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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (60266)	1/10/2018 5:57:08 PM
From: Graham Osborn	Respond to of 78683

It's interesting that since 1995 the Nasdaq has slightly outperformed Fairfax Financial. Berkshire beat the Nasdaq by a decent margin, about 500% (1300% vs 845%). Despite missing Google and being late to the party on Apple, Buffett has done OK. Both managers beat the S&P by over 300%. And I think the fundamentals justify that - tech is now overvalued, but so is Fairfax (2.5X tangible book last time I checked). Berkshire is about the same, probably overvalued although Berkshire's 5-year tangible book growth rate is about 9% vs 0% for Fairfax, so Berkshire deserves more of a premium than Fairfax. Given that Fairfax is about 1/10th the size of Berkshire you'd have thought that would translate into a higher growth rate - Berkshire was growing book value at 20-30% a year at that size.

To: Jurgis Bekepuris who wrote (60266)	2/10/2018 4:27:20 PM
From: Jurgis Bekepuris	Read Replies (3) \| Respond to of 78683

My top (>2%) positions in no particular order: BRKB, FRFHF, ISTB, JPM, EXXRF, LSXMA, DISCK, TESB.BE, LVNTA, MKL, AAPL In: Out: Fixed income: 10% Cash: 6% Sectors (kinda): Insurance(FRFHF, BRK, MKL): 22%, Malone/media: 16%, Banks/financials: 9%, Oil: 2%, Medical/pharma: 1%, Tech: 9%, Various owner-operators (not included in other categories): 16% New positions: MD, Microcap N Positions increased: BAM, BRKB, LEXEA Positions reduced: Positions eliminated: Flip-flop: Bought some MD at OKish valuation and activist involvement. Added some BAM, BRKB and LEXEA.