Silicon Investor - Buffettology

[Savant] RT Warren Buffett Called Elon Musk 'Remarkable' But Never Invested — The Sp...

Savant — 6/18/2026 9:06:04 AM

RT Warren Buffett Called Elon Musk 'Remarkable' But Never Invested — The SpaceX CEO Made More In 24 Hours Than What Oracle Of Omaha Made In His Lifetime

Musk had lunch with Munger back in 2008...TSLA $200 million cap then.

Warren Buffett Called Elon Musk 'Remarkable' But Never Invested — The SpaceX CEO Made More In 24 Hours Than What Oracle Of Omaha Made In His Lifetime

[Paul Senior] Strange way to treat a stock portfolio, imo. You hire a guy to pick some stocks...

Paul Senior — 5/18/2026 9:09:05 AM

Strange way to treat a stock portfolio, imo. You hire a guy to pick some stocks, he does, then he leaves. And so you just sell his stock picks with that.

Nobody could see or agree that the person's stock picks were good or had a fit to Berkshire's investment philosophy and as such should be in the Berkshire portfolio? Apparently just the opposite - man's picks were tolerated/accepted while he was there, and were seen as unsuitable, and just sold as soon as possible after he left.

Berkshire sold a slew of stocks last quarter, likely as part of an effort to unwind positions tied to Todd Combs, who left the company at the end of 2025 to join JPMorgan. Combs had been personally recruited by Buffett to manage Berkshire’s equity portfolio alongside Weschler.Notable sales included Mastercard and Visa, two early Combs investments that reflected positions from his former hedge fund, as well as a full exit from Amazon, another holding widely seen as tied to him.

cnbc.com

I could see that Mastercard and Visa, maybe AMZN might be Buffett type stocks with the moats they seem to me to have. Maybe they're expensive or too expensive, but so too imo is Am Ex, and that wasn't sold.

Just makes me lose some confidence that the guys managing after Buffett don't really have conviction buys or deep knowledge with a lot of what they are buying.

[petal] If my B shares decline in price some more I will look at adding. Yeah why not – ...

petal — 4/26/2026 3:12:04 AM

If my B shares decline in price some more I will look at adding.

Yeah why not – it's a collection of great businesses! :--)

As long they don't mess up in a big way (which they probably won't, at least not any time soon), it seems to me that one could well use the stock in the same way as an would an index fund/closed-end mutual fund, "adding on dips", etc.

Regardless of that one capital critique, I think the Greg fear is overblown.

That fear doesn't seem to be that big/important, given that the share price is still pretty near ATH, and has appreciated much last few years – and as you alluded to, the stock doesn't look obviously cheap. (But down quite a bit relative to the indexes in the past month though!)

Both Munger and Buffett thought Abel a good choice – and their judgment about people has indeed been pretty apt. (Perhaps Munger's in particular, with his famous bet on Li Lu.) And there are also others, like Wechsler & Combs, and Jain.

Still, the main risk is probably succession – ownership succession. Howard Buffett seems like a fine man. Seems rather like his father, personality-wise. But at 71, he's no spring chicken himself, and he doesn't really seem like the capital allocator type – he's a farmer, and is good at farming, basically. What if Abel turns out to be so-so? Or, more likely, what if his successor is so-so? Or the successor's successor? Etc. etc. How will Howard (or his successor) be able to choose the right successor(s)?

That said, all companies have succession risk, and good companies tend to remain good companies, if the culture is strong enough. I think that Berkshire's culture is strong enough to persist through the decades. For at least one or two decades, the people who worked alongside Buffett and Munger––people who they chose––will carry the company forward. And for at least a decade or two, the company's reputation should keep attracting the right people; people who self-select into the Berkshire way.

[Sean Collett] It's only one critique, I mean I am bullish on them was the entire point. If i...

Sean Collett — 4/25/2026 2:58:19 PM

It's only one critique, I mean I am bullish on them was the entire point.

If it were me? Just keep clipping the coupon on their massive treasury holding and compound the cash. The market is frothy which is why they are not deploying capital elsewhere.

It's also possible they are trying to win shareholder favor with the exit of Buffett and put Greg in a positive light. It's a new regime and while Warren may not have done this the timing itself aligns with the speculative thesis. When they engaged in buybacks before I recall the price being much lower than it is today.

Regardless of that one capital critique, I think the Greg fear is overblown. If my B shares decline in price some more I will look at adding.

Happy weekend and investing!

Sean

[petal] The only thing I don't care for is wasting capital on buybacks.Doesn't the fact ...

petal — 4/25/2026 2:50:47 PM

The only thing I don't care for is wasting capital on buybacks.

Doesn't the fact that they do buybacks mean that Buffett thinks that the stock is undervalued? (And, presumably, is unable to find better buys?) If he didn't think so, surely they wouldn't do it – he is still Chairman, after all...

And it isn't really easy for them to deploy capital, given the size of their capital... What would you have done with the money, if you were Buffett/Abel? :--)

Happy weekend!
Petal

[Sean Collett] What's the groups thoughts on a true Buffett stock....Berkshire Hathaway? It see...

