Author Topic: Interview with Alice Schroeder  (Read 18050 times)

50centdollars

  • Sr. Member
  • ****
  • Posts: 407
Re: Interview with Alice Schroeder
« Reply #10 on: December 04, 2013, 11:35:20 AM »
Thanks for posting
50centdollars


Yours Truly

  • Sr. Member
  • ****
  • Posts: 390
Re: Interview with Alice Schroeder
« Reply #11 on: December 04, 2013, 11:45:58 AM »
I am with you on market valuations, tombgrt.  I also have a couple quotes rolling around in my head.  One is from Buffett in '99 when the market was at 40x earnings and he said that if he was running a small portfolio he'd be fully invested.  The other is from Walter Schloss who said he had  been fully invested his entire career.

Where are these gems from?

matjone

  • Hero Member
  • *****
  • Posts: 604
Re: Interview with Alice Schroeder
« Reply #12 on: December 04, 2013, 03:02:21 PM »
Unfortunately I have a very un-Buffettesque memory and I am not sure where I saw those quotes.  Google "Walter Schloss archives" I think the site was called something like that.  I remember that Schloss' point was that he felt safer holding stocks than holding cash, and Buffett's point was that he'd have an easier time finding ideas if he was running a smaller portfolio. 

On the other hand, Schloss  shut down his fund in 2001 because he couldn't find any bargains, and Buffett advises us to be fearful when others are greedy.

 FWIW, a lot of value guys are starting to get a little worried about valuations.  I believe Chou said he's worried, Klarman said the same and returned cash to investors, Oceanstone is sitting on like 80% cash right now or something.  It seems like most of the OTC stocks I look at have doubled and are above book value now.  There are still bargains around but they require more ability to spot.   If you can understand banking or analyze the competitive landscape of the telecom industry in Alaska then you can still find things, but if you are just looking for net nets and super low pe and that kind of thing, there is  less to pick from than recent years.   The other option is to go somewhere outside the states where quantitative bargains still abound, such as Japan.
“Be Greedy When Others Are Fearful”

JBird

  • Hero Member
  • *****
  • Posts: 527
Re: Interview with Alice Schroeder
« Reply #13 on: December 04, 2013, 03:49:06 PM »
I am with you on market valuations, tombgrt.  I also have a couple quotes rolling around in my head.  One is from Buffett in '99 when the market was at 40x earnings and he said that if he was running a small portfolio he'd be fully invested.  The other is from Walter Schloss who said he had  been fully invested his entire career.

Where are these gems from?

http://www.businessweek.com/1999/99_27/b3636006.htm
Woman and wine, games and deceit, make the wealth small and the wants great. - Ben Franklin

LC

  • Hero Member
  • *****
  • Posts: 4261
Re: Interview with Alice Schroeder
« Reply #14 on: December 04, 2013, 03:50:44 PM »
Great interview; I hadn't seen this before.

btw:

-"Warren is extremely precise and literal in what he writes and says"
-"reluctant to criticize anyone and hypersensitive to criticism himself"
-"He’s got a keenly honed sense of justice"
-"[Susie] enabled him socially to overcome his shyness" and Dale Carnegie, "hard work in the social area to overcome his natural awkwardness"
-"a great synthesizer and especially strong at pattern recognition"
-"Repetition doesn’t bore him the way it bores other people."
-"his emotional pendulum swings in a very narrow arc"
-"prodigious memory"

You could probably say all the same things about Michael Burry.

Some of these (and I am no doctor) sound like symptoms of asperger's, which Burry has been diagnosed with.
"Lethargy bordering on sloth remains the cornerstone of our investment style."
----------------------------------------------------------------------------------------
brk.b | irm | nlsn | pm | t | v | xom

txlaw

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 3081
Re: Interview with Alice Schroeder
« Reply #15 on: December 04, 2013, 04:08:11 PM »
This was a fantastic interview.  Thanks for posting.

