John Hjorth

Personally I think we don't hear much about the problems in Italy simply because Italy isen't really fixing the problems with its banks. The shareholder letter in the 2016 Annual Report for Banca Populara di Vicenza is an interesting read. I speculate Berkshire bought it because it could steal it.

+1, Cardboard - agreed. Personally, I speculate this is one of the most valueable topics on this board for fellow board members. If we try to be constructive and responsive to input achieved, we will most likely all fare better. Peace.

Thank you very much for sharing your critical notes about this book with us all, Liberty, It's actually much appreaciated. - - - o 0 o - - - For my part, it's never too late to learn. I may buy the book anyway, thereby combining your comments with the reading of the book.

This is a question directed to Valuehalla, I think. I certainly understand your calculations, and also your reasoning. It has - at least to me - a lot of sound reasoning. However, I have one question, though - actually two, I think. 1. What's your mental model for considering your cash level [based on look through considerations] in your total portfolio while doing this? [Meaning totally specific: If I asked you today: "How much cash do you hold today in your investable portfolio?"] [Also, please don't take my question too literally ...] 2. What do you think about having a look trough floating cash level, out of your own control? [Within quarters, ref. Berkshire reporting available to you]? - - - o 0 o - - - Edit: Elaboration to #1: Perhaps a calculation like this: [Cash plus value of T-Bills minus the USD 20 B "rainy day"/ Berkshire Crisis Fund money]/share, divided by price/share. [for your Berkshire position] - I'm trying to understand fully how you think about this. [ : -) ]

It's a bit funny to read, DooDiligence, actually, I have been a bit active - call it just self-appointed couch moderator, absolutely uncalled for - to save some gold here on CoBF with regard to Berkshire stuff, and with the aim to keep the board temperature down, by trying also to avoid annoyance of other board members. - - - o 0 o - - - Trying to be constructive with the use of good mood has a fairly good success rate, if you are among constructive and rational thinking persons, like here on CoBF. CoBF instantly caught self awareness under the "Big Bang" [it got folded out by Sanjeev at February 1, 2009 - basically out of nothing, except a very good user base pre "Big Bang" on another board [Yahoo?], now gone, I think. Somehow, it has now gone to the level of getting self moderating, based on cooperative interaction among fellow board members. Isen't that something very special, in its very own league? - At least to me, it is. - - - o 0 o - - - - Now back to Berkshire General News, & Peace.

You are forgiven, DooDiligence, [ ; - ) ] The board members interested in this transaction will get it right anyway, by reading the whole board.

gg & xo 1, Sound sceptisism has never hurt anyone. There was a link to an interview with Mr. Buffett here on CoBF yesterday, where Mr. Buffett mentioned, that he was aware of that case. Do you have some sources to share, to drag us all out of our ignorance?

So true, Spekulatius, This is certainly severe, thereby the company is simply not investable. The whole apperatus in the US hasen't started yet - I wonder what it will bring? Think the big US banks post GFC, think the Macondo Blow Out, think Volkswagen. The real culprits stand in court, pulling their pockets in their trousers inside out, stating: "I have no money", and the real risk takers - the shareholders - end up picking up the tap at the bar. US logic. Do you recognize the pattern?: New York Times: Equifax Breach Caused by Lone Employee’s Error, Former C.E.O. Says.

I hereby suggest a topic split to to here for discussion of the Berkshire Pilot Flying J aquisition in detail. It deserves its own topic, I think.

Placeholder for discussion of the Berkshire Pilot Flying J acquisition. - - - o 0 o - - - Quite some posts about this Berkshire aquisition in the general news topic as by now. I think it deserves its own separate topic.

There are some very interesting posts about Berkshire within the last few days in this topic. They are from fellow board members, that have started going really heavy on Berkshire, long term, years ago. [Dynamic, longinvestor, Valuehalla among others, at least]. I hereby suggest that you repost [just cut and paste from here, and use an appropriate topic title] the relevant posts in separate topics in the Berkshire Hathaway forum here on CoBF, so we can discuss in full lenght there, under appropriate topic titles, so that this topic does not get clogged further up by Berkshire discussion, causing annoyance among other fellow board members, ref. the post from cardboard a few days ago. - - - o 0 o - - - In short, there is no need to annoy fellow board members not particulary interested in Berkshire, and there is no need to burry Berkshire discussion gold in this topic, when we already have a separate Berkshire forum available. [ : - ) ]

I'm curious about your data source about the operating income, dartmonkey, and I hope you will share it.

It appears that they have roadside truck services as well. Can see some connections with McLane, Xtra and Geico(?). In somewhat of a related way, DQ, Burger King are surely co-located at some of the 770 locations? The way it's going, with Berkshire gobbling up pieces of America, how can there not be a connection ;D You are right, longinvestor. If you click on "locations" top right on main page, then on "all locations", you can actually download the whole thing to Excel. Lots of McDs, Wendies and Dairy Queens are mentioned as Facitilities/Restaurants.

