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Luke

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A really interesting thread.  My positions are pre-tax so concentration looks a little more balanced after-tax.  Genuinely envious of those of you who get to reallocate without any tax penalties.

 

My expectation is for inflation plus 4-5%, so utilising some mixed currency margin (AUD, USD, JPY) for the personal account.

 

Personal Account

image.png.5b83ece57d38670226bd45e095e2cc7e.png

 

Retirement

image.png.71de86e9b23f625ff4eebe1fd9177249.png

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51 minutes ago, james22 said:

 

Just curious - why wouldn't you hold all your BRK in your personal account?

No good reason, other than time of holdings.  The retirement fund initially had three holdings BRK FRFHF L.  Two out of the three went to zero, in terms of holdings.   Fairfax made it back in the last couple of years.  Added a number of times in the personal portfolio to BRK but it was setup later than the retirement fund due to running money for others and private business interests etc.  

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1 hour ago, nwoodman said:

No good reason, other than time of holdings.  The retirement fund initially had three holdings BRK FRFHF L.  Two out of the three went to zero, in terms of holdings.   Fairfax made it back in the last couple of years.  Added a number of times in the personal portfolio to BRK but it was setup later than the retirement fund due to running money for others and private business interests etc.  

 

I've had BRK since 2010, but I don't mind occasionally selling some in my retirement account and repurchasing the same amount in my taxable account, so that I can still have the same percentage ownership of BRK, but put a (hopefully) faster grower in the retirement account to compound tax free.  I also sold almost all the Fairfax in my retirement account and purchased Fairfax India there for the same reason.  

 

I think people don't think enough about after-tax money when they buy or sell.  If I have something that pays a big dividend like VTS (10%), if it's in my ROTH IRA account, the tax on the dividend is zero.  If it's in my taxable account, it's the qualified dividend rate, which is lower than my ordinary income rate but more than zero, but if it's in my Traditional IRA, it's tax only tax deferred.  When I take it out eventually, it will be taxed at the highest rate as ordinary income. So that makes a difference when deciding where to hold it, as well as where I have idle cash. 

 

 

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1 hour ago, Saluki said:

I think people don't think enough about after-tax money when they buy or sell.

 

I've made my share of mistakes, but I'm very appreciative now that I'm retired that I placed in taxable account only non-dividend paying, long-term holdings (BRK, MKL, etc.).

 

Makes a real difference.

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On 5/19/2023 at 1:53 AM, james22 said:

 

I've made my share of mistakes, but I'm very appreciative now that I'm retired that I placed in taxable account only non-dividend paying, long-term holdings (BRK, MKL, etc.).

 

Makes a real difference.

Batteries are flat on my crystal ball but I envisage in around 7 years time that Berkshire will have doubled in size and will be paying a dividend of 2-3%.

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7 hours ago, nwoodman said:

Batteries are flat on my crystal ball but I envisage in around 7 years time that Berkshire will have doubled in size and will be paying a dividend of 2-3%.

 

My Magic 8 Ball replies: Most likely (doubled in size) and Very doubtful (dividend paying).

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Hi there,

 

I’m new to the forum, so maybe its good to give a short introduction before getting on topic. After lurking for a couple of years (& getting a lot of value) I decided to get a membership. I found the forum trough my Fairfax research. 

 

I’m 35 years old, married and have two kids. I live in Holland and invest part time. I work in real estate and before that in banking and insurance. 

 

Now the get on topic. 

 

My portfolio has 7 meaningful (95% of pf) positions.

  1. Hal Trust 
  2. Investment Latour AB
  3. Hydratec NV
  4. Exor NV
  5. FRP Holdings 
  6. Goodwin PLC 
  7. Fairfax Financial 

 

Edited by TulipCap
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  • 1 month later...
Other than inputing individual trades into a spread sheet to figure out my rate of return, I didn't know how to see if I was doing better than passive investing and by how much.  My brokerage shows you cumulative time weighted returns, which would give me an accurate answer only if I didn't make any additions or withdrawls to the account.  So I don't have a good estimate for returns in my taxable account.  BUT I just realized that my ROTH IRA hasn't had any additions in a while (I converted some of my traditional IRA to a Roth IRA during the temporary tax cut year, but haven't added since because taxes went back up).  So when I used the tool, it's comforting to see that all my efforts aren't producing a result that is worse than passive investing. 
 
