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snowballbuilder

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  • Totally has 116 visits
  • THE MORE THE NIGHT IS DARK, THE MORE THE LION IS BRAVE »

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  • batbeer2 2016-03-30 15:46
    Hi Snow,

    I think you mentioned you are in Brazil, Correct?
    If so, please drop me an e-mail; batbeer AT Hotmail DOT com. Thanks.
  • Max7777 2015-07-27 00:26
    snowballbuilder: Hi Max ,
    I think is Himalaya fund , run by Li Lu ,

    http://www.himalayacapital.com/investphil.htm

    Best. Snow
    Thank you. Max
  • Max7777 2015-07-26 17:02
    Snowballbuilder: can you tell us what Asian fund did Munger pick?

» More Messages

All snowballbuilder's Activities

  • snowballbuilder commented on The Science of Hitting's article 20 hr ago
    Dividends Over Buybacks?
    One of my favorite new podcasts is “Invest Like the Best” (found it a few weeks ago, so I am still catching up). The host, Patrick...
    View all 1 comment
    snowballbuilder 04-25 10:37
    • Hi science really interesting question 

      My short answer: unless the CEO is a real great capital allocator I prefer dividend. 

      Why ?

      - becouse  generally , in reality, CEO are not good at doing buyback

      (buyback were "few dollars"  in 2009 - 2010 and many time as much in 2007 and 2016)

      - because buyback are usually used to hide share dilution by executive compensation

      - becose with dividend i ve the cash back to reinvest wherever I think is Better in the whole investing universe

      - because  for a long term focused investor  like me dividend is beiing payed for waiting and bringing some money back without reduce my position 

       

      of course teorically aggressive and opportunistic buyback is lot  more effective and tax efficient than dividend but... aggressive and opportunistic buyback are rare in real world. 

      As for my holdings only one (tip spa) has a really talented and rare capital allocator who over the years has opportunistically made big buyback , payed dividend , distributed warrant,  collocated bonds. 

      Doing this he has  really accelerated the per share value creation.

      My other holdings wich are all run by really great operating executives (but maybe less talented as capital allocators) have a more standardized capital allocation with a 20% to 50% dividend payout and reinvesting back in the business the other cash... and this simple choise is still working pretty good and is less difficult that doing opportunistic and aggressive Buyback. ( usually in reality there is some power in simplicity).

      hope to have added some interesting thoughts. Best snow
  • snowballbuilder commented on Rupert Hargreaves's article 04-22 02:34
    Diversification: Why You Need It
    I have written before of the benefits of diversification and the need for investors to apply a well-diversified approach to portfolio management as...
    View all 1 comment
    snowballbuilder 04-22 03:34
    • you article make sense only if you are NOT  a good stock picker. 

      And in that case buying a low cost index would be FAR better and less expensive than buy hundred or thousand stock by your self. 

      A good stock picker is one  that summing up the % of gainer and % of losses and the magnitude (magnitude is something not many investors figured out) of the one and the other is able to take out a more than average absolute return.

      But there is more:

      Matematically , after you have 20 stocks , there is little benefit from diversification (volatility goes down as an inverse of an exponential curve so that  the benefit of adding one more stock is great at the beginning but really slow down to quite nothing after 20 )

      But there is more... If you think volatily is risk you should simply not be an active investor... Just buy an index or let your money "safe" in your bank account.

      Just some thoughts best snow
  • snowballbuilder commented on Grahamites's article 04-19 08:57
    Apple and the Airlines in Buffett and Munger's Own Words
    Earlier this year Berkshire Hathaway (BRK.A)(BRK.B) made some big news by announcing huge investments in Apple (AAPL) and the airline...
    View all 3 comments
    snowballbuilder 04-19 09:57
    • Hi Grahamites thanks for the feedback

      To me it seems quite difficult to make multibagger return by investing , after 6 years of bull market, in a bunch of airlines and a  700 bln market cap company 

      But who know

      Time will tell

      Snow

       

       
  • snowballbuilder commented on Grahamites's article 04-18 09:00
    Apple and the Airlines in Buffett and Munger's Own Words
    Earlier this year Berkshire Hathaway (BRK.A)(BRK.B) made some big news by announcing huge investments in Apple (AAPL) and the airline...
    View all 1 comment
    snowballbuilder 04-18 10:00
    • Interesting article and topic

      i don't think munger is going to buy an airline or Aapl share 

      not personally neither via djco which portfolio he actually run. 

      Brk have buyed .

       The (in my personal view) reason?

      Becouse BRK has tons of cash and free float and two investment managers wich job  is to make investments 

      Anyone who think buying Aapl and a bunch of airlines today is a great investment should do the same and buying the same stocks on the markets ... Personally i will pass and probably do nothing for some more months

      Just some thoughts best snow
  • snowballbuilder commented on Grahamites's article 04-17 09:26
    The Most Important Lessons
    In May of 2014, I wrote an article called "What Is Your Moat?" I ended with the following conclusion: “It is enormously important for an...
    View all 1 comment
    snowballbuilder 04-17 10:26
    • Hi grahamites i always appreciate your articles and think are really well written

      "Once asked about why he was so successful on the court, Bryant looked at the reporter and said: “Have you seen Los Angeles at 4 am? I see it often because that’s when I start training.”

      I think if we (me and you) had wake up every day at 4 AM playing basketball everyday... We would play basketball better than how we do today... BUT we would still not playing in NBA.

      If you look at buffet guerin munger schols and other ... their investment performance were great from quite the beginning 

      A friend of mine who is a great horses trainer and a man who always want to speak frankly and  onest - also at cost of being not  so polite - use to say 

      "Every horses is born to walk , many are born to run , but just few are born to win "

      For doing really well in any activity in life you need BOTH passion and talent (or natural predisposition)

      One without the other is not sufficient.... And in investing .... that could be really expensive 

      Best snow
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