73 Reds

Since BTC can be "lost" how can we know for sure that the supply will always be limited?

Curious that the opening paragraph in Peterson's "Metcalf's Law for Bitcoin" states that Bitcoin has no intrinsic value. On the other thread proponents lambasted BTC skeptics for making the same suggestion.

@Jfan much appreciated. Lots of reading ahead.

Thank you @TwoCitiesCapital. Look forward to learning more.

Who suggested that valuation need be in the form of DCF? Your answer if I recall correctly was a comparison to gold. Gold has been a TERRIBLE (emphasis added) investment over time.

Do you have links to these theories? I would be interested in reading them (though am always skeptical of what Dr. Google brings up). Thanks.

@ShaperDingaan I asked a straight forward question of proponents on another thread (Trump Trades): How do you value BTC? In other words, how do you know the price you are paying is sensible? No one could provide a cohesive answer. They all tried hard to justify the future of BTC but responses ranged from "trust", "belief", comparisons to gold, and the efficient market theory (supply and demand). Personally, I'm neither for or against BTC, though I have trouble ascertaining how or why I would ever need it, and even so how any value - other than relative to other currencies can be derived. What say you?

I think folks read way more into Berkshire's cash holdings than necessary. If/when Buffett has something better to invest in, does anyone doubt that he will? Otherwise, it is pretty clear that all potential acquisitions are currently priced too high.

CNBC is the financial equivalent of The Hallmark Channel. Every episode is highly predictable no matter what the circumstances with the same story lines told by the same mouthpieces. Interviews with Buffett and formerly with Charlie Munger - the best reasons to tune in - even got stale in recent years. They had one really good on-air talent - I believe his name was Mark Haines, but he died many years ago.

I put pools and boats in the same category - nice to have friends with both but would no longer want to own either one.

There is no moral equivalency between sponsored terrorist organizations and our Middle Eastern ally. Fortunately the majority sees it that way.

Not to get off topic but I never understood the gold standard. Why not a more useful commodity, like oil or steel?

Sure, the same way the US uses human shields because the Pentagon is located in DC.

Seems like the time to cash out of the TRS is when the stock gets too expensive to repurchase. Otherwise, they can continue to support the TRS through share repurchases.

Comment was made in jest but are any of these companies truly large enough to make a difference? With regard to commodities, what benefits does Canada offer to similarly situated companies in the US and elsewhere?

Can any one of those Canadian bargains move BRK's needle? Maybe he should offer to buy a Canadian province.

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!