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The Next BRK/FFH/MKL


mcliu
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GLRE, FFH, MKL, LUK, and Third Point's insurer are not huge imo and are a good starting place to look.  FRMO is something I am looking into as well.

 

It's hard to catch them when they are small because they are still building a track record.

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OAK and LRE are respectively my second and third largest positions. LMCA and BAM are not huge and can go on compounding capital for many years.  :)

 

giofranchi

 

“As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

 

 

 

 

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OAK and LRE are respectively my second and third largest positions. LMCA and BAM are not huge and can go on compounding capital for many years.  :)

 

giofranchi

 

“As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

 

Isn't BAM huge?  Don't they a ton of AUM between all their entities?

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When it comes to capital allocation, small or huge have meaning only in the right context. And, imo, the right context is the following question: are opportunities still many and frequent, or the capital they manage is already so large that opportunities have become hard to find?

Think about the markets BAM operates in: real estate all over the globe, one of the largest market out there; infrastructures and renewable energy all over the globe, two of the fastest growing markets out there.

I think there are still many opportunities to be found and still much room for growth.  :)

 

giofranchi

 

“As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes

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I think there will not be another BRK in our lifetime.

 

Probably you are right (well, I guess it depends on how old you are…). Anyway, that doesn’t automatically mean other good capital allocators and compounders won’t be there to find and to partner with. Actually, all the companies mentioned in this thread have already proven to be good at creating much value for their shareholders. Even if they will never be as good as BRK!  :)

 

giofranchi

 

“As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence. One’s knowledge and experience is definitely limited and there are seldom more than two or three enterprises at any given time which I personally feel myself entitled to put full confidence." - John Maynard Keynes

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