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Warren Buffett's bet on hedge funds vs. S&P 500

Ten years ago Warren Buffett made a bet against a hedge fund...
cyan set
  06/11/18
Indeed, ten years ago Warren Buffett made a bet against a he...
Disrespectful property
  06/11/18
Lmao
mewling shitlib
  06/11/18
...
vibrant principal's office new version
  06/11/18
Pwn
provocative soggy rigpig
  06/11/18
...
slate jet-lagged trailer park
  06/11/18
lol
scarlet base blood rage
  06/11/18
...
Dark indian lodge death wish
  06/11/18
I'd be curious though, if there are any hedge funds that hav...
cyan set
  06/11/18
Madoff dominated the SP500
mischievous rehab clown
  06/11/18
...
mewling shitlib
  06/11/18
...
slate jet-lagged trailer park
  06/11/18
Yep, I’d be curious though, if there are any hedge funds tha...
Disrespectful property
  06/11/18
No doubt there are, somewhere, just like there are a few mut...
heady crackhouse corn cake
  06/11/18
Is this a joke question?
Hot public bath love of her life
  06/11/18
Medallion has returned like 30-40% annually for three decade...
Razzle-dazzle Indigo Hominid Brethren
  06/11/18
Cr and charged like 5 & 40% or something crazy like that...
Bossy effete kitchen pisswyrm
  06/11/18
That's probably the most poorly constructed headline I've ev...
mischievous rehab clown
  06/11/18
lol @ u, waste of space hedge fund fraud
spruce private investor
  06/11/18
what
mischievous rehab clown
  06/11/18
...
mewling shitlib
  06/11/18
I read his authorized biography, "The Snowball," b...
cyan set
  06/11/18
Same
Wonderful Toaster
  06/11/18
How do hedge fund managers justify their jobs if they don't ...
cyan set
  06/11/18
same with stock brokers
spruce private investor
  06/11/18
They could still have value in a portfolio by providing dive...
Razzle-dazzle Indigo Hominid Brethren
  06/11/18
oh the value! LOL, really?
spruce private investor
  06/11/18
Most people don't advise holding all stocks in a portfolio. ...
Razzle-dazzle Indigo Hominid Brethren
  06/11/18
cr isn't that the definition of "hedge" fund Th...
big-titted den
  06/11/18
Lol at hedge funds stealing a page from the higher-ed scam p...
fragrant yellow windowlicker church building
  06/11/18
wut?
razzle arrogant messiness
  06/11/18
Presumably there are circumstances they'll significantly out...
Cordovan gas station
  06/11/18
I think the point is that you'd likely get the same or bette...
razzle arrogant messiness
  06/11/18
no, that's missing the point, entirely assuming the etf con...
Red business firm
  06/11/18
ummm so tell me how many of them outperformed the market...
boyish brass parlor
  06/11/18
The average hedge fund lost 18 percent of its value in 2008,...
spectacular stage indirect expression
  06/11/18
...
Chest-beating garrison
  06/11/18
So only invest in hedge funds during a bear market? Is that ...
cyan set
  06/11/18
I'm not sure how a hedge fund manager has trouble beating th...
Hot public bath love of her life
  06/11/18
idiot
Red business firm
  06/11/18
Guy who hasn't heard of Dunning-Krueger
internet-worthy adventurous hunting ground patrolman
  06/11/18
Chelsea Clinton's kike husband was so bad at Hedge Funding h...
spruce private investor
  06/11/18
Good thing he's got his wife's large salaries from jobs she ...
passionate ticket booth incel
  06/11/18
the hedge fund industry is a fraud news at 11
boyish brass parlor
  06/11/18
...
hilarious hall
  06/11/18
I suspect the media are selective in their coverage of Buffe...
cyan set
  06/11/18
People don't always appreciate candor, in other words. Have...
cyan set
  06/11/18
Hedge funds are lottery tickets for rich people
hilarious hall
  06/11/18
...
Red business firm
  06/11/18
Top hedge funds often net like 25%+ a year return (consisten...
Hot public bath love of her life
  06/11/18
What funds consistently do this other than medallion
Razzle-dazzle Indigo Hominid Brethren
  06/11/18
I think Soros did for decades
Bossy effete kitchen pisswyrm
  06/11/18
idiot x2
Red business firm
  06/11/18
Not at all. There are a number of funds who produce those re...
Hot public bath love of her life
  06/11/18
Lol. Okay. So why didn’t the dude who made the bet just pick...
dull aromatic corner
  06/11/18
oh, i'm sure he picked the equivalent of those at the time t...
Red business firm
  06/11/18
*buys RenTech Medallion Fund ETF*
Fighting legal warrant
  06/11/18
yeah, no they get considered 'top hedge funds' in retrospec...
Red business firm
  06/11/18
...
Hot public bath love of her life
  06/11/18
speaking of luck, within the last month or so, a hedge fund ...
Red business firm
  06/11/18
found it http://www.bloomberg.com/news/articles/2018-02-09/...
Red business firm
  06/11/18
If I remember correctly, Buffet let these high-finance clown...
hilarious hall
  06/11/18
minuscule if you exclude fees.
dull aromatic corner
  06/11/18
it kind of enrages me that so many ppl got filthy rich off this
boyish brass parlor
  06/11/18
...
Cracking Crimson Electric Furnace Main People
  06/11/18
Is the Warren Buffett/value method still applicable? Usually...
cyan set
  06/11/18
"Buffett has had harsh words for Wall Street before. In...
cyan set
  06/11/18
“When CEOs or investment bankers tout pre-depreciation figur...
cyan set
  06/11/18
...
Tantric point
  06/11/18
The best part about Berkshire Hathaway (BRK.A) (BRK.B) CEO ...
cyan set
  06/11/18
“People who use EBITDA are either trying to con you or they’...
cyan set
  06/11/18
There are apparently some hedge funds that consistently beat...
cyan set
  06/17/18
Munger has also noted, "The investing world is just a m...
cyan set
  06/17/18
I guess some people don't want to acknowledge that not every...
cyan set
  06/17/18


