FMV

I'm saying it began almost 10 years ago with their strategy pivoting. The COVID-era spike in demand then subsequent freefall definitely added on to their issues, in a large way, as it made them believe their strategy was "working", although it was a spike in demand from a once-in-a-lifetime situation.

$NKE

Crossroads has done an excellent job $NTDOY drive.google.com/file/d/1WIA0Ki…

I wrote about $NTDOY a few years ago (free trial here) drive.google.com/file/d/1gG2h5X…

$NTDOY - down 50% in the last 9 months...

$CMCSA showing life. Resi broadband net loses improving by 117,000 y/y to 65,000 net loss, while domestic wireless net adds +435k (best quarterly result on record).

Willing to bet that $BRK is repurchasing shares at these prices

Some replies referencing Combs / $AAPL. Possible it was a "dual contribution" by Combs and Weschler, but there was discussion in 2016 in a German magazine "Manager Magazin" whereby Weschler discusses AAPL. At the time there was only a $1bn AAPL investment, Buffett said it wasn't his. Weschler goes into detail about how he has followed the company for "a long, long time." wsj.com/articles/BL-MB…

As of YE2013, Combs and Weschler each managed more than $7bn. By mid-2018, they each managed "$12bn to $13bn". As of YE2025, Combs managed around $15bn, assuming similar to Weschler. From YE2013 - now, S&P 500 +284% (ex-divs), which would put $7bn (ye'13) to $26.9bn. Is this the reason there hasn't been more discussion around their performance, likely no added responsibilities from the $BRK portfolio, and why CEO Greg Abel will manage the other ~94% still. [Weschler will manage about 6% of holdings - WSJ]

Finishing up $NKE work; anyone have a better feel and understanding of NKE positioning and issues in China? All other luxury brands, performance wear, lifestyle brands are doing either “ok” to “great”. NKE an outlier to the downside. How has Anta / Li-Ning compete as well, as they are gaining market share? Any insight is appreciated

$V $MA $AXP

$MA in UK - UK wants less reliance on $V $MA

From Financial Times - "Europe warned on US Payment Providers" $V $MA

Lower guidance on a number of segments, plus overall. Lower growth go the FY 2026. Still trading at < 23x 2026 EPS $SPGI

$SPGI getting hammered pre-market, hadn’t looked at the earnings yet. What’s the high level on it

$META

Yacktman (YCG Investments) - adding to $META position

Any thoughts on $UMG