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Charlie Munger has died

berkshirehathaway.com

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Re: Charlie Munger has died

#61

Post by qwytw »

bboygravity wrote: post #21
GenerWork wrote: post #4

Wow, I knew he was old, but had no idea he wasn't well. Aftermarket movement of BRK.A/BRK.B seems to be muted, so I guess right now investors aren't too worried about the future of Berkshire.

Most of the trades in that stock have been routed through dark pools (they don't hit lit exchanges), so even if there are (huge) trades you wouldn't necessarily see the price move.

> so even if there are (huge) trades you wouldn't necessarily see the price move.

So you're saying there is an arbitrage opportunity and you can literally make free money? Because that doesen't make much sense..

You might not see all the trades immediately, but they are still reflected in the price with minimal delay.

Re: Charlie Munger has died

#62

Post by intotheabyss »

axlee wrote: post #51
paxys wrote: post #46

Earlier quoted context omitted.

You have to remember that Bogle/Munger/Buffet all gained prominence when value investing wasn't a thing and investing of any kind was wildly out of reach for the common man. Today anyone can go online and buy VTI in minutes. Every financial advisor and 401k plan recommends index funds by default, and it is how the vast majority of people and organizations store their wealth. It doesn't need any more cheerleaders or i…

Value investing has very little to do with investing in ETFs/indexes. By definition, investing in an ETF can't be value investing, because value investing is about picking (yes, picking) stocks that are undervalued. And that implies going against the market. The complete opposite in buying into the market through an ETF.

Value investing is being right when everyone else is wrong, and waiting until everyone realizes you were right all along.

Re: Charlie Munger has died

#63

Post by [deleted] »

axlee wrote: post #51
paxys wrote: post #46

Earlier quoted context omitted.

You have to remember that Bogle/Munger/Buffet all gained prominence when value investing wasn't a thing and investing of any kind was wildly out of reach for the common man. Today anyone can go online and buy VTI in minutes. Every financial advisor and 401k plan recommends index funds by default, and it is how the vast majority of people and organizations store their wealth. It doesn't need any more cheerleaders or i…

Value investing has very little to do with investing in ETFs/indexes. By definition, investing in an ETF can't be value investing, because value investing is about picking (yes, picking) stocks that are undervalued. And that implies going against the market. The complete opposite in buying into the market through an ETF.

[deleted]

Re: Charlie Munger has died

#64

Post by voisin »

Animats wrote: post #34

One of the greats of investing. And a value investor. It's all about the profits, not the growth. Munger is gone, Bogle is gone, Buffett is 93. Who takes up the mantle of value investing now?

Prem Watsa, the Buffett of Canada. Also, I’d suggest Sardar Biglari - check out his letters.

Re: Charlie Munger has died

#65

Post by qwytw »

nabla9 wrote: post #45
bboygravity wrote: post #21

Earlier quoted context omitted.

Most of the trades in that stock have been routed through dark pools (they don't hit lit exchanges), so even if there are (huge) trades you wouldn't necessarily see the price move.

bboygravity is right. >BRK.A Off Exchange & Dark Pool Summary >Today's Off Exchange & Dark Pool volume is 6,792, which is 98.11% of today's total volume. Today's Lit volume is 131, which is 1.89%. Over the past 30 days, the average Off Exchange & Dark Pool volume has been 97.51%. The average Lit volume has been 2.49%. https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/

> bboygravity is right.

So you're saying I (or whoever) can can buy shares for less in one of the "dark pools" and sell them on the market and make free money?

Re: Charlie Munger has died

#66

Post by sokoloff »

truculent wrote: post #54
paxys wrote: post #46

Earlier quoted context omitted.

You have to remember that Bogle/Munger/Buffet all gained prominence when value investing wasn't a thing and investing of any kind was wildly out of reach for the common man. Today anyone can go online and buy VTI in minutes. Every financial advisor and 401k plan recommends index funds by default, and it is how the vast majority of people and organizations store their wealth. It doesn't need any more cheerleaders or i…

Value investing is “an investment paradigm that involves investing in stocks that are overlooked by the market and are being traded below their true worth”. Correct me if wrong, but I don’t think index funds come under that paradigm.

It depends on how the index is constructed. A market cap index cannot be value investing. A market sector index is almost surely not value investing (unless that entire sector is undervalued).

An index constructed specifically using value measures as the criteria for inclusion can be (at least arguably so).

Click on "value indexes" here: https://www.crsp.org/indexes/ to see some underlying value indexes, and funds like this one track the Large Cap version of it: https://fundresearch.fidelity.com/mutual-funds/summary/92290... (perhaps not surprising, the fund's largest holding is Berkshire B shares)

Re: Charlie Munger has died

#70

Post by throw0101b »

Animats wrote: post #34

One of the greats of investing. And a value investor. It's all about the profits, not the growth. Munger is gone, Bogle is gone, Buffett is 93. Who takes up the mantle of value investing now?

> Munger is gone, Bogle is gone, Buffett is 93. Who takes up the mantle of value investing now?

Bogle was not a value investor. He was a low(er)-costs advocate (and not even necessarily passive/index investing: e.g., Vanguard has active funds).

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