Poast new message in this thread



Reply Favorite

Date: June 11th, 2018 1:24 AM
Author: cyan set

Ten years ago Warren Buffett made a bet against a hedge fund manager, that an S&P 500 index fund would beat a group of hedge funds over a ten year period. The S&P won by a wide margin. The proceeds of the bet, something like $2.2M, went to a local charity in Omaha. There have been some news articles on the bet, but they mainly focused on the charitable aspect of it, and studiously ignored the elephant in the room, the question of what purpose hedge funds serve if they can't beat the S&P 500?

https://dealbreaker.com/2018/05/hedge-funds-didnt-lose-that-bet-to-warren-buffett-because-passive-indices-will-always-beat-active-managers-over-the-long-term-but-because-they-just-picked-the-wrong-decade-to-bet-on/

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221646)



Reply Favorite

Date: June 11th, 2018 2:09 AM
Author: Disrespectful property

Indeed, ten years ago Warren Buffett made a bet against a hedge fund manager, that an S&P 500 index fund would beat a group of hedge funds over a ten year period. The S&P won by a wide margin. The proceeds of the bet, something like $2.2M, went to a local charity in Omaha. There have been some news articles on the bet, but they mainly focused on the charitable aspect of it, and studiously ignored the elephant in the room, the question of what purpose hedge funds serve if they can't beat the S&P 500?

https://dealbreaker.com/2018/05/hedge-funds-didnt-lose-that-bet-to-warren-buffett-because-passive-indices-will-always-beat-active-managers-over-the-long-term-but-because-they-just-picked-the-wrong-decade-to-bet-on/

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221815)



Reply Favorite

Date: June 11th, 2018 2:10 AM
Author: mewling shitlib

Lmao

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221826)