ERICOPOLY

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 7483
Re: Interview with Alice Schroeder
« Reply #16 on: December 04, 2013, 04:18:29 PM »
Great interview; I hadn't seen this before.

btw:

-"Warren is extremely precise and literal in what he writes and says"
-"reluctant to criticize anyone and hypersensitive to criticism himself"
-"He’s got a keenly honed sense of justice"
-"[Susie] enabled him socially to overcome his shyness" and Dale Carnegie, "hard work in the social area to overcome his natural awkwardness"
-"a great synthesizer and especially strong at pattern recognition"
-"Repetition doesn’t bore him the way it bores other people."
-"his emotional pendulum swings in a very narrow arc"
-"prodigious memory"

You could probably say all the same things about Michael Burry.

Some of these (and I am no doctor) sound like symptoms of asperger's, which Burry has been diagnosed with.

That's what I was thinking. 

twacowfca

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 2665
Re: Interview with Alice Schroeder
« Reply #17 on: December 04, 2013, 06:32:31 PM »
This is the first time I've heard of Barbosa and I really liked him.  He asks good questions and it seems like he knows when the audience is going to want more explanation.

I am with you on market valuations, tombgrt.  I also have a couple quotes rolling around in my head.  One is from Buffett in '99 when the market was at 40x earnings and he said that if he was running a small portfolio he'd be fully invested.  The other is from Walter Schloss who said he had  been fully invested his entire career.


Warren did quite well in 1999 -- the  early oughties buying REITS that were yielding 10%+ FFO.  :)

fareastwarriors

  • Hero Member
  • *****
  • Posts: 3607
Re: Interview with Alice Schroeder
« Reply #18 on: December 04, 2013, 06:40:00 PM »
I am with you on market valuations, tombgrt.  I also have a couple quotes rolling around in my head.  One is from Buffett in '99 when the market was at 40x earnings and he said that if he was running a small portfolio he'd be fully invested.  The other is from Walter Schloss who said he had  been fully invested his entire career.

Where are these gems from?

http://www.businessweek.com/1999/99_27/b3636006.htm


That was a gem. Thanks for posting.

twacowfca

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 2665
Re: Interview with Alice Schroeder
« Reply #19 on: December 04, 2013, 06:52:27 PM »
Great interview; I hadn't seen this before.

btw:

-"Warren is extremely precise and literal in what he writes and says"
-"reluctant to criticize anyone and hypersensitive to criticism himself"
-"He’s got a keenly honed sense of justice"
-"[Susie] enabled him socially to overcome his shyness" and Dale Carnegie, "hard work in the social area to overcome his natural awkwardness"
-"a great synthesizer and especially strong at pattern recognition"
-"Repetition doesn’t bore him the way it bores other people."
-"his emotional pendulum swings in a very narrow arc"
-"prodigious memory"

You could probably say all the same things about Michael Burry.

Some of these (and I am no doctor) sound like symptoms of asperger's, which Burry has been diagnosed with.

That's what I was thinking.

Asperger's Syndrome is an obsolete diagnosis now rejected as too vague. 

I once sat in a TQM training session in 1999 and watched an audio video feed of Buffett,  Gates, Ted Turner, Richard Branson and Steve Case.  After a few minutes, my wife poked me in the ribs and said, "Case is the only one who is normal".

She was right. The other four were hyper excitable, bubbling over with synergistic insights they were eager to share as they lighted up with voltaic energy in the aura of their combined mental insights. Each one of the four who weren't normal stuttered slightly in restrained eagerness to share golden nuggets of wisdom. 

It definitely wasn't normal, but it wasn't pathological either. That must have been what it was like when General Leslie Groves and Robert Oppenheimer confined the greatest minds in theoretical and experimental physics on the mountain plateau of Los Alamos, NM until they hatched the bomb. :) :(
« Last Edit: December 05, 2013, 08:34:06 AM by twacowfca »