berkshire101

I view investing like mix martial arts. To get good, you need to take bits from everywhere to eventually create your own style. Value investing is just one art form. With top UFC fighters, most are well rounded and are exceptional in one-two things. Like Jon Jones with his length and wrestling, he's also good in other aspects of the game. So just being good with value investing is not good enough nowadays, in the long run anyways. The game is competitive nowadays so we need to constantly learn from other styles to create our own. Also, everyone peaks. Like in sports, there are people who figured out an inefficiency and make it to the top. Eventually, others figure it out. Like Conor McGregor with his striking. Other fighters learned if you make him tired then his edge goes away. I think investing is like the same. Traditional value investing might still work, but long term its edge isn't so black and white. So it's up to us to add to the depths that is value investing.

Has anyone looked at this? It IPO earlier this week and is considered the Tesla's of China. Their cars look pretty nice and they already began shipping.

Thanks for the added info. Recall on NVDA's call that they mention crypto mining being 10% of GPU revenue, same with AMD.

Has this stock popped up on anyone's radar? What's surprising is the massive expansion in margins in the recent years, thus stock trading for much higher multiples. What contributed to the expansion in margins? Is it sustainable or typical trend we see in NVDA's business cycle?

I was in NSAM prior to the merger. The management is shady, like really shady. So I think the company is being discounted given management lack of accountability and transparency. Also, they're pretty levered compared to their peers, and the debt maturity isn't well staggered. And when you have a diversified portfolio with mixed industries, it's harder to value. Their assets aren't class A. Makes sense there's a discount relative to peers.

Ripple co-founder is now richer than the Google founders on paper https://www.cnbc.com/2018/01/04/ripple-co-founder-is-now-richer-than-the-google-founders-on-paper.html Pretty crazy given that there is hardly any use for the product/service.

With real estate, you calculate NAV mostly based on cap rate. NAV is calculated as NOI divided by cap rate. So stated book value on the balance sheet isn't a real reflection of NAV since real estate held at cost basis. Typically real estate appreciates overtime, but the cost basis can be reduce with depreciation. KW has been complicated in the past since they didn't own 100% of their properties the majority of the time. It was mostly held in private equity funds. They have more debt with the KWE acquisition, so NAV dropped quite a bit. But hopefully that gets reduced overtime with the refinancing and paying down. Operationally, NOI growth has been the best in the industry. And they're one of the first to enter their markets to take advantage of the recovery and value add.

I have a own position. It's a complicated company to analyze, but the story is getting better. And with the recent KWE acquisition, the NOI is more wholly-owned so it's getting easier to analyze. Hopefully within the next 1-3 years the valuation metrics will be similar to a traditional REIT. One thing I don't like is the compensation. Management is a bit overpaid. They have delivered on the numbers, just not the stock performance.

Jim Grant Is ‘Bearish’ on Bridgewater, Saying Dalio Isn’t Focused on Investing https://www.bloomberg.com/news/articles/2017-10-05/jim-grant-is-bearish-on-bridgewater-as-dalio-grabs-spotlight Performance hasn't been good, mostly referencing performance since inception. Maybe Ray Dalio is cashing out at the top???

Just contact them directly and request the info. Say you're an institutional investor looking to invest and want more data for your analysis. Dataroma is a good starting point.

KONA is up 40% today. Does anyone know why?

An article with some historical data about the S&P 500. https://frostyalpha.com/2017/06/08/a-tale-about-market-valuations/

Some interesting numbers about retail. Retail’s Last Hurrah Against Amazon https://frostyalpha.com/2017/06/22/retails-last-hurrah-against-amazon/

Ran across this fund while listening to a podcast. It's an interesting take on investing and leveraging crowd sourcing with machine learning. How can a value investor compete?! :o https://www.wired.com/2016/12/7500-faceless-coders-paid-bitcoin-built-hedge-funds-brain/ https://techcrunch.com/2016/12/12/numer-ai-is-a-crowdsourced-hedge-fund-for-machine-learning-experts/ https://numer.ai/about

My experience with retailers is that you have to be the lowest cost producer to have any kind of long-term competitive advantage. In the end, you're just selling a commodity. I haven't seen any indication that that's WFM's focus. They're looking to provide this healthy customer experience. Which is good and all. But when you have WMT and COST making organic a larger portion of their sales, and at cheaper prices, how will WFM compete long-term? WFM was one of the first to move into that organic space, and it was a niche market for a while. But now, it's a much larger market with lower cost producers moving in. Maybe that's the concern with WFM? How will they compete on price against WMT and COST? Guess I said this like 2 years too early???