John Hjorth
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Posts posted by John Hjorth
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12 minutes ago, RedLion said:
Wow.Yeah, Wow, indeed,
Monday I'll make sure to get appointments, to get checked, that :
I'm not in need of new glasses for my hearing, & that
I'm not in need of new hearing aids for my vision.
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43 minutes ago, gfp said:
My impression is that he has continued to sell Apple shares after quarter-end since he seemed very confident that the $182 cash figure would be $200 billion at June 30.
He must have had the Pope on the phone, who may want to sell. Next : The Vatican City.
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Can you see the twinkle in the eyes of Mr. Buffett? He is as fresh as a sea eagle in a headwind - and that at the age 93! I sincerely hope his voice does not let him down under whole session.
- And then, right now it's like his speeding up, after - slowly - warming up!
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The CNBC page streaming the AGM is now on a countdown.
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7 minutes ago, Dinar said:
Why? ty
When I wrote here on CoBF about the Swedish Real Estate Crisis evolving last year, I felt confident both CAST and BALD already then were in deep trouble with regard to their financings looking forward. It seems both companies so far have steared clear of troubled and unsuccessful refinancings, triggering forced and uncontrolled massive assets sales, however it's not over yet.
The effort here for my part is over time to build a modest basket of a portfolio of Scandinavian listed real estate companies with a low entry point, for the purpose of holding it for the long term.
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21 hours ago, Spooky said:
Excellent post John - is there anywhere that I can look that has more information on Berkshire's corporate structure and where NICO sits?
Right now, @Spooky,
I really can't come up with a central and gathering place as a goog place to read and study where and what NICO is in the total Berkshire over time and today. It's almost as a shadow and very private holding company that is likely the most important subsidiary of the public and listed holding company Berkshire Hathaway.
In my early years I did spend enormous amounts of time studying all kinds of Berskhire-related stuff, all while also building the position, and NICO did pop up basically all over the place.
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Started with small positions today in :
BALB B.STO [Fastighetsbolaget Balder AB, ser. B, Göteborg, Sweden], &
CAST.STO [Castellum AB, Stockholm, Sweden].
I may change my mind about them and sell them at any moment, thereby considering the buys of them errors.
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42 minutes ago, gfp said:
It's funny, with Fairfax, nobody points to the bond portfolio and panics over the idle cash. They get busy calculating the spread between 95% combined ratio cost of capital and +4.5% investment yield. At Berkshire it sits in 3 month and 6 month bills and it's some huge problem. If Warren moved $150 billion to 3 and 5 year treasury notes would everybody stop worrying about the "cash problem" and call him a genius like Brian Bradstreet? Can we just call most of Berkshire's cash the "bond portfolio" and be done with the 'big cash problem' talk?
It's a good one, @gfp,
Or,
1. - like in posts above, where a dividend from Bershire is desparately needed for the shareholders, because Berskhire is underperforming, and the large positions in the portfolio desparately needs to be sold [AAPL, BAC, AXP, KO], while some seem to forget those positions are indeed financed by insurance float and also partly by basically massive, free and deferred taxes on giant unrealized capital gains. Talk of dividends of perhaps USD 250B or USD 100 B, while the insurance group as a whole at YE2023 has a max. dividend capacity of USD 31 B, and holding company cash and T-Bills at YE2023 is USD 22 B. Typically suggested by people who trade around quite a lot, and never tell anything about their own track record.
2. - 'Breaking' the whole thing 'up' by splitting it to atoms, to 'get the real values to surface', [likely by the use a particle accelerator at CERN to put the company in or something like that?]. Typically suggested by people who aren't aware of the central role of NICO in the group structure and all the implications of that and no understanding of the inner workings of insurance float.
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You appear to disregard or forget, that large parts of the stock portfolio is owned inside the insurance part of Berkshre, that the insurance group is subject to regulation on it's capital levels, thereby introcing dividend restrictions. I'm not even sure a dividend of USD 250 B or USD 100 B is possible / feasible.
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On 4/23/2024 at 11:00 PM, gfp said:
Oh joy... This guy is coming to rant about Bill Gates and Epstein again.
We will - our memories will - sort this garbage out, suppress, compress and delete this part of a nice day. True and cardholding Berkaholics have proper countermeasures installed in case of such events.
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Especially for those of you who have chosen to attend physically, I wish you an awesome time in Omaha!
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All those F-16 fighters donated last last year to Ukraine by several allies, where the heck are they, and what are they doing? - Accumulating dust somewhere in a hangar?
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9 hours ago, Irv72 said:
I don't disagree. There is no way Ukraine can win this war, except by convincing the West to get involved in a bigger one. It's simple arithmetic: the Russians have 3 times more cannon fodder.
If it's OK to send airplanes, drones, tanks and all other kinds of military hardware etc. - plus ammunition - as contributions to the warfare of Ukraines fight against Russia, what is then the problem with providing funds to Ukraine for hiring of an army of mercenaries?
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14 hours ago, Gregmal said:
Isn’t this disgusting? A war started by a politician I didn’t vote for and don’t support means I either risk my life for a cause I don’t want anything to do with, or go to jail….true democracy!
