Avoiding IEP should have been easy. In the last 9 years on average, Shareholder Equity declined 4% per year and Shares Outstanding increased 12% per year. The good news is that because of the complicated corporate structure (LP Depositary Units Repr Units of LP Interests), IEP was not in most mutual funds. This was another red flag. (Maybe another question should be who else is investing.)

It is a bit concerning that moneyfortherestofus.com missed this. IEP was also picked by some SIP screens in 2022 ({Up_5%},{Up5X3},{Silver_Parachute}), but was not picked the week before the big drop on May 2nd. This might have just been luck.

          IEP        IEP     Berkshire   Berkshire
year  Equity[$B]  shares[M]  Equity[$B]  shares[M]
2013     13.3        112         224       1.64
2014     12.4        120         243       1.64
2015     10.0        127         259       1.64
2016      8.0        138         286       1.64
2017     11.4        161         352       1.64
2018     12.9        180         353       1.65
2019     10.9        200         429       1.64
2020      9.3        221         451       1.62
2021      9.3        260         515       1.53
2022      9.6        316         481       1.47
 
CAGR      -4%        12%         9%         -1%

           Ownership of BRK.A               % Total    % Total
                  Name                    Shares Held  Assets
          Fidelity® Contrafund®               1.29       9.38
  Fidelity Contrafund Commingled Pl 3         0.45       8.90
        Fidelity® Contrafund® K6              0.27       8.86
    Fidelity Advisor® New Insights I          0.11       5.01
   Vanguard Instl Ttl Stck Mkt Idx Tr         0.07       0.04
 
 
            Ownership of IEP                % Total    % Total
                  Name                    Shares Held  Assets
     Global X SuperDividend' US ETF           0.07       0.97
        Kinetics Paradigm No Load             0.06       1.33
    Fidelity® NASDAQ Composite Index®         0.05       0.09
Kinetics Small Cap Opportunities No Load      0.03       1.78
   Multi-Asset Diversified Income ETF         0.03       0.66

https://www.morningstar.com/stocks/xnas/iep/owners...
https://www.morningstar.com/stocks/xnys/brk.a/owne...

SI Pro Rankings 2023-04-28
https://discussion.fool.com/t/si-pro-rankings-2023...

SI Rankings 2022-08-26
http://www.datahelper.com/mi/search.phtml?nofool=y...

Mechanical Investing FAQ

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