John Hjorth

Just soo true. I had a loop of two landlines and a headset to pick it all up while working. Beside of that two mobile phones connected in a loop. I have literally - without exagerating - picked up millions of turnover [in DKK] by just picking up the phone. The more unknown the number calling me, the more I was interested in the call. My favorite time of the year for "fishing" was the summer vacation time, where nobody, just about everywhere else, replied to anything, despite client loo's being on fire. - Just soo easy to pick it up, just waiting for the calls. When in interactionon with clients, be sharp and precise, never get carried away, and allways do you very best, and to the extent possible, be prepared. Take your qualifications if you are in doubt. Even the biggest bonehead can get away with it with commercial success, if circle of compentence is well known, doing the appropriate qualifications timely, subject to further in depth study.

Thank you for great inspiration here, especially to Luke and Viking. Certainly something to think about for me with regard to my only - so far - grand child [as I have already mentioned, I put all our childs in one bunch, thereby treating them all - and their decendants, as if they were all biologically decendants of me].

To me, the out of the box thinking has already started [Question 1 - Last part].

I'm just trying to shed some light on the Danish situation here, Cigarbutt, without the intent of nit picking your post here. Tiny Denmark is after all only a tiny bit of whole Scandinavia. I have no factual knowledge about the rest of Scandinavia. Medical fees have been subject for political discussions here on and on within at least the last couple of decades without ending in introduction of such, but not within the last few years, because of good public finances. If the through isen't empty, the horses aren't wrangling, ref. the post by Uccmal. What is happening here is that the structure of the GP practices is changing fast from one doctor pratices to partnerships, and the young partners want to invest in their shops, among other things going digital. It gives basis for a much more smooth daily operation, if some patient does not meet in for consultation by appointment, just swicthing to a digital consultation in a digital queue system in stead.

Seth, What you are actually doing, is the best investment possible for a parent: Giving your kids a certain edge early on. What you are actually building now, is a margin of safety about your own future quality of life - as a parent with adult children, your children not causing you worries later in life. There is nothing more disabling to quality of your own of life than being a parent to a young person in some kind of trouble. Thank God, so far, my own biological dauther has spared me that experience. I remember 25 years ago having ongoing discussions at home with the mother to my daughter about raising her as bilingual, Danish and English, me speaking in English to my daugther. I ended up overruled, giving up on it. I regretted that for many years, but no longer, because my daugther is now fluent in English. What was that "English thing" really about?: I would make sure avoiding my daugther doing my own biggest bummer with regard to education. In high school as a math/physics student I had to choose between [[English or German] and [French or Russian]] with regard to languages. I chose German and French. I found out what a bummer I had made while starting out at University. All books were in English, except books about Danish lax law. "Serve your self and get grip on both the language and the stuff that you have learn - or pack your stuff and leave..." I remember my line of thinking was then. But I have had it in my personal sphere despite that in recent years. The Lady of the House has two kids from an earlier mariage, where the father of the kids died young. They are now in their early 30's and now doing well, not being the case, when I met their mother. I took them under my wings as were they my own kids, and taught them a thing or two about basic personal finances. What has made that activity make sense for me afterwards is, that I can feel on both of them, that they today appreciate what I did for them then. - - - o 0 o - - - My daughter is now studying at a university in Sydney, Australia, on her fourth year for her M.Sc. in Economics, at the age of 25. After college she spent two "sabbath years" from studying, one year working and making money, a half year at University at Honolulu, and a few months travelling around in the US with a her best friend before starting at University. I remember when she was in Honolulu, on her Facebook page a photo popped up with the text: "Next time we will do Australia!" The photo was of her, skydiving at large altitude over Honolulu, hanging in a tandem parachute... I thought she was joking then about Australia. Some days I find my self getting worried: "What now if she falls in love with some strange talking Aussie out there and never comes back?" Then I mentally pushes those thoughts away from my mind, telling my self: "Stop beeing such an old selfish bugger - this is not about you - She is just doing exactly what you have always tried to teach her: Persuing her own dreams! ... At least Mr. Musk is not so far with his plans and projects, that she can go to Mars...." - - - o 0 o - - - Reminds about I that I have to order a copy of the Berskhire Hathaway Shareholder Letters avalable at Lulu.com to get it out to her!

To me, nothing has changed, ... except personal behavior - along the way. More than 30 years ago, I was taught by my then boss & nestor about Danish "good business practice - the ground rules". As a Danish CPA, that implies, that you do always provide a reply - as soon as practiable possible: 1. If you get a telephone call without having the ability to pick it up, you get back, as soon as possible - by phone, 2. If you get a written letter from somebody, you provide a written response within reasonable response time, perhaps combined with a personal response by phone. 3. Rule # 2 applies to e-mail communication. - - - o 0 o - - - To me, not being in compliance with the above basic rules of communication all the time - to a satisfactory extent, you might end up "closing some doors behind you - for good" - and at some time in future, you'll recognize, that this is what actually happened in your past! Danish CPAs have for many years got fined for ignoring incoming client communication, based on the above mentioned. It's much cheaper to just give the client the boot in the butt in the first place - to get rid of the hazzle with clients, that you consider dumb or dishonest - or both!

I can't help it ... - I really have to ask: What's the dress code for participants in such hearings/meetings? Bullet proof vest, helmet and bringing your arms? [J/K - lol] Crazy stuff to read in this topic - thanks all for sharing. - - - o 0 o - - - Off topic: Here we have a computer system in place to pick up all trading data for real estate deals all over the country, to get real estate valuations as fair as possible, over time. I think it was about 2 - 3 years ago, it was recognized, that the code in the system was broken. Especially the calculated real estate valuations in the area north of Copenhagen - where the real estate is really expensive - was way off - too high. What next happened was, that the complaint system got flooded with complaints, and blew up totally - it's still down now. Danish citizen don't take any BS from the Danish Government and Administration - especially not from the Danish IRS. [The name of the Danish IRS is "SKAT", which translate directly to both "HONEY" [and "TAX"], btw.] - - - o 0 o - - - The more I learn from reading this board, the more I get to appreciate my own living conditions here. - - - o 0 o - - - Now back to topic again.

To me, both Cigarbutt and Green King are right. Don't give up, DTEJD1997. Here we have a term for the behavior mentioned by Green King : Cash thinking. Also, I'm really surprised to read how things are going on at your place about administrative rulings. It really reads like "Klondike" to me. Here, we have a separate law in place, that embraces all administrative rulings in the public sector, including administrative rulings about taxes: [In Danish: Forvaltningsloven - in English it would something like "The law about public administrative rulings" - without translating directly. Don't you have such legislation in place in the US, to protect citizen from being run over by the system with access to almost unlimited ressources? If your case was here, I would just do one swing at the ball to get it on the other side of the net by sending a one line complaint letter to the state level stating that the administrative tax assessment is invalid because of lack of reason, ref. paragraph 22 in the law.

petec, It's only based on rough and primitive P/B considerations. Please consider me a FFH amateur. I have tried several times to do IV calculations for FFH. I can't. Despite being a mini - compared to i.e. BRK -, FFH is now a so complicated structure, and the complexity is increasing year by year. Position size for me and my family is closer to 4 per cent than 3 right now. [based on accordingly degree of conviction, where I'm about 25 per cent in BRK, and sleeping well at night with that].

I took the time today to read the full FFH 2016 Annual Shareholder Letter by Mr. Watsa and the 2016 financials. For me and my family, this is a position nearer 4 per cent than 3 per cent right now. Return so far after holding it for almost four years, adding bits along the way, is a negative zero ex dividends. I feel the market price of FFH.TO right now is rich, bordering to silly. However, I feel it right now would be about the worst thinkable time to jump off the wagon. The equity hedges are now gone, the prospects of the international insurance business - especially in Asia and Africa - seem to have a an enormous potential going forward for the long run. Add to that the AW merger/aquistion. It will be a totally different company going forward the next few years. I'm willing to buy more, if the share takes a material plunge going forward. Like posted earlier by many other fellow board members I would also like to see a change in the investment style by HW. - - - o 0 o - - - I saw Sanjeev mentioned in the Shareholder Letter by Mr. Watsa. Yes, Sanjeev, you are a truly outstanding human being. Good luck with all your endavours in making life better for other than your self, and may your God be with you in those endavours.

Is "just $200k" typical for investors here to start with? I started as soon as I had my first 10k saved. Paarslaars, Perhaps you are mixing up the starting point in time for reference period for performance measurement in the relevant topic with "point in time when started up investing" here, ref. how randomep phrased his post. Those two separate points in time are most likely not identical.

Berkshire 2017 Bracket Contest. It seems like even the guys at Berkshire HQ are getting a bit bored. I really hope this thing is insured... - somewhere else! It's not even 1st April yet. Perhaps I should have posted this in the topic: "What do folks think or do while markets are at highs?"

It appears to me, that Jurgis [no critism intended here by that] just after posting the poll has made some adjustments to the poll. My vote ended up in "Won't attend - other". After the adjustments made by Jurgis to the poll my vote would have ended up in "Won't attend - too far" [as a European board member]. - - - o 0 o - - - Thanks for posting the poll, Jurgis. I personally consider it a constructive angle for discussion of what Sanjeev has brought up. - - - o 0 o - - - Thanks a lot for all what you're are doing for the CoBF members for so many years now, Sanjeev.

Any recommendations? Business Reorganization in Bankruptcy is incredibly detailed, but it's almost so dry and detailed that I wouldn't advise reading it from an investing practitioner's perspective. Distress Investing and the Vulture Investors are much better for distilling a lot of the concepts in a relatively condensed and entertaining way. You sound like some kind of law student on this. Get a prip on it, or stay out. The FELP topic