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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (56531)1/3/2016 6:22:04 PM
From: Shane M  Read Replies (1) of 78883
 
Second big performance detractor: BRK & FRFHF. Did not expect this. Huge underperformance for both compared to SP500. (It was very surprising that MKL otoh performed great. There are some explanations, but not very convincing ones).
BRK is one of my largest positions, but it has been up strongly in previous years, so even though it's dropped back some it doesn't feel all that concerning to me. Maybe where BRK started year was a little high - I plan to add to BRK this year (maybe in the upcoming days). We're looking at about 1.3X book right now which gives confidence. The recent Tilson presentation along with another excellent recent post on seeking alpha where an analyst takes all Buffett's positions and tries to arrive a look through earnings both make cases for undervaluation.

I'm a little upset at myself for not purchasing PCP prior to the BRK buyout as that would've been a nice bump. Almost pulled the trigger on that one as it looked really nice in the Buffettology framework, but I waited due to deterioration trend in business. (like Graham's post, I try to recognize that I often underestimate downside, and I was seeing more downside to PCP and was waiting as result).
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