"I've learned not to sell the great businesses." - Peter Keefe Interview attached..

Uncertainty over Covid [they panicked!] and debt level prior. Because their investment bankers told them it was a great idea. Because they had no skin in the game so didn't care about how dilutionary a deal was or who was on the register. One of the worst deals I saw in Covid.

@fundhunter_co Marketing .. ha

@fundhunter_co yep.. Railroads were tech back in the day ... David Rolfe had some good insights on tech ...

Meta one year on ... Meta Last Price $719.80 vs Average Analyst Price Target One Year Ago ... $493. There were 78 Meta analysts listed on Bloomberg. The highest price target of those analysts one year ago was $575. Meta one year return 57%. Today, Average Analyst one year price target $761. "The key is to understand that price targets follow stocks, rather than lead them. A higher stock price generates higher price targets and a lower stock price generates falling price targets." - David Einhorn

"Look at all the rich folks at the Berkshire Hathaway annual meeting. Look at BRK stock since 1970. How often did it look ‘overpriced’? What about the market? What if people sold out when they thought BRK was overpriced? Or the market? Would they be as rich as they are now? Probably not. Maybe there are some smart folks that got in and out of BRK over the years, but I would bet that the richest of them are the ones that just held it and did nothing." - The Brooklyn Investor

"I wouldn’t want to get too clever and try to get out and back into the market based on valuations. We all know that usually doesn’t work, and it has destroyed the performance, if not careers, of a lot of managers. But, one good thing to do is to look over the portfolio and lighten up on things that are getting a little silly." - The Brooklyn Investor

'Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors'

RT @GRITCULT: Da Vinci on agency.

RT @Quartr_App: $KER Q4 2024 "Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilizatio…

RT @morganhousel: "All empty souls tend to extreme opinion." - WB Yeats

RT @TheTranscript_: Danaher CEO: "We generated $5.3B of free cash flow in 2024, with a free cash flow to net income conversion ratio of app…

RT @patrick_oshag: Marc @pmarca has done lots of great podcasts on the state of the world. This one is about technology. We spend a long t…

RT @FoundersPodcast: Charlie Munger on the importance of daily practice:

"Employers are ordering workers back to the office. In recent weeks Dell, a hardware-maker, and JPMorgan Chase, a bank, have issued such decrees. They join a growing list that includes AT&T, Amazon and even the American government, where Elon Musk—who has called remote work “morally wrong” and its supporters “detached from reality”—has championed the shift. Bosses insist that mandates will boost productivity. Workers see them as a way to cut staff without mass firings." @TheEconomist {

'Elon Musk’s $97bn offer is a nuisance for Sam Altman’s OpenAI. Tesla’s boss is willing to use whatever means he can to hobble his opponent.' @TheEconomist

RT @marketplunger1: This also applies to investing ideas.

RT @TheTranscript_: Powell today: "We’re in a pretty good place with this economy. We want to make more progress on inflation. And we think…