73 Reds

I see it differently. It is incredibly easy to hold onto great businesses when you don't look at them as tradable clicks. Buffett has talked about this often. Why would it be difficult to hold onto stocks but not so difficult to hold onto all of Berkshire's subsidiary businesses?

I suppose that by the same token Berkshire is a "no moat business". When you professionally analyze companies and give no credit to superior management your analysis is worse than worthless. Unless an idiot can successfully manage Fairfax, it clearly has a moat.

My thoughts about Berkshire extend well beyond the present time. How does Buffett view the future? If investment alternatives are limited now, what about 5 and 10 years from now? How large can Berkshire grow until something needs to change? Will any such changes happen during Buffett's tenure, and if so, what will they be?

No share buybacks is not real surprising, particularly if you go back and read his last downtrodden letter to shareholders. A combination of stretched valuations and stalwart holdings with a lot more future uncertainty doesn't provide much buyback appeal.

Why are folks complaining about MW? Personally, I wish they'd come back - it provided a great opportunity. BTW, how do you measure ROI on the TRS? Has to be one of the all-time great trades/investments so far.

@cubsfan Thanks for posting.

Well, we're at nearly 60 years and counting! And barring anything too significant he's still right on pace for this year.

Makes Buffett's track record of nearly 20%/year since inception look all the more incredible.

@viking Watching paint dry is wonderful. Knowing that when you wake up in the morning you are worth that much more than when you fell asleep last night feels good. Weekdays, weekends, holidays - all the same!

Has anyone made money following Jim Grant?

@cubsfan, I give you credit for at least trying; I don't engage wanton ignorance. But I'll renew my request to have his original comment removed by a moderator; it went well beyond "offensive".

I'm "retired" so every day is a free day. Basic activities are reading, managing/seeking out investments, helping others with things I am good at, and working out/staying fit - in that order.

Such comments deserve no place in this, or any other forum. Beyond that there is no further need to dignify it with a reply.

Really? Sanjeev, comments like this warrant a moderator.

Almost anything can be done bigger, better and more efficiently with the right people and resources. Berkshire has, and can retain both. Slap a "Berkshire Hathaway" brand on nearly any enterprise and get to work. Then there is every for-profit activity not yet in existence and/or that may be in some stage of development. To suggest that there is a limit on future growth defies any point in history. And when all else fails, Berkshire can engage its owners in the same ways as other mature companies by returning capital to shareholders until something better comes along for allocation of excess earnings.

I've never understood the argument that Berkshire is too big. There are several trillion-dollar market cap companies that only do one or a few things worthy of my investment dollars. Berkshire can invest in literally anything, anywhere. They may not have the necessary talent now but there is nothing to prevent them from hiring the right folks for any endeavor.

Respectfully disagree. Who is to say that Post-Buffett they don't, or can't understand just about anything?

In a tax-deferred account you can nimbly exit and re-enter so your considerations are far easier than for those of us with substantial deferred cap. gains. Were I considering investing new money in both namesakes of this forum today, I'd invest in Fairfax over Berkshire.

Depends on many factors. Certainly won't sell immediately and inclination is not to sell at all as a very long-time shareholder. If new management gives us a reason to sell due to poor performance/decision-making, then perhaps. But can't answer the question now or until it becomes a reality.

I wouldn't invest in any coastal areas yet to be developed. IMO the results will be disappointing. I'd also shy away from partially developed coastal regions simply because the costs and risks don't warrant being there and ultimately this will affect investment performance.

Not at all. There is a large difference between areas that are already developed and those that aren't. Then look no further than demographics. In South Florida the coasts are all developed and at night when you look up at a 30-story beachfront condo most months other than December, 90% of the units are dark since no one is even occupying those residences. Foreign ownership dominates and the local economy works in, shall we say funny ways (I'll leave it at that). The distinction between South Florida and Central Florida and/or North Florida is often as wide as the difference between Brazil and Indiana.

That's just the point - trends are all local. Florida is a large State. South Florida, particularly along the coast is already built up - there is no more vacant land. Other coastal regions are not. Trends in each place differ, often by wide margins.

Perhaps, but that doesn't take anything away from their accomplishments.

No forecasts or guessing at all. When you deal with these real estate professionals every day there is no need to wait for "experts" to tell you what they already see and know. When folks have lived and worked in communities for decades and even generations, trends become pretty obvious. That's why in nearly every small and mid sized community there are always your local "Billy-Bobs" who aren't necessarily book smart but they own the most successful businesses and largest homes. They don't need to wait for data reports to understand local trends. Not sure what the fixation is on "sensationalism" or what it has to do with this discussion.

LOL, no one is ignoring data. But by the time you process the data, it will have been all too obvious. Talk to any realtor, title company, developer, and property owner - they already know. Not here trying to convince anyone of anything - just telling it like it is.