Sean Collett — 4/25/2026 1:25:37 PM

What's the groups thoughts on a true Buffett stock....Berkshire Hathaway? It seems Greg is being written off before he's had a chance to do anything meaningful. Handpicked by Warren and has worked with Warren and Charlie for years.

There is only one Buffett and Greg isn't likely to be close to Warren, but with $300B+ of cash he can almost fail upwards. He also seeks to be willing to trim failures fast. I think Greg has the ability to take Berkshire to maybe even new levels. Age is a concern though as Greg is already over 60 so runway is maybe a decade? Long time though.

The only thing I don't care for is wasting capital on buybacks. I find at the current price this isn't where I would allocate but hey....

Thoughts?

Happy investing,

Sean

[Harshu Vyas] *The Security I Like Most-Buffet I know people may have read this but it's so d...

Harshu Vyas — 11/27/2025 12:07:26 PM

*The Security I Like Most-Buffet

I know people may have read this but it's so damn good. I reread it this week and every couple of hours I keep coming back to it. I feel the urge to share it somewhere and this is the first place that comes to mind. It's so clean, clear... correct.

For context, this is a 21 yo Buffett (my age!) and he can communicate so brilliantly. By far, the best investment writeup I've read. Gosh, I compare this to VIC, Seeking Alpha, Substack... nothing really comes close.

[hfisch21] grok.com

hfisch21 — 3/11/2025 12:51:00 AM

[Paul Senior] I'll follow along with Buffett's surrogates and start a tracking position in NU....

Paul Senior — 1/2/2025 12:30:59 PM

I'll follow along with Buffett's surrogates and start a tracking position in NU.

They're also adding again to VRSN. I've held a tracking position for many years. Should've added but didn't. Reluctant to buy now with stock at current price, which seems high to me.

I like companies like these which have very high profit margins.

I outlook that NU, now ~$10.5, might trade maybe up around $19 in 12 months, if business continues as good as it has been (and stock market/Brazil don't collapse.)

[Harshu Vyas] Warren Buffett breaks down how he would invest if he had to start again with $1 ...

Harshu Vyas — 5/8/2024 4:11:09 PM

Warren Buffett breaks down how he would invest if he had to start again with $1 million (youtube.com)

Worth a watch. I'm in total agreement. If you want to beat the market, think small! That's the only edge we (as small investors) have.

[Riskmgmt] Thank you E_K_S I was looking for 2024 and see someone posted it. Well worth a...

Riskmgmt — 2/27/2024 2:20:52 AM

Thank you E_K_S
I was looking for 2024 and see someone posted it.

Well worth a read.

RM

[Riskmgmt] Lol. Yes it is and that’s what I was looking for. Thank you, greatly appreciate...

Riskmgmt — 2/26/2024 9:30:28 PM

Lol. Yes it is and that’s what I was looking for.

Thank you, greatly appreciated.

RM

[S. maltophilia] This one's a bit fresher: berkshirehathaway.com

S. maltophilia — 2/26/2024 9:07:45 PM

[E_K_S] Read Warren Buffett’s annual letter to Berkshire Hathaway shareholders ber...

E_K_S — 2/26/2024 8:50:58 PM

Read Warren Buffett’s annual letter to Berkshire Hathaway shareholders

berkshirehathaway.com

Warren Buffett's letter to shareholders for 2022 was released on Saturday in PDF format. In the letter, Buffett discusses various aspects of Berkshire Hathaway's operations, investment strategies, and the company's performance. He emphasizes the importance of long-term investing, the trust of shareholders, and the significant contributions made by Berkshire to various philanthropic causes. The letter also touches on the company's tax payments and its commitment to paying more taxes in the future. Buffett's annual letters have been a tradition for over six decades and are highly anticipated by investors globally

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[Riskmgmt] Does anyone have Buffett’s letter to shareholders that was released on Saturday ...

Riskmgmt — 2/26/2024 8:23:41 PM

Does anyone have Buffett’s letter to shareholders that was released on Saturday in PDF that they can post.

Thanks in advance.

RM

[E_K_S] Berkshire Cuts Stake In Apple And Paramount, Dumps DR Horton, Adds To Energy Gia...

E_K_S — 2/14/2024 6:34:22 PM

Berkshire Cuts Stake In Apple And Paramount, Dumps DR Horton, Adds To Energy Giants Chevron And OXY

[Sisyphus] Thank you so much for your post. I can't help but feel it's an end of an era. ...

Sisyphus — 11/29/2023 1:25:20 AM

Thank you so much for your post.

I can't help but feel it's an end of an era.

Charlie was an exceptional human.

Here is one of his masterpieces: jamesclear.com

[Glenn Petersen] Charlie Munger, investing genius and Warren Buffett’s right-hand man, dies at ag...

