thowed

Many thanks for these, chaps.

To start with, I'm incredibly grateful to this board, especially Gregmal & Pupil, for providing amazing info about small-cap RE opportunities. I want to learn more, and wondered if there were any good funds etc to learn from (or even decent concentrated portfolios to get ideas from). e.g. I'm quite fascinated by things like STORE i.e. the great CEO letters and the BRK stake. The only one I can think of so far is Rhizome, which is a small indy operation that has some CoBF friendly cos. Otherwise I'm stuck. In the UK, we have TRY - a LSE-listed closed-end fund, which has outstanding, long manager commentaries in the Annual Reports. I recommend this if you want to learn about Euro & UK RE. It's a big fund now, so has to restrict it's small-cap exposure - but does discuss them - he calls this section the... REIT Petites. Thanks in advance. I don't know why the UK doesn't have any decent US RE funds of its own - a real gap in the market.

Yep, I got this from a Commodity fund letter (underlining is mine): We have explored ETF alternatives such as KRBN, which provide exposure to various carbon markets but are not comfortable with the structure’s shortcomings.

Congrats, Greg, this was on my list of RE to check, courtesy of your good self - I've got to speed up!

Paging Liberty... he's been talking about Obsidian on his newsletter. I've downloaded it but not got round to trying it out yet. But thanks for highlighting this - I really need to update my work methods, and you've put some good ideas for me.

+1. I have a bit of cash, and REITs seem to be the place where valuations seem more reasonable than most other things. I'm looking more at Europe as I know the market better, though I'm increasingly fascinated reading about STORE, as the culture seems so impressive. I'm also looking for inflation-linked long lease stuff, as I've thrown in the towel on TIP$ for now, CPI doesn't seem the best way to play things (thanks to Horizon Kinetics for inflation-related thinking).

Lots of good answers here. Personally I think I'd start with Terry Smith's Fundsmith Annual Letters, and the Fundsmith Owners Manual (on their website). They are very no-BS and straightforward. The Buffett annual letters are also great, but if I'd read them a bit later on, I think I'd have picked up more of the nuance on top. Lindsell Train also have a ton of simple-but-wise papers on their website. And Chuck Akre. I think people like this are good places to start as they have some of the simplest (& best) strategies to start with i.e. 1: buy high quality companies 2: do nothing. But they expand a bit more... Then various classic books, as discussed. Fit them in, but don't get over-obsessed by reading everything. I think it's worth reading a book on the History of Bubbles - the classics include ones by Edward Chancellor and Galbraith. And... just invest a bit. There's no better way to learn than just doing it - a 'model portfolio' isn't the same in terms of the important psychological emotions you need to learn (& learn how much you can control your emotions in the face of adversity/opportunity).

There was the most amazing twitterstorm (since deleted) from him shortly after publication. I wonder if he celebrated a bit too much...

Only thing I can suggest is the write-up in the latest Rhizome Quarterly. I hadn't heard of it before, and have been starting to research. Others are probably faster than me.

I mean, you really can't make this stuff up anymore...

One thing I find is that there are too many posts per page for me - I don't like keeping on scrolling down (on a laptop - it's probably better on a phone). It feels like there's a lot more spacing - I preferred the compactness of the old site for reading. I know that the new site is a lot more customisable - unfortunately I'm too old & lazy to get round to doing this, which I accept is my issue. I say all this reluctantly, knowing how much effort's been put in, but I feel it's best to be honest.

Ha ha!

Thanks for confirming I wasn't going crazy on Starbucks. Further confirmation in the updated monthly report which shows 9 holdings (down from 10 last month). I'm dipping my toe in the water - they're still not really my type of companies, but I find the various optionalities (esp. the assymetric swaption hedge) compelling for the current environment. I don't suppose anyone knows if there is a person/people who are in charge of the Credit Shorts? I'm guessing it's not Ackman, but I might be wrong.

Parsad Firstly, many thanks to you for this board, period, and all the hard work done on the update (and for letting us stay on as members). I'm sure I haven't exploited many of the improvements yet. The only request I'd make for now is if the Index/Home page could be made smaller, so I can see the lot on one laptop screen, as was before. It's a small thing, but just makes it easier to open multiple tabs for different sections. Many thanks again.

I don't want to sound snarky, but isn't this missing the whole point of holding the index? You either accept the agnosticism and hold the whole index - if you start not liking certain companies, shouldn't you just stock pick?