Reply Favorite

Date: June 11th, 2018 5:32 AM
Author: vibrant principal's office new version



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221920)



Reply Favorite

Date: June 11th, 2018 5:34 AM
Author: provocative soggy rigpig

Pwn

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221923)



Reply Favorite

Date: June 11th, 2018 10:15 AM
Author: slate jet-lagged trailer park



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222409)



Reply Favorite

Date: June 11th, 2018 10:27 AM
Author: scarlet base blood rage

lol

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222480)



Reply Favorite

Date: June 11th, 2018 3:22 PM
Author: Dark indian lodge death wish



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224595)



Reply Favorite

Date: June 11th, 2018 1:45 AM
Author: cyan set

I'd be curious though, if there are any hedge funds that have consistently beat the S&P. Otherwise they look rather foolish.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221708)



Reply Favorite

Date: June 11th, 2018 1:58 AM
Author: mischievous rehab clown

Madoff dominated the SP500

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221780)



Reply Favorite

Date: June 11th, 2018 2:05 AM
Author: mewling shitlib



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221796)



Reply Favorite

Date: June 11th, 2018 10:15 AM
Author: slate jet-lagged trailer park



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222411)



Reply Favorite

Date: June 11th, 2018 2:08 AM
Author: Disrespectful property

Yep, I’d be curious though, if there are any hedge funds that have consistently beat the S&P. Otherwise they look rather foolish.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221813)



Reply Favorite

Date: June 11th, 2018 10:19 AM
Author: heady crackhouse corn cake

No doubt there are, somewhere, just like there are a few mutual funds that beat the market. But you'll never identify them until afterwards so what's the point?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222436)



Reply Favorite

Date: June 11th, 2018 2:29 PM
Author: Hot public bath love of her life

Is this a joke question?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224259)



Reply Favorite

Date: June 11th, 2018 2:33 PM
Author: Razzle-dazzle Indigo Hominid Brethren

Medallion has returned like 30-40% annually for three decades

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224279)



Reply Favorite

Date: June 11th, 2018 2:38 PM
Author: Bossy effete kitchen pisswyrm

Cr and charged like 5 & 40% or something crazy like that and investors still knifed each other in the street to BEG to suck Jim Simons' wrinkled old mathcock.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224313)



Reply Favorite

Date: June 11th, 2018 1:58 AM
Author: mischievous rehab clown

That's probably the most poorly constructed headline I've ever seen. Pretty shit article too

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221776)



Reply Favorite

Date: June 11th, 2018 2:00 AM
Author: spruce private investor

lol @ u, waste of space hedge fund fraud

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221783)



Reply Favorite

Date: June 11th, 2018 2:01 AM
Author: mischievous rehab clown

what

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221786)



Reply Favorite

Date: June 11th, 2018 2:05 AM
Author: mewling shitlib



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221798)



Reply Favorite

Date: June 11th, 2018 2:07 AM
Author: cyan set

I read his authorized biography, "The Snowball," but there wasn't anything useful in it.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221808)



Reply Favorite

Date: June 11th, 2018 2:54 AM
Author: Wonderful Toaster

Same

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221861)



Reply Favorite

Date: June 11th, 2018 2:10 AM
Author: cyan set

How do hedge fund managers justify their jobs if they don't beat the S&P?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221824)



Reply Favorite

Date: June 11th, 2018 2:12 AM
Author: spruce private investor

same with stock brokers

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221829)



Reply Favorite

Date: June 11th, 2018 2:20 AM
Author: Razzle-dazzle Indigo Hominid Brethren

They could still have value in a portfolio by providing diversification.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221839)



Reply Favorite

Date: June 11th, 2018 2:20 AM
Author: spruce private investor

oh the value!

