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What Hedge Funds Bought & Sold in the Volatility: New Q1 Issue Just Released

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  • The new Q1 issue of our hedge fund newsletter is now available.
  • This portfolio snapshot coincides directly with the pandemic market sell-off, which means this is a chance to see what stocks top investors have long had on their watchlists that they finally got a chance to buy due to the volatility.
  • 1-year Subscription (4 issues): Normal Price $299.99 Discount Price $199.99 per year

Late Night Finance with Sacha, Episode 3

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  • Late Night Finance with Sacha, Episode 3
  • I’ll reply later (no later than Thursday 8pm) with the zoom channel and passcode to get in.
  • Q: Will you (Sacha) be on video (i.e. this isn’t just an audio-only stream)?

Chris Davis: The Most Exciting Types Of Businesses In This Environment

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  • During the interview Chris spoke about the most exciting types of businesses in this environment.
  • So that’s sort of, as we’ve come into this period, that’s been our mindset.
  • And so we’ve called this sort of a high conviction downturn because we’ve had a lot of conviction in how the companies are positioned.

Berkshire – Shrinking Its Way To Profitability

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  • Of all of the businesses inside of Berkshire, the utilities are an absolute fortress and they’re worth probably somewhere between 50 and $60 billion.
  • And over the course of 15, 16 years, you would see a decline from high nines return on unlevered equity down to after the precision deal for a couple of years, about 6.5%.
  • Chris Bloomstran:

Buffett Worried $137 Billion Is Not Enough

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  • During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed how Warren Buffett Is Worried That $137 Billion Is Not Enough.
  • Tobias Carlisle:
    Not too big to buy back though?
  • Tobias Carlisle:
    I think the thing that he said when he was talking about the buybacks was that it was a little bit confusing to me the exact phrasing of it, but he said down 30% and then he kind of went on to another thought.

One Stock Superinvestors Are Buying Or Holding (13)

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  • Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray Dalio, and Howard Marks.
  • Sales of hardware such as Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home, also contribute to other revenue.
  • Superinvestors who currently hold positions in Alphabet Inc Class C include:

Michael Burry: Top 10 Holdings (Q1 2020)

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  • These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions.
  • As a new weekly feature, we’re now providing the top 10 holdings from some of our favorite superinvestors based on their latest 13F-HR documents.
  • StockSharesValue($1000)Port.

How Will The World Look After COVID-19?

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  • If you own a stock for the long term and it triples, you will probably consider
    selling.
  • The trend of people working from home and online shopping will still be in place along with hopefully more cleanliness.
  • As you can see from the chart below, these big tech stocks are 23.1% of the S&P 500.

All That Matters

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  • In the post, Morgan takes us 20 years back to his late teens and shares a tragic skiing incident that took away the lives of two of his best friends and ski partners, and how he survived by way of a fluke decision he had put no thought into.Talking about how that incident changed Morgan’s life, he writes –
  • I don’t know if Brendan and Bryan’s death actually affected how I invest.
  • By the way, talking a bit more about tail ends, I calculated that when I moved out of school, I had already used up 95% of my in-person time with my parents (my father died last year).

Another clothing retailer bites the dust

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  • The fixed costs of leasing for most of these companies is way too high, so CCAA is the only real escape hatch.
  • Reitmans (TSX: RET.A) finally pulled the trigger on CCAA today, probably to get out of their onerous leases.
  • My only comment about them is that their balance sheet is still in reasonably decent shape (they have a lot of cash, relatively speaking – $89 million at the beginning of February 2020) and little in the way of debt other than their lease obligations.

The Song Remains the Same

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  • There’s still a lot of money in cash.”
  • A business with compelling future prospects can make for a lousy investment if its securities are so popular that its bright future is more than fully reflected in the price one must pay to participate.
  • Reaching for returns has tempted investors for generations and will always tempt investors because someone who has a net worth of a few million dollars typically feels “rich” and is dissatisfied with only consuming the median income.

The Unappreciated Brilliance Of The Gen Re Transaction

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  • The success that Berkshire Hathaway had, had from the time they bought National Indemnity in 1967 and got into the insurance game, the success they had investing their surplus capital on their float in common stocks was extraordinary.
  • Chris Bloomstran:
    I mean, there were 17 years, 16 years from 1966 when the Dow first traded at 1000 to where it didn’t really break above 1000 you went through these rallies and these sell off.
  • Chris Bloomstran:
    Coke had grown to 45% of Berkshire stock portfolio.

No Stimmy For Berkshire Companies

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  • During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed No Stimmy For Berkshire Companies.
  • Jake Taylor: Yeah.
  • Jake Taylor:
    I don’t remember him saying they wouldn’t, but he definitely said they didn’t.

Seth Klarman: Top Buys, Top Sells (Q1 2020)

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  • These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions.
  • This week we’ll take a look at Seth Klarman (3-31-2019).
  • The current market value of his portfolio is $6,774,358,000.

Are You Betting on a V-Shaped Recovery in Stock Market?

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  • During the last lengthy bear market, which accompanied the Great Recession, stocks prices started falling in September, 2007, and didn’t bottom out until February, 2009, seventeen months later.
  • There are bigger griefs in the world.Consider the world’s largest technology investor Softbank and its investment in the office-sharing company WeWork.
  • Now, as announced by Softbank in its latest quarterly release, WeWork’s valuation stands at $2.9 billion.

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