Jurgis

Do I understand it correctly that ATM takes 20.5% to convert cash to bitcoin? ??? Some take 7%... but still.

But this would mean issuing BRK shares. I don't know if Buffett would go for that...

Can you walk through this? I am not sure I follow.

My wife still owns a teeny tiny bit of URBN. I kinda like these guys. Hayne seems like a straight shooter with some good ideas (some possibly a bit wacky). Family still owns ~20%. (There is a bit of nepotism possibly). Probably would not invest (a lot) though.

But it bent? Bend it like Beckham.

./bow Sensei! 8)

There is no spoon.

I'd invest in BRK, FFH, Liberties. 8) How I would do valuation? Yeah, that's a problem, isn't it? Here I assume that nobody has filings, so secondary sources (Google, M*, Bloomberg, CoBF posters) are not available either. Without filings you don't even know sales, income (FCF), book value. So, perhaps you still can buy BRK, FFH, Liberties based on past history of "good corporate performance". Perhaps you can buy GOOGL/MSFT on moat or growth. But you may be hugely overpaying (or underpaying). Still, if no info existed, I'd guess people would buy based on past history and rough estimates (how many piano tuners are in Manhattan? 8) ). Some people do that even now. 8)

Didn't MtGox go under and everyone who held bitcoin in it get shafted? (Yeah, I know you coulda moved bitcoin out of its wallets, but still).

It can certainly be played that way, but not if you want to actually ever feel sustainably happy and satisfied and fulfilled, IMO. Wait, I don't get to kill random strangers on the street and jump on their corpses for fun? What kind of game this is? ::) ......... IMO the post makes some good points, but the metaphor used in it is crappy. Single player game does not mean "it's not competitive". Single player game does not mean that you are content. Lots of single player games are competitive and do not result in happy life. Also the image of "single-player game" conjures is that nothing matters but you. Maybe the author has not played many single player games, but yeah there's tons of "get millions in gold, get the castle, get the princess, get the superhuman abilities, get the McMansions" in single player games. Which is not what the author writes about in the article and definitely not what Liberty (and others) preach in terms of family, etc. Edit: Ah, DooDilligence just posted an exact link that "single player game" metaphor conjures in my mind: http://www.cracked.com/blog/5-mental-tricks-getting-over-yourself/ . Solipsism. That's what single player game is. And that's not what author wants to say. ::) Be happy.

I thought that life is a crappy MMO. ::)

Just to throw a rock into this self-pity fest: was it really that obvious? Or is that all hindsight bias coulda-shoulda? Isn't this a very competitive business? What was the chance that this will be the huge X-bagger vs what happened to a lot of other convenience stores (nothing? crappy results?). I just read that Buffett underperformed SP500 with his Walmart purchase. And he also did self-pity fest (haha just kidding) about not buying more. Yet, it wasn't as obvious as it would have seemed... ::) Take care. 8)

LOL Capitalist bastards ;) The capitalist bastards don't give me online access even though I have the sub via miles. They should but they don't. (Might be possible if I jump through the hoops of phone capitalism...) :'( 8)

I don't think that's what I am saying. You can put me down for "I read what you write and I comment if I have something to say".

Another thing is that some deep-DD people have left CoBF or just don't post much anymore.

Do we know who's running Rocketfinancial? And when they gonna go for monetization?

Mostly what Liberty said. Your thoughts might be useful, but I haven't looked at that sector in depth, so I can't say if they are or they are not. My very superficial thinking is that this area depends on govt politics and then depends on the big cos (pharmas, PBMs, insurers, ???) fighting out for margins. So on one hand, you may end up with quasimonopoly with fat margins and great stock returns. On the other hand, you may end up with cancelled/shifted contracts (to possibly captive divisions), infighting, govt hits, etc. I don't think I am interested, so I don't think I'm gonna comment on these topics. There is a potential for large returns though.

Fannie and Freddie. Coal. Oil. Gas. Retail. Autos.

Oh the suspense: - Will BRK buy SIRI from Liberty? - Will Liberty buy SIRI from BRK? - Will Charlie embrace John? Popcorn on order. 8)

Majority of the share repurchases are at elevated prices. Just look at 10+ year results, stock prices and stock repurchases. I guess that's par for the course. ::) Edit: I agree that so far their acquisitions have been minor, so I can't say how good they are with them. Also I agree that it's not that easy to manage cash for such a company. In best case, they'd be a sub of BRK and just sent the cash to uncle Warren. They have great business, but they may not have great reinvestment opportunities. Perhaps overpaying for share buybacks is not the worst way to go. Have fun.

Hey, Thanks for your work. I think you messed up "anyone can edit" and "approved users can edit" URLs. Now they both point to the same sheet that requires approval. Looking at your previous posts, this was the URL for "anyone can edit", but no longer...

IMHO Klarman is not a good guy to clone/follow. The reasons of his buys/sells are often quite obscure.

22 year olds who live with their parents are the backbone of our society. 8)

This does not bode well for Picasso's future success as I have generally found him to be a nice and upstanding guy...no clear personality flaws that would lead to mind-blowing success. Is my logic sound here? Picasso has brass balls. ... ... I thought you knew. 8)

Crime just doesn't pay... enough. 8)