LOL, really?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221840)



Reply Favorite

Date: June 11th, 2018 2:27 AM
Author: Razzle-dazzle Indigo Hominid Brethren

Most people don't advise holding all stocks in a portfolio. It's the same idea.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221847)



Reply Favorite

Date: June 11th, 2018 10:00 AM
Author: big-titted den

cr isn't that the definition of "hedge" fund

That's the theory at lease, in practice I'm sure they're all shysters

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222329)



Reply Favorite

Date: June 11th, 2018 10:51 AM
Author: fragrant yellow windowlicker church building

Lol at hedge funds stealing a page from the higher-ed scam playbook. DIVERSITY IS ARE STRENGTH, don’t you dare question it.

Seriously though I’m all for being evaluated on the basis of soft, unfalsifiable claims even in the face of Flagrantly, Singularly Relevent Quantitative Metrics of Performance, so godspeed fellas.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222609)



Reply Favorite

Date: June 11th, 2018 10:52 AM
Author: razzle arrogant messiness

wut?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222617)



Reply Favorite

Date: June 11th, 2018 3:08 AM
Author: Cordovan gas station

Presumably there are circumstances they'll significantly out perform; you're not using a hedge fund to just "beat the market". If you're an investor in a long-vol fund, you might be happy just being par for a few years if eventually the market conditions (major crash) hit and you get insane returns.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221865)



Reply Favorite

Date: June 11th, 2018 10:03 AM
Author: razzle arrogant messiness

I think the point is that you'd likely get the same or better "insane returns" by just putting your money into an ETF

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222343)



Reply Favorite

Date: June 11th, 2018 2:36 PM
Author: Red business firm

no, that's missing the point, entirely

assuming the etf consists of multiple companies, then its primary purpose is to minimize variability and minimize expenses, at least compared to the hedge fund approach

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224292)



Reply Favorite

Date: June 11th, 2018 10:32 AM
Author: boyish brass parlor

ummm

so tell me how many of them outperformed the market when the crash of '08 happened

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222516)



Reply Favorite

Date: June 11th, 2018 10:54 AM
Author: spectacular stage indirect expression

The average hedge fund lost 18 percent of its value in 2008, the industry's worst performance on record and down from an average gain of 9.96 percent in 2007, according to Hedge Fund Research. The only other negative year on record was in 2002. But even then, funds only lost an average of 1.45 percent.

Still, compared with the wider market, hedge funds don't look so bad. The Dow Jones industrial average lost 34 percent in 2008, while the Standard & Poor's 500 index fell 38 percent.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222628)



Reply Favorite

Date: June 11th, 2018 10:57 AM
Author: Chest-beating garrison



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222646)



Reply Favorite

Date: June 11th, 2018 11:43 AM
Author: cyan set

So only invest in hedge funds during a bear market? Is that what you're saying?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222964)



Reply Favorite

Date: June 11th, 2018 2:24 PM
Author: Hot public bath love of her life

I'm not sure how a hedge fund manager has trouble beating the S&P 500. It's honestly not that difficult unless you're selecting stocks from a list with your eyes closed and do zero research.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224235)



Reply Favorite

Date: June 11th, 2018 2:36 PM
Author: Red business firm

idiot

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224296)



Reply Favorite

Date: June 11th, 2018 11:49 PM
Author: internet-worthy adventurous hunting ground patrolman

Guy who hasn't heard of Dunning-Krueger

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36228290)



Reply Favorite

Date: June 11th, 2018 2:21 AM
Author: spruce private investor

Chelsea Clinton's kike husband was so bad at Hedge Funding he got fired a couple years ago, despite his connections

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36221842)



Reply Favorite

Date: June 11th, 2018 2:41 PM
Author: passionate ticket booth incel

Good thing he's got his wife's large salaries from jobs she too is unqualified for to fall back on

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224326)



Reply Favorite

Date: June 11th, 2018 10:31 AM
Author: boyish brass parlor

the hedge fund industry is a fraud

news at 11

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36222512)



Reply Favorite

Date: June 11th, 2018 2:13 PM
Author: hilarious hall



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224158)



