20 years

[Hawk4value]

In order to reap the rewards of compounding and to keep your friction costs to a minimum (taxes, etc.), a 10 to 20 year holding period is certainly advantageous. Under these circumstance I prefer a great "jockey" to a great business. Someone that has integrity, believes in bottoms up value investing, has a lot of skin in the game, and is a passionate and brilliant asset allocator. To wit my top holdings are BRK, FFH/ORH, LUK, SNS/WEST, Loews, Fairholme. Thats not to say that good businesses with capable mgts are not worthwhile, which is why AXP is also a top holding.  But one must keep a careful eye on mgt. 

[bargainman]

LVLT, (equity&debt) especially bought in the last 2 years (Prem did) has a very good risk-reward profile. To me, LVLT is akin to the buildout of the US interstate system which is one of a handful of initiatives that brought the US out of the 30's depression and left an ecosystem for  economic growth in the 50 years hence. Now I expect many to write back about the last 10 years of LVLT (all failure, from a ROI view) but I'm all-in. I have learned the key virtue of value investing, patience. Me thinks this is 2-or-more bagger from here over the next 5. How much more is what I salivate about. Risk of going to zero? Well not for 3 more years. Prem, Scott and Hawkins et al have the keys to the company. I really like that!

 

 

I'm really curious about Level 3.  I've seen them mentioned on the board from time to time. although I can't seem to find many posts on the board now that I'm searching.  What is the thesis on these guys?  Looks like Longleaf and FFH are two major holders, and looks like they went from 100+ to a buck, but I don't know much else.  Has anyone posted a more thorough investing thesis/valuation on them that I'm not seeing via search?

 

Thanks!