Liberty

http://www.motortrend.com/cars/tesla/model-3/2018/exclusive-tesla-model-3-first-drive-review/

https://www.bloomberg.com/news/articles/2017-07-29/tesla-s-model-3-arrives-with-a-surprise-310-mile-range

They sure are trying lots of things: https://thehub.amazon.com

My 2 cents: Twitter lacks the scale to be attractive to advertisers, as well as the data to target ads competitively (which would make them more valuable). It's a vicious cycle, because when you have crap inventory, you can't target well, and when you can't target well (because everyone's anonymous and there's so much abuse/bots), you don't get very good inventory. If you're a big advertiser, it's much easier to go to both Google and Facebook and do a big buy that will reach everybody you want to reach than to go to Twitter and do a small buy and not be sure you're reaching the right people. That's why I think ultimately Twitter will be bought by FB or GOOG and plugged into their existing ad networks. That's probably where it's most valuable, though maybe someone else will overpay for strategic reasons (lately that's AT&T and VZ it seems). Getting the feeling maybe the same will happen to SNAP down the road...

I heard that it was a tiny number of shares, so probably someone fat-fingering it or doing a market order with no bids.

Q2: http://phx.corporate-ir.net/phoenix.zhtml?c=176060&p=irol-newsArticle&ID=2289567

Josh Brown wrote some counter-points: http://thereformedbroker.com/2017/07/27/tennis-with-howard-marks/

CHTR Q2: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mzg0MzA1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636367527732848674 Revenue 3.9% Y/Y, Adjusted EBITDA 8.6% Y/Y, net adds of 211K, repurchase of 11.2M CHTR shares, or equivalent, for $3.7B. Those $CHTR repurchases are at annual run rate of $14.8bn/year. On a $94bn market cap… ?

SIRI Q2: http://investor.siriusxm.com/investor-overview/press-releases/press-release-details/2017/SiriusXM-Reports-Second-Quarter-2017-Results/default.aspx

Q2: http://www.csisoftware.com/wp-content/uploads/2017/07/PR_Q2_2017.pdf I had forgotten about it, but they have an option to buy the minority stake in TSS in 2024. Also, In the first six months of 2017 vs 2016, they used $131m for acquisitions vs $72.9m during the same period last year.

http://www.cnbc.com/2017/07/26/amazon-1492-secret-health-tech-project.html

To me, cheap implies trying to never spend money (even when you probably should, or it would be worth it). Frugal implies doing it rationally, only when it's worth it. I'll spend a bunch when I get more value than I give in return for my dollars (on a computer, a phone, because I use them all day, every day, or on a book). A cheap person would buy a piece of crap computer and phone to save the last dime, and read less because books cost money, reducing their quality of life significantly. On the other hand, when I buy store brand mustard or whatever, it has no noticeable impact on my quality of life. In fact, buying less crap in general has made my life noticeably better.

Q2: https://www.markelcorp.com/About-Markel/NewsRoom/Reuters2289153

Going into farming too: https://www.markelcorp.com/About-Markel/NewsRoom/Reuters2289141

I think the bear case on Amazon is usually thinking wrong about growth vs maintenance capex, and about the operating leverage that can be wrought out of fixed assets which might be very expensive up front. On retail, they also tend to miss the changing mix from 1PL to 3PL (+FBA), which lowers revenue per sale but has better margins/ROIC.

¯\_(ツ)_/¯

Glad you liked it.

I think Bezos sees Amazon internally as a collection of businesses, P&Ls, and modules that interoperate. Some are mature, some are in the startup/investment phase, some are built, some are acquired, etc. It can be called a conglomerate, it's just not quite like the conglomerates of the 1960s.

Tried it, it wasn't for me. Also tried Evernote, Trello, etc. The only one I use for general notes and some temporary investing notes is the iOS/Mac Notes app. Quite good since a major update to the backend and frontend a couple years ago.

Did it became a race to see who could suck it all up faster than the others?

You're disagreeing strongly with Buffett (among many others here). Of course, interest rates are not the *only* factor, but they're a big one. Lower P/E's elsewhere also have to do with other kind of risks (ie. political, demographic, or just the opportunity cost between markets with different prospects), so that worse markets need higher equity-risk premiums over the risk-free rates (or if the local interest rates are even risk free -- don't trust Venezuela's central bank!), but there's not doubt in my mind that all else equal, as Buffett says, interest rates "act like gravity" on stocks.

I make tea from loose leaves, but I tend to make 2-3 green tea thermoses from the same leaves (though all within the same day, I start each day with new ones). If you drink tea Sanjeev, you should really try going to loose leaf. I've found the flavor much better than from bags. I used to order from Harney & Son (when the CAD and USD were at parity), but now I tend to just get sencha from David's Tea and it tastes good to me.

SHLD now back below pre-Kenmore-on-AMZN announcement... The excitement didn't last very long.

I have a word processor document (I use Pages, but Word or Google Docs would work fine) synched between all my devices where I keep daily notes on everything that I read, tagged by ticker (so I can easily do a search on everything about a single company). I also highlight keywords on each section so it's easy to skim and see what each part is about. In there I put my own notes, thoughts, links to things I read, excerpts, etc. Then I have a dropbox folder with a bunch of sub-folders for every company, where I put all the filings, audio recordings, presentations, transcripts, etc. I create a new investing journal document every year because the size becomes a bit too much otherwise (I've averaged about 300k words/year so far). I also have some spreadsheets where I track my portfolio and individual company valuations (not huge models, I tend to zero in on the few things that I think are important for each company and track those). Apart from that, I just go where things lead me. Don't have a super precise process of research.