giofranchi

I agree, if you are able to think about “trading the stock market” as “a business of its own”. As a trader, you are able to employ a basket approach to investing, let’s say that you are able to invest 1% of your capital in 100 different stocks. And I wouldn’t mind investing 1% of my firm’s capital in “a gas station run by a lazy manager and selling for 50% of book value or 4 x FCF”. I wouldn’t mind it at all! But entrepreneurs usually deal with only a few businesses at a time… And I would never invest in a “a gas station run by a lazy manager and selling for 50% of book value or 4 x FCF” 30% of my firm’s capital… What I still have a lot of trouble doing is putting on the hat of the entrepreneur at 7.00 am, switching to the hat of the trader at 11.00 am, becoming once again an entrepreneur at 2.00 pm, and ending my working day as a trader at 7.00 pm. That’s why I still have a lot of room to improve! For now, my firm’s equity is up 17.5% YTD… with a lot of cash and hedges… not really much to complain about that! :) giofranchi

Maybe, I just like history too much… And surely I don’t want to sound too cerebral and too much of a senseless scholar here… I am not, and what I do in life is running businesses. Yet, before talking about history, its usefulness, or lack of a real purpose, I strongly advice to read: [amazonsearch]The Historian's Craft: Reflections on the Nature and Uses of History and the Techniques and Methods of Those Who Write It.[/amazonsearch] By March Bloch It is a wonderful essay about history and about those who write it. And of course one of the best tool I know of to answer the following question: what’s the true role of history in our life? Highly recommended! giofranchi

Bull Of The Day: Valeant Pharma giofranchi Oct142013-bull-of-the-day-valeant.pdf

Ok, thank you! This makes sense! :) giofranchi

I understand and agree with all that has been said in this thread! Yet, as always, I like to bring in the perspective of a businessman… As a business owner I know two things: 1) I wouldn’t start one if too unpredictable, 2) (and most important in my view) I wouldn’t start one without a partner who allocates capital reliably or, even better, shrewdly. I don’t know if 1) + 2) = “high quality”… and I don’t care much about the answer either. The fact is simply I demand: predictability + good capital allocation. I don’t shift capital into any venture, if I don’t see those two prerequisites. Instead, if I see both, then I look and wait for an entry price which would allow me to compound capital at 15% yearly for many years into the future. giofranchi

Thank you twacowfca! I do believe LRE will go on paying special dividends in the future, but don’t you think the odds are they will wait at least 2 or 3 quarters, to resume their special dividend policy? I guess my question is: what’s the point of raising capital in the market through new stocks issuing, when barely 3 months later a special dividend is announced? Wouldn’t it have been much simpler to use the excess surplus to purchase Cathedral, simply postponing the special dividend, and without issuing new stocks? What am I missing here? giofranchi

Half way through the paper. Excellent paper! Thank you for posting! My pleasure! :) Cheers, giofranchi

Shiller, Fama, Hansen win Nobel Prize in economics http://www.marketwatch.com/story/shiller-fama-hansen-win-nobel-prize-in-economics-2013-10-14?link=MW_home_latest_news giofranchi

Very good question! I am much curious to read the answer as well! :) giofranchi

Very good paper by Prof. Sanjay Bakshi on Indian Family-Owned Business: A Framework for Classifying Types of Owner-Operated Businesses. giofranchi Corporate_Governance_in_Indian_Family-Owned_Businesses.pdf

Very interesting essay by Mr. George Gilder! giofranchi EVA+10.11.2013+NA.pdf

Truth be told, I was missing you, twacowfca!! ;D ;D giofranchi

Just great! Far from disparaging your cautious stance! Instead, many thanks for “opening the oven door” and let us also “peer at what is inside” for a while, Mr. Grant! giofranchi

Hoisington Quarterly Review and Outlook - Third Quarter 2013 giofranchi HIM2013Q3NP.pdf

giofranchi

Notice of Investor Day giofranchi Notice_of_Investor_Day_20131010.pdf

Sad piece of news... :( I have long considered an investment in both Pargesa and Power Group, without ever pulling the trigger... now it might be too late... giofranchi cp1013.pdf

[amazonsearch]Titan: The Life of John Rockefeller, Sr.[/amazonsearch] Finally, it is out on audiobook (unabridged) at audible.com. Not to be missed! :) Cheers, giofranchi

--Russell Sage: The Money King giofranchi

--Russell Sage: The Money King giofranchi

--Russell Sage giofranchi

About the Panic of 1857: --Russell Sage: The Money King giofranchi

--Russell Sage giofranchi

+1 giofranchi

"Nightmare on Wall Street: This Secular Bear Has Only Just Begun" by Ed Easterling of Crestmont Research giofranchi Easterling-131004.pdf