Liberty

How many positions do you usually have? Just curious, because a .2% position means that even a 10-bagger would only move your portfolio by less than 2%.

Pre-order day is here (though half the media is confused and seems to think it's going on sale today, talking about the lack of lineups, etc). Gold edition sold out in China. All other models are backordered at least a month, many to june. http://www.macrumors.com/2015/04/10/apple-watch-sold-out-launch-day/ Apple seemed to be pretty bullish on the Watch, so I doubt it sold out because they had only made a small amount. I think they probably had a pretty good stockpile. Not bad for a version 1.0 pre-order day. You can't get the iPhone 6 without releasing the first iPhone in 2007. It'll be interesting to see what the Watch will become over the years, and how it'll help strengthen the iPhone ecosystem, helping the company's main flywheel (and no doubt adding some very nice margins, especially on the Steel model and the bands).

For what it's worth: http://bloom.bg/1IwBHS9

Nothing wrong here.. http://m.theglobeandmail.com/globe-investor/personal-finance/mortgages/good-things-come-in-small-packages-for-millennial-buyers/article23671953?service=mobile

Good piece, thanks for posting.

WOW!!! It looks like millennials have completely missed the point that cash as a store of value. As long as the cashflow covers the expenses, all is good. There are going to be a lot of people living in their parent's basements for a long time. It's human nature. I don't think people have ever liked this whole concept of "you can only buy what you can afford with the money that you have saved" concept. If credit had been as available as it is now in the 60s or whatever, the boomers would've gorged on it to buy muscle cars with no seatbelts, turntables, and bell bottom pants or whatever. Most people have no idea how to manage money and don't think very far ahead, which is sad.

Unless I'm misreading that, it sounds like people are paying 2.75% extra for the privilege of paying with their credit cards: Crazy. Guessing people desperate or illiterate enough to do that are probably not always paying it every month...

Make sure to also teach saving and spending. Most people don't just fail at investing, they also don't have much to invest in the first place and spend it all on crap that doesn't really make their lives better.

That's awesome. I never could get into exercising much because I tend to find it boring, and I also don't like team sports or activities that need me to leave the house (I know, that rules out a lot of things). I tend to end up doing mostly bodyweight stuff (push ups, pull ups) and I work at a standing desk, so at least I'm up and walking around all day, and I do try to take walks outside when it's not too cold. But I wish I had the kind of habit that you have, as I know it would be great for me. All this introduction to ask: Do you just naturally like exercising, or have you found tricks to make it more fun? I suppose I could try to do it while listening to podcasts or audiobooks or something like that...

One thing that I've found helps sleep quality is a white noise machine. I know some people hate any noise, but we love it. This is the model that we have: http://www.amazon.com/Marpac-DOHM-DS-Natural-actual-Machine/dp/B000KUHFGM

I try to get 8-9, sometimes am fine with 7.

A little about tech for a change: http://stratechery.com/2015/1999/

The greater fool theory. That's basically all bubbles. http://en.wikipedia.org/wiki/Greater_fool_theory

Big orders do make things more lumpy, but how about the slowdown in inventory turnover and the 0.2 bn paste due receivables? I can't imagine why it is not even discussed by management. The only discussion about it was that the credit risk should be low and they have never get any of the receivables defaulted by the customers. If you read "What's behind the numbers", that's the typical BS to cover the fact that management is stuffing the channels to keep up with Wall Street expectations. I'd be more tempted to trust your attention to detail and look for answers if this wasn't a company that did $12 million in revenue in 2014 and that only recently got its first analyst covering it for the first time (so that "0.2 bn" and "wall street expectations" are not exactly a propos here). A business growing at a CAGR of above 60% for the past few years and quintupling its number of products sold while also expanding internationally is going to see pretty big swings in all kinds of ratios and numbers. This isn't exactly a stable, flat business...

Billions? They shipped a big international order in Q3. These things are lumpy. Listen to this:

What do you mean? You don't think that at a certain point incomes simply can't keep up, and interest rates will go up in the US, forcing the bank of Canada's hand (if they don't want the CAD to be even weaker -- Canada is still a net importer)? Or that some random shock to the economy (we already have mining in the dumps, and now oil) will be enough? Caring only about short-term monthly payments rather than the actual entire price of something is not sustainable. The government is far from being the only entity that can do something. When they ease like they did recently, they are just kicking the can down the road and making it worse when we get there.

http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/vancouver-real-estate-prices-continue-climb-projected-to-skyrocket/article23799929/

Quite the disparity between CLF and TDG on the business quality spectrum. What is your thinking about the COO and CFO retirements happening in such quick succession? We'll see. The guy was also a partner at KMPG. It's possible to find very talented people in all kinds of companies. Tim Cook worked at Compaq... If I remember correctly, the COO is staying on the board, and the CFO is sticking around for almost two years too (until end of 2016), so they're not exactly jumping ship in haste. I think it could be kind of a cohort effect, people who have been with the company for a long time (I'd have to dig the dates up, but if they've been there since the early 90s, that's a pretty nice run) and reaching retirement around the same time. It's certainly something to keep an eye on. But they seem to have a strong management culture and a well established model that is teachable, so hopefully this is a smooth transition.

Looking for more Nate? http://www.oddballstocks.com/2015/03/latest-interview-on-benzinga-premarket.html

New CFO: http://www.transdigm.com/phoenix.zhtml?c=196053&p=irol-newsArticle&ID=2032118 Gotta say, the Cliffs background is a bit scary, but I'm sure they vetted him well.

They did do some buybacks recently, but they've mentioned previously that they like special dividends because they can get a return of capital treatment for most of them, so taxes aren't too bad, and buybacks have a high execution risk. Their stock isn't exactly standing still, so if you want to do a return of capital of the size that they've been doing (multiple billions) via buyback, you'd need to buy a massive amount and you'd probably drive the price up quite a bit. I also don't think they think their stock is significantly undervalued. They'd probably do bigger buybacks if that was the case.

So that was you! I saw it, but only had time to skim it. Seemed like a good overview.

Another acquisition, this time smaller: http://www.transdigm.com/phoenix.zhtml?c=196053&p=irol-newsArticle&ID=2031444 Nice that it's in Europe again. At the investor day (iirc) they were talking about how they had new people looking for deals in Europe and planned to be more active there.

That's possible. I saw it here: https://www.canadianinsider.com/node/7?menu_tickersearch=VRX+%7C+Valeant+Pharmaceuticals Also, http://www.reuters.com/article/2015/04/01/us-salix-valeant-pharms-idUSKBN0MS4FF20150401

Glad you guys & gals liked it.