Many companies seem to have started announcing 'currency-neutral' numbers.

Didn't see many of those, when currency was a tailwind.

Low unit cost comfort food/drink category still doing alright, as demonstrated by Coca-Cola $KO in 3Q22 (and Pepsi $PEP earlier).

'Debugging' refers to actual bug removal.

Vacuum tubes, predecessors of world-changing transistors, attracted moths in use like light bulbs.

These moths caused Mark II computer in 1947 to malfunction and require clean-up, later to be named 'bugs' and 'debugging', respectively.

Tough year for investors, yet just less than two years of total returns erased.

Mar'22: JPMorgan says China is 'uninvestable'

Hang Seng $HSI -25% since then. 'Contra everything' is not a strategy.

'Do your own research' is.

Haastava vuosi ollut monelle sijoittajalle, mutta alle kahden vuoden kokonaistuotot on pyyhitty jenkeissä.

This monthly graph for long-term bond ETF $TLT is quite something.

Many on the way up: 'Don't fight the Fed!'

Many on the way down: 'Yea, we gonna fight it'

Shiller CAPE 27 with SP500 yesterday's close (3,665)

18/🧵

If you enjoyed this thread, please help others find it too by liking or retweeting the first post below!

For more tweets and threads on investing, hit a follow Heikki Keskiväli. There will be more 🙂

twitter.com/hkeskiva/statu…

17/🧵

Thanks for making this far!

My passion is to save time for investors, which is why I wrote “Considering Stocks” after reading 100+ investment books - so that you wouldn’t need to.

If interested, the book is available internationally on Amazon.
amazon.com/dp/B08QLY97CN

16/🧵

Since you’re here, few excellent Buffett-heavy Twitter accounts I can highly recommend for more similar content:

Turtle Bay
Adam J. Mead
Finding Compounders
Christopher Bloomstran
The Rational Walk
Frederik Gieschen

Great material, can’t believe it’s all free!

15/🧵

By the way, he also made 8x on his PetroChina investment in 2002-2007 for an IRR of 50+%.

twitter.com/hkeskiva/statu…

14/🧵

Such a bet on leveraged oil company is something Buffett favored also as inflation hedge in the 1950s.

The article lays out his thinking around how leverage in such circumstances makes the return profile asymmetric.

twitter.com/GrahamianV/sta…

13/🧵

Found it interesting and noteworthy that after Anadarko closing, Occidental enterprise value ($78 bln) was below its fixed assets ($80 bln worth of property, plant, and equipment).

That’s some downside protection for Mr. Buffett.