the slow decline of an asset manager 01:21:40 - Why Buffett reads Chris’s annual letter - - - o 0 o - - - It's lengthy, 1:37:10, - but to me worth the time spent on it, because it's good, in my personal opinion. - - - o 0 o - - - It has now almost become a tradition, that Stig Brodersen runs a TIP episode with Chris Bloomstran between Bloomstrans release of his yearly Semper Augustus Client Letter and the Berkshire Hathaway AGM. It is clear to sense these two gentlemen gradually over time have come to know each other quite well, and that they appreciate each other, which creates certain energy, dynamics and synergy among them, so they - so to say - 'click' with each other. Btw. Stig Brodersen is Danish, living in Århus, Jutland, and the podcast is his profession and bread and butter. From an economic point of view very successful, I may add. [He runs it as Danish Limitited Liability Company [ApS].] - - - o 0 o - - - In the 01:15:27 section it gets reveiled, uncovered, that Buffett some years back called Munger and proposed it may be an idea to get a sex change operation releated to the sad fact of getting very old, because Buffett had read that women in general get older than men! - - - o 0 o - - - [I'll double post it also to the 'Berkshire / General News' topic.]
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