boilermaker75

Yep, nice idea.

That's a good quote, but probably understated. It should be "Success begins with failures." That is more accurate!

I like the phrase Tim Harford uses, "Success begins with failure."

And you have two of the largest, and both top 10, engineering schools nearby--Purdue <1 hour and U of I 2 hours. http://fox59.com/2017/09/11/indy-fishers-mayors-team-up-to-show-amazon-why-central-indiana-should-get-hq2/

After a quick glance at their financials, ADS looks interesting. Thanks for bringing it to our attention.

Nice! Most sites don't give EV. That alone would get me to use your site!

Why do you think he owns WFC in his personal account? I've seen that stated many times. It would probably take some work for me to find any sources as everything I am recalling was some time ago, (5-15 years?).

I wish Carly was singing about me! That was one great album cover! Geaux Saints! I hope we surprise this year! If it was a Lear Jet, I'd redirect it to Nashville pronto. :-\ 8) Too cheap to dump $2K to change tickets to Nashville... Oh well, I won't tell anyone I'm cheap. Just gonna say it's all for adventure! 8) Everyone is probably too young here to get my song reference!

If it was a Lear Jet, I'd redirect it to Nashville pronto. :-\ 8) Too cheap to dump $2K to change tickets to Nashville... Oh well, I won't tell anyone I'm cheap. Just gonna say it's all for adventure! 8) Everyone is probably too young here to get my song reference!

Are you "flying your Lear jet up to Kansas City to see the total eclipse of the sun." Enjoy. I have class right in the middle of it.

Great idea!

It reads like you are having a bad day today, DooDiligence. I hope that's not the case. In case, just do a bit charting of your NVO US ADRs today on your Mac, and you will likely feel better. Actually my day is going awesome with a Novo kicker to offset ESRX! Feeling financially sound enough to go ahead with my plan to turn the moon into a death star & yes, it will have hydrogen howitzers... I heard that Kim Jong-un tried to order a copy but the UN sanctions stopped him!

I was adding, or writing puts on, BRKB when <$170. BRKB is my largest position. My second largest position is WFC and I have been writing puts at strike prices of $50-55 for the last 8 months, usually 1-3 weeks out. I'll hold some of the positions I've gotten put to since I don't own 10% of WFC yet ;) I've also sold some by writing covered calls. I recently bought some GILD in the sixties and AMGN in the one sixties and they are still reasonably priced. Other than that I can't find much.

Wrote some AMGN Aug 18 expiration, 170-strike puts for $1.30 per share.

Wrote some BRKB Aug 11 expiration, 170-strike puts for $1.45 per share. I wish I could do something like this, but not possible because of a tax regime that could be considered from the Dark Ages. It is a way I generate some returns on excess cash, and sometimes to get a little leverage when I write more puts than I have cash to cover. If I get put to on a stock like BRK, I often put it in the long-term hold bin.

A few quickies for a Friday afternoon. What is the difference between a Harley and a Hoover? The position of the dirt bag Why is divorce so expensive? Because it's worth it. Why is air a lot like sex? Because it's no big deal unless you're not getting any. What do you call a smart blonde? A golden retriever. What do attorneys use for birth control? Their personalities. What's the difference between a girlfriend and wife? 10 years and 45 lbs What's the difference between a boyfriend and husband? 45 minutes Why do men want to marry virgins? They can't stand criticism. Why is it so hard for women to find men that are sensitive, caring, and good-looking? Because those men already have boyfriends. What's the difference between a new husband and a new dog? After a year, the dog is still excited to see you Why do men chase women they have no intention of marrying? The same urge that makes dogs chase cars they have no intention of driving. What's the difference between a porcupine and BMW? A porcupine has the pricks on the outside. What did the blonde say when she found out she was pregnant? 'Are you sure it's mine?' Why does Mike Tyson cry during sex? Mace will do that to you.

Wrote some BRKB Aug 11 expiration, 170-strike puts for $1.45 per share.

Wrote some BRKB July 21 expiration, 170-strike puts for $0.85 per share.

John, Thanks for the clarification. I did not catch the "may." Thanks, Mike

John, Are you referring to this thread? http://www.cornerofberkshireandfairfax.ca/forum/berkshire-hathaway/1-2x-pbv-entry-point/360/ I have read it, but it has been a while. So I am sure I am forgetting something I read. (I read most of what is posted at CoBF, but I am sure I forget a lot!) Just glancing at the last couple of pages of posts from that thread I am not sure what I am missing? Maybe I am just not understanding what I have read? Boiler

Liberty, I agree. But if Buffett is still using P/B = 1.2 as a buyback point then it is useful to me. Unless that has changed and I missed it? Boiler

No, he doesn't think that. What happened with this forum? Or is it mainly this thread? Where we you guys when berkshire was trading at $70 and it's BV had much more margin of safety? I was buying. Actually in 2009 I got some in the $40s. From some time in 2008 to 2009 I positioned 1/3 of my portfolio in BRK. Edit: So maybe at P/B= 1.2, you are getting $1 of BRK for $0.70, or whatever you think. My main point is that if Buffett is still buying at P/B=1.2, then BRK will probably never get there and I am buying at P/B = 1.3. Actually I am writing puts whenever BRK is at P/B =1.3, which I have been continuously doing the last 9 years, so I get a little more margin of safety if put to.

Buffett is a buyer at a P/B of 1.2. So does that mean he thinks at P/B = 1.2 buying BRK is like buying a dollar for fifty cents? That would mean at current prices you are getting a dollars worth of BRK for $0.55.

Interesting connection to antifragility. What's stress to Berkshire? Not getting elephants? Earnings swings, like we're seeing at BNSF? Cash piling up? Being dubbed Old Economy? (That is being heard once again)? Reinsurance market sucks? Scandal at investee? Inability to pull off the stock buyback? Their way of dealing with any of this is to keep the head down and keep increasing the earnings power. And wait for sin & folly to reach a crescendo. A recession is stress on BRK, as it is on the whole economy. But BRK comes out stronger (more earning power) from a recession because of the businesses BRK can add for cheap during the recession.

I completely agree. It is like there are two quantum states and nothing else. Often I do not like either of these quantum states.