NO DooDahs

GEICO vs. Progressive: Selected 10 Year Metrics

Without a comparison of operating leverage ratios, the analysis is incomplete. With Progressive writing at 3:1 and GEICO writing at less than 1:1, there really is no comparison in terms of ROS.

Yet Another Reason Not To Sell Your Berkshire Hathaway Shares

Bad print bullshit and somebody acting like they "know something" and tumbling about it.

There's no evidence of the trade in any intraday data source I've got available. I've also seen enough bad prints intraday in illiquid stocks and ETFs on my watchlist to know that the data providers will correct those mistakes after the close.

The shame is that so many people picked up on this "BRK-BS" and spread it around.

What Is Diversification Worth?

Diversification is about allocating to different STRATEGIES, so long as said strategies have relatively low correlation to each other, and have positive expectancies.

"Buy and hold this asset class" is a STRATEGY.

One can get a diversification benefit by allocating money to different strategies in the same asset or asset class, i.e. short and long-term market timing techniques, Piotroski value and CANSLIM, etc.

Value Investing Is All About Struggling At Times

There are two dynamics going on here. First, what the "value managers" do is immaterial to the retail investor, as they are constrained by multiple rules and too much capital to find equities that are truly mispriced with large margins of safety. The second dynamic is the "search for the holy grail of trading" and keep in mind I consider value investing to be a subset of trading.

While it is easy to find methodologies that outperform the broader market over time, all of them suffer from periods of underperformance or even drawdown. The key is exercising discipline so that one doesn't switch from a method that works in general just because it didn't work "this time," and using money management so that the times it doesn't work don't wipe one out.
There are two dynamics going on here. First, what the "value managers" do is immaterial to the retail investor, as they are constrained by multiple rules