Glenn Petersen — 11/28/2023 8:57:45 PM

Charlie Munger, investing genius and Warren Buffett’s right-hand man, dies at age 99

PUBLISHED TUE, NOV 28 20234:00 PM EST
UPDATED 3 HOURS AGO
Marty Steinberg @MARTYCNBC1
CNBC.com

KEY POINTS

Charlie Munger made a fortune on his own before becoming vice chairman of Warren Buffett’s Berkshire Hathaway.
He also was a real estate attorney, philanthropist and architect.
“We think so much alike that it’s spooky,” Buffett once said of Munger.

Billionaire Charlie Munger, the investing sage who made a fortune even before he became Warren Buffett’s right-hand man at Berkshire Hathaway, has died at age 99.

Munger died Tuesday, according to a press release from Berkshire Hathaway. The conglomerate said it was advised by members of Munger’s family that he peacefully died this morning at a California hospital. He would have turned 100 on New Year’s Day.

“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement.

In addition to being Berkshire vice chairman, Munger was a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist and an architect.

In early 2023, his fortune was estimated at $2.3 billion — a jaw-dropping amount for many people but vastly smaller than Buffett’s unfathomable fortune, which is estimated at more than $100 billion.

During Berkshire’s 2021 annual shareholder meeting, the then-97-year-old Munger apparently inadvertently revealed a well-guarded secret: that Vice Chairman Greg Abel “will keep the culture” after the Buffett era.

Munger, who wore thick glasses, had lost his left eye after complications from cataract surgery in 1980.

Munger was chairman and CEO of Wesco Financial from 1984 to 2011, when Buffett’s Berkshire purchased the remaining shares of the Pasadena, California-based insurance and investment company it did not own.

Buffett credited Munger with broadening his investment strategy from favoring troubled companies at low prices in hopes of getting a profit to focusing on higher-quality but underpriced companies.

An early example of the shift was illustrated in 1972 by Munger’s ability to persuade Buffett to sign off on Berkshire’s purchase of See’s Candies for $25 million even though the California candy maker had annual pretax earnings of only about $4 million. It has since produced more than $2 billion in sales for Berkshire .

“He weaned me away from the idea of buying very so-so companies at very cheap prices, knowing that there was some small profit in it, and looking for some really wonderful businesses that we could buy in fair prices,” Buffett told CNBC in May 2016.

Or as Munger put it at the 1998 Berkshire shareholder meeting: “It’s not that much fun to buy a business where you really hope this sucker liquidates before it goes broke.”

Munger was often the straight man to Buffett’s jovial commentaries. “I have nothing to add,” he would say after one of Buffett’s loquacious responses to questions at Berkshire annual meetings in Omaha, Nebraska. But like his friend and colleague, Munger was a font of wisdom in investing, and in life. And like one of his heroes, Benjamin Franklin, Munger’s insight didn’t lack humor.

“I have a friend who says the first rule of fishing is to fish where the fish are. The second rule of fishing is to never forget the first rule. We’ve gotten good at fishing where the fish are,” the then-93-year-old Munger told the thousands of people at Berkshire’s 2017 meeting.

He believed in what he called the “lollapalooza effect,” in which a confluence of factors merged to drive investment psychology.

A son of the heartland

Mungee was born in Omaha on Jan. 1, 1924. His father, Alfred, was a lawyer, and his mother, Florence “Toody,”was from an affluent family. Like Warren, Munger worked at Buffett’s grandfather’s grocery store as a youth, but the two future joined-at-the-hip partners didn’t meet until years later.

At 17, Munger left Omaha for the University of Michigan. Two years later, in 1943, he enlisted in the Army Air Corps, according to Janet Lowe’s 2003 biography “Damn Right!”

The military sent him to the California Institute of Technology in Pasadena to study meteorology. In California, he fell in love with his sister’s roommate at Scripps College, Nancy Huggins, and married her in 1945. Although he never completed his undergraduate degree, Munger graduated magna cum laude from Harvard Law School in 1948, and the couple moved back to California, where he practiced real estate law. He founded the law firm Munger, Tolles & Olson in 1962 and focused on managing investments at the hedge fund Wheeler, Munger & Co., which he also founded that year.

“I’m proud of being an Omaha boy,” Munger said in a 2017 interview with Dean Scott Derue of the Michigan Ross Business School. “I sometimes use the old saying, ‘They got the boy out of Omaha but they never got Omaha out of the boy.’ All those old-fashioned values — family comes first; be in a position so that you can help others when troubles come; prudent, sensible; moral duty to be reasonable [is] more important than anything else — more important than being rich, more important than being important — an absolute moral duty.”

In California, he partnered with Franklin Otis Booth, a member of the founding family of the Los Angeles Times, in real estate. One of their early developments turned out to be a lucrative condo project on Booth’s grandfather’s property in Pasadena. (Booth, who died in 2008, had been introduced to Buffett by Munger in 1963 and became one of Berkshire’s largest investors.)

“I had five real estate projects,” Munger told Derue. “I did both side by side for a few years, and in a very few years, I had $3 million — $4 million.”

Munger closed the hedge fund in 1975. Three years later, he became vice chairman of Berkshire Hathaway.

‘We think so much alike that it’s spooky’

In 1959, at age 35, Munger returned to Omaha to close his late father’s legal practice. That’s when he was introduced to the then-29-year-old Buffett by one of Buffett’s investor clients. The two hit it off and stayed in contact despite living half a continent away from each other.

“We think so much alike that it’s spooky,” Buffett recalled in an interview with the Omaha World-Herald in 1977. “He’s as smart and as high-grade a guy as I’ve ever run into.”

“ We never had an argument in the entire time we’ve known each other, which is almost 60 years now,” Buffett told CNBC’s Becky Quick in 2018. “Charlie has given me the ultimate gift that a person can give to somebody else. He’s made me a better person than I would have otherwise been. ... He’s given me a lot of good advice over time. ... I’ve lived a better life because of Charlie.”

The melding of the minds focused on value investing, in which stocks are picked because their price appears to be undervalued based on the company’s long-term fundamentals.

“All intelligent investing is value investing — acquiring more than you are paying for,” Munger once said. “You must value the business in order to value the stock.”

Warren Buffett (L), CEO of Berkshire Hathaway, and vice chairman Charlie Munger attend the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019.
Johannes Eisele | AFP | Getty Images
-------------------------------------

But during the coronavirus outbreak in early 2020, when Berkshire suffered a massive $50 billion loss in the first quarter, Munger and Buffett were more conservative than they were during the Great Recession, when they invested in U.S. airlines and financials like Bank of America and Goldman Sachs hit hard by that downturn.

“Well, I would say basically we’re like the captain of a ship when the worst typhoon that’s ever happened comes,” Munger told The Wall Street Journal in April 2020. “We just want to get through the typhoon, and we’d rather come out of it with a whole lot of liquidity. We’re not playing, ‘Oh goody, goody, everything’s going to hell, let’s plunge 100% of the reserves’ [into buying businesses].”

The philanthropist/architect

Munger donated hundreds of millions of dollars to educational institutions, including the University of Michigan, Stanford University and Harvard Law School, often with the stipulation that the school accept his building designs, even though he was not formally trained as an architect.

At Los Angeles’ Harvard-Westlake prep school, where Munger had been a board member for decades, he ensured that the girls bathrooms were larger than the boys room during the construction of the science center in the 1990s.

“Any time you go to a football game or a function there’s a huge line outside the women’s bathroom. Who doesn’t know that they pee in a different way than the men?” Munger told The Wall Street Journal in 2019. “What kind of idiot would make the men’s bathroom and the women’s bathroom the same size? The answer is, a normal architect!”

Munger and his wife had three children, daughters Wendy and Molly, and son Teddy, who died of leukemia at age 9. The Mungers divorced in 1953.

Two years later, he married Nancy Barry, whom he met on a blind date at a chicken dinner restaurant. The couple had four children, Charles Jr., Emilie, Barry and Philip. He also was the stepfather to her two other sons, William Harold Borthwick and David Borthwick. The Mungers, who were married 54 years until her death in 2010, contributed $43.5 million to Stanford University to help build the Munger Graduate Residence, which houses 600 law and graduate students.

Asked by CNBC’s Quick in a February 2019 “ Squawk Box” interview about the secret to a long and happy life, Munger said the answer “is easy, because it’s so simple.”

“You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do. And all these simple rules work so well to make your life better. And they’re so trite,” he said.

“And staying cheerful ... because it’s a wise thing to do. Is that so hard? And can you be cheerful when you’re absolutely mired in deep hatred and resentment? Of course you can’t. So why would you take it on?”

— CNBC’s Yun Li contributed reporting.

Charlie Munger, investing sage and Warren Buffett's confidant, dies (cnbc.com)

[Harshu Vyas] I'm so stupid sometimes... I understand the business better now and it's a clea...

Harshu Vyas — 11/17/2023 2:11:55 PM

I'm so stupid sometimes...
I understand the business better now and it's a clear buy-and-hold forever.

My mistake was "trading" the stock and cashing out too early every time I bought it in the nineties, in the hundreds and in the hundred-and-tens. Big blunder - keeping your winners is definitely the right approach.

[Harshu Vyas] Expedia - clear Buffett stock. Low capex, high ROIC, strong earning power... ...

Harshu Vyas — 8/31/2023 11:32:14 AM

Expedia - clear Buffett stock.

Low capex, high ROIC, strong earning power...
EV/EBIT under 9 signalling a good price.

Perhaps, a cyclical - though, I'm not convinced travel demand will really slow down.
My uncle and his family are middle class and quite stingy with money - he's going to go on three holidays in the next year! People value these experiences more ever since they've been deprived of it!

Still trading below pre-pandemic levels.

Best,
Harshu Vyas

[Harshu Vyas] Hi Sean, Similar thesis to yours - eventually, I feel, consumers will forgive. ...

Harshu Vyas — 8/24/2023 12:22:06 PM

Hi Sean,

Similar thesis to yours - eventually, I feel, consumers will forgive. They have short-term memories.
But the management - maybe it's time for a rethink. They're doing too much to a "quality" company - you could leave it alone with no input, and it'd be doing better...

I also just don't understand why they have such terrible liquidity and poor cash flows - in the first half of this year, they didn't even generate free cash flow. It keeps me from investing right now.

As for the downturn, I don't think they suffer - it's a defensive.

Best,
Harshu Vyas

[Sean Collett] RE: BUD I have also been thinking about BUD as I think they will eventually rec...

Sean Collett — 8/24/2023 11:56:10 AM

RE: BUD

I have also been thinking about BUD as I think they will eventually recover from this marketing situation.

Stable revenue and I am hoping they can take the coming economic situation + this marketing situation to reduce costs and set themselves back up for higher margins once things recover.

While the FCF is good their debt situation in the short-term does have me concerned - especially if this downturn does take hold for longer than you would think.

Your thoughts on that, Harshu?

-Sean

[Harshu Vyas] Bought even more - now over 70% of my portfolio. A good company at a foolish val...

Harshu Vyas — 8/24/2023 10:32:29 AM

Bought even more - now over 70% of my portfolio. A good company at a foolish valuation.

Am also looking at BUD as a Buffett stock. I rarely drink alcohol so don't know the market well enough - but the financials do paint an appealing picture.

[Sisyphus] FWIW, I consider NVR to be outstanding company with extremely capable, sharehold...

Sisyphus — 8/16/2023 12:40:23 AM

FWIW, I consider NVR to be outstanding company with extremely capable, shareholder-friendly management and a "forever" security.

Long ago I did a deep dive on their business strategy and financials and evaluated them agains their peers. Not only did they blow their competitors away, their metrics actually rivaled and often exceeded those put up by tech market "darlings."

Their "asset-light" business model, focus on local markets and enormous liquid balance sheet creates an economic moat that has proven unassailable over several market cycles.

Unfortunately they are hardly ever cheap.

After watching them for years and missing my chance in early 2020, I was finally able to scoop up decent amount at just over $4k a share late 2022.

I still rue my indecision not to pickup 3x the shares I acquired. Fortunately, it was enough to make it a top 4 position in my portfolio, so all was not lost.

Is it a buy today at near an all-time high, at 14x earnings and 14x cash flows?

Hard to say.

But if you compare to it current market multiples, BRKA just revealing a starter a position, and if you have a 10+ year time horizon, I would certainly bet that you'd beat the S&P500 over that same time frame (though that may not be saying much).

Sisyphus

[Harshu Vyas] Buffett's given the go-ahead regarding homebuilders. Hmm... the start of a new h...

Harshu Vyas — 8/14/2023 5:15:38 PM

Buffett's given the go-ahead regarding homebuilders. Hmm... the start of a new housing cycle.
Ftr, he bought: LENN, NVR, DHI.

I find this behaviour very interesting and will watch the homebuilders closer now. I have discussed them briefly on the Value Investing thread earlier this year with Paul Sr and others but clearly more research is required now.

Buffett also added to COF and OXY.
COF is pretty easy to understand - trades at a discount to book and is an earning machine!
OXY has been discussed on the Value Investing thread.

Best,
Harshu Vyas

[Harshu Vyas] For the record, WBD is the second largest position in my portfolio. A clear to-...

Harshu Vyas — 8/9/2023 11:07:35 AM

For the record, WBD is the second largest position in my portfolio.
A clear to-be Buffett stock. Added to my position today. Was comfortable averaging up- usually, I don't like to do this.
Earnings SHOULD easily be materially higher a decade from now - and that's the endgame with this pick.
A clear winner.

Best,
Harshu Vyas

[Harshu Vyas] WBD - Warner Brothers Discovery A Buffett stock? Think about all of the massive...

Harshu Vyas — 6/15/2023 3:25:38 PM

WBD - Warner Brothers Discovery

A Buffett stock? Think about all of the massive franchises they own and for each age group.

Whilst I hate trying to work out the value of intangibles on the balance sheet, this is one of the few times I believe they're understated.
It's true the company is suffering from many operational problems - probably from expanding too fast - but the underlying business, once (what I like to call) the "teething" pains have diminished, will surely be much more valuable.
I have taken a large(ish) position - over time, as all of the streaming platforms get eaten up by larger platforms, WBD's dominance will further be revealed.

This is my belief, anyway.
I think that this is a similar play to Buffett buying Disney because of their animated film library in the sixties.

Let me know your thoughts.

Best,
Harshu Vyas

P.S - It could be interesting to look at some of the smaller contenders in the entertainment industry. The fact they will likely be acquired by some of the "bigger dogs" is a catalyst. Of course - do you due diligence, thoroughly.

