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aws posted this in the "General News" topic:

Net buys were only about 1b for the quarter, and unless they got lucky and bought RHT before the IBM news then most of that is probably just a merger arb.  Not exactly swinging for the fences on one of the worst quarters in recent memory.  I wonder if he was expecting it to get a lot worse, or if he was spending all his funds on Berkshire stock.  Berkshire did do relatively well compared to the market up until the start of the year, so maybe he was buying a lot then but has been locked out lately.

I was surprised to see the number mentioned in this post by aws for net buys. However it's true. Attached is my estimation. [EOP 2018Q3 prices used for positions liquidated in 2018Q4, EOP 2018Q4 prices for the rest.]
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Politics / Re: Trump Has More in Common With Xi Jinping...
« Last post by cubsfan on Today at 02:46:08 AM »
Parsad-

Fully 1 dozen officials of the FBI and DOJ have been demoted, fired or resigned because of their sleazy activities in the Clinton actions
to insure Trump is not elected and then the subsequent coverup. Please explain to me why/how Ohr, McCabe, Comey, Baker, Stoczk, Rosenstein, Page,
Baker, etc, etc, have been disgraced and uncovered as partisan hacks to frame Trump in the Russia conspiracy has amounted to nothing.

Why hasn't Donald Trump been indicted or impeached yet?

Their time will come soon enough - perhaps Ohr will flip on all of them and will sing like a bird.

The DOJ and FBI totally disgraced their departments by activily trying to overthrow a democratically elected US President -
and the rank and file employees are wearing the stain of their humiliated departments. Two law enforcement institutions
totally untrustworthy because they failed to honor the will of the people.  Watch the rats turn on each other.

You will know soon enough my friend, when the new Attorney General tries to restore some integrity to the DOJ
for the good of the nation.
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Investment Ideas / Re: TSU - Trisura
« Last post by snowball82 on Today at 01:24:19 AM »
Whatís the compensation structure for management?

The gold standard is Markel. Their bonus is based on a rolling 5 year average book value per share.

I'm also interested to see the details. I guess the largest shareholder should look it too. Partners Value Investment LP owns 18,2 %.

https://globenewswire.com/news-release/2018/10/30/1639139/0/en/Partners-Value-Investments-LP-Acquires-Common-Shares-of-Trisura-Group-Ltd.html

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Investment Ideas / Re: TSU - Trisura
« Last post by snowball82 on Today at 01:15:21 AM »
Returns in this space are totally driven by good management, so are the managers closer to the second coming of Ajit or Forest Gump?

netnet

You set the bar very high with Ajit !

ďWhen Ajit entered Berkshireís office on a Saturday in 1986, he did not have a dayís experience in the insurance business. Nevertheless, Mike Goldberg, then our manager of insurance, handed him the keys to our small and struggling reinsurance business. With that move, Mike achieved sainthood: Since then, Ajit has created tens of billions of value for Berkshire shareholders. If there were ever to be another Ajit and you could swap me for him, donít hesitate. Make the trade!Ē

He created tens of billions of value...not the same league. Tsu, traded at 1.4 time book value, is a less than $ 180 M marketcap.
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Investment Ideas / Re: BAM - Brookfield Asset Management
« Last post by snowball82 on Today at 01:06:51 AM »
We just started a new subject with a BAM's spinoff, Trisura (TSU.to). The company is very small, a $ 178 M microcap.

What is the current relation with BAM ? I don't think they have now. That said maybe you will find interesting to know than Trisura's largest shareholder is Partners Value Investments LP (PVF.un). They own more than 18 % of issued outstanding shares.

So you are more than welcome to help us to do some due diligence about TSU !
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Investment Ideas / Re: AMZN - Amazon.com Inc.
« Last post by meiroy on Today at 12:08:40 AM »
"There was very little real benefit to the people of NYC." 

so I am replying to this because it is one thing to be philosophically opposed to location incentives, which I get, and another thing to be wrong on facts.

