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Here's a company that sustainably manages to trade above its book value, in dire contrast to the upstart fad bitcoin treasury companies where their mNAV crashed down to (and below) 1. (#1062151, #1217842)
It's long been known that Buffett, held by some to be this generation's best investor (#1232905, #978652), is handing over the reins to Abel Greg... and in doing so, much of the Buffett magic seems to go away:
The succession plan will also bring big changes to several treasured traditions for Berkshire watchers, many of whom treat Buffett’s words of wisdom on business and investing as gospel. Abel will take over writing the annual letter to Berkshire’s shareholders, Buffett’s assistant confirmed to The Wall Street Journal, and will lead Berkshire’s annual meeting in Omaha, Neb. Starting next year, Buffett, still chairman, will sit with the company’s other directors.

"There is another consequence to Buffett’s retirement, especially to Berkshire shareholders, and it is already happening: Berkshire is losing its “Buffett premium,” or the higher price investors are willing to pay to own Berkshire’s stock thanks to the longtime chairman and CEO’s presence."

“There are people that have developed enormous confidence in Warren Buffett,” says Meyer Shields, who co-wrote the note. “For them, that’s where the investment thesis starts and stops.”
Buffett is still chief executive for two more months and will continue sharing his thoughts to the investing world (and other subjects). A Thanksgiving letter to his three children and shareholders will be released Nov. 10, according to Buffett’s assistant.
Looking forward to that one! @remindme in 5 days

Archive failed me for this one, so I guess you'll just have to trust-me-bro that the quotes are accurate.
1279 sats \ 2 replies \ @Scoresby 16h
“There are people that have developed enormous confidence in Warren Buffett,” says Meyer Shields, who co-wrote the note. “For them, that’s where the investment thesis starts and stops.”
Sure you want to know about the fundamentals, but companies can change, so what's really important is who's in charge.
I'm no kind of seasoned investor, but this kind of heuristic is probably better than most.
In that sense, maybe we should understand the treasury mania this way: Saylor started it off and because of his particular qualities, there is a large group of investors who are willing to pay more for MicroStrategy than it is worth. It's not necessarily because of the Bitcoin, so much as it is because of the Bitcoiner.1
So the Treasury Company fervor during the summer was actuly people trying to copy the wrong thing: they should have been putting bitcoiners in charge of their companies, rather than solely focusing on putting Bitcoin on their balance sheets.
To be fair, a few of the treasury companies did try to copy this: Jack Mallets at Twenty One, Dylan LeClaire at Metaplanet, David Bailey at Nakamoto -- but I'm not sure the public followed the plot, nor that they were the "right" bitcoiners for the job.
Perhaps the real edge here isn't Bitcoin Treasury Companies so much as it is companies run by Bitcoiners.

Footnotes

  1. I have no opinion on how "good" of a bitcoiner Saylor is. If you buy, sell, or trade Bitcoin, you are a bitcoiner in my book.
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So the Treasury Company fervor during the summer was actuly people trying to copy the wrong thing: they should have been putting bitcoiners in charge of their companies, rather than solely focusing on putting Bitcoin on their balance sheets.
nice observation, siiir. Agree with that; more Bitcoin companies, less financial engineering
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Don’t forget Dorsey at block !! This is a fantastic comment!!
But I’m a Bitcoin hyper bull. Even if these companies play fiat games to get more Bitcoin. I’m all for it due to the limited supply. If we are right and the world wakes up and wants Bitcoin at all costs then even the shell game companies win.
We see this now with the AI and quantum trade. Wall Street gets stupid when trying to chase growth at all costs.
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So, the answer to get >1 mNav is to develop a cult following and a reputation as the country's best investor. Got it!
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yup. Saylor is kind of doing that playbook, eh??
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7 sats \ 2 replies \ @OT 13h
Looks like Berkshire will do well in a crash.
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excellent diversification... sell some corn and buy some, uh, Nebraska stonk??
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0 sats \ 0 replies \ @OT 13h
No...no...no....
Too risky to sell corn. It was just a passing comment for anyone who plays with stonks.
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