Amit Chokshi

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  • Buffett Misses In Hedge Fund Fees Comment
    Buffett ran a partnership before BRK and got paid 25% after clearing the 6% hurdle rate. I admire him but find his annual letters to be much better for those with a passing interest in investing. Does your analysis implicity state that ou think investors are better off paying 2 and 20% for a beta neutral long/short hedge fund to reduce volatility? What if investors are in a 2 and 20% long/short fund where the short and long book are not integrated and both the short and long book go in the wrong direction? And how is a 2 and 20% long-only portfolio a ripoff? Most hedge funds are absolute return vehicles and running a matching short portfolio is not the only risk mitigation tool. How would you rate the long-term returns of Mohnish Pabrai, Tom Brown, Lampert, etc. who do not run short books?
    Apr 10 09:51 am |Rating: 0 0 |Link to Comment |View article
  • Warren Buffett Knows Something About USG Corp.
    While USG is significantly off its recent highs investors should be wary of blindly following anyone into a stock, even if it's Buffett. Buffett's time horizon is a lifetime as opposed to 3-5 or even 10 years so average investors can get shaken out of a position. I believe Buffett also bought USG when it was in the high teens - $20 range and the stock fell to as low as $3. No doubt, Buffet knew what he was doing, but most investors, whether professionals or retail, would have gotten shaken out on the way down because a hit like that is a lot to bear, not only mentally, but an 85% loss even if it represents 3-5% of a portfolio is a real loss. I'm guessing Buffett wants the leader in gypsum wallboard for the long-term and is taking the housing shakeout as a way to get it when it may be oversold.
    Sep 13 10:36 am |Rating: 0 0 |Link to Comment |View article

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