public:sotm:reading_2023
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| public:sotm:reading_2023 [2023/11/13 17:14] – [2023-11-10] admin | public:sotm:reading_2023 [2023/12/21 17:33] (current) – [2023-12-18] raju | ||
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| + | ==== 2023-12-21 ==== | ||
| + | Notes from https:// | ||
| + | * a call-center company like Concentrix or Teleperformance | ||
| + | * value stocks | ||
| + | * low price/ | ||
| + | * a high free-cash-flow yield | ||
| + | * HealthSouth Rehab | ||
| + | |||
| + | ==== 2023-12-18 ==== | ||
| + | Notes from https:// | ||
| + | * Uniqlo | ||
| + | * Its parent company is Fast Retailing (ticker: FRCOY) | ||
| + | * known for its inexpensive, | ||
| + | * Heattech innerwear | ||
| + | * There are four types of RFID tags: hanging tags, waist tags, sticker tags for packaged goods and header tags for those socks. | ||
| + | * Fast Retailing (ticker: FRCOY) | ||
| + | * company’s mission is to “wow the customer” | ||
| + | * it controls the supply chain from the factory to the sales floor | ||
| + | * RFID tags | ||
| + | * 4 cents per tag | ||
| + | * Takahiro Tambara | ||
| + | * the architect of Uniqlo’s self-checkout | ||
| + | * chief information officer at Fast Retailing | ||
| + | |||
| + | ==== 2023-12-11 ==== | ||
| + | Notes from https:// | ||
| + | * Many companies have two classes of stock outstanding | ||
| + | * Buffett holds virtually all his roughly 15% economic stake in Berkshire through the A shares | ||
| + | * The Class B stock was issued in 1996 and now is more liquid and widely owned than the A stock due to its lower share price and inclusion in the S&P 500 index. | ||
| + | * 1 Class A share = 1,500 Class B shares in terms of economic stake. | ||
| + | * 1 Class A share voting power = 10,000 Class B shares voting power. | ||
| + | |||
| + | Notes from https:// | ||
| + | |||
| + | ==== 2023-12-10 ==== | ||
| + | Notes from https:// | ||
| + | * federally certified lenders known as Community Development Financial Institutions (CDFI) | ||
| + | * “ability-to-repay” rules | ||
| + | * nonqualified mortgages: loans with features such as interest-only periods and balloon payments | ||
| + | * The Treasury unit that administers the CDFI program, the CDFI Fund | ||
| + | |||
| + | Notes from https:// | ||
| + | * a financial-reporting method known as pushdown accounting | ||
| + | * When a company gets bought, it can choose whether to revalue all the assets and liabilities on its own separate set of books, in effect “pushing down” the acquirer’s purchase price and using that as the basis for the new values. The method is optional. Companies have wide discretion on whether to apply it. But if they do, the decision is irrevocable. | ||
| + | |||
| + | Notes from https:// | ||
| + | * When the yield is higher than expected, investors call that a “tail.” When it’s lower, that is a “stop-through.” Auctions that meet expectations are said to be “on the screws.” | ||
| + | * The government has been advised to maintain T-bills at around 15% to 20% of the overall debt load. | ||
| + | |||
| + | ==== 2023-12-06 ==== | ||
| + | Notes from https:// | ||
| + | * BlackRock Large Cap Value exchange-traded fund | ||
| + | * portfolio manager: Tony DeSpirito | ||
| + | * AUM: $6.6 million | ||
| + | * active fund | ||
| + | * launched in May 2023 | ||
| + | * Tony DeSpirito | ||
| + | * likes Low-beta, quality stocks | ||
| + | * $8.3 trillion in money-market funds sitting on the sidelines | ||
| + | |||
| + | ==== 2023-12-05 ==== | ||
| + | Notes from https:// | ||
| + | * Muni funds, which make up about one-third of all closed-end fund assets, tend to deploy leverage. | ||