13 hours ago, Sweet said:
What are you referring to Greg? Are you talking about yourself or putting yourself in the shoes of a Ukrainian?13 hours ago, Gregmal said:In general? Imagine being in Ukraine or America or any country for that matter, and some politician picks a fight or gets involved in a war and now YOU have to pay the price for them? Or go to jail? Fuck that. I mean I’d be cool saying, “if you voted for XYZ and XYZ gets you into a war it’s mandatory you fight”…but don’t make problems I didn’t ask for my problems. Let alone let them dictate my freedoms. And no, I don’t need a politician or media outlet to tell me whether or not my freedom is at risk by the “war”.
Greg [ @Gregmal ],
At least here, and I think in the majority of European contries the concept of the right of being Conscientious objector is instated, and also here in Denmark combined with the duty of Alternative civilian service.
I don't think the right of being a conscientous objector here is in any way conditional to the countrys state of war or non war, which as I see things must be a balance between the conflict of the countrys needs and the freedom[s] of the individual citizens in the country.
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On 4/26/2024 at 10:47 PM, gfp said:
It depends on the subsidiary and how the bulkheads are constructed. I believe a subsidiary of BHE, like Pacificorp for instance, can be put into bankruptcy without the other assets of BHE being risked, much less the parent company holding company. But I'm sure there are exceptions for nefarious asset stripping or fraud. ...
Agreed. +1
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From the local duck ond :
Danish Ministry of Defence - Ongoing operations : Danish military support for Ukraine.
Please try to expand the expandable '+'s a bit down in the article in the gray area.
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Meanwhile take a look at this :
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So we [tiny Denmark] have been giving so much stuff and hardware to Ukraine, that in reality, we [tiny Denmark] aren't any longer capable of defending our selves, given the present circumstances and conditions. [<- ?]
Wise. [<- ?]
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I have posted about it before, - here, we go again :
There is no way for Russia to avoid negative first order and up to xth order negative side effect on the Russian Economy by suddenly [and as done] reallocating a futher large part of public funds to running Russia as a war economy.
The hostages and victims in this game will be the children in the population [Russias future], the elderly part of the population, and those for who life in general have giving them lemons, perhaps already starting by taking part in the ovarial lottery.
It's sad and frustrating to think about.
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34 minutes ago, LearningMachine said:
Not so fast :-). It is a complex issue.
You can try to protect all you want with legal structures, but if a subsidiary doesn't have enough assets to satisfy the damages, the party suing would try to convince the court to "pierce the corporate veil" from the subsidiary to the parent. The party would need to start with showing that the parent effectively exercised control over the subsidiary e.g. by appointing leadership, and show intermingling, etc. The party being sued would try to delay it by filing for bankruptcy, and then eventually ideally settle because parent with a lot of assets wouldn't want to test the court to decide that whether the veil should be pierced. ...
Yeah, the concept 'company limited liability' is indeed a complicated legal matter.
The legal basis is the legal form for the actual legal entity in mention, and what may furthermore be stated in the articles of association and bylaws of the legal entity.
Also, some creditors may be capped one way or an other, [i.e. 'non recource' certain pledged asset[s]].
If a creditor may want to excercise some kind of economic responsibility for the obligations of the legal entity against the legal entitys owners, the creditor has to establish a causuality between the creditors receivable and the owners responsibity and actual actions. This isen't - in general - trivial by any means.
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Something is actually happening and going on, Mike [ @cubsfan ] et. al. As with everything related to Politics, things take time, and is subject to a lot of inertia.
- Personally, I'm feeling confident, the general European sentiment about actual political support for the war of Ukraine against Russia now gradually is changing from 'empty / hollow' talk to real action.
Btw : How is it even possible to talk while [dam'n] thumb sucking?!
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[1] I have today without luck tried to verify the data in the article on the NATO webpage.
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3 minutes ago, cubsfan said:
Damn - that sounds bad. I didn't realize it was that dangerous.
Yeah, The US justice system in operation and at its finest. Something to think about here.
