2. Warren Buffett is a master propagandist and you shouldn’t take his folksy mannerisms earnestly.
He’s trying to trick you into coming to Omaha so he can impoverish you at his annual carnival. $BRK
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3. The “present value” of real estate operating lease liabilities is not equivalent to debt in the United States, no matter how many times people say otherwise.
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4. When a biz has a layered claim on another, such as
$MCD and its franchisees or$MAR and its hoteliers, it’s critical to think about the economics of the sharecropper business. If the sharecropper doesn’t have good economics, eventually the parasitic parent won’t either.5 replies 19 retweets 237 likesShow this thread -
5. Changes in a business’s growth trajectory often swamp the merits of valuation, to both the upside and the downside. Favorable inflections can sometimes make you a killing.
$TGT3 replies 17 retweets 173 likesShow this thread -
6. Consolidated financials are BS when looking at a company’s leverage. Companies are legally distinct entities and this can result in situations where debt is held at a subsidiary that has no claim on a parent co’s other assets. Important to see which companies guarantee what.
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7. Henry Singleton built and dissembled Teledyne so profitably by using the dark arts. Soros gets credit for reflexivity but Singleton understood it intuitively AND knew how to manage narrative to bend it to his own will. Look at how trouble at Argonaut influenced his buybacks.
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8. Jeff Bezos is the John Malone of operating expenses.
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9. Good and underappreciated sources of information are PACER and state regulatory filings. Discovered
$CAOX corporate existence was supposed to be terminated decades ago and the company never got around to updating its Articles of Incorporation.2 replies 4 retweets 111 likesShow this thread -
10. Humans are on the brink of achieving functional immortality and time is about to become much less valuable. Interest rates are already reflecting this.
22 replies 48 retweets 411 likesShow this thread
Ah, this one is kinda tongue in cheek. Some of them are. What I mean is if human life is extended, the time value of money declines which should lower interest rates. The joke is that because markets are “efficient,” the current low interest rates are already pricing this in.
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Replying to @LAForeverHall @context_ing
Actually there's more truth to that than you think. Read
@davidasinclair0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
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