This is a ChatGPT-free Zone
So this annual report recently came in the mail. It’s another great read; a no-nonsense manager that has a great long term track record etc… But then as I was reading this, I realized it sits on a common thread of this blog recently (inflation, too much debt, dollar destined to go down, manage capital…
OK, so this is a company I really, really would love to love. I grew up with their products and thought they were great. But things haven’t gone well there. I’ve been short this stock for a while, but without too much research. It was just a short on Japan in general and Sony’s (SNE) total…
We know that Einhorn has taken a view on some sovereign credit, Japanese yen and gold etc. So I thought I’d take a quick look at his macro positions. First of all, for reference, at the end of the first quarter total investments were $1.18 billion and shareholders’ equity was $869 million. Positions This is…
I attended this event today and here are some notes. As usual, this is not intended to be a comprehensive summary at all so I won’t get into every detail. Also, there may be mistakes. Reading through the many Berkshire Hathaway annual meeting notes, we know that many people can hear the same thing and…
Not to get too caught up with Leucadia and what the smart folks there say, but this “wind at your back” and “protein” talk reminded me of a nice little company that may also be a protein play. LUK bought National Beef partly because it’s a play on the rising consumption of beef around the…
So JCP tanked this week on bad earnings; it closed the week at $26.29/share. I think this is an interesting situation but haven’t done anything here yet, but things are getting interesting at this price. The Situation I assume most people in the market knows what’s going on here. Bill Ackman of Pershing Square along…
This is just some housekeeping stuff for LUK. National Beef is a major purchase and it may be at the center of LUK’s plan to turn it into a fortress entity; a cash flow producing going concern that will generate cash even in bad times and less emphasis on deal-making to create wealth. This is…
This comment by Tom Mara at the Leucadia annual meeting got me really curious about this guy, Arthur Berman, a petroleum geologist who has done extensive research on shale natural gas. I think the comment was that shale gas is uneconomical under $7.00/mcf over the longer term implying that when natural gas prices get back up there,…
So David Einhorn is in the news again lately and I do notice that GLRE is trading around book value so I thought I’d post an update on this. I posted before that GLRE is a way to get hedge fund exposure at book value. I did say then that this is the same as…
I know the annual meeting excitement today is in Florida (J.P. Morgan), but I went to the “boring” one today in midtown. Again, I am not the greatest note-taker and this is not meant to be a comprehensive summary although I tried to jot down most major points. There may also be some errors too,…