| + | * Banks issue a lot of preferreds | ||
| + | * Top credit managers like Apollo, KKR, Blackstone, and BlackRock | ||
| + | |||
| + | Notes from https:// | ||
| + | * CVS Health | ||
| + | * largest drugstore chain in US | ||
| + | * 9,500 retail pharmacies | ||
| + | * Chief Pharmacy Officer Prem Shah | ||
| + | * CostVantage payment model | ||
| + | * "cost plus" payment model | ||
| + | * Mark Cuban’s eponymous pharmacy company | ||
| + | * drug discount card | ||
| + | * Pharmacies are mostly paid by pharmacy-benefit managers | ||
| + | * CVS Caremark, a sister company to the retail-pharmacy unit | ||
| + | |||
| + | ==== 2023-12-04 ==== | ||
| + | Notes from https:// | ||
| + | * The bank announced plans yesterday to cut $100m in costs in its wholesale banking division. | ||
| + | * These are in addition to the $340m of cost reductions it says will be completed by 2025. | ||
| + | |||
| + | ==== 2023-12-03 ==== | ||
| + | Notes from https:// | ||
| + | * grocers | ||
| + | * Aldi, Grocery outlet, publix, sprouts, H-E-B, Whole foods market | ||
| + | * Aldi | ||
| + | * no-frills approach | ||
| + | * growing at a rate of 100 stores per year | ||
| + | * 90% of items are private label | ||
| + | * Average supermarket ~ 48,415 sq ft; Aldi and Trader Joes's ~ 12,000 sq ft | ||
| + | * Average number of items per store | ||
| + | * Supermarket - 31,530 | ||
| + | * Trader Joe's - 4,000 | ||
| + | * Aldi - 1,650 | ||
| + | * compensatory inferences | ||
| + | * peers: Aldi, Trader Joe's, Albertsons, Whole foods, Walmart, Dillons, Costco, Kroger, Sam's club, Target, Safeway | ||
| + | * known value items | ||
| + | * Trader Joe's | ||
| + | * Ube Mochi pancake & waffle mix | ||
| + | * Butternut squash mac & cheese | ||
| + | |||
| + | ==== 2023-12-01 ==== | ||
| + | Notes from https:// | ||
| + | * CME FedWatch Tool - https:// | ||
| + | |||
| + | ==== 2023-11-30 ==== | ||
| + | Notes from https:// | ||
| + | * Boston Properties (BXP) | ||
| + | * one of the leading office REITs | ||
| + | * buildings in key markets like New York, Boston and San Francisco | ||
| + | * CEO Owen Thomas | ||
| + | * Healthpeak | ||
| + | * a REIT that leases office space to doctors’ practices and lab space to biotech and other drug companies | ||
| + | * will merge with Physician Realty Trust | ||
| + | * CEO Scott Brinker | ||
| + | |||
| + | ==== 2023-11-27 ==== | ||
| + | Notes from https:// | ||
| + | * Shein | ||
| + | * Singapore-based fashion retailer | ||
| + | * was founded in China but shifted its headquarters to Singapore in 2019 | ||
| + | * valued at about \$66 billion in a \$2 billion May 2023 fund-raising round | ||
| + | * famed for its ultralow apparel prices | ||
| + | * world’s most popular shopping app | ||
| + | |||
| ==== 2023-11-13 ==== | ==== 2023-11-13 ==== | ||
| Notes from https:// | Notes from https:// | ||
| * The federal government ran a deficit of $1.7 trillion in its fiscal 2023, which ended in September. | * The federal government ran a deficit of $1.7 trillion in its fiscal 2023, which ended in September. | ||
| + | |||
| + | Notes from https:// | ||
| + | * Richard Galanti | ||
| + | * Jim Sinegal | ||
| + | * covenant-free debt | ||
| + | * Costco | ||
| + | * Costco parking spaces were 10 feet wide instead of eight or nine feet or whatever they normally are. | ||
| + | * They have no investment in inventory. They make the suppliers wait until they' | ||
| + | * Costco just specializes in the good locations, where the rich people lived. | ||
| + | * is successful because of its culture and model. | ||
| + | * Sol Price wanted the rich man trying to save money. Picky wealthy customers. | ||
| + | * That little grocery store chain here in Los Angeles, Gelson Brothers | ||