I have no desire to ever manage money for anyone, and honestly if someone was looking over my shoulder and questioning some of the dumpster dive stocks, I might be tempted to hug the index and underperform just like the pros. But I do think individual investors can play a different game than the pros and part of the positive returns are due to this website. The signal to noise ratio is very good here and reading up on a thread here is part of my process (along with 10-ks, investor presentation, trade mags, interviews with the CEO etc).  I definitely make fewer errors by being able to bounce ideas off of smart people here and get their feedback.  And talking with people with compounder mindsets is helping me look for more of them and avoid quick pops in commodity shitcos. 
 
So thanks to everyone on here for your help. I appreciate the culture of sharing and generosity on here. 
 
 
 
From July 1, 2020 to July 6, 2023
Showing prior-day close of business data Select to view help about how often this performance data is calculated
 
Edited by Saluki
removed dollar amount.
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7 hours ago, Saluki said:
Other than inputing individual trades into a spread sheet to figure out my rate of return, I didn't know how to see if I was doing better than passive investing and by how much.  My brokerage shows you cumulative time weighted returns, which would give me an accurate answer only if I didn't make any additions or withdrawls to the account.  So I don't have a good estimate for returns in my taxable account.  BUT I just realized that my ROTH IRA hasn't had any additions in a while (I converted some of my traditional IRA to a Roth IRA during the temporary tax cut year, but haven't added since because taxes went back up).  So when I used the tool, it's comforting to see that all my efforts aren't producing a result that is worse than passive investing. 
 
I have no desire to ever manage money for anyone, and honestly if someone was looking over my shoulder and questioning some of the dumpster dive stocks, I might be tempted to hug the index and underperform just like the pros. But I do think individual investors can play a different game than the pros and part of the positive returns are due to this website. The signal to noise ratio is very good here and reading up on a thread here is part of my process (along with 10-ks, investor presentation, trade mags, interviews with the CEO etc).  I definitely make fewer errors by being able to bounce ideas off of smart people here and get their feedback.  And talking with people with compounder mindsets is helping me look for more of them and avoid quick pops in commodity shitcos. 
 
So thanks to everyone on here for your help. I appreciate the culture of sharing and generosity on here. 
 
 
 
From July 1, 2020 to July 6, 2023
Showing prior-day close of business data Select to view help about how often this performance data is calculated
 

 

You don’t need individual trade details. You just need the balance of the portfolio on the start date, balance on the end date and the dates and amounts for the deposits and withdrawals.

Then you can just use XIRR to find the return.

image.thumb.png.eae3c7db78a2b91f23acc13d1f370b62.png

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2 hours ago, Martian said:

 

You don’t need individual trade details. You just need the balance of the portfolio on the start date, balance on the end date and the dates and amounts for the deposits and withdrawals.

Then you can just use XIRR to find the return.

image.thumb.png.eae3c7db78a2b91f23acc13d1f370b62.png

 

That's pretty good

 

thanks man

 

 

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10 hours ago, Martian said:

 

You don’t need individual trade details. You just need the balance of the portfolio on the start date, balance on the end date and the dates and amounts for the deposits and withdrawals.

Then you can just use XIRR to find the return.

image.thumb.png.eae3c7db78a2b91f23acc13d1f370b62.png

 

8 hours ago, brobro777 said:

 

That's pretty good

 

thanks man

 

 

 

To get this calculation right pre tax, you have to include withheld dividend taxes as withdrawals to the calculation. Counterintutitive, but so it is.

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On 7/8/2023 at 10:48 AM, james22 said:

 

Curious if Buffett has ever expressed an opinion (has he?), I came across this (old) article:

 

https://www.theatlantic.com/magazine/archive/2011/04/showdown-in-the-sunshine-state/308417/

 

Fun read.

