John Hjorth
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Posts posted by John Hjorth
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... Just wondering if the deferred taxes on the investment portfolio are in fact 50% if sold. Isn't the top corporate tax rate on income or capital gains 35%?
scorpioncapital,
From the 2016 Annual Report, p.44, almost at the top of the page:
Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates.As we all know, most of the listed stock investments are held in the insurance companies. So the deferred tax on urealised gain on the listed stock investments is calculated in the group balance sheet for Berkshire as if all the stocks were sold at the date of the balance sheet at market prices, incurring the tax rate for realised gains on stocks for an insurance company for the most part.
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... Compared to other stories posted here mine is down right boring. ...
Not at all, rb,
at least not to me - I actually find these family stories here on CoBF fascinating - vey fascinating indeed.
Do you mind sharing your country of origin? - From another post of yours yesterday, I get the perception, that you are of European origin - I have also noted earlier, that you actually have an extraordinary general knowledge of German business, considering that you are a Canadian citizen.
Not at all John. I'm originally from Romania and my family moved here when I was in my teens. The fact that I lived and worked in London for a number of year I think broadened my horizon and understanding of things. But generally most of my knowledge of business has been acquired through boring old fashion studying.
Thanks for sharing, rb,
I'm actually in some state of shock to read about your national origin here. Those years before your parents made the decision to move to Canada were very bad here in Europe. Totally crazy stuff going on many places in Eastern Europe. I still remember how worried I was at that time, because it was going on so close to here. To me, it really puts your posts on here in perspective.
I suppose you have some things in your mental backpack from between gaining selfawareness and the move to Canada as a young boy that you'll never forget.
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... Compared to other stories posted here mine is down right boring. ...
Not at all, rb,
at least not to me - I actually find these family stories here on CoBF fascinating - vey fascinating indeed.
Do you mind sharing your country of origin? - From another post of yours yesterday, I get the perception, that you are of European origin - I have also noted earlier, that you actually have an extraordinary general knowledge of German business, considering that you are a Canadian citizen.
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And I have asked Sanjeev to lock this topic.
Why do you guys not get it? - This is an investor board.
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clutch,
Why are you even mentally occupied by this question? Take care of your own AUM - do your very best - do your own work.
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The Berkshire Annual Meeting 2017 - Full Q&A Video - is now available on Youtube here.
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The debt of Northern Korea to Sweden: SEK 2.7 B.
About missing payment for 1000 Volvo 144's etc. - in 1974! Somehow hilarious - with all due respect for the Swedish CoBF members. If you are making deals with a crook, make sure you get your payment in advance of delivery!
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BPCAP,
The deferred tax is actually specified on items in note 16, p.94:
Deferred tax on unrealised gains: ~ USD 27.7 B
Deferred tax on taxable depreciations above accounting depreciations, accumulated, on property, plant and equiment: ~ USD 39.3 B
and so on.
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Sold all IBM shares of my parents and bought Berkshire Hathaway shares. ;)
It's good deed for your parents today, Charlie.
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Added to BRK.B today, too.
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The stream is now achieved at yahoo.com here, in the right side of the page.
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Gee, it sounds like Warren has been reading my topics on here. ...
Yes, there was actually a lot of talk about Amazon. It appear that both Mr. Buffett and Mr. Munger admires Mr. Bezos for his accomplishments with building Amazon to what it is today, from scratch.
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I'm a spring rabbit compared to Mr. Munger - I almost also fel asleep under the formal part of the AGM - it's just soo boring.
Or perhaps Mr. Munger was taking an overview of his spillings of crums?
Those two men really enjoy each others company - there is so much ping-pong interaction between them.
Furthermore, I think the line of questions was actually very good this year. There was shed light on quite some topics related to Berkshire, that are not in general discussed.
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Jurgis,
It was a discussion about AI and it's consequenses for society and business - Yes, they were discussing it intensely - but: Who doesn't? : - )
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I've been following the whole thing via Yahoo on this side of the Atlantic Ocean since it started. It's great experience! - like last year. Both Mr. Buffett and Mr. Munger are in top notch shape - If you listen and view it, you can feel, that they love pulling this thing off!
When they talk about PE, they are almost like
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If your Chrome is not working, you most likely just need to update it manually [i had that problem earlier today before the session]. I'm using Chrome for following this thing.
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BPCAP,
Please look up the The Berkshire 2016 10-K, p.94, where it is explained. [it's quite complicated stuff - yes! ....]
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... Do you mind sharing your sources for info on the deal?
It's described on p.17 in the 2017 Q1 Report, including the accounting treatment in detail. So the AIG deal also explains the jump in insurance premiums in the quarter.
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Just got home and checked out the press release. $14 Billion increase in float in Q1 to 105 Billion. That's more than I expected. Mostly the AIG deal, but damn Ajit!
I've got the exact same perception - please also look at the cash flow statement and the insurance gross income - I haven't had the time dive into it - It looks almost unbelievable. - Will do tomorrow.
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Thats hilarious John. At the very bottom, I was on vacation in Mexico with limited Wifi, trying to sell things at huge losses to buy Leaps in "higer quality" stocks.
The most exciting few weeks of my life. Not sure I want to relive it, though.
Thanks Uccmal,
It was meant that way, actually! :-)
On a more serious note, that particular topic here on CoBF is actually a gem - nothing less. You have mentioned earlier, that all the communication among board members back in those days was actually still here, so I looked it up - simply by looking up your board profile, and thereby your posts - it was quite easy to find within a few minutes.
To me, it is actually this boards long term memory. It's very important to me personally.
As I have posted earlier on this board, at that time I was a long term morgage bond investor doing absolutely no work related to investing using leverage [deferred taxes, in stead of paying down my debt] ending up messing up my underpants dearly in the process. I was not anywhere loosing my shirt after I lost my job, but I could calculate with reasonale precision when in the future I would end in the sewer, if I did not get a new steady working income.
The rest of my life I'll never forget how I felt in that period. Talk about blaiming yourself, calling yourself stupid ... - I really did, when I recognised where I had brought myself to.
Personally, I do not ever want to mess up my own underpants again for some prospect profit - quick or long term.
Personally, I think - perhaps - some board members on here are understating the importance of the issue in topic here, because it has been general backwinds on the bicycle path since February 2009 - with some bumbs along the way. Not anything near a major correction, or even a severe downturn - what ever might cause such - be it a lightning correction of a certain size based on instant change in investor sentiment, lemmings, algos, or whatever - or caused by outside the market circumstances. [lemmings are the primary issue in this topic - I think much can be extrapolated from that situation to other market downturns, ref. the content of the 2009 topic on here, that I linked to].
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Some local news, topic related - you can read it, if you use the translation feature in Chrome:
From my broker:
From my broker: Invest in the whole world - now free of fees with Nordnet Markets.
Danske Bank:
Danske Bank rejects tax challenges with regard to the investor's reply to MobilePay.
That new initiative from Danske Bank is called June. It went from beta to live production environment 4th May 2017 - yesterday.
It's Danske Bank's latest move to do something with the approx. DKK 831 B sitting asleep for Danish households - with no or little interest - in Danish banks - Not only for Danske Bank's customers - but for all. You don't have to be a customer at Danske Bank to get this product. It's a front for Danske Bank's own ETFs, trying to pick up all those billions of DKK asleep at other banks, with the aim to rip off 0.8 per cent per year of the capital invested in this thing.
It's all based on ETFs.
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This will be the next big Danske Bank scandal - there have been many during the years - It's just soo lame.
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Berkshire 2017 1st quarter report is out now. Cartoon figures as always, lately ... - Enjoy!
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Awesome interview! - Mr. Buffett is now at the age of 86 - still sharp as a razor - even in situations with headwinds. [i wonder if we will see Amazon in the Berkshire portfolio in due course?]
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Kicking in a footnote here:
globalfinancepartners,
You are doing a great job for us all here at CoBF taking the time to guide other board members to interesting things! - Tirelessly and consistently - It is very much appreciated!
Thank you!, - and have a nice weekend.
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Congrats on the family extension, Paarslaars! :-)
It's a life changing experience, and yes, also expensive. And there are opportunity costs also! Your investment return going forward in the short term will likely be affected in a negative way - just ask Paul [boardmember stanleyp]!
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Added to SCHO.CPH today, up from ~5% to ~7%.
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Welcome to CoBF Nebraska!
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... A lot of people in finance are like a sleazy used car salesman but at least with a used car salesman you get a car.
Let the tomatoes fly.
LongHaul,
You just made a day of mine below average to a day well above average! lol - You could be Danish!
Your points still stand. - So +1.
Investor 100 Years - "To move from the old to what is about to come..."
in Books
Posted
I haven't had the time and energy yet to do write up on Investor AB in the investment ideas forum - I'm still studying this thing on/off. It's a never ending story studying it, like it is with Berkshire.
Today I found this short presentation of the company made by the Swedish singer Liselotte Östblom. [Just press the start button on the upper video clip].
Let me just say I coulden't do it better my self! Sometimes it's enternaining in more than one way to study companies! ; - )