Share your Portfolio 2024

[Marco Van Basten]

17 minutes ago, Xerxes said:

Why Tel Aviv exchange ?

 

exchange are good business as often brokerage are. But why a large +10% weighing. And why that one 

 

Is there a large privatization program that you are expecting to fuel more business … 

 

if it was Hong Kong say 20 years ago or Singapore, or Shanghai I can understand the macro tailwind. 

 

 

So I bought Tel Aviv stock exchange in December of 2019.  The thesis at that time was: it was a demutualization and if Tel-Aviv stock exchange achieved revenue and EBIT as a % of Israel's GDP that London Stock exchange achieved vs UK GDP, the stock would be a 10x.  Now clearly London was an international financial center, and Tel-Aviv wasn't, however I felt that the tech innovation+economic growth in Israel offset that.  In addition, if Israel ever managed to integrate the Haredim and the Arab minority into the economy fully, it's economy would literally experience a step change.  That would be the icing on the cake.  In terms of position sizing, it was roughly a 5% position at inception, and despite the portfolio compounding at 19.8% per year since then, the position grew as a % of the portfolio due to the stock being up 5x if I am not mistaken.  In a non-taxable account, I cut the position in half, but in a taxable account, I don't see a reason.  I would not be a buyer here just because I see better opportunities elsewhere (Airbus, New England Realty - a non-starter for you in Canada, sand/gravel/cement plays, St Joe, Chubb, Sun communities, BLDR - sized it small and playing via a 2027 call spread, Canadian Pacific, KSB3 - sized its small, Robertet.)  So yes, if I started with a clean sheet tomorrow, I would not buy it, let alone make it a 10% position.  However, I still think that it can compound at 10%+ per annum over the next decade, and I think I can probably make 15% per annum over the next decade in the name.  By the way, as an American, I cannot do this, but as a Canadian, you might be able to: supposedly Iranian and Iraqi equities are super cheap.  

[Xerxes]

 

I think those two economies are largely controlled by the mob (I.e IRGC). Not sure how shareholder friendly the Revolutionary Guard they are going to be. Do you think IRGC prefers share buyback or special dividends. I bet they don’t even hold an AGM or provide forward guidance.  

Jokes aside, I don’t waste time with that stuff. The closest investment I have to the region is Fairfax India. 

 

Thanks for the feedback on the exchange. I remember when Canadian National Rail did its IPO I think at $2 or something like that during the provocation era in the 1990s. 
 

[Marco Van Basten]

37 minutes ago, Xerxes said:

 

I think those two economies are largely controlled by the mob (I.e IRGC). Not sure how shareholder friendly the Revolutionary Guard they are going to be. Do you think IRGC prefers share buyback or special dividends. I bet they don’t even hold an AGM or provide forward guidance.  

Jokes aside, I don’t waste time with that stuff. The closest investment I have to the region is Fairfax India. 

 

Thanks for the feedback on the exchange. I remember when Canadian National Rail did its IPO I think at $2 or something like that during the provocation era in the 1990s. 
 

When the government sells assets, you usually get a bargain.  Mutual companies going public is another fertile field.  

[Red Lion]

I've been trading a lot this year since most of this money is in tax deferred accounts. Trading around most of the same core positions. YTD I'm up 11.5%. For once my trading has actually improved my performance several percentage points. 

 

While I plan to hold most of these positions, I'll probably continue to trade around the edges. I've had some good in and out trades with Apollo, OWL, Fairfax, and GOOG over the last few years, but I plan to hold a significant amount in these names long term. 

 

Currently:

 

Apollo - 26%

Fairfax 17.5% 

JOE - 14.5% 

GOOG - 10%

CP - 10%

OWL - 8%

AMZN - 6%

RTO - 4%

NVO - 4%

Edited June 10, 2025 by Red Lion

[Junior R]

11 hours ago, Red Lion said:

I've been trading a lot this year since most of this money is in tax deferred accounts. Trading around most of the same core positions. YTD I'm up 11.5%. For once my trading has actually improved my performance several percentage points. 

 

While I plan to hold most of these positions, I'll probably continue to trade around the edges. I've had some good in and out trades with Apollo, OWL, Fairfax, and GOOG over the last few years, but I plan to hold a significant amount in these names long term. 

