Partner24

Here are the facts: - Weather forecasts. They tried to predict rain. The sun shined a lot. How about building a ship that will do fairly well at both and bad times instead of predicting weather like that? Instead of trying to be wrong...wrong..wrong....right, what about ...ok if wrong or right...ok if wrong or right...ok if wrong or right...just like Berkshire and Markel? - Cigar butts equities. Did very well when they had small to mid size money to invest. Did mediocre with a big portfolio.

Regarding the letter Sanjeev, I agree with the others that more clarification about what's going one with the underlying businesses would be great. And if possible, what do you think about these businesses. Why did you invested in them in the beginning. It would help us clarify what is your investing framework. Cheers!

A terrific board indeed wich I have followed since 14 years now. It helped me a lot and I'm happy to have found a good "jockey" that I trust with PDH. Cheers!

Oh my, Prem is still making these macro forecasts? No lesson learned from these huge losses? He's bearish when the market is low and bullish when the market is high? For the first time in 13 years, I will seriously consider reducing or eliminating my position in FFH. I can handle a lot, but this is difficult.

No, I am not kidding. With the big moat and elephant businesses, I agree that it reduce the risk, but the gain is more limited. FFH, MKL, etc. they started small. Who made them succesful? The people in it. Same thing with PDH. I trust the jockey. I've seen him posting on this message board since 2003 and there is not a lot of people that I've learn to trust as much. It is not to say that I trust blindly, I certainly keep an eye on what's happening in the business, but I'm confident that Sanjeev will make something very good for the long haul. Regarding the price performance to date, I don't care. I even enjoy the price decline, since I'm buying more shares these days. That's a long term investment that require patience. But since the time horizon asked is 15 years, I'm confident that the performance will be satisfactory over that period. Time will tell. Would I put all my investments in it? No. A significant part, yes. But not all. I only have three stocks these days...MKL, PDH and FFH. Cheers!

I would also keep an eye on PDH.

MKL. I bought a stock certificate in my son name for christmas when he was less than 1 year old. At 11 now, he still has it.

I have three stocks now and I feel it is diversified enough. MKL (diversified in itself), PDH (diversified in itself) and FFH (diversified in itself). But open to hear about some businesses like that. Cheers!

Sanjeev: "You may get lucky with #1 at one point, but then you may look foolish for years afterwards when you do get it wrong...we've seen this with many, many value managers. #2 isn't exciting, but it works very well! Cheers!" You're absolutely right. We don't care about excitement, or terrific predictive abilities, etc. What do we care about is long term value creation. I would even say that beside that, if it's boring and simple, it's even better. Cheers!

MKL, FFH, PDH and BRK. Good choice to me if you don't have the time available to study stocks.

Ahahahah so funny. I've told since the very beginnings of these hedges that they were some kind of an ark. Terrific if it rains, but we could get very thirsty if the sun would keep shining. They've predicted rain since years. Really predicted it to us over and over again. Bad forecast.The sun have kept shining and the patient shareholders that we are are thirsty. I knew that possibility and kept my shares. So it was MY decision. But the main problem here is the lack of candor. So, Trump is here and you change totally the forecast because of that? Bull**** doesn't taste good. They bought high and sold low and made economical forecast that were wrong. Billions of dollars lost. That's ok, but no turds on top of that. Please. Let's call a cat a cat. If you don't admit your mistakes, you'll keep repeating them.

Happy to see that the share price is decreasing ;) Happy to see that you keep the focus on the long term interest Sanjeev. As investors, that's what we are doing too. Cheers!

Used to, but no alcohol anymore. Wine is good for a man when it's a woman that drink it ;)

lol

boilermaker, another terrific joke! You're very funny. I laughed so much. Thank you very much and please, keep posting! ;D

Again a terrific joke! Aahahahah thank you very much! ;D

The blind cowboy thinks for a second, shakes his head and mutters, 'No ... not if I'm gonna have to explain it five times.' Aahahah very good. Thank you for the laugh! :)

Regarding the price, I do see it actually as being a reasonable one. Not a bargain, not very expensive, just being fair. Cheers!

Brian Joffe is no longer the CEO since a few months ago. I do not know the new one, but as far as I know, the plan is not to change decentralized business model like they have actually. I will dig further when I'll have time to do so.

Soros increase his bet against US stocks http://money.cnn.com/2016/05/17/investing/george-soros-betting-against-stocks-buy-gold/

A classical value trap I guess...

Remember: price is what you pay, value is what you get. It apply too to share issuance (and what they do with the proceeds) or stock buybacks. Too early to know if what he plan make sense financialy. In this early PDH existence, you have to trust the jewelrer. This is what I do. Cheers!

As long as the actual CEO remain in place, you should take into account is corporate governance ethics and decide if you should apply a discount or not. Personaly, even after the discount, I would not buy shares, because to me there is no alternative to confidence and trust.

Agree. If someone took notes, it would be much appreciated if you could post them here.

Ohhh the "low ego and very agreable person" who said that to your employee. That being said, when the doors were supposed to open?