Partner24

My investment in Sanjeev's business is the most expensive lesson I had in my life. Lesson learned. You can have the integrity, the intelligence, the knowledge about Buffett, the great determination to build a community around it, etc. Ultimately, all these great qualities are worthless without enough discipline.

Sanjeev, I've got a private message to send you. Can you please give me an email to send it?

Great post!

Thank you for sharing the article.

Regarding FFH, I do not keep myself informed about it anymore, so I will not start a new poll. But feel free to do so. Cheers!

Sad indeed. Lesson learned about how we can sometimes be over-optimistic about value investors. And how FFH team was too scared about macro stuff for too long.

We're 10 years later now and it's time to use your calculator! ;-) Cheers!

OMG. The transcript and comments say it all. At one end of the spectrum of corporate governance, you have BRK, and at the other end of it, you have this.

It looks like the Eye of Sauron ;-)

Didn't like the letter. Too much "bla bla bla". Results have been so so over the last years. It was better before...more results, less words.

Since I don't have a lot of time to spend on analyzing individual businesses, I generaly buy good diversified conglomerates managed by disciplined capital allocators. Stocks like Markel, Clarke, Long4life, etc. If you have some names to share, it would be much appreciated. Ideally businesses that are not too big so they still have large opportunities to expand. Thank you!

Wow! 2.20$. That's huge for them!

The key issue to me is financial independance...free cash flows. In the past, you issued some shares in order to get financing, but now, that financing source is near zero.

Any comment Sanjeev?

Cash flows from operating activities is still a signifiant bleeding. Still need investing and financing to cover that. No more long term debt.