 

 "Einhorn isn’t suggesting that optimistic valuations are hiding darker secrets at St. Joe Company"

 

LOL short reports hit different in hindsight. Sounds diabolical! Nothing more sinister than "overvaluing" some of the best beach adjacent property in the US around what 5k/acre at the time of this article 🤣

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32 minutes ago, Castanza said:

 

 "Einhorn isn’t suggesting that optimistic valuations are hiding darker secrets at St. Joe Company"

 

LOL short reports hit different in hindsight. Sounds diabolical! Nothing more sinister than "overvaluing" some of the best beach adjacent property in the US around what 5k/acre at the time of this article 🤣

I can’t quite think of any other asset class where people routinely argue “it’s not worth what it’s worth because of this and that and this and that”….quite like land. A long carried over byproduct of the GFC trauma IMO and something that’s soon gonna change.

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7 hours ago, Castanza said:

 

 "Einhorn isn’t suggesting that optimistic valuations are hiding darker secrets at St. Joe Company"

 

LOL short reports hit different in hindsight. Sounds diabolical! Nothing more sinister than "overvaluing" some of the best beach adjacent property in the US around what 5k/acre at the time of this article 🤣

 

Berkowitz has pretty much destroyed his reputation and his poor shareholders money on this gambit.  I guess most of the shareholders left.  This reminds me of Eddie Lamberts boondoggle in Sears.   Eddie was the only one who ever made any money off Sears.  Berkowitz got sucked into that too.  Pretty sure Berkowitz won't make much if anything ever off St Joe.   You have to wonder how someone who trounced the market so soundly for years went so wrong.  I imagine he has enough money that it isn't that important to him whether it works or not.  He simply has gone so far down the road he feels compelled to show he is right rather than cut his losses.

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5 minutes ago, Gmthebeau said:

Pretty sure Berkowitz won't make much if anything ever off St Joe.

 

I spent a couple days with Berkowitz touring almost every St. Joe development property and I think he's pretty pleased with how things are going.

 

Did he have a master plan to have almost his entire fund be in one illiquid concentrated holding?  No, he did not.

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4 minutes ago, gfp said:

 

I spent a couple days with Berkowitz touring almost every St. Joe development property and I think he's pretty pleased with how things are going.

 

Did he have a master plan to have almost his entire fund be in one illiquid concentrated holding?  No, he did not.

 

How can he be pleased with how things are going?  Hasn't he been in this holding since like 2009?  He has massively underperformed since then.   His performance has been so bad if you go to his website it isn't listed anywhere on it.  You have to open the annual report where it is required to be published to find it.

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Yeah we didn't talk about whether he was pleased with his investment track record or not.  I imagine not.  He is pleased with how things are going at the operating business called St. Joe Company.  He's borderline giddy on it.

 

(he's not broke by the way)

image.thumb.png.9ca23fdf1d4178bc9b4fabc8dd66e117.png

Edited by gfp
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  • 4 weeks later...

Well I’ve moved my portfolio around a lot this year with a big slug invested in stocks and real estate, and I’m now fully invested. 
 

Closely held corp shares - 46%
Stocks - 20%

Personal residence at cost free and clear  - 10%
Investment property at cost free and clear - 24%
 

Stocks are basically all sitting on significant short term gains as I cycled through most of my long term gains except APO to raise funds for this most recent real estate deal. 
 

Currently my stocks are as follow

 

OWL - 14%, cost basis $10.21 just started recently

APO - 11%, cost basis 56.26 with about half long term gains and half short term. 
GOOGL - 7% cost basis 93.29 from the chat gpt sell off. 
GOOGL $75 leaps - 3%, these have doubled since I bought them in November. 
PM - 9.5% - cost basis low 90s from just a couple months back 
EPD - 9% - cost basis is just below current price from a couple months back 

JOE -7% - cost basis $35.60 from last year 

FRFHF -6% cost basis $498 from October and November. 

ARES 6% - cost basis 68 short term 

NTDOY - 6% cost basis $9.47

BX - 4%

BUR - 3% cost basis $7.69  From October 



The balance of the portfolio is preferred stock of VNO/GNL/RITM/AGNC all on 20-30% short term gains and a small position in FG at >50% short term gain. 
 

Overall I think my private investment is likely to have another great year so I feel good with 46% allocation. Between stocks and my private investment that puts me to 66% in equity and 34% real estate. 

 

Edited by RedLion
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2 hours ago, RedLion said:

Personal residence at cost free and clear  - 10%
Investment property at cost free and clear - 24%

 

Is that a single investment property at 2.4X the value of your home?

 

That's pretty unusual, I'd think?

 

How'd that come about? Commercial, maybe?

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