 

Currently:

 

Apollo - 26%

Fairfax 17.5% 

JOE - 14.5% 

GOOG - 10%

CP - 10%

OWL - 8%

AMZN - 6%

RTO - 4%

NVO - 4%

I also own APO... Is this a long term hold for you at 26% ? What is the pitch on OWL?

[Spekulatius]

On 5/29/2025 at 12:57 PM, Marco Van Basten said:

Aerospace bucket: Safran/GE, Transdigm and Airbus.  Roughly 20-22%.  Bought TDG in June of 2022, GE in March of 2024, Safran in 2022, Airbus - April of 2025.

Sand/grave/crushed stone/cement bucket: MCEM, MLM, CRH, ACA & Heidelberg materials.  Roughly 22-25% of the portfolio

Insurance: 20% of the portfolio - Fairfax, Progressive and Chubb

Tel-Aviv stock exchange - 13% of the portfolio

New England Realty - 13% of the portfolio

CASY, JOE, CDI FP, MSGE, Ashtead plc, URI, CP, GHC, SUI = another 40%.

Some positions are held through LEAPS, and exposure is measured on a delta basis, hence gross long exposure is higher than 100%.  

 

Belated question but it seems like you sold $STZ?

[Red Lion]

4 hours ago, Junior R said:

I also own APO... Is this a long term hold for you at 26% ? What is the pitch on OWL?

 

APO has been in my top 1 or 2 for the last several years now, I still trade around it (and between taxable and tax deferred accounts), but this is a long term hold. I'm comfortable at 26% right now, but would definitely lighten up to 15-20% if we get back to the $160s. I really love several of the alt managers, but I find APO's business model probably the most attractive. I think APO stands to benefit with the push into expanding private credit into 401ks (along with all the other growth drivers of the last several years). Apollo's origination engine is a real competitive advantage versus its competitors in my opinion. I also think the valuation is reasonable for what I consider to be a great company. 

 

OWL is really more speculative than APO for a few reasons, but I think there's still a high upside if they continue to execute on the business model. I have it position sized accordingly. I've actually traded this one a LOT, because it tends to have deep selloffs and fast recoveries. I'd probably sell back at the $24 range, definitely a buyer in the $16-$18 range. Birds Eye view, OWL is possibly a nascent ARES, but there are a lot of moving parts. They've been growing private credit funds, but focusing on riskier debt as is common for this business model (like ARES) as opposed to investment grade alternative like Apollo. They have an asset light model which is great when things are growing. Generous dividend policy which is great when things are going well. They have a really interesting business that invests in alt asset manager GPs. They've been doing quite a few acquisitions of smaller asset managers, I'm monitoring the situation to see how these are integrated. In a best case scenario this could be a lot like buying ARES several years ago. In a worst case scenario they can piss off their LPs, not be able to increase their AUM, and not achieve critical mass. OWL does have a FRE focused model, and they get quite good FRE margins for their scale. 

 

 

[Junior R]

13 minutes ago, Red Lion said:

 

APO has been in my top 1 or 2 for the last several years now, I still trade around it (and between taxable and tax deferred accounts), but this is a long term hold. I'm comfortable at 26% right now, but would definitely lighten up to 15-20% if we get back to the $160s. I really love several of the alt managers, but I find APO's business model probably the most attractive. I think APO stands to benefit with the push into expanding private credit into 401ks (along with all the other growth drivers of the last several years). Apollo's origination engine is a real competitive advantage versus its competitors in my opinion. I also think the valuation is reasonable for what I consider to be a great company. 

 

OWL is really more speculative than APO for a few reasons, but I think there's still a high upside if they continue to execute on the business model. I have it position sized accordingly. I've actually traded this one a LOT, because it tends to have deep selloffs and fast recoveries. I'd probably sell back at the $24 range, definitely a buyer in the $16-$18 range. Birds Eye view, OWL is possibly a nascent ARES, but there are a lot of moving parts. They've been growing private credit funds, but focusing on riskier debt as is common for this business model (like ARES) as opposed to investment grade alternative like Apollo. They have an asset light model which is great when things are growing. Generous dividend policy which is great when things are going well. They have a really interesting business that invests in alt asset manager GPs. They've been doing quite a few acquisitions of smaller asset managers, I'm monitoring the situation to see how these are integrated. In a best case scenario this could be a lot like buying ARES several years ago. In a worst case scenario they can piss off their LPs, not be able to increase their AUM, and not achieve critical mass. OWL does have a FRE focused model, and they get quite good FRE margins for their scale. 

 

 

Thanks for the pitch...I also believe in APO in the long-term due to their business model

[Marco Van Basten]

1 hour ago, Spekulatius said:

Belated question but it seems like you sold $STZ?

Yes, I sold STZ during March/April, when the price was unchanged/slightly up from where I bought it, meanwhile a bunch of other names went on sale.  In addition, and most importantly, I realized that I made a mistake.  I expected 2%+ organic volume growth, and instead there wasn't any.  So my thesis was incorrect, and when that happens, I usually sell.  

[WayWardCloud]

1 hour ago, Red Lion said:

 

APO has been in my top 1 or 2 for the last several years now, I still trade around it (and between taxable and tax deferred accounts), but this is a long term hold. I'm comfortable at 26% right now, but would definitely lighten up to 15-20% if we get back to the $160s. I really love several of the alt managers, but I find APO's business model probably the most attractive. I think APO stands to benefit with the push into expanding private credit into 401ks (along with all the other growth drivers of the last several years). Apollo's origination engine is a real competitive advantage versus its competitors in my opinion. I also think the valuation is reasonable for what I consider to be a great company. 

 

OWL is really more speculative than APO for a few reasons, but I think there's still a high upside if they continue to execute on the business model. I have it position sized accordingly. I've actually traded this one a LOT, because it tends to have deep selloffs and fast recoveries. I'd probably sell back at the $24 range, definitely a buyer in the $16-$18 range. Birds Eye view, OWL is possibly a nascent ARES, but there are a lot of moving parts. They've been growing private credit funds, but focusing on riskier debt as is common for this business model (like ARES) as opposed to investment grade alternative like Apollo. They have an asset light model which is great when things are growing. Generous dividend policy which is great when things are going well. They have a really interesting business that invests in alt asset manager GPs. They've been doing quite a few acquisitions of smaller asset managers, I'm monitoring the situation to see how these are integrated. In a best case scenario this could be a lot like buying ARES several years ago. In a worst case scenario they can piss off their LPs, not be able to increase their AUM, and not achieve critical mass. OWL does have a FRE focused model, and they get quite good FRE margins for their scale. 

 

 

You seem to know the sector very well. Do you have an opinion on Patria (PAX)?

[Red Lion]

1 minute ago, WayWardCloud said:

You seem to know the sector very well. Do you have an opinion on Patria (PAX)?

I'm just an amateur, but have spent a lot of time (and made the majority of my investment returns) in this sector over the last 10 years. I got into it originally with BAM, and after spending at a lot of time looking at competitors, moved that money into others (mostly BX/APO/KKR/ARES). 

 

I haven't looked at PAX over the last couple years, I did look at it a few years back and thought it would probably do well, but I felt there were better opportunities focusing on the biggest players. 

 

A general observation is that typically the biggest and most efficient alt managers have managed to raise the majority of incremental AUM and have done the best job driving FRE margins, and as a result have outperformed the smaller outfits as the TAM has increased. I feel that this trend may very well continue, particularly with the next moves into wealth management, insurance solutions, and retail retirement products that can go inside 401ks. 

 

All of this to say, if the valuation is decent, I'd probably put most of my money in BX/APO/KKR. Around the last time I did a deeper dive into PAX, I was equal weighted on BX/APO/KKR and felt that they were a better risk:reward. I'll start doing some work on PAX again, and see what I think. I'm obviously open to holding smaller players (like OWL), but I think they need to prove their ability to grow AUM, keep the same LPs and add more, and improve margins towards a 60% FRE type margin over time. 

 

 

[WayWardCloud]

Thanks for sharing this is super helpful 

[StevieV]

I think PAX has earned some credibility by largely delivering on their 2022 Investor Day targets.  The stock hit a 52-week high this week, but is still trading at about 10X 2025 FRE.   That's much cheaper than the American alts.

 

If RedLion last looked at PAX a couple of years back, the stock price was probably higher and the FRE was certainly lower.  With the passage of a couple of years, the multiple now is more attractive and there is a public track record to look at.  It also trades cheaper relative to the big US alts whose stock prices have appreciated versus PAX being flat/down.

