Liberty

I've been told they are married, but not 100% sure. Edit: Tyler confirms it:

I haven't read the article, but based on that quote, the premise seems to be false. This seems to equate engineering and innovation with big step changes. These are rare, and most of innovation and engineering has always been more iterative and incremental. Some look down on that, but that's where a lot of progress comes from, and the problems can be just as hard as anything out there even if the results aren't always as flashy. People overrated novelty, and underrate making stuff just better and cheaper and more efficient and scale...

Two new board members: https://www.globenewswire.com/news-release/2019/09/20/1918754/0/en/Constellation-Software-Announces-Appointment-of-Susan-Gayner-and-Dexter-Salna-to-its-Board-of-Directors.html

I don't have a number, I don't spend much time on things I know I don't want to own (there are gating factors and filters, once you fail one or more, no need to go that much further). I used to have a more precise value estimate years ago when I used to own the stock, though. But if you go back in this thread, I think I've written enough to make some of my issues with this company clear. Not having a precise number doesn't mean I can't have opinions on it or on what people say about it. If I owned it and just hand-waved it that would be something else, but I don't own it and don't plan to. I've also never made a movie or album, but I sometimes have opinions on the strong and weak points of those too. Owners of a company should want push-back to sharpen their thinking and make sure they're not missing anything, rather than an echo chamber where everybody agrees and thinks the same.

Back of the envelope: Producing Assets $725M - Potash 400M+ [@ 20x FCF] - Chapada 200M+ [@ 15x FCF] - Voiseys 30M [@ 15x FCF] - Coal 60M [@ 5x FCF] - Met Coal 10M [@ 3x FCF] - 777 20M [@ 2x FCF] Development Assets ~100M - Gunnison 17M - Kami 32M - Curipamba 10M - Mt Pick. 10M - Renewables Business 15M+ - Lithium Royalties 10M Exploration Assets ~80M+ - IronOre Assets (JL, Geothite etc.) 30M+ - Royalties 20M+ - Other 30M+ That would be liquidation value for me Thanks for sharing your numbers. We can disagree on them, but at least it's clear that you didn't just make up a number out of thin air.

The track record of these things isn't very good, but I'm glad some people keep trying. Maybe someday someone will make something interesting that doesn't implode.

Thread on the history of the credit card networks:

https://www.bloomberg.com/news/articles/2019-09-17/the-simple-strategy-fueling-the-growth-of-bill-gates-s-fortune Interview. The video seems short, but once it's over a new part of the interview starts.

I don't know the future. It could happen, or it could not. https://www.cnbc.com/2019/09/18/oil-markets-saudi-arabia-oil-production-in-focus.html Anyone who claims to know the future is full of it. If they knew the future, they wouldn't have bought Penn West/OBE...

Looks like the moment was short-lived... https://www.cnbc.com/2019/09/17/oil-slips-following-the-biggest-climb-in-history-after-saudi-attacks.html

Couple good videos by OpenAI (one new, one older):

Settle down. Did I complain? I said it was esoteric. I meant it's confusing and complex, and when you haven't thought about the company (which I used to own) in years, most of it is down the memory hole.

Good to know, I knew I had forgotten about the history of the company. So much esoteric stuff going on with them, with the rev share and the changes to it and all that.. Not necessary done that well for shareholders who invested after that, but that's another story.

Impressive that this has been trading since 1998... Less impressive that the SP500 has more than tripled its performance since then with a lot less volatility (unless they did some big special dividends that I forgot about -- I used to follow the company more a few years ago, but I think I've mostly forgotten what I used to know about it)...

Where do you see IV? How fast do you see it growing going forward? At least 25+ CAD, imho (realized over the full commodity cycle). I am as frustrated as all ALS shareholders over the last few years, but I am more and more comfortable with my position as cash flow increasingly trickles down as dividends. potash + low cost copper + potentially renewables are not prone to getting into trouble in case the economy implodes. ALS is building (and I would argue already has) a strong foundation for growth. Were will that come from? Who knows, and probably it'll be something nobody sees coming (like a billion dollar deal on Julienne Lake + Kami or sth.). In short I see good upside with todays intrinsic value, a lot of optionality and not much downside (for the long-term value investor, that can sit on his butt and do nothing through decade long commodity cycles). Thanks. How do you get to that 25+ number?

I think you used CSU rather than CSU.to ;) He wrote that in his blog. You caught me, I didn't real the whole thing. I also wonder why there's no GOOG next to my name despite starting that thread. In any case, I agree that starting threads doesn't mean that much. Lots of threads I started are things I wouldn't touch with a ten-foot pole now.. Others I just started to start discussion about it, not because I'd want to invest in the company.

I think you used CSU rather than CSU.to ;)

If you liked this, check this out: https://josephnoelwalker.com/69-the-world-according-to-a-maverick-beach-biding-stock-picker-john-hempton/ It's like 3-hours of Hempton..

I really enjoyed this interview with Tobi of Shopify by Shane Parrish: https://fs.blog/tobi-lutke/ https://www.listennotes.com/podcasts/the-knowledge/41-the-trust-battery-with-4H1KyEX_kcl/ Really smart and thoughtful guy.

It was such a stupid call by the GS analyst if TV+ was really at the center of the "26% downside" forecast (this tiny tiny tiny new thing is somehow going to affect the profits of a company making $60bn in FCF). Especially if it was about some accounting treatment rather than about actual economic value.

It's not competition to Netflix. They're just starting out, they don't own an existing library like Disney.. it's a way to get more people inside the Apple TV app, where they can subscribe to other channels (like Amazon does), which can be a decently lucrative source of recurring revs, and a way to make the ecosystem a bit stickier. Over time they might build it into something more, but I think they doing it right by starting small and taking their time rather than try to do everything at once and having a ton of execution risk.

Where do you see IV? How fast do you see it growing going forward?

This part of the piece stuck out "The HEICO that we know today was created in late 1989 when accountant-turned-real estate investor Laurans Mendelson, backed by an investor group, took control of the company’s Board, ousted the management team, placed himself at the helm as CEO and installed his two sons, Eric and Victor, to key leadership positions" What probably looked like a serious case of nepotism and something that many investors immediately see and write off an investment immediately because of, turned out to be just the start of one of the greatest runs of value creation one will ever see...just another instance of why investors should remain openminded and flexible. I've heard that it was actually one or both the sons who brought the idea to the father originally, but I can't be sure that's true. They've built it from the start.

Here's the rotation that has been taking place the past 4 days: Though as with everything, if you change the perspective a bit (from week view to 3y view), things look different: Of course, these are 'mechanical' factors. Actual bottoms up investing shouldn't care about that... Value investing is about determining the value of something and paying less. Some companies are worth higher multiples, and some low multiple companies are worth even less... So it's interesting to look at, and these large flows can mean that portfolions will indiscriminately be pulled up or pulled down (good companies sold with bad ones and vice versa), but over time it doesn't matter that much.

Primer: http://www.fullertreacymoney.com/system/data/files/PDFs/2017/December/15th/OPCO%20semiconductor.pdf via: