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Grenville

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Posts posted by Grenville

    Buffett Adds Stocks in Pension Handoff to Lieutenants

    in Berkshire Hathaway

    Posted

    Thanks for sharing.

     

    So usually, when we look at Berkshire ortfolio, be it in the annual report or on a website like dataroma.com, does it include holdings from the pension funds?

     

    Not sure what dataroma does, but if you look at the 13F it does specify where the shares are held and it does include the pension shares. The annual report does not include the pension shares as they aren't directly part of Berkshire's investment portfolio.

     

    From the 2012 AR:

    Todd and Ted also manage the pension funds of certain Berkshire subsidiaries, while others, for regulatory reasons, are managed by outside advisers. We do not include holdings of the pension funds in our annual report tabulations, though their portfolios often overlap Berkshire’s.

    Thoughts on Tracy Britt?

    in Berkshire Hathaway

    Posted

    Thanks for all the responses! I appreciate the first hand experiences and insights!

     

    Also, when watching the interviews on CNBC with Warren from yesterday, there is one where Buffett refers to the hiring at Benjamin Moore that resulted in the most recent leader change. In that clip he says he "concurred on who was put in."

     

    I feel more comfortable with the whole thing. Thanks!

    Thoughts on Tracy Britt?

    in Berkshire Hathaway

    Posted

    As a shareholder and observer of Berkshire, I enjoy any opportunity to learn more about the individuals at HQ. The article below suggests some not so great things about Tracy Britt. She is on a number of boards within Berkshire, so her ability and reputation are important both now and for the future.

     

    Any thoughts, am I worrying too much about the suggestions in the article. Any one else have any additional information about Tracy.

     

    http://finance.yahoo.com/blogs/the-exchange/warren-buffett-big-blunder-172615856.html

    Letting a renter make changes to a rental

    in General Discussion

    Posted

    Could the renters make it harder to sell the property?

     

    The renters may not be interested in having you sell the place once they move in and do the upgrades. Could they run interference when you're trying to show the property? Seems like their interest and yours aren't aligned.

     

    Can you get something in writing saying that they fully understand that you could potentially move them out in two months? Something that explains the verbal understanding you have versus the legalese in the renter's agreement.

     

    Just some thoughts, no experience in this arena.

    IndiaInfoline

    in Fairfax Financial

    Posted

    Article in TimesofIndia that discloses a 10% stake in IndiaInfoline

     

    "What's in BlackBerry buyer Prem Watsa's India kitty?"

    http://articles.timesofindia.indiatimes.com/2013-09-25/hardware/42391505_1_india-infoline-thomas-cook-prem-watsa

     

    While its India presence was restricted to general insurance for a long time, things started to change in 2011 when Watsa brought on board private equity deal maker Harsha Raghavan. Within a year Fairfax acquired nearly a 10% stake in Nirmal Jain-promoted IndiaInfoline.

     

    From their website:

    The IIFL Group is a leading financial services company in India, promoted by first generation entrepreneurs. We have a diversified business model that includes credit and finance, wealth management, financial product distribution, asset management, capital market advisory and investment banking.

     

    We have a largely retail focussed model, servicing over 2 million customers, including several lakh first-time customers for mutual funds, insurance and consumer credit. This has been achieved due to our extensive distribution reach of close to 4,000 business locations and also innovative methods like seminar sales and use of mobile vans for marketing in smaller areas.

     

    Our evolution from an entrepreneurial start-up to a market leadership position is a story of steady growth by adapting to the changing environment, without losing the focus on our core domain of financial services. Our NBFC and lending business accounts for 68% of our consolidated income in FY13 and has a diversified product portfolio rather than remaining a mono-line NBFC. We are a leader in distribution of life insurance and mutual funds among non-bank entities. Although the share of equity broking in total income was only 13% in FY13, IIFL continues to remain a leading player in both, retail and institutional space.

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    Nice short interview with Henry Paulson on the Fannie Mae bailout

     

     

    "Henry Paulson Defends Fannie Mae Bailout"

    http://blogs.wsj.com/economics/2013/09/06/henry-paulson-defends-fannie-mae-bailout/

     

    Originally, we leaned toward receivership. As we got into it, I realized receivership had other complications. For instance, because we were working under a tight time schedule and weren’t cooperating with management, receivership had too many risks, including that it was more difficult to explain to the market and there was the real possibility that Fannie and Freddie would lose their hedging contracts, which would cost taxpayers billions of dollars.

    With SolarCity IPO, Elon Musk May Get Clean Tech Right

    in General Discussion

    Posted

    So $800 per panel for installation.

     

    But look at how much a professional installer is actually paid in California:

     

    http://wiki.answers.com/Q/How_much_does_a_solar_installer_make#page3

     

    15 to 20 per hour depending on were you work in California theres a high demand so they pay more sorry for spelling Solar Panel installer jobs are demanding and highly dangerous, because of dealings with electricity and mainly working on roof tops even at high temperatures. Considering this aspects of the job including knowledge and education required to be able to work as an installer, and in relation to other similar jobs like air conditioning, electricians etc... and also researching the cost,(about 35k for regular American home) and government involvement and backing in this industry... A regular installer after 3 months, (of course in normal economic conditions in the country) should not make less then $21.00-$29.00/hour,

     

     

    But you figure a professional installer can install at least 3 per hour.  So at that rate you are actually paying at least $2,400 per hour to Solar City just for labor!

     

    I think what I will do is:

     

    1)  buy the equipment

    2)  draw and submit the plans myself to get the permit

    3)  offer $50 per hour to a handyman to install the modules  (this will cost $1,000 total if he installs two per hour)

    4)  hire an electrician to run conduit up to the roof and install the junction box (probably another $1,000 at most)

     

    My total cost, fully installed, should be under $20,000 including sales tax.

     

    Now, why does Solar City charge 150% more than that???

     

    I'm curious due to my interest in Solar City's business model.

     

    Have you factored in insurance cost of something happening while they install the system on your roof or something happening to your roof during the life of the installation? Does Solar City recoup this cost through the installation or through the electricity rate they charge. Also is there a warranty or support cost that you get from their installation that last over the life of the installation?

     

    Apologize if I'm asking dumb questions but I'd like to understand the economics. Does Solar City offer multiple ways of financing the solar system? One is the one you're describing where you pay an upfront cost and own the system. The other would be a no upfront cost, but Solar City recoups the cost through the electricity billing from the installed panels.

     

    I also started listening to their Q2 CC and they mentioned a couple of things they offer that differentiate themselves from the competition. One was the software that they offer to improve energy efficiency. The other thing would be one customer service point for installation, maintenance, billing and other features tied to the electrical system. Also down the road do you get access to the Tesla battery storage system.

     

     

    FNMA and FMCC preferreds. In search of the elusive 10 bagger.

    in General Discussion

    Posted

    www.pacer.gov --> A very useful site! Thanks again for the info!

     

    Some information I found:

     

    1) Fairholme has two complaints in the courts: Fairholme vs USA (US Court of Federal Claims) & Fairholme vs FHFA (District Court of DC, Similar to Perry)

     

    2) There are three cases moving in parallel in the District Court of DC

    --> Allege violations of Administrative Procedure Act

    a. Perry vs Lew

    b. Fairholme v FHFA

    c. Liao v Lew (consolidation of 4 plaintiffs)

     

    3) There are five cases moving through the US Court of Federal Claims against the US including Fairholme

    --> These allege an uncompensated taking under the Fifth Amendment

    I've found the both complaints for Fairholme and Perry Capital online. I have attached the initial complaint of Liao (not the consolidation). I haven't read the complaint from Liao or Fairholme, but I've read the Perry Capital one and it reads well.  Let me know if we aren't allowed to post these complaints.

     

    I'm no legal expert so I might have my description of things off, I used the motion to stay in the Fairholme v USA case to summarize the two different courts.

    Liao_v_Lew_Complaint.pdf

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