 

I personally wouldn't pay the same multiple for PAX as the US alts.  In addition to the US market difference, I don't think that PAX has the moat that APO does or that it will grow as fast as OWL.  However, it is pretty cheap and some nice characteristics.  4.3% yield.  Path to double-digit earnings growth (they are projecting 13%, which I think is achievable).  Scale has greatly mattered in the US and PAX has nice scale in Latam.  Is Latam scale a good moat?  It may be.  Some might like that it is a Latam manager.  I don't mind that for some regional diversity.

 

Those are my thoughts.  I own some.  RL - let us know if you take a look.  I think there is a Patria thread.

 

 

[Spekulatius]

I like PAX in particular because of its hr exposure to South American markets. I regard these markets as very attractive and under penetrated relative to the US market and think PAX can outgrow US focused peers if they execute well.

[sleepydragon]

On 6/1/2025 at 7:57 PM, Marco Van Basten said:

So I bought Tel Aviv stock exchange in December of 2019.  The thesis at that time was: it was a demutualization and if Tel-Aviv stock exchange achieved revenue and EBIT as a % of Israel's GDP that London Stock exchange achieved vs UK GDP, the stock would be a 10x.  Now clearly London was an international financial center, and Tel-Aviv wasn't, however I felt that the tech innovation+economic growth in Israel offset that.  In addition, if Israel ever managed to integrate the Haredim and the Arab minority into the economy fully, it's economy would literally experience a step change.  That would be the icing on the cake.  In terms of position sizing, it was roughly a 5% position at inception, and despite the portfolio compounding at 19.8% per year since then, the position grew as a % of the portfolio due to the stock being up 5x if I am not mistaken.  In a non-taxable account, I cut the position in half, but in a taxable account, I don't see a reason.  I would not be a buyer here just because I see better opportunities elsewhere (Airbus, New England Realty - a non-starter for you in Canada, sand/gravel/cement plays, St Joe, Chubb, Sun communities, BLDR - sized it small and playing via a 2027 call spread, Canadian Pacific, KSB3 - sized its small, Robertet.)  So yes, if I started with a clean sheet tomorrow, I would not buy it, let alone make it a 10% position.  However, I still think that it can compound at 10%+ per annum over the next decade, and I think I can probably make 15% per annum over the next decade in the name.  By the way, as an American, I cannot do this, but as a Canadian, you might be able to: supposedly Iranian and Iraqi equities are super cheap.  

 

just saw a news say Tel Aviv stock exchange is getting sold

 

[Marco Van Basten]

1 hour ago, sleepydragon said:

 

just saw a news say Tel Aviv stock exchange is getting sold

 

I may be wrong, but I do not think so.  I think it is a poorly phrased press release.  I think that they are looking for partnership or sale of their index business, I would be very surprised if they are looking to sell the whole company.  Time will tell of course.  I would rather that they do not sell the company, since I think the stock can compound at 15% per annum over the next decade, in addition, I bought in December of 2019, so you can see that the capital gains tax would be painful. 

[adventurer]

On 6/25/2024 at 1:16 PM, adventurer said:

I only own

 

Vanguard S&P 500 ETF 37%

Berkshire Hathaway B 37%

Fairfax Financial 25%

 

Still having to save a bit more to reach 33,33% each. 

 

On 10/14/2024 at 10:20 AM, adventurer said:

 

Now

 

BRK 64,2%

FFH 35,8%

 

I believe strong management and diversified businesses offer good long-term potential, similar to the S&P 500 but with less tech exposure. With solid management, I see a strong chance of occasional outperformance. Inspired by Charlie Munger's '3 businesses' idea, I'm aiming for a 50:50 portfolio split (since there is no third company in sight for me) and slowly approaching my first 100k. Fingers crossed!

 

Always open for critique. 

 

 

On 1/6/2025 at 11:03 AM, adventurer said:

 

Based on UKs post, Viking`s very useful insights on Fairfax as well as the annual reports since 2019 (including), my goal is to shift the amount of invested money to

 

BRK 37,5%

FFH 62,50%

 

by the end of the first 6 months of this year. If everything keeps going the way it did, the first 100k should be reached this year. If the momentum changes completely into the opposite direction I shall wait more. But considering the position of both companies selling is not an option. I am also thinking of raising the FFH stake to 70% towards the end of the year. 

As everybody else I try rethinking my two positions very carefully. But FFH does make the impression of being well-run as well as being undervalued. Especially in relation to their peers as well as to the rest of the North American market. 

