Seb Gonneau

@TripleNetInvest While @chamath might be partially correct to attribute return changes to the Reg FD law, he should at least mention that as time went on the scale of Berkshire rapidly increased, and thus, their available investment universe which would move the needle, continually shrunk

JUST IN: Chamath Palihapitiya makes a big claim that Warren Buffett’s insane pre 2000 returns may have benefited from access to information asymmetry not available to the public Here's what he had to say: "In 2000, we introduced the law called Reg FD. And what was the point of Reg FD? It was basically that if you're a CFO, you cannot talk to an individual stock manager and tell him something that you then don't tell everybody else. Essentially inside information. That used to be not illegal. I won't say that it was legal. I would just say that used to be not illegal. You call your CFO buddy, he says, "hey, how you doing?" He goes, man, "Quarter was a blockbuster." You would go and buy the stock. And starting in the 2000s, it became illegal. And there used to be these networks of information arbitrage that took advantage of this. Now, this is an example of Warren Buffett's returns, pre and post Reg FD. Now, what do you see? His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he probably on the margins lost a little bit. So this is the single best investor in the world. This is what happens when you have information symmetry. So it's just meant to explain that markets when there's asymmetry. Billions and billions of dollars will be made in asymmetry. The prediction markets today, unless they are regulated out of existence or shut down, will look like the stock market pre-Reg FD."

Hi @dineshgovender, is there any chance that Vitality is looking to add Coros as a device which can be used for the purposes of earning Vitality Points? Their new pace 4 is an amazing competitor to Garmin, and the only thing holding me back is the lack of compatibility

Definitely think there is a great opportunity here for a true digital encyclopedia, not leaning one way or another - just sharing truth. If this is executed well, I could see it working well hand-in-hand with Grok.

This is a massive deal. Part of the agreement, the license for 50 MHz of S-band spectrum in the United States and global Mobile Satellite Service (MSS) licenses, will allow SpaceX to develop a second-generation Starlink Direct to Cell constellation capable of delivering full 5G connectivity to unmodified cell phones. 5G connectivity anywhere in the world is actually happening. Insane.

BREAKING: Tesla has announced Megablock, their next-generation battery energy storage system that uses the all-new redesigned Megapack version 3. Megapack V3 will be manufactured in Houston in late 2026, with a 50 GWh production capacity. • 23% faster installation • 248 MWh per acre • Can install 1 GWh in 20 business days, equivalent to power for 400,000 homes • Uses a supped up Model Y heat pump

New 20 MWH Mega pack released by Tesla Energy. Seems like a great solution for power hungry data centers online already and the many more soon to come. Amongst many other use cases I could imagine.

Shoprite could deal some damage to its competitors, as they have millions of influenceable potential customers walking into their doors each day, waiting to be acquired. Will be interesting to see how Tymebank and Capitec respond to this.

Shoprite CEO Peter Engelbrecht on plans to expand into a fully fledged banking offering. This no-fee promise within the Shoprite ecosystem seems Apple-esque (ecosystem lock-in), and seems to be a rather cost-effective manner to entrench the brand in their customer's daily lives.

@JohannBiermann1 Pair trade would have yielded 30%!

Update on the Chuckles Ratio After peaking in July at 2.0x, the ratio has come down slightly to 1.9x. This means for every pack of Chuckles you buy, you could buy 1.9 WHL shares. Since 31 Aug 2024: - Price of WHL shares -19.7% - Price of Chuckles +11.1%

Shoprite's latest results show Sixty60 delivered sales of R19bn (growing 48% YoY). This is +- 40% of the entire revenue of the Woolworths food business (in store and delivery). Crazy to think how the retail landscape has been shaken up the past few years.

Most beautiful country in the world 🇿🇦

@JuniorBuffett Curious if the 4% size is due to illiquidity making it impractical to purchase more, or just risk management to keep it at a size you comfortable with?

Trellidor is now a 4% holding in my portfolio. Price target 300c (potential short term upside 36%) Why did I buy? Currently trading at below 5 PE. Zero debt and a restructured balance sheet. Net debt hit a peak of R147million in 2023. Should be able to start buying back shares or pay out dividends again. They paid out on average 20c per year between 2016 and 2021. Delisting or take out target? Directors own around 11% of the company with Mazi Asset Management, Aylet and Co (old coronation man) and Peresec Prime Brokers owning around 25% of the business. Did you know Trellidor was started in 1970, making it 55 years old today. Trellidor opperates in SA, Africa as well as the UK. Since listing in at 600c in 2015 this company had a rather torrid time. Lending covenants were breached in 2023 and lenders were in control. Management has been working hard on getting the business back to basics. It has been paying off debt, sold non-core businesses and are now fully focused on Trellidor. In February 2025 they transfered to the General Segment of the JSE which should result in some extra cost savings. The savings on the debt payments should result in a +-12c lift in 2026 FY HEPS alone. Over the last few periods Trellidor made around 80% of group profits. Thus in my opinion focusing on Trellidor only is a much better return. Have a listen to the latest results Webinar. What I do like is that the board is emphasising shareholder returns. Another positive I've noticed is above average volume in the share the past few weeks. Not advice. DYOR.

@CharlesHSavage Thanks Charles.

@SebastianGonne3 Latest tomorrow but trying for today.

@Discovery_SA Always pay my discovery savings account first #DiscoveryBestBank

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@CharlesHSavage Thanks Charles

@SebastianGonne3 No but will look into it. Thanks.

Hi @CharlesHSavage , a friend was trying to place a trade through the desk and could not get through to an operator after many calls. Another mate had managed to make a trade relatively easily via the desk on Friday. Is there any chance the desk wasn't operating normally today?

A lot of people spend enormous amounts of time perfecting their excel models and formulas But forget that deals are ultimately done because of relationships, not just because of what the model says

@DanielKingMWI What is makeup of the return over the last three years and YTD? (I.e. split between coupon paid and capital gain)

See the latest fact sheet of the Merchant West SCI Enhanced Income Fund here. We’ve done an annualised 9.7% over the last three years (with a max drawdown of only 1.6%) and 15.7% just in the year through May. (1/2)

A casino is simple math, wrapped in varying levels of (emotional) salesmanship.

Tesla FSD autopilot now an order of magnitude safer than the average driver on US roads.