Reply Favorite

Date: June 11th, 2018 2:09 PM
Author: cyan set

I suspect the media are selective in their coverage of Buffett because he's sometimes irreverent and somewhat disparaging of "the system" or "the game," as it is currently constituted.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224125)



Reply Favorite

Date: June 11th, 2018 2:10 PM
Author: cyan set

People don't always appreciate candor, in other words. Have to keep up the illusion.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224142)



Reply Favorite

Date: June 11th, 2018 2:17 PM
Author: hilarious hall

Hedge funds are lottery tickets for rich people

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224199)



Reply Favorite

Date: June 11th, 2018 7:57 PM
Author: Red business firm



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36226413)



Reply Favorite

Date: June 11th, 2018 2:21 PM
Author: Hot public bath love of her life

Top hedge funds often net like 25%+ a year return (consistently) so if he beat a group of hedge funds using an index fund, they obviously weren't top hedge funds.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224223)



Reply Favorite

Date: June 11th, 2018 2:34 PM
Author: Razzle-dazzle Indigo Hominid Brethren

What funds consistently do this other than medallion

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224283)



Reply Favorite

Date: June 11th, 2018 2:44 PM
Author: Bossy effete kitchen pisswyrm

I think Soros did for decades

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224337)



Reply Favorite

Date: June 11th, 2018 2:37 PM
Author: Red business firm

idiot x2

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224308)



Reply Favorite

Date: June 11th, 2018 3:13 PM
Author: Hot public bath love of her life

Not at all. There are a number of funds who produce those returns on a consistent basis.

Do some research.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224539)



Reply Favorite

Date: June 11th, 2018 3:21 PM
Author: dull aromatic corner

Lol. Okay. So why didn’t the dude who made the bet just pick those?

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224588)



Reply Favorite

Date: June 11th, 2018 3:24 PM
Author: Red business firm

oh, i'm sure he picked the equivalent of those at the time the bet was made

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224606)



Reply Favorite

Date: June 11th, 2018 6:55 PM
Author: Fighting legal warrant

*buys RenTech Medallion Fund ETF*

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36226029)



Reply Favorite

Date: June 11th, 2018 3:22 PM
Author: Red business firm

yeah, no

they get considered 'top hedge funds' in retrospect

since you are the expert, name some of these funds that consistently beat the market

while you're at it, posit a reason why they are able to beat the market consistently

there are only three reasons that come to mind that can explain it

1 luck

2 insider knowledge

3 riskier than the market

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224592)



Reply Favorite

Date: June 11th, 2018 3:24 PM
Author: Hot public bath love of her life



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224612)



Reply Favorite

Date: June 11th, 2018 3:44 PM
Author: Red business firm

speaking of luck, within the last month or so, a hedge fund made a mega killing by betting on a 1 in a (very large number) phenomena. i thing it was based in missouri? my google skills are letting me down. a perfect example of 1 and 3 and big brass balls.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224749)



Reply Favorite

Date: June 11th, 2018 7:56 PM
Author: Red business firm

found it

http://www.bloomberg.com/news/articles/2018-02-09/vix-surge-hands-8-600-profit-to-a-tiny-hedge-fund-in-colorado

"Not everyone got crushed when the market collapsed.

For traders at a little-known Denver hedge fund who saw it coming, it was the score of a lifetime -- a $17.5 million payday on a $200,000 bet.

“People were laughing at us, saying this could never happen, this should never happen,” Justin Borus, the 41-year-old founder and manager at Denver-based Ibex Investors, said in an interview. “We saw people pricing this as a 1-in-5,000 event, but it was more like a one-in-five-year event.”

Borus’s team bet that an exchange-traded fund linked to a calm stock market would go to zero in the event of suddenly volatile trading. The ETF almost did -- it lost 96 percent of its value."

Justin BorusSource: Ibex Investors

Borus said they always believed in the wager, even when just about no one else did. But the jackpot still caught them by surprise. Two of the group -- Ari Rubin and Cooper Stainbrook -- were taking a long walk around the Colorado capital when the market started to go haywire on Feb. 5."