 

Fingers crossed.  

 

My portfolio had a bit of a ride the last 6 months. During Trump`s announcement in the beginning of April I concluded it would be wise to hold cash and trimmed my portfolio down to only FFH (cold feet). I am in my (yet) very early 30s without a family or any other financial obligations (just yet) and I have been having trouble with sizing and discipline (as you can see above). My IRR (internal rate of return) over the course of 1 1/2 years has been around 27% (these are returns that I made solely on the positions named above).

I am still very much intrigued by C.Munger`s idea of concentrating my investments. This makes me think about maximizing my FFH position. The reason I would be so comfortable doing that is because of the management. At the moment it basically all comes down to the question of whether to go all in on a good opportunity like FFH (since I am relatively young) or whether to hold cash of up to 20-25%. What would you have done in my position? 


Edit: I keep thinking of C.Munger`s Mozart metaphor now...

Edited June 20, 2025 by adventurer

[Milu]

1 hour ago, adventurer said:

 

 

My portfolio had a bit of a ride the last 6 months. During Trump`s announcement in the beginning of April I concluded it would be wise to hold cash and trimmed my portfolio down to only FFH (cold feet). I am in my (yet) very early 30s without a family or any other financial obligations (just yet) and I have been having trouble with sizing and discipline (as you can see above). My IRR (internal rate of return) over the course of 1 1/2 years has been around 27% (these are returns that I made solely on the positions named above).

I am still very much intrigued by C.Munger`s idea of concentrating my investments. This makes me think about maximizing my FFH position. The reason I would be so comfortable doing that is because of the management. At the moment it basically all comes down to the question of whether to go all in on a good opportunity like FFH (since I am relatively young) or whether to hold cash of up to 20-25%. What would you have done in my position? 


Edit: I keep thinking of C.Munger`s Mozart metaphor now...

Congrats on getting close to the 1st 100k, it's a good milestone for any young investor to get to. If you are trying to follow Munger then it might be worth holding your investments for a decent period of time to let things play out. Based on your quote posts above looks like you initially wanted to have a third in Berkshire, Fairfax and S&P, then soon after you seem to have sold out of your S&P, and now you are thinking about holding 25% cash. Seems like a lot of jumping around in a very short period. 

[This2ShallPass]

14 hours ago, adventurer said:

 

 

My portfolio had a bit of a ride the last 6 months. During Trump`s announcement in the beginning of April I concluded it would be wise to hold cash and trimmed my portfolio down to only FFH (cold feet). I am in my (yet) very early 30s without a family or any other financial obligations (just yet) and I have been having trouble with sizing and discipline (as you can see above). My IRR (internal rate of return) over the course of 1 1/2 years has been around 27% (these are returns that I made solely on the positions named above).

I am still very much intrigued by C.Munger`s idea of concentrating my investments. This makes me think about maximizing my FFH position. The reason I would be so comfortable doing that is because of the management. At the moment it basically all comes down to the question of whether to go all in on a good opportunity like FFH (since I am relatively young) or whether to hold cash of up to 20-25%. What would you have done in my position? 


Edit: I keep thinking of C.Munger`s Mozart metaphor now...

It's awesome you're getting to the first 100k! The early milestones are much harder. I wouldn't worry too much over things like going to cash, you'll invariably make mistakes along the way. As long as you don't repeat them you'll do well over the long run.

 

You can't go wrong on Fairfax and Berkshire, but my suggestion would be to at least have 5-10 stocks. It's still concentrated enough and you surely can find more good businesses. Unexpected things can happen to any business, so having only one or two is riskier imo. 

 

[73 Reds]

18 hours ago, adventurer said:

 

 

My portfolio had a bit of a ride the last 6 months. During Trump`s announcement in the beginning of April I concluded it would be wise to hold cash and trimmed my portfolio down to only FFH (cold feet). I am in my (yet) very early 30s without a family or any other financial obligations (just yet) and I have been having trouble with sizing and discipline (as you can see above). My IRR (internal rate of return) over the course of 1 1/2 years has been around 27% (these are returns that I made solely on the positions named above).

I am still very much intrigued by C.Munger`s idea of concentrating my investments. This makes me think about maximizing my FFH position. The reason I would be so comfortable doing that is because of the management. At the moment it basically all comes down to the question of whether to go all in on a good opportunity like FFH (since I am relatively young) or whether to hold cash of up to 20-25%. What would you have done in my position? 


