Liberty

Q1: http://ir.moodys.com/news-and-financials/press-releases/press-release-details/2017/Moodys-Corporation-Reports-Results-for-First-Quarter-2017/default.aspx

Yes, welcome to the board!

http://www.cnbc.com/2017/05/04/warren-buffett-has-revalued-ibm-downward-cites-big-strong-competitors.html Warren Buffett has sold IBM shares, and 'revalued' tech icon downward, cites 'big strong competitors'

Thank you, netnet.

http://brooklyninvestor.blogspot.ca/2017/05/fairfax-india-holdings-ffxdf.html (Also about a lot of other things... FFH equity hedges, reflexivity, valuations, etc)

http://theoatmeal.com/comics/believe Nice piece. Munger's phrase about ideology turning brains to cabbage is a subset of this cognitive bias.

No. Just no. Paying $40 per month is not a win for pet owner. Sorry. Maybe it is for people who throw money at pets as if they are family members, but it's not for a regular person. Sorry, if kitty gets cancer, it's not getting $5K procedure and it's not getting pet insurance. It is going to eternal hunting grounds where mice run slowly and bowl is always full of organic kibble. Not to say that he and FFH won't make tons of money on pet insurance. Cause there's tons of people who think that Fido is a family member and all that. It's a personal choice. There's no right or wrong answer, it's subjective. If you love your pet, insuring against it potentially dying because you don't have thousands on hand might make all the sense in the world and be a small price indeed compared to the alternative. Doesn't matter if you wouldn't do it if many others would, just like it doesn't matter if I wouldn't spend money on a luxury car or a fancy business suit if many others will. Maybe you love an artist and will spend hundreds to see them live but I think they're worthless and wouldn't pay a dime. We're both correct from our perspective. And I write this as a non-pet owner who can still see how many people feel deep attachment to their pets and want to take good care of their health. I literally spent like $3k getting rid of my cat's cancer a few months ago, and did it without a second thought. Animals mean a lot to me; they have always been there through feast and famine, and I will do what is in my power to make sure they have the treatment they need to live a happy life. He was growing cysts and some of them were cancerous and had to be removed. That 3K could have saved more than 10 cats who instead were killed because shelters don't have space. Yeah, attachments matter. And ethics is a harsh mistress ( https://en.wikipedia.org/wiki/Trolley_problem ) Meow. How many cats have you saved lately? 1 - 0 for Scott

No. Just no. Paying $40 per month is not a win for pet owner. Sorry. Maybe it is for people who throw money at pets as if they are family members, but it's not for a regular person. Sorry, if kitty gets cancer, it's not getting $5K procedure and it's not getting pet insurance. It is going to eternal hunting grounds where mice run slowly and bowl is always full of organic kibble. Not to say that he and FFH won't make tons of money on pet insurance. Cause there's tons of people who think that Fido is a family member and all that. It's a personal choice. There's no right or wrong answer, it's subjective. If you love your pet, insuring against it potentially dying because you don't have thousands on hand might make all the sense in the world and be a small price indeed compared to the alternative. Doesn't matter if you wouldn't do it if many others would, just like it doesn't matter if I wouldn't spend money on a luxury car or a fancy business suit if many others will. Maybe you love an artist and will spend hundreds to see them live but I think they're worthless and wouldn't pay a dime. We're both correct from our perspective. And I write this as a non-pet owner who can still see how many people feel deep attachment to their pets and want to take good care of their health.

Found this presentation he gave in 2012: http://csinvesting.org/wp-content/uploads/2012/08/amzn-valuexvail-2012-josh-tarasoff1.pdf

No, it was the first time I heard of him. If anyone knows more, I'm also curious.

Q1 letter: http://files.shareholder.com/downloads/ABEA-4CW8X0/4396881761x0x940721/8E9FC98F-343C-4D2E-8516-491DEFB9B69B/TSLA_Q1_2017_Update_Letter.pdf

I thought this was an interesting interview about this investor's journey and his thought process about investing: https://www.ivey.uwo.ca/cmsmedia/3776019/tarasoff-bg-interview-2017.pdf (found it here: https://twitter.com/June_Street/status/859759108609757184)

This video gives a pretty good view of what the Tesla Model 3 release candidates look like:

https://stratechery.com/2017/apples-china-problem/

I doubt they really have a choice when borrowing short-term money at 15-22%...

If only I saw this 5 years or so ago... :'( I remember people talking about having bought the MA IPO, even more undervalued than the V one...

Looks like they're delaying their earnings release until may 11. Oops. http://www.homecapital.com/press_releases/2017/NRQ1AGM_HCG_Final.pdf Originally planned for may 3rd.

New $10m+ acquisition by Volaris in Germany: http://www.marketwired.com/press-release/volaris-group-expands-footprint-people-transportation-vertical-with-acquisition-systemtechnik-2213511.htm

I'll raise you with: http://www.rocketfinancial.com/Charts.aspx?fID=3916&t=9 (I'm sure there's a strange business that has almost 100% FCF margin somewhere.. PSD.to in Canada used to have 70% FCF margins)

Thanks you.

So back when I first created this thread, I reached out to RocketFinancial.com to show them the sankey charts and suggest that they might be a good addition to their service, and they apparently also liked them enough because over the next couple months they actually built the feature. You can see an example here: http://www.rocketfinancial.com/Charts.aspx?fID=4614&t=9 http://i.imgur.com/xBVxSap.png There's a menu to see it by geography, or by product or business. F.ex.: http://i.imgur.com/ADAr2Cg.png I've suggested to them that they could put percentage numbers on each branch of the sankey charts, I think that would make things easier to see at a glance. I like www.RocketFinancial.com in general. They have 20-year data on a lot of things. Check them out if you haven't already.

$1.1m in toronto:

MA Q1: http://s2.q4cdn.com/242125233/files/doc_financials/2017/1Q17-MA-Earnings-Release.pdf

That was the most interesting part to me. I wish I could just go to a CEO in the industry I'm looking at and ask them to explain to me what's most important, the market dynamics, what they think of each competitor, etc. could learn so much faster that way.