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36226405)



Reply Favorite

Date: June 11th, 2018 3:25 PM
Author: hilarious hall

If I remember correctly, Buffet let these high-finance clowns choose the "best" funds so it wasn't like they didn't have every opportunity to select the "real" hedge funds that would consistently beat the indexes. I'd like to see long-term charts of the three funds you just listed. I know a couple of the Medallion funds have been amazing performers. The number of funds that have consistently beaten the indexes over a long period (15-20+ years) has got be be tiny.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36224616)



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Date: June 11th, 2018 6:11 PM
Author: dull aromatic corner

minuscule if you exclude fees.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36225829)



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Date: June 11th, 2018 6:52 PM
Author: boyish brass parlor
Subject: it kind of enrages me that so many ppl got filthy rich off this

racket

but the gig is about to be up

i become more convinced by the day that the key to becoming obscenely wealthy is to aggressively practice borderline fraudulent behavior

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36226009)



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Date: June 11th, 2018 7:58 PM
Author: Cracking Crimson Electric Furnace Main People



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36226432)



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Date: June 11th, 2018 8:10 PM
Author: cyan set

Is the Warren Buffett/value method still applicable? Usually by the time *you* learn about it you've missed the boat already. You have to be in the right place at the right time, and prepared to take advantage of the situation.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36226520)



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Date: June 11th, 2018 11:31 PM
Author: cyan set

"Buffett has had harsh words for Wall Street before. In last year’s letter, he called investment bankers and others who advise on corporate deals short-sighted and opportunistic, arguing that Wall Street bankers often push for deals that are not in the best interests of companies just to make a fee."

http://fortune.com/2016/02/27/warren-buffett-wall-street-earnings/

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36228196)



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Date: June 11th, 2018 11:35 PM
Author: cyan set

“When CEOs or investment bankers tout pre-depreciation figures such as EBITDA as a valuation guide, watch their noses lengthen while they speak,” writes Buffett.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36228215)



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Date: June 11th, 2018 11:52 PM
Author: Tantric point



(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36228303)



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Date: June 11th, 2018 11:37 PM
Author: cyan set

The best part about Berkshire Hathaway (BRK.A) (BRK.B) CEO Warren Buffett's annual investor letters is that they always provide some kind of reality check.

This year, in one sentence, he takes on one of the biggest diversion tactics of all -- one promulgated by many companies as the way they should be viewed and then gullibly accepted by investors: EBITDA or earnings before interest, taxes, depreciation and amortization.

"When Wall Streeters tout EBITDA as a valuation guide, button your wallet," he wrote.

https://www.thestreet.com/story/12463644/1/greenberg-buffett-tells-investors-to-get-real-about-ebitda.html

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36228219)



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Date: June 11th, 2018 11:43 PM
Author: cyan set

“People who use EBITDA are either trying to con you or they’re conning themselves."

-Warren B.

“I think that, every time you see the word EBITDA, you should substitute the word ‘bullsh*t’ earnings.”

-Charlie Munger

https://www.forbes.com/sites/brentbeshore/2014/11/13/ebitda-is-bs-earnings/

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36228250)



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Date: June 17th, 2018 12:33 AM
Author: cyan set

There are apparently some hedge funds that consistently beat the S&P, but they're closed. No new investors. Those managers must be genuinely brilliant or have some special insight.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36258703)



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Date: June 17th, 2018 12:43 AM
Author: cyan set

Munger has also noted, "The investing world is just a morass of wrong incentives, crazy reporting and, I'd say, a fair amount of delusion."

https://www.fool.com/retirement/2018/01/08/warren-buffett-just-won-a-10-year-million-dollar-b.aspx

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36258748)



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Date: June 17th, 2018 5:50 PM
Author: cyan set

I guess some people don't want to acknowledge that not everyone is going to be above average.

(http://www.autoadmit.com/thread.php?thread_id=3998907&forum_id=2#36261763)