Disqus - Latest Comments for planmaestro

Re: More on Large Cap Stocks

planmaestro — Fri, 23 Jul 2010 15:02:49 -0000

BBEP was a beauty, EROC, XTEX, APL, and there are still other MLPs even cheaper that cut their distributions and are set to reestablish them. I much rather invest in MLPs with mature reserves (or pipelines) that I am sure will give the cash flow back instead of investing in unprofitable exploration projects

Re: More on Large Cap Stocks

planmaestro — Fri, 23 Jul 2010 12:58:39 -0000

Tariq, not sure about Exxon. After analyzing the majors, I am worried about their reserve issues and bought instead smaller operators. Vitaly probably said it best and my understanding is that Chanos is short several of them (and I can bet Exxon is one):

http://contrarianedge.com/2009/01/01/exxon-apos...

Re: Warren Buffett’s Berkshire Hathaway 2009 Shareholders Letter

planmaestro — Sun, 28 Feb 2010 13:25:44 -0000

Tali, sorry to disagree but I was really dissapointed. The float, valuation, disciplined u/w is wellknown. Ajit and Sokol exploits but not even a bone on how they did it. Actually the best part of the post is your NICO flashback, not included in this letter.

But the weirdest part of all is using Clayton to attack FNM and FRE. The fun part is how he even discloses that he may be talking his book. Just a couple of parragraphs before you quote Berkowitz on how BKS borrows at 0% using the float. And even if you do not use the float BKS has the best credit in the world close to the us government. The problem in that industry is of product, marketing and over supply.

The only good part in my view, was Munger's chihuahua and san bernards comeback.

Re: Deliberate Practice: Becoming a Better Investor

planmaestro — Wed, 13 Jan 2010 13:13:02 -0000

This is one of your best posts ever, and can not believe it has not gotten more attention.

Always wondered how I got stuck in the transition between being a chess expert and a chess master even though the hours of study and playing accumulated. An important part was loosing my mentor so most of the studying and practice was not focused where it was needed. And it is difficult to know what you do not know when you reach that level. The low hanging fruit has been taken.

I also wondered how age affects this process. In chess it used to be that you reach your top performance at your 40s. You have perfected your openings and reached positional understanding. However you are now seeing generation after generation of "prodigies" using computers to obliterate those advantages. Today's game is much more about tactics, solving mathematical puzzles where you reach your zenith in your 20s

Regarding the issue of process vs results, just look at poker where luck is even more important and you see the same guys time and again in the final tables. In chess I have beaten NMs and IMs, but the hit ratio is not that high. The same with investing.

I still think that I could have beaten Henry Singleton though.

Re: My Interview with the Bank Analyst

planmaestro — Sat, 17 Oct 2009 23:21:34 -0000

Tariq ... that was awesone.

Re: My interview with Paul Sonkin

planmaestro — Mon, 10 Aug 2009 21:18:09 -0000

Of course you should do more of this.

Re: Navigating between Fear and Greed Using Checklists

planmaestro — Tue, 21 Jul 2009 18:51:59 -0000

Thanks Guy, very interesting