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The 10 Most Recent Messages By mungofitch

Take me back to where I was.
  • Date: 1/16/17 11:06 AM
  • Number: 227635
  • Recommendations: 14
...officially reserving a place in Hell for people who throw Buffett quotes at every issue.

It's probably the repetition that gets to you. Solution? You just gotta mix it up a bit.

"Searching is half the fun:
(Continued...)
  • Date: 1/11/17 12:09 PM
  • Number: 603
  • Recommendations: 19
Try as I may, I have not been able to find your numbers...

I can't find some of them immediately either--it was a while ago.
But be assured I didn't make 'em up and was very careful to put the "per BAM
(Continued...)
  • Date: 1/10/17 4:28 PM
  • Number: 265086
  • Recommendations: 2
Renaissance has James Simons. That is the reason for its performance.

Well, I believe he is mostly retired since around 2010.
But they have certainly built something that nobody else has been able to replicate, which is
(Continued...)
  • Date: 1/10/17 4:21 PM
  • Number: 600
  • Recommendations: 9
I get:
Year equity shares bk/sh FFO
2015 21568 1003.3 21.50 2559
2014 20153 983.2 19.69 2160
2013 17781 976.6 18.03 3376
2012 18150 987.0 16.51 1356
2011 16751 985.7 15.12 1052
2010 12795 924.2 13.84

(Continued...)
  • Date: 1/10/17 12:38 PM
  • Number: 596
  • Recommendations: 25
I have a goodly chunk of BAM.
But the reason I haven't promoted it to a Really Big Position is that I find it maddeningly hard to get the valuation metrics I want from them.
Their presentations now all seem to be aimed at their
(Continued...)
  • Date: 1/9/17 4:22 PM
  • Number: 227570
  • Recommendations: 9
Lets say we have a company on a 2% div yield, and 3 price/book, and it grows book 10% in a year and then pays out the dividends.
So...
$100 market value
$33.33 book value at the start of the year.
$36.66 book value at the end of

(Continued...)
  • Date: 1/9/17 10:53 AM
  • Number: 227566
  • Recommendations: 21
Every year, one of the FT journalists gives out awards for the most horrible corporate language abuses.
But read on...

(Continued...)
  • Date: 1/9/17 7:28 AM
  • Number: 227564
  • Recommendations: 28
I looked at interactive brokers, but they charge an inactivity fee if you don't trade a certain number of times a month.
Is there a broker that's good for infrequent traders?


Seems harsh to say, but if you can't
(Continued...)
  • Date: 1/8/17 4:08 PM
  • Number: 227559
  • Recommendations: 6
You guys are underestimating the distorting effect of buybacks on book value.
Buyback yield has been 3+% every year from 2013 to 2016. First order
approximation, that makes book value 88% of what it should be, and
increases the

(Continued...)
  • Date: 1/8/17 3:50 PM
  • Number: 265057
  • Recommendations: 3
Considering the large spread, the large commissions (compared to stock
commissions) and the high turnover, there is a huge amount of friction in
options. Not to mention the sharks who are waiting at the expiration to
chomp down on

(Continued...)
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Take me back to where I was.
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