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Market shares1 of banks and covered bond mortgage companies in Norway at 31 December 2022. Percent :
Tabell 6 Banker og OMF-kredittforetaks markedsandeler1 i Norge. Prosent. Per 31. desember 2022 Innhold Table 6 Market shares1 of banks and covered bond mortgage companies in Norway at 31 December 2022. Percent Index Brutto utlån til Innskudd fra Personmarkedet9 Næringsmarkedet10 Personmarkedet9 Næringsmarkedet10 Gross lending to Deposits from Retail market9 Corporate market10 Retail market9 Corporate market10 DNB Bank2 DNB Bank2 28 30 32 37 Nordea3 Nordea3 11 13 7 12 Filialer av utenlandske banker i Norge4 (ekskl. Nordea) Branches of foreign banks in Norway4 (excluding Nordea) 10 19 6 19 SpareBank 1-alliansen5 SpareBank 1 Alliance5 22 18 21 16 Eika Alliansen6 Eika Alliance6 9 4 10 5 Øvrige sparebanker7 Other savings banks7 14 10 14 9 Øvrige forretningsbanker8 Other commercial banks8 6 5 9 2 Sum Total 100 100 100 100 Totalmarked (i milliarder kroner) Total (NOK bn) 3.426 1.864 1.534 1.050 1 Markedsandelene er beregnet ved å summere selskapsregnskapene til selskapene som inngår i de ulike gruppene. 1 The market shares are calculated by summing the balance sheet items for the institutions in the different groups. 2 DNB Bank, DNB Boligkreditt, Sbanken og Sbanken Boligkreditt. 2 DNB Bank and DNB Boligkreditt, Sbanken and Sbanken Boligkreditt 3 Nordea Bank AB (Publ), filial i Norge og Nordea Eiendomskreditt. 3. Nordea Bank AB (Publ), branch in Norway and Nordea Eiendomskreditt. 4 Danske Bank, Handelsbanken, Handelsbanken Eiendomskreditt + 9 andre filialer. 4. Danske Bank, Handelsbanken, Handelsbanken Eiendomskreditt and nine other branches. 5 SpareBank 1 SR-Bank, SpareBank 1 SMN, SpareBank 1 Østlandet, SpareBank 1 Nord-Norge + de 9 andre sparebankene i SpareBank 1-alliansen, BN Bank, SP1 Boligkreditt og SP1 Næringskreditt + 2 andre boligkredittforetak. 5. SpareBank 1 SR-Bank, SpareBank 1 SMN, SpareBank 1 Østlandet, SpareBank 1 Nord-Norge, the other nine savings banks in the Sparebank 1 Alliance, BN Bank, SP1 Boligkreditt, SP1 næringskreditt and two other residential mortgage lenders. 6 Ifølge Eika Gruppens årsrapport for 2022 består Eika Alliansen av 51 selvstendige banker, Eika Gruppen og Eika Boligkreditt. I tillegg til de 51 bankene har vi med Eika Kredittbank i stedet for bankens morselskap Eika Gruppen. I tillegg til Eika Boligkreditt har vi med SSB Boligkreditt og Totens Sparebank Boligkreditt. 6. According to Eika Gruppen's annual report 2022 the Eika Alliance comprise 51 independent banks, Eika Gruppen and Eika Boligkreditt. In addition to the 51 banks, we include Eika Kredittbank in stead of its parent company Eika Gruppen. In addition to Eika Boligkreditt we include SSB Boligkreditt and Totens Sparebank Boligkreditt. 7 Sparebanken Vest, Sparebanken Vest Boligkreditt, Sparebanken Sør, Sparebanken Møre og Sparebanken Sogn og Fjordane + 22 andre sparebanker og 6 boligkredittforetak, 1 kredittforetak og 1 hybrid boligkredittforetak. 7. Sparebanken Vest, Sparebanken Vest Boligkreditt, Sparebanken Sør, Sparebanken Møre, Sparebanken Sogn og Fjordane, 22 other savings banks, six residential mortgage lenders, one mortgage lender and one hybrid mortgage company. 8 Santander Consumer Bank AS, Eksportfinans, Storebrand Bank og Landkreditt Bank + 22 andre forretningsbanker og 4 boligkredittforetak + Kommunalbanken og 1 kommunekredittforetak. 8. Santander Consumer Bank AS, Eksportfinans, Storebrand Bank, Landkreditt Bank, 22 other commercial banks, four residential mortgage lenders, Kommunalbanken and one municipal mortgage lender. 9 Personmarkedet omfatter lønnstakere, pensjonister, trygdede og studenter. 9. The retail market comprises wage earners, pensioners, benefit recipients and students. 10 Næringsmarkedet omfatter i hovedsak ikke-finansielle private foretak og personlig næringsdrivende. 10 The corporate market primarily comprises non-financial private enterprises and the self-employed.
Kilde: Norges Bank Source: Norges Bank
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Source :
Norges Bank - Banking Statistics [May 10th 2023][the on the website attached Excel file attached to this post, - Please see table 6 in the file.
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Thanks, @Dinar,
I actually became a bit surprised by your your reply above [
], but after reading it twice it became clear to me, that this information actually is great information as an entry point for looking at these things.
I don't actually really know why I haven't ever been taking a close look at Norwegian banking as such. There can't be any doubt about that Norwegian banking much be somewhat special on the downside [in a good way, that is] compared to most of the rest of the Nordics, Scandinavia and Europe, because of the national wealth related to the national oil and gas related savings accumulated in Government Pension Fund Global, which is designed to work as a massive, giant shock absorber in the case of adverse macro events. I have never thought about Norwegian banking as such in that light and from that perspective.
I'll post and share my findings here in this topic as I move forward looking at it.
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Hi @Dinar,
Your post above reads as if it perhaps the outcome / conclusion from some kind of screening. Could you please mention one or a few names with tickers?
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Started with small positions today in :
FABG.STO [Fabege AB, Stockholm, Sweden], &
WIHL.STO [Wihlborgs Fastigheter AB, Malmö, Sweden].
'23-'24 hidden stock purchase ideas
in Berkshire Hathaway
Posted
@yesman182,
Where and when? - What do you mean?