[ndxcharm] Transcript of Buffett interview with Nikkei Asia asia.nikkei.com

ndxcharm — 4/12/2023 12:24:22 PM

[ndxcharm] Buffett interview on CNBC by topics. Haven't seen the full length interview vid...

ndxcharm — 4/12/2023 12:22:49 PM

Buffett interview on CNBC by topics. Haven't seen the full length interview video yet.

On the economy - interesting take on insurance vs other lines of business
cnbc.com
Inflation data
cnbc.com
On banking - banks & markets earnings driven more than sound practices
cnbc.com
cnbc.com
On CRE
cnbc.com
On Japanese Trading house investments
cnbc.com
On Jerome Powell and America
cnbc.com
On Norfolk Southern derailment response
cnbc.com
On Bitcoin and Crypto and chain letters
cnbc.com
On AI, ChatGPT - demo from Bill Gates
cnbc.com

[ndxcharm] Warren's 2022 letter is out. Loved the way he concludes the letter: "What work...

ndxcharm — 2/25/2023 5:27:59 PM

Warren's 2022 letter is out.

Loved the way he concludes the letter:
"What worked for See’s in the days of Henry Ford’s model T works now."

Fate of a durable moat contrasted with that of an exciting breakthrough.

[Vic J] Markets have always been about gambling so I disagree with Mr. Buffet. Maybe thi...

Vic J — 1/29/2023 2:19:06 PM

Markets have always been about gambling so I disagree with Mr. Buffet. Maybe things are a little more active given that more people participate in the markets now than before.

[Oddbird] Dr. Burry Case studies, but no spreadsheet. Some action of trades. Good read....

Oddbird — 1/7/2023 5:05:14 PM

Dr. Burry Case studies, but no spreadsheet.

Some action of trades. Good read. Link at bottom. Enjoy.

google.com

[Iron Mick] Hi, Does anyone by chance have the old spreadsheet Dr. Burry had created & post...

Iron Mick — 1/2/2023 12:20:19 PM

Hi,

Does anyone by chance have the old spreadsheet Dr. Burry had created & posted on Valuestocks.net back in the late 90's?

Have searched high & low, but no luck.

Appreciate anyone's help if they still have it and are willing to share.
Thank you!

Mick

[Glenn Petersen] New minimum tax could hit Berkshire Hathaway and Amazon hardest, study shows Pu...

Glenn Petersen — 9/26/2022 9:04:56 AM

New minimum tax could hit Berkshire Hathaway and Amazon hardest, study shows

Published Sun, Sep 25 20221:17 PM EDT
Updated 2 Hours Ago
Jack Stebbins @jackstebbs

Key Points

The UNC Tax Center used 2021 financials to predict the effect of the Inflation Reduction Act's minimum corporate tax.
The 15% minimum tax would impact around 78 companies, with Berkshire Hathaway and Amazon paying the most.
President Joe Biden signed the tax into law, along with the rest of the Inflation Reduction Act, in August.

Researchers applied the Inflation Reduction Act's new 15% corporate minimum tax onto 2021 company earnings and found that the burden would only be felt by about 78 companies, with Berkshire Hathaway and Amazon paying up the most.

The study from the University of North Carolina Tax Center used past securities filings to map the tax, which goes into effect in January, onto companies' 2021 earnings.

The researchers found that the 15% minimum would have taken a total of $31.8 billion from 78 firms in 2021. Berkshire led the estimated payout with $8.33 billion, and Amazon follows behind with $2.77 billion owed based on its 2021 earnings.

The study notes the limitations of looking solely at public company data within a single year. The researchers recognized that these estimates may be subject to change, especially as company operations change under the tax in 2023.

President Joe Biden signed the minimum book tax into law, along with the rest of the Inflation Reduction Act, in August. The tax is specifically meant to target companies earning more than $1 billion per year.

The Joint Committee on Taxation had previously estimated that it would affect around 150 firms, with the costs falling specifically on the manufacturing industry. The bipartisan JCT also predicted $34 billion in revenue in the first year of the tax, slightly more than the theoretical 2021 revenue estimated at UNC.

According to the study, the next-highest taxes would be paid by Ford, AT&T, eBay and Moderna, all of which would owe more than $1.2 billion in payments based on their 2021 financials.

cnbc.com

[Paul Senior] Anybody here adding at these levels? Stock maybe again in Berkshire buying ran...

Paul Senior — 6/28/2022 5:29:51 PM

Anybody here adding at these levels? Stock maybe again in Berkshire buying range. Otoh, I guess an investor negative might be that expected "earnings" will be down or a loss in upcoming q report because the overall market is down and BRK must mark-to-mark its holdings.

I'll go for a bit more at current price.

[Sr K] Buffett Says Markets Have Become a ‘Gambling Parlor’ At the Berkshire Hathaway ...

Sr K — 5/1/2022 11:52:04 AM

Buffett Says Markets Have Become a ‘Gambling Parlor’

At the Berkshire Hathaway annual meeting, CEO Warren Buffett shared his thoughts on the state of the markets, Berkshire’s insurance business and recent investments.