| + | * do a lot of reading, thinking, and visiting | ||
| + | * Jeff Brotman | ||
| + | * You don't want to make money by screwing your investors and that's what a lot of venture capitals do. | ||
| + | * ride pari passu | ||
| + | * Bernie Marcus | ||
| + | * Floor & Decor is a Costco imitator | ||
| + | * Home Depot is a Costco imitator | ||
| + | * Walmart was too weathered by the ideas they already had | ||
| + | * Sam Walton | ||
| + | * Japan' | ||
| + | * Charlie Munger does not like style companies such as Nike | ||
| + | * Hermes is on the eighth generation. It is a great company. | ||
| + | * Hermes, LVMH got a brand people trust so much. It took them a century to do it. | ||
| + | * Kirkland is a brand the way Tide is a brand | ||
| + | * Charlie See was a playboy, and his brother ran the company, his older brother, and dominated it completely. And when he died, Charlie made his brother as executor, and now he needs a lot of money to pay death taxes. He doesn' | ||
| + | * Heinz is able to have pricing power while Kraft is not | ||
| + | * Heinz ketchup | ||
| + | * Kraft cheese | ||
| + | * In Korea, one guy, a Chinese guy, controls all the sauces. Every single major sauce, he controls at least 95% of them. | ||
| + | * Once I had enough money on my own, I'd rather just operate with my own money. That is a much better way of doing it than being forced to sell, being forced to deal with investment bankers, being forced to deal with investment consultants, | ||
| + | * You don't need other people. The point of getting rich is so you don't have to need other people, so you don’t have to get along with other people. | ||
| + | * almost everything has three things: intelligence, | ||
| + | * It takes a very patient person to get rich in insurance. It takes forever to get anything, and it takes forever to push anybody aside. It's very hard to make money. | ||
| + | * crumbums of the world | ||
| + | * Charlie Munger does not carry fire insurance anywhere. | ||
| + | * Everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least. | ||
| + | * Apple got to about 10 times earnings when Warren bought in. | ||
| + | * venture capital that's classically power law–distributed | ||
| + | * if something is really cheap, even though it's a crappy company, Charlie Munger is willing to consider buying it. | ||
| + | * Howard Marks | ||
| + | * One type of company is the cigar butt. Other type of companies are great brand companies. | ||
| + | * the system that nature uses to get smart is kind of unpleasant for the people who are losing | ||
| + | * you only have to get rich once. You don't have to climb this mountain four times. You just have to do it once. | ||
| + | * When Costco tried to open their first store in China, somebody wanted a $30,000 bribe. Chinese culture. Costco wouldn' | ||
| + | * "a young man knows the rules, and an old man knows the exceptions" | ||
| + | * hanging out my hat while I lurch around the track | ||
| + | * BYD, this year will sell at least two and a half million cars. Most of them are electric, that's unheard of. That's way more than Mercedes, for instance. | ||
| + | * The California Club | ||
| + | * Cash flow margins | ||
| + | * John Malone | ||
| + | * specialized industrial company | ||
| + | * Half of the marriages in America work pretty damn well. And they would have worked just as well if they were both married to somebody else, by the way. | ||
| + | * The best way to have a great spouse is to deserve one. As long as both parties feel that way, then it's a recipe for success. | ||
| + | * boondoggle | ||
| ==== 2023-11-10 ==== | ==== 2023-11-10 ==== | ||
public/sotm/reading_2023.txt · Last modified: 2023/12/21 17:33 by raju