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snowballbuilder

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  • Totally has 119 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?

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All snowballbuilder's Activities

  • snowballbuilder commented on The Science of Hitting's article 07-17 16:41
    Some Thoughts on Holding Cash
    The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the...
    View all 17 comments
    snowballbuilder 07-17 17:41
    • I finally suggest a new pabrai lecture

      https://m.youtube.com/watch?v=bLjoL5zhBxA

      Few bet infrequent bet big bet

      I found it straightforward and interesting 

      He also restated the importance (that rick guerin and charlie munger share) of always have cash for when  a really great opportunity will present.

      Best snow
  • snowballbuilder commented on The Science of Hitting's article 07-16 16:28
    Some Thoughts on Holding Cash
    The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the...
    View all 12 comments
    snowballbuilder 07-16 17:28
    • @evan i onestly apprecciate your response well written and  articulate

      I definitly rest my case and i will contine my journey as a focused long term investor who made only few - infrequent - high convinction - big investments.

      This fit my temperament i m enjoying it and having strong result

      https://m.youtube.com/watch?v=bLjoL5zhBxA

      But if you are enjoying and having good result as fully invested net net hunters that great and really the best for your investments journey 

      Snow
  • snowballbuilder commented on The Science of Hitting's article 07-15 09:45
    Some Thoughts on Holding Cash
    The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the...
    View all 9 comments
    snowballbuilder 07-15 10:45
    • @evan really interesting suggestion but i dont buy it 

      We live in the real world ... So:

      Your small private investor wich enter in 2008 already fully invested will have the fortitude (having is entire net worth going down 35% in few months) of not selling in panic ?

      Onestly no one of the small  investors i know who enter a big crisis already  fully invested stay the course at 100%... Quite difficult to have courage in general... Even more without having cash...

      And if in any of the thousand 2009 companies restructuring your private investor lose his job for some months ... Being fully invested doesnt he have to sell at crash market price? (No body with no job can have finance in 2009) 

      Or if his private /wife or family business need some cash (these thing tend to happen during recession...) would he not be forced to sell at distressed price? 

      You say is matematically better (without proving it) to be always fully invested but in wich time orizon ... You simply make all the investments in day one ? Make some difference if day one is 31/07/2007 or 30/04/2009? And how you choose wich stock buy? Or you make all the investments  in a week ? Or progressively when you find the best opportunities (months / yers) ?

      Matematically are you really sure is the same if you have any months / years new money to invest or you are a retired/ widwow that after has made the total investments has no new money to add at all?

      "Make thing as simple as possible but no simpler

      Where baron rothschild - phil fisher - munger and co really  bad matematicians? 

      Best snow
  • snowballbuilder commented on The Science of Hitting's article 07-14 19:28
    Some Thoughts on Holding Cash
    The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the...
    View all 7 comments
    snowballbuilder 07-14 20:28
    • I ve much respect and admiration for seth klarman ... I m impressed and shocked of his return (both absolute and relative) achived with an incredible  ~40% of cash ...

      That sayd i dont even try to emulate seth

      Personally i more in  line with phil fischer... That in an old 1987 forbes interview after saying he thought the market was high he added he didnt even try to be the smartest guy in the room... He was just sitting on his holding (~80% of his asset) but with a good 20% cash position to be able to buy if and when the market would crash...

      Best snow
  • snowballbuilder commented on The Science of Hitting's article 07-12 23:23
    Some Thoughts on Holding Cash
    The S&P 500 continued climbing in the first half of 2017, with a total return of 9.3% (according to Morningstar). Over the past five years, the...
    View all 1 comment
    snowballbuilder 07-13 00:23
    • Hi science interesting topic and article

       

      As for my objective: achive good long term absolute return by investing in few great companies buyed at great price and then sitting on for the long run. 

      Any 5 and 10 year period my return should be > 12%/year AND  > 10year tresury+5%.

      Until now i m meeting these objective and - equally important - i m doing that by having fun, enjoying my jurney and sleeping really well at night. 

       

      As for cash position: i dont have any target and/or any limit.

       In 2009 and 2011 i was ~95% invested. 

      Now is a bit different... I ve bought my last holding more than 1 year ago and the second last more than 2. 

      I dont reinvest any dividend.

      I let the cash in my bank account. Im not interested in bond.

      Im not interested in being fully invest.

      I like to invest only when i see what i think is a really fat pitch. I can do nothing for months ... I ve done that many time...No problem for me. 

      I remember buying rec.mi in 2009 at 5€, dia.mi in 2012 at 22€ or tip.mi 18 months ago at 3€. 

      I still sitting on my holdings and their are building up in value  but i m not deploing new cash. 

      Someday (i dont know when... but i m a patient guy) will raining gold again.

      When i will find something that i think is really another exceptional opportunity i will come hunting again.... Until that i will patiently sitting on my asset (and let my holding growth and compound).

      This year i ve deployed some cash in wedding and honeymoon...

      Hope that these will be my most long term and rewarding investment !! :)

       

      Sorry for the long comment. Hope to have added something interesting. With friendship snow.

       

      "Patience and boldness"
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