Excerpt

[Harshu Vyas] Question regarding Berkshire Annual Meeting: Does anyone know about the "intell...

Harshu Vyas — 5/4/2021 11:04:30 AM

Question regarding Berkshire Annual Meeting:

Does anyone know about the "intelligent person" Charlie Munger was referring too in the Berkshire Annual Meeting about inflation?

,Many thanks in advance,
Harsh

[petal] Thanks! Yes, sounds familiar. Interesting that he was less risk averse with own ...

petal — 3/11/2021 6:01:15 PM

Thanks! Yes, sounds familiar. Interesting that he was less risk averse with own money than that of others; I’m same way: will take as good sign :’)

Greetings,
petal

[JohnCC] I'm not too sure, but if I believe he bought some small stocks for his own portf...

JohnCC — 3/11/2021 5:55:52 PM

I'm not too sure, but if I believe he bought some small stocks for his own portfolio and speculated with commodity futures. If I remember correctly he did this to get money to pay for his own private expenses as he didn't want to take any money from Berkshire.
Hope I helped you

John

[petal] Just dropping in for some help. Looking for info on Buff did after closing the p...

petal — 1/15/2021 3:28:03 PM

Just dropping in for some help. Looking for info on Buff did after closing the partnership? In Lowenstein's book on W.B., he says that he did some option trades and the like, way riskier stuff than he would ever do when stewarding other ppl's money. Can't find any info on GOOG though... Anyone know? Please, enlighten me!

Kisses,
petal

[Carey Thompson] Berkshire Hathaway sells part of its holding on Davita in connection with the DV...

Carey Thompson — 9/23/2020 12:24:18 PM

Berkshire Hathaway sells part of its holding on Davita in connection with the DVA tender offer closed on Sep 14, 2020.

investors.davita.com

[jrosenb4] Can you share it with me please?

jrosenb4 — 6/2/2020 1:28:45 AM

[Sr K] WSJ Updated May 2, 2020 10:28 pm ET Warren Buffett offered reassurance at Ber...

Sr K — 5/3/2020 12:04:25 AM

WSJ

Updated May 2, 2020 10:28 pm ET

Warren Buffett offered reassurance at Berkshire Hathaway Inc.’s annual meeting Saturday that the U.S. economy will recover steadily from the coronavirus pandemic.

Speaking onstage at an empty arena in downtown Omaha, Neb., Mr. Buffett said the range of possibilities from the pandemic was wide, but it had significantly narrowed in recent weeks.

He said it now seemed unlikely the world would face the worst possible health and economic scenarios from the novel coronavirus, compared with some of the predictions made earlier this year. Moreover, the U.S. economy will recover with time, Mr. Buffett said.

“We’ve faced tougher problems, and the American miracle, the American magic, has always prevailed,” he said in livestreamed remarks, adding that it would do so again.

Despite Mr. Buffett’s confidence in the economy’s ability to overcome obstacles over time, he said it is hard to factor in an unpredictable event like a pandemic on markets, and he underscored his policy of not using borrowed money for investments.

“You can bet on America, but you are going to have to be careful on how you bet. Simply because markets can do anything,” he said.

Mr. Buffet said Berkshire sold about $6.5 billion of stock in April.

Much of those sales were shares of airline companies, Mr. Buffett said. Berkshire had significant holdings in four of the largest carriers in the country— United Airlines Holdings Inc., American Airlines Group Inc., Delta Air Lines Inc. and Southwest Airlines Co. It sold its entire stake in each company.

“When we sell something, we sell our entire stake,” he said.

Mr. Buffett added that the coronavirus crisis has changed the business in a dramatic way through no fault of the companies’ management.

“The airline business has the problem that if the business comes back 70% or 80%, the aircraft don’t disappear,” he said. “The world changed for airlines.”

Mr. Buffett also said he was personally looking forward to flying again, though he “may not fly commercial.”

Inside Berkshire, Mr. Buffett said earnings would be less overall for the company, but the conglomerate’s largest businesses—insurance, railroads and energy—are in decent shape and will continue to produce cash.

Saturday’s meeting was stark in contrast to most years.

Typically, thousands of people flock to Omaha each year for the Berkshire meeting, filling a venue that seats nearly 20,000 and many of the city’s hotels. These Berkshire shareholders come to buy products from the host of companies held in the conglomerate—from Geico and Fruit of the Loom to See’s Candies and Brooks Sports—and hear from Mr. Buffett and Charlie Munger for hours.

But because of the coronavirus pandemic, only Mr. Buffett and Greg Abel, Berkshire’s vice chairman of noninsurance operations, were physically present at this year’s meeting. The two took shareholder questions chosen by a group of handpicked journalists.

[Sr K] Nobody posted here about the Annual Meeting, held virtually, but still in the ne...

Sr K — 5/2/2020 6:58:44 PM

Nobody posted here about the Annual Meeting, held virtually, but still in the news. BRK lost $49.7M for the Q1, required to Mark to market its stock holdings.

