mungofitch’s Activity

Yesterday

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 2:44 PM

Re: $7B+ class action lawsuit by fired WFC emplo

filed a class action lawsuit on Monday in federal court against the bank seeking $7.2 billion or more
...
Well, that's a big number.


I suppose the next shoe to drop is getting the class certified for the shareholder suit [more]

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 11:30 AM

Re: $7B+ class action lawsuit by fired WFC employees

Well, that's a big number.

I have much sympathy for the employees being stuck in such a situation.

But, strictly speaking, it seems they were fired for not making sales goals, not for "refusing to open fake accounts", [more]

Mon Sep 26

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 7:43 AM

Re: Stumpf resigns from fed advisory panel

fake clients are radiactive
level no-nos
...
Shouldn't that be radioactive instead of radiactive?


Yeah, well, I proof things repeatedly, but it's about 6pt type on my tablet.
The old eyes ain't what they [more]

Sun Sep 25

NL

Boards Post

mungofitch replied to the Falling Knives board. 11:49 AM

Re: CBI

I see huge Nov $30 call open positions, may be related to earnings...

I suspect your suspicion is true.
If I am not mistaken, the early November earnings release will shift the
trailing four quarters earnings figure from [more]

Sat Sep 24

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 7:04 PM

Re: Stumpf resigns from fed advisory panel

Sorry to be so crude but I always have an underlying sense of outrage at the unfairness of the financial rescue and TARP.

As an aside...

The banking section of TARP turned a very nice profit for US taxpayers,
so a case [more]

NL

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mungofitch replied to the Berkshire Hathaway board. 6:53 PM

Re: Stumpf resigns from fed advisory panel

Fake people = very big no-no in the banking business.
...
Why would fake people be a "big no-no" and fake accounts of real people be just a "no-no". Seems like both are equally bad.

My understanding is [more]

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Boards Post

mungofitch replied to the Berkshire Hathaway board. 11:46 AM

Re: Stumpf resigns from fed advisory panel

https://solari.com/blog/unanswered-questions-about-wells-far...

I'm a little unclear here.
The questions start with
How many credit cards [more]

Fri Sep 23

NL

Boards Post

mungofitch replied to the Falling Knives board. 5:07 PM

Re: FKA: WFC

2M fraudulent accounts cannot change I don't know what kind of serious harm you are looking for.

Since I having some corrupt friends in the banking business (absolutely true, as it happens—out on parole),
I just opened a bank [more]

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 4:14 PM

Re: Stumpf resigns from fed advisory panel

Their would actually be someone running for pres that you can actually vote for.

I'm not American, so I have no public opinion on the upcoming US election.
But gosh, it's hard to take seriously a comment with that [more]

NL

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mungofitch replied to the Falling Knives board. 12:23 PM

Re: CBI

Whether the losses were one-time is a separate discussion. They so rarely are.
...
Are you expecting any other one-time charges in the coming quarter. I could not find any.


No expectations, no information.
It's just [more]

NL

Boards Post

mungofitch replied to the Mechanical Investing board. 12:01 PM

Re: Help, the market has gone up!

There's a fallacy here. In America, and in any other country with
similar government paid retirement benefits, no one ever is left with no income.


I don't think of it as a fallacy, just a two part calculation.

I [more]

Thu Sep 22

NL

Boards Post

mungofitch replied to the Falling Knives board. 9:04 PM

Re: FKA: WFC

I remember how passionately you invented the argument about the
accounting Amazon is employing as fraud. You are a very smart person,
very analytical, can certainly see what is going on here, can see the
fraud but you are just too
[more]

NL

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mungofitch replied to the Mechanical Investing board. 8:15 PM

Re: Help, the market has gone up!

Warren Buffet doesn't need fire insurance on his house.
Joe Blow would need fire insurance on that same house, if he owned it.
I dare say that anyone with, say, a $2 million portfolio at age 76
doesn't need to buy an annuity.
[more]

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 7:31 PM

Re: Stumpf resigns from fed advisory panel

Is a resignation from WFC next?

Or maybe he's just very upset with them and doesn't feel like helping out any more.
Quite aside from whether he's culpable of anything, in his shoes I sure would feel that [more]

NL

Boards Post

mungofitch replied to the Mechanical Investing board. 7:26 PM

Re: Help, the market has gone up!

I hope that will improve, but even the current products are better than not buying them.
....
Only if the financial institutions are still solvent when it comes time for you to collect the payouts.


True enough.
I'm [more]

NL

Boards Post

mungofitch replied to the Falling Knives board. 3:22 PM

Re: FKA: WFC

I'm not trying to defend what were clearly unacceptable actions on a large scale,
this opening of 2 million accounts that were not requested.
But the victims of these actions don't rate very high on the suffering
[more]

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 2:46 PM

Re: OT: My WFC ride

Sigh...guess i'll settle in for another 31 months and hopefully enjoy a well engineered turnaround that brings better value.

You don't need a turnaround.
Track the value, not the price.

The issue you should be [more]

NL

Boards Post

mungofitch replied to the Mechanical Investing board. 2:42 PM

Re: Help, the market has gone up!

The historical 15'th percentile CAGR for a 10.4 year 60/40 portfolio was 5.7%.
$100K will grow to $178K. Minimum CAFR was 0.8%.


Two cents:
It is my belief that past results do not provide anything much in the way of useful [more]

NL

Boards Post

mungofitch replied to the Mechanical Investing board. 2:25 PM

Re: Help, the market has gone up!

But, it sure seems that I could do a lot better by sticking whatever the cost of a longevity policy is into investments, even simple indexing.
There's a 30 year time horizon there and despite the current market overvaluation, it seems
[more]

NL

Boards Post

mungofitch replied to the Berkshire Hathaway board. 12:11 PM

Re: CBI call question for Mungo

Well, as with anything, you have to work your way down the checklist.

Should you be owning equities?
If so, how much?
If so, which ones? Do you have the skills to know better than a dartboard does?
Is CBI one of the best choices [more]

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