Author Topic: Buffett letter?  (Read 28167 times)

Yours Truly

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Re: Buffett letter?
« Reply #80 on: March 19, 2013, 08:59:03 AM »
As an idea stealer from other respected investors, I feel like Ted, Todd, BB, and maybe Pabrai are the only one I can steal idea from with a good level of confidence simply because they run concentrated portfolio. Watsa would fit in but then we all know in what type of (controversial  to say the least) company he gets into...

Ex: I could take an idea from Tepper but then he would have only 2-3% invest in.

Tepper relies a lot on credit/bonds, and his stocks are a fraction of his overall portfolio, similar to how Klarman runs his.. so I wouldn't put too much weight into it

On the notion of stealing, its best to steal from managers that exhibit high concentration and low turnover such as Sequoia Fund, ESL, BB, Lou Simpson, Chuck Akre, Wedgewood Partners, Weitz value and of course Pabrai/Weschler


finetrader

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Re: Buffett letter?
« Reply #81 on: March 19, 2013, 09:08:51 AM »
Quote
On the notion of stealing, its best to steal from managers that exhibit high concentration and low turnover such as Sequoia Fund, ESL, BB, Lou Simpson, Chuck Akre, Wedgewood Partners, Weitz value and of course Pabrai/Weschler

Agree.
thanks for mentioning other managers.
Live to invest, invest to live

compoundinglife

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Re: Buffett letter?
« Reply #82 on: March 19, 2013, 09:38:53 AM »
Quote
On the notion of stealing, its best to steal from managers that exhibit high concentration and low turnover such as Sequoia Fund, ESL, BB, Lou Simpson, Chuck Akre, Wedgewood Partners, Weitz value and of course Pabrai/Weschler

Agree.
thanks for mentioning other managers.

One other thing to think about is that (at least in my opinion) someone like Tepper could have hedges or paired trades that might not be obvious, so following him into a long position might not mirror what he is actually doing, where as some of the others mentioned are usually just long their best ideas. I generally try to keep apprised of what my favorite managers are doing, try to figure out their thesis and then wait to see if the price goes below their cost basis.

Kiltacular

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Re: Buffett letter?
« Reply #83 on: March 19, 2013, 09:48:28 AM »
EDIT:

I erased my response because after thinking about it for a few minutes, what Ragu is saying is much more correct that what I was saying.

I was double counting.  My example: Using GEICO's book value excludes all of GEICO's float.  If we include all of GEICO's float, then there is not too much "economic goodwill" not included on Berkshire's balance sheet.

Ragu...thanks for your patience.
« Last Edit: March 19, 2013, 10:02:49 AM by Kiltacular »

ragu

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Re: Buffett letter?
« Reply #84 on: March 19, 2013, 07:32:25 PM »
If we include all of GEICO's float, then there is not too much "economic goodwill" not included on Berkshire's balance sheet.

Zigackly.

Quote from: Kiltacular
Ragu...thanks for your patience.

Not at all. Buffett is so rational that is always worthwhile thinking about what he says. Even more so, when it seems odd at first glance.

Best,
Ragu