Liberty

http://www.amazon.com/Keynes-Market-Economist-Overturned-Conventional/dp/047028496X/ref=sr_1_3?ie=UTF8&qid=1333168039&sr=8-3 I think you will like book. Thanks. One of the amazon reviews kind of scared me off it, but i'll give it znother look. This is the study i was talking about: http://poseidon01.ssrn.com/delivery.php?ID=144069024001068084002121099092099099026013091078022071098085085031114030081114024109016057007032110013117127119103002120080027106033087014022118078100030117065066005087013007085116100072027024065108002&EXT=pdf

I think that might happen organically over time, but I don't want to force it. Right now there are 4 companies that I feel very comfortable with and feel like they could be multi-baggers over the next few years, and then maybe a dozen others that I know enough about to have confidence that they should do just fine, but aren't quite to the level of those 4, so I'd rather just concentrate in my tier 1 ideas. I mean, I could add some BRK, LUK, FFH, RLI, WRB, MKL, MA, V and HHC to my portfolio, and I'm pretty sure that all of those will do just fine over the next 5-10 years (if you don't overpay). But for now I feel comfortable being more concentrated, and time will tell if I'm correct or not to do things this way.

Video about Alderon: http://alderonironore.com/_resources/videos/alderon_video_20120321.html

Nah, I'd be crazy to sell FTP right now. I won't even look at that stock again until LSQ is running at 100%.

Ha! Maybe you've just found the goose with the golden eggs ;) And no, it's not SD.

I might post about it at some point, but sometimes I feel like Mr. Market himself reads this board, and if I post about my portfolio, everything's going to drop 20% in a day :P

I agree with all those points, and that's almost the situation I'm in (new thing isn't necessarily better quality, but at least equal to something that I think is very high quality. but it's def cheaper). If the current holding I have was selling for 15-20% higher, I'd sell half of it and buy this new thing. I just have a really hard time selling for the current price, and so I wait, and I stress out.. I think the max number of companies that I've been invested in at one time was 8-9, and I'm currently in 3, wanting to go to 4 by selling half of one and investing that in #4. My concentration style is very early Buffett-personal-portfolio/Munger, and I think over time it'll probably stabilize around 4-5 different businesses. I don't feel I need to put money in my 10th best idea or whatever, I'd just rather buy more of my first or second best. What book is that? Is it the PDF that was linked in the recent WSJ article, or is there an actual book about JMK as an investor? thx. I liked that WSJ article. What it described is similar to my style.

I wouldn't be ready to put that much into it if I didn't think it didn't have a good chance of doing as well if not better than what I currently hold. But my worries are more about optimizing the allocation; if I can sell higher yet still buy low, it would be the best of both worlds... Indeed, and I'm ready to change my mind very quickly if the story changes. But as long as it meets all my criteria for a long-term holding (the only kind I have now), I want it!

That's pretty much how I look at things. The problem here, is that it's a choice between two great investments. I would put about 25% in this new one, but the one I would have to sell part of to do that I also love, so I'd a least want to sell it relatively high. I run a very concentrated portfolio and if I own something it means I really really like it, so that makes it hard to sell even if for something I also love. It's not a terrible problem to have because even if I missed this new one, I know I'd do just fine holding what I own now, but it's still this part of the investing process that I find most stressful...

Anyone knows of an easy way to track the average cost of patents traded or something like that? Based on the past couple of years' headlines, it feels like we're in a pretty big patent bubble.

That's what I'm telling myself. Even if it goes up a bit, if what I sell goes up even more, it'll be a great deal and I'll end up with about as much of what I want + more left of what I'd be selling.

https://twitter.com/#!/TweetsLMAO/status/189417076643991552 ;D

I would do that if I was in the situation you describe. My problem is that I don't have enough cash to take the big position that I want to take, so I need to sell something else, but everything I have is too far below IV for me to comfortably sell. So either I wait for something to go up a bit and hope that want I want to buy remains low, or I compromise and sell right now (too low) to make sure I don't miss this new opportunity. I know I should wait, but it's a bit stressful..

(warning: I'm not 100% sure what I want to say in this post, except to share this frustration) So I know what my next big move is going to be, I want to put a substantial fraction of my capital in something.. But before I can do that I have to wait for something else to happen, and it's frustrating.. Once I own something, I have almost endless patience. It could drop by 50% and if I feel my analysis is still valid, I'll hold it and probably buy more, no problem. I buy things that I know I could own for years, that's my style. But when I want to buy something new, I tend to have less patience, and get afraid that it'll go up a lot and that I'll have missed my chance. It makes me want to compromise on my plan (ie. sell something else a bit more cheaply than I should to buy this new thing). I know I should just be patient and wait for the juiciest, fattest pitch rather than just a nice fat pitch, and I know that even if I was to miss this opportunity, I'd do just fine with what I own right now over the long-term, but it's still hard, and I really don't want to miss this one. So anyway, I just wanted to share the frustration and maybe see if others here have the same kind of unbalance patience capacity (no problem with some situations, harder in others)...

More top executives leaving: http://business.financialpost.com/2012/04/06/more-rim-executives-depart-as-blackberry-maker-weighs-options/

Haha, silly Canadian, Americans don't read! Sadly, I don't think most canadians are any better... We don't have a representative sample here.

http://www.npr.org/blogs/money/2012/04/05/149997097/what-americans-buy?sc=fb&cc=fp Interesting to see the change over time. Would love to see the same thing for Canadian.

For those looking for a more advanced browser for your ipad, check out iCab. Great app! Very customizable, nice full screen mode, gestures, nice tab and bookmark management, speedy, dropbox integration, etc. You can see what it looks like here:

http://en.wikipedia.org/wiki/List_of_cognitive_biases http://en.wikipedia.org/wiki/List_of_fallacies http://en.wikipedia.org/wiki/List_of_common_misconceptions http://wiki.lesswrong.com/wiki/Sequences

I think we're pretty much on the same wavelength, Dazel. I too sometimes look at macro predictions, but I don't give them much weight. What matters to me is good management, good assets, good price, good downside protection.

I was more basing my comment on Fooled by Randomness than on The Black Swan. In it he makes a very good point that people assume that events follow a guassian distribution while in fact that's not the case. The math whizes believe that things are actually more predictable than they are. Hi prescription to survive and thrive in this umpredictable world (where we regularly see events that people once predicted were once-in-a-thousand years events..) is to have robust and resilient systems. I believe that Altius is one such robust and resilient company.

After reading some Nassim Taleb I'm now very suspicious of any predictions of "1 chance in 1 million" or whatever, but I do foresee that base metals will benefit from a large portion of the world developing. South-America, Asia, Africa.. Even the US economy going back to normal. And if things don't go well for a while, well, Altius has no debt, lots of cash to deploy, and great capital allocators who own a good number of shares in charge. So I'm not worried. This is what reassures me, rather than quantitative predictions.

Thanks.

The most important thing is not left brain or right, but to know yourself enough to compensate for your weaknesses and to accentuate your strenghts, whatever they may be. There is not a static you, your goal should be to grow as an investor. http://www.stanfordalumni.org/news/magazine/2007/marapr/images/features/dweck/dweck_mindset.pdf

IMO culture is extremely important. That goes for all companies, but probably even moreso for tech companies where everything is constantly changing. RIM doesn't seem like it has a very good culture..