NYC is growing as a "silicon alley" on the east coast, transitioning from mostly a financial hub (and cultural/fashion center) to a more diversified high tech hub.  goog's presence on 18th street has been a massive boon to downtown economy, and I expect amzn's location in the complete backwater of LIC would have created not only a lot of high tech jobs, but also the secondary and tertiary effects of more well paying nontech jobs from the creation of a desirable neighborhood from what is now largely a pit.  the whole resistance was progressive politics, not economics or even rationality.

and your surmising of lack of benefit is equally vapid.

Spot on, I'd also add tech related education institutions and that some financial institutions now have more IT guys than tech companies.

There is one valid argument, though, that there would be a negative impact if infrastructure including housing does not keep up. 


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General Discussion / Re: What do people think of Microsoft's Products?
« Last post by meiroy on February 15, 2019, 11:58:34 PM »
I have heard this vein about how shitty Microsoft products are since the early 1990ís. From then until about 5 years ago pretty uniformly it was my friends in the IT world who held this view strongly. In the last 5 to 10 years Microsoft has faded into the background behind Google FB et al. Microsoft is surely enjoying the absence of spotlight. Surely itís their shitty products still making shitloads of $$.

Iíve seldom suffered the hurt that Microsoft is supposed to have inflicted. Worked just fine.

Well said.  I completely missed Microsoft's turn around including the impact of games dev and the cloud due to my own personal bias against this company. Which makes me wonder if IBM can do the same.
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General Discussion / Re: What are you buying today?
« Last post by John Hjorth on February 15, 2019, 11:51:39 PM »
Spekulatius,

It's just a part of my eternal hunt for interesting stuff to study, where I'm searching for stuff on this side of the Atlantic Ocean. I think I know the European investment holding companies that I already own well enough now, after having owned them for quite some years now, to take on to expand the sphere of companies that I know about. Trackers keep my interest up, if I catch just some degree of interest. It's an eternal educational journey, and I like to do it, even if the price of the stock may not be right to me right now [here, it is so-so], because perhaps some day, it may.

I looked at Indus AG not so long ago, and passed [no tracker]. I think next will be Lifco AB and Kinnevik AB, trying to learn something new and challenging the way I do things so I don't fall totally asleep and freeze without any kind of personal movement, perhaps even progress.

It's great to have a reading/study backlog on companies.
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Politics / Re: Trump Has More in Common With Xi Jinping...
« Last post by Parsad on February 15, 2019, 11:45:40 PM »
I honestly only want him impeached, if there is a valid reason to impeach him.  But you guys somehow remain fully closed to the idea that he may have done something wrong (not unlike Bill Clinton).  Why would you limit yourselves from that choice...that he may be guilty?

That is not really the case - I don't think he should be impeached just because the Democrats, FBI, DOJ and media tried to frame him.
I'm still waiting for the results of that slam dunk impeachment case that has been going on for 2 years. I mean, obviously, it's a slam
dunk - unlimited budget, witnesses, and resources of the DOJ.

I'm still waiting and waiting - all the treason, blah, blah, blah....

Do you even read what you post anymore?  "...just because the Democrats, FBI, DOJ and media tried to frame him."  When did the FBI and DOJ become part of the conspiracy vernacular?  Usually it's the Democrats who say you can't trust the authorities...now Trump supporters say you can't trust the authorities! 

And after 37 indictments (34 people, 3 corporations), you think that this has not been a slam dunk case minus the impeachment?!  Six former Trump advisors, 26 Russian nationals, 3 Russian companies, one California man, and a London-based lawyer.  Of these, 7 have plead guilty already...5 of the 6 Trump advisors.  So no Trump or impeachment yet...but doesn't this even concern you one iota?  If this was a company...Buffett would tell you that only an idiot would invest and Munger would say "When you mix raisins with turds, you still get the turds!"  Cheers to our turd lovers!
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General Discussion / Re: What do people think of Microsoft's Products?
« Last post by longinvestor on February 15, 2019, 08:36:02 PM »
I have heard this vein about how shitty Microsoft products are since the early 1990ís. From then until about 5 years ago pretty uniformly it was my friends in the IT world who held this view strongly. In the last 5 to 10 years Microsoft has faded into the background behind Google FB et al. Microsoft is surely enjoying the absence of spotlight. Surely itís their shitty products still making shitloads of $$.

Iíve seldom suffered the hurt that Microsoft is supposed to have inflicted. Worked just fine.
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