Edit: I keep thinking of C.Munger`s Mozart metaphor now...

BRK and FFX are fine.  Hard to get more diversified than those two but recognize you are subject to big cat events.  If you have less than $100k and have a regular source of income from which you can consistently contribute to your investment portfolio, holding cash is largely unnecessary.  Think long term and don't worry about day to day price fluctuations.  Consider that if you invest consistently over an investing lifetime, your portfolio value will eventually change each day due to normal price fluctuations more than then the entire value of your current portfolio.  As this Board demonstrates there is no one right way to invest.  What worked for me is concentration but only after I became highly knowledgeable about what I invest in.  If you become really good at something - be it a sector, industry or even an investment methodology concentration will be beneficial.  If not, dollar cost averaging into stocks like BRK, FFX or even SPY will give you good results.  Lastly, avoid the urge to actively trade in and out of stocks unless you are REALLY good at picking and timing stock investments.  Taxes will make a big difference over the long haul.  If, like me you need to scratch an itch every now and then, use a retirement/tax deferred account for that purpose and treat it as fun and/or an experiment for learning. 

Edited June 21, 2025 by 73 Reds
word

[adventurer]

@73 Reds @This2ShallPass @Milu

Thank you! 

[whiskybravo]

Joe 45%
PROT.OL 45%
Cash 10%
 

Plan is to sell as stocks appreciate to maintain 10% cash.  The cash is already close to getting me to judgement day.  
 

YTD up 25%.  
 

Deep bow to Greg for his amazing and generous postings on JOE.  Glad my wife and I got to meet him, Cubs and others at the meeting.

 

Protector is in the midst of multibagging and by market cap is still small.  Lots of room to grow expanding into more countries.

 

Both have excellent, shareholder friendly management.  

[John Hjorth]

13 hours ago, whiskybravo said:

Joe 45%
PROT.OL 45%
Cash 10%
 

Plan is to sell as stocks appreciate to maintain 10% cash.  The cash is already close to getting me to judgement day. ...

 

That's a ballsy portfolio, @whiskybravo !,

 

- - - o 0 o - - -

 

I bought some of PROT in november 2015 [~NOK 65], and doubled the tiny position again in February 2016 [~NOK 69] to still tiny, ever since looking at it from to time, thinking about what to do with it, the eyes always landing on P/B eventually, now at ~6.50 for a an agressive Berkshire investment style run insurance company, my wagging tail immedially falling down between the legs, stingy John walking away as a scared dog, unable do decide whether to buy more or to sell ... 

Edited June 25, 2025 by John Hjorth

[whiskybravo]

46 minutes ago, John Hjorth said:

 

That's a ballsy portfolio, @whiskybravo !,

 

- - - o 0 o - - -

 

I bought some of PROT in november 2015 [~NOK 65], and doubled the tiny position again in February 2016 [~NOK 69] to still tiny, ever since looking at it from to time, thinking about what to do with it, the eyes always landing on P/B eventually, now at ~6.50 for a an agressive Berkshire investment style run insurance company, my wagging tail immedially falling down between the legs, stingy John walking away as a scared dog, unable do decide whether to buy more or to sell ... 

The level of cash is what allows me to feel comfortable.  

 

I jumped into PROT with both feet starting last September.  I am up 60% on my 265 cost.  LTM PE is up to around 19.  It is pricey, but they are growing quickly and I think prudently.  This won’t ever have a low price to book (unless it blows up).  A good portion of multi year up and to the right stocks have been expensive all along the way.  The key is to pick the right one.
 

I balance that riskier proposition with JOE where the margin of safety is large and there is a likelihood that significant value will be realized over time.

 

 

 

[John Hjorth]

13 minutes ago, whiskybravo said:

The level of cash is what allows me to feel comfortable.  

 

I jumped into PROT with both feet starting last September.  I am up 60% on my 265 cost.  LTM PE is up to around 19.  It is pricey, but they are growing quickly and I think prudently.  This won’t ever have a low price to book (unless it blows up).  A good portion of multi year up and to the right stocks have been expensive all along the way.  The key is to pick the right one.
 

I balance that riskier proposition with JOE where the margin of safety is large and there is a likelihood that significant value will be realized over time.

 

That makes good sense, @whiskybravo,

 

Thank you for sharing.