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Masterofnone

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  1. In the last 25 years nobody "made a killing" buying Berkshire. But by repeatedly buying when it was cheap it provided a wonderful risk-adjusted return. The down side was always covered, certainly to the detriment of total returns, but that is the price paid for safety. And the surprises will mostly be pleasant ones, likely even when the old fellow dies or passes the reins.
  2. Meaningless conjecture- The price action the last two days has the feel of shorts covering on the bid and short-term traders taking their 10% on the ask.
  3. Isn't it wonderful that they reported great results! Getting rich fast is terrific but pretty fast works too. The stock is 6% off all time highs with shorts still working on it. Relax and wait a few months...
  4. In the interest of hyperbole, 1000/907 is 10.25%, but your point stands.
  5. +1 I started in this game in my late thirties. My actions were ill informed and results reflected this. Things worked out when finding Berkshire. It was my "best idea" and really only idea based on deep understanding. In the subsequent 30+ years the bulk of my investing was adding when it was cheap and never selling, resulting in returns a couple of percentage points better than the underlying stock. But during this time, Berkshire was a unique company- total downside protection with Buffett at the helm. (I wish I could say that my other ideas kept me out of bars...) I have done much better over the years buying good companies when they were too cheap than "betting" on stories. The allure of quick riches can incinerate capital that otherwise could have slowly and surely led to riches.
  6. These companies only work in a few scenarios. A very few of them actually do have shareholder friendly management and dividend out excess cash. Otherwise, there has to be a catalyst such as a potential uplisting or sale. I've had both of these work once, and each time it took longer than anticipated. Those really successful in this space have the resources and energy to become significant % owners of a company and force management to unlock value. This route works in cases of lazy or incompetent management but not if they are crooks. Very tough space but some do it well as full-time managers with the willingness to barge in and make changes.
  7. Well this is the COBF board... Whittled my BRK position down to 64% (been buying the dips for 25 years and it has served me well.) Fairfax 13% Moving 4% to an outside manager next week 2-3% PCYO, PX, CLWY, JOE, WFC
  8. Just thinking that the created demand of 6 days worth of volume plus likely run-up in anticipation of this demand could possibly create that favorable valuation.
  9. Should Fairfax get included in the index does anyone think they might use this as an opportunity to exit a portion of the TRS? There's a big wad of shares owned by the counter party.
  10. Not to continue to flog this discussion, but the point of owning Berkshire is risk adjusted return. Sure there are ways to make money faster. If someone insists I steer them into a stock my only response is Berkshire- moral hazard and all... There have been so few downdrafts in recent stock market history that folks tend to discount the value of safety and the potential of benefiting from "bad" times. BRK's portfolio is not optimized for total return but for risk adjusted return.
  11. gfp seems correct again. (He usually is.) The companies I own which have had significant short interest have all risen substantially this week.
  12. Yup. Since I don't know where the indices and ETFs will go I split purchases like this in thirds. (If I did, I'd be set trading the indices....) I'll be back in full if it overshoots to 303. Good time to play this game I think.
  13. Repurchased a portion of BRKB sold above 370. "Trading around a core". Or just to keep me amused.
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