I found it as No.15 on Forbes list of largest US private companies. Sales of USD 19.62 B. Employees: 27,100.

This must be fairly big. That flying thing actually has 770 locations.

I think perhaps it would be appropriate with a correction/elaboration to this post of mine here, ref. the responses from rb and Dooligence [,and also my response to rb - especially]. I have added quite some cash within the last few weeks, so I have actually reduced the relative Berkshire position [, and reduced all other relative positions more, viewed over the same time horizon]. Right now, I'm at 22 per cent in Berkshire, and 16 per cent in cash, with no intention to reduce cash, right now. - - - o 0 o - - - As mentioned by longinvestor some time ago here on CoBF, we all - each individually - do what we feel comfortable with.

Thanks for putting your shade on this, Jurgis, and thanks for sharing, Re investor/expert or not, ref. your own self-perception in your post: Personally, I put more trust in a post from you, based on your local observations, rather than putting weight to some UBS report.

Thanks for your input here, BG2008, To me, there are quite some points to your post here: 1. 20 - 30 percent down payment to do the investment does not come out of the blue sky. It requires hard work to create after tax earnings, combined with savings behavior. 2. The ability to hold on to the asset - through thick and thin - is absolutely crucial, so that you decide, when it's appropriate time to get out of the investment, to the contrary of your financing sources - who always "want you to quit" at the buttom. - - - o 0 o - - - Money can still be made in every market, that is constantly expensive.

Simply mind boggling to me to loose regularly & close relationships to friends because of what's going on locally. Are you still your self in the Michigan area, Dough?

Good points, HJ. Much appreciated, ref. my own ignorance and biases.

I have spent some time today, trying to add some dots to my mental landscape, and trying to do at least something about my ignorance about what's going on in the World. Based on what's been going on, on my LinkedIn wall, especially a report from UBS caught my attention: UBS [2017.09.28]: UBS Global Real Estate Bubble Index. - - - o 0 o - - - Full report attached [Downloadable directly from the article, so it must be eligible to attach it here, I think]. - - - o 0 o - - - A few observations: 1. Vancouver and Toronto are on the top of the list. No surprise, and very well documented and discussed by fellow board members, with knowledge about that, here on CoBF. 2. To my personal surprise, I see Stockholm as # 2 on the bubble list. If it's not too much to ask, I would really like my fellow Swedish board members to chim in here. 3. New York and Boston are stated as "fairly priced" in the analysis. To me personally, that's a surpirse, too. Any comments on that from fellow board members would be appreciated very much, too. - - - o 0 o - - - I haven't dived in any way deep into methology etc. as basis for the report. So, I'm not in any way here backing conclusions referred to etc. I just want to hear what pop up in the minds of fellow board members with local knowledge, based on charts etc., and all push back & critisism welcome. Thank you in advance. UBS_-_Global_Real_Estate_Bubble_Index_-_20170930.pdf

I wonder which bank will have the nuts to publish a sell ratings on Brk? It will be instant fame but high risky move. First of all, that bank will have to develop a sell case, based on recent price and released data from Berkshire HQ. To me, that's a tough one, compared to available investment alternatives, right now.

Thanks for the feedback on how overwhelming it is to look at. I'm so used to my layout that I can just jump to the info I need, but I can see it would be useful to add a summary worksheet that appears first, showing much simpler more digestible information. A project for the future perhaps. I'll try to post a new topic if I complete that so that those reading the forum would know about it having changed. Dynamic Glad you're open to feedback, and sorry if I came off as critical. I know there's tons of very useful information in there, but I just get overwhelmed with all the colors and various columns. I have many models/spreadsheets that only I really understand how they work, and I realize it's a challenge to present the data in a way that is both comprehensive and easy for someone who is completely new to the data to understand. Very good and constructive communication, Dynamic & SlowAppreciation, Spread sheets are what they are - always a child of the creator. It has never happened - when things are complex - like here - that the receiver has in all detail perceived "the message" from the creator of the sheet, the way it was meant.

That is true, LC, - And that's also what makes it complicated [situation dependant].

I can't, rb, There is a 20 per cent limit here in Denmark with regard to position size in tax deferred accounts. [<- It's just soo lame!] - Furthermore, I have come to like the whole game too much! But yes, I sit on a boat load of BRK.B now, quite some above 20 per cent, I think - I've been buying for more than five years now. Right now, I'm in doubt about what the most valuable asset in the household is... Shares in BRK.B, the value of the our home, cash, or the value [to me] of the Lady of the House ... - - - o 0 o - - - [Fortunately, the Lady of the House is not a board member, and she does not read the board as a lurker ... - Otherwise, I would most likely be slapped - hard - because of this post!]