I'll grab a piece of the WSJ article.

11:02 AM

Edit

In the first quarter, Berkshire bought back $1.7 billion of its own shares, the company said. Berkshire changed its buyback policy in 2018, and some shareholders have said they would like the company to spend significantly more cash repurchasing its stock.

wsj.com

[Riskmgmt] Updated Jan. 29, 2020 8:07 pm ET / Original Jan. 29, 2020 11:52 am ET Order Repr...

Riskmgmt — 2/5/2020 4:51:41 PM

Updated Jan. 29, 2020 8:07 pm ET / Original Jan. 29, 2020 11:52 am ET
Order ReprintsPrint Article

Text size

Warren Buffett, CEO of Berkshire Hathaway. Photograph by Johannes Eisele/AFP/Getty Images
Berkshire Hathaway is sitting on profits of about $47 billion on its almost 6% stake in Apple, making it one of the best investment decisions by CEO Warren Buffett during his 55 years at the helm of the Omaha, Neb.-based conglomerate.

Berkshire’s (ticker: BRKA) holding of 254.6 million Apple shares (AAPL)—based on Sept. 30, 2019, data—is now worth $83 billion, with Apple shares closing at $324, up more than $6 a share on Wednesday. Berkshire’s cost is around $36 billion, or $141 a share.

barrons.com

[Paul Senior] Yes, I am buying very small amounts of other stocks. Otoh, this month I have be...

Paul Senior — 12/22/2019 1:06:06 PM

Yes, I am buying very small amounts of other stocks. Otoh, this month I have begun trimming positions and eliminating positions throughout my portfolios, and my cash now is the highest its ever been - although still a small percentage of my portfolios. I am considering continuing to do this to a greater extent, but it's difficult for me to part with positions that I've never touched and have followed and held for many or several years -- stocks whose prospects still seem good but are trading near highs. I hold no bonds or bond portfolios, and only one ETF (growth stocks), so there's no mitigating factor there for me if the stock market should fall.

[Riskmgmt] Re: “Which leaves me with a concern. Why would the market continue to move up th...

Riskmgmt — 12/22/2019 11:19:25 AM

Re: “Which leaves me with a concern. Why would the market continue to move up though? The S&P's up 28% ytd, the Dow Jones Total Stock Market Index up 27% -- how much more up can we expect in 2020? I wrestle with this.”

But I thought you said you were selling BRK to put the money in other stocks that might do better? So, you would presumably still have the market risk.

The one thing I like about BRK is that is has a ton of cash, proven management and a well diversified business so should a sell off in the market occur it would tend to hold up better than most other stocks. In fact Buffet has a proven track record of doing his best deals when the markets do sell off and things are looking most dour.

If, on the other hand, the market continues on an upward trend, BRK is a cats whisker from taking out its previous high of $227.8. It’s been knocking on that door for a while now and a break out above that gives us open sky’s for a nice run up.

Lastly, a P & F chart

[Spekulatius] Re BRK Aren't the $220B accounted for in the book value? You're paying 20x earn...

Spekulatius — 12/22/2019 10:26:36 AM

Re BRK

Aren't the $220B accounted for in the book value? You're paying 20x earnings where part of the earnings are interest and dividend income. If that's important or significant, why not just buy WFC of some other of his holdings at p/e much less than 20x and get the dividend there at the much lower p/e?

Yes, the $220B in investment are accounted for in the book value, but you were talking about the PE ratio and I was pointing out they the PE ratio doesn’t account for investment part of BRK, unless you use something like look through earnings.

Regardless of what method one uses (Morningstar method, Aquamarin fund valuation letter etc) , you will typically find that BRK trades somewhat cheap at probably around 0.8x fair value.

[Paul Senior] Ok, here's another possibility why you and Spekulatius might be right: Although...

Paul Senior — 12/22/2019 9:39:28 AM

Ok, here's another possibility why you and Spekulatius might be right:

Although I said BRK hasn't moved up much, and maybe it won't, I can look at it this way and postulate that

IF the market continues to move up, how can BRK not move up as well? It's entrenched in our economy, has a great management team and great assets and tons of cash. Too many people know and like Buffett. BRK stock at a minimum would have to move up from its price now.

Which leaves me with a concern. Why would the market continue to move up though? The S&P's up 28% ytd, the Dow Jones Total Stock Market Index up 27% -- how much more up can we expect in 2020? I wrestle with this.

[Paul Senior] Aren't the $220B accounted for in the book value? You're paying 20x earnings wh...

Paul Senior — 12/22/2019 12:29:31 AM

Aren't the $220B accounted for in the book value? You're paying 20x earnings where part of the earnings are interest and dividend income. If that's important or significant, why not just buy WFC of some other of his holdings at p/e much less than 20x and get the dividend there at the much lower p/e?

Imo, BRK is reasonably valued only if Buffett can deliver better results going forward. Not because the p/e only credits the operating businesses and the market hasn't caught on to $220B in investments where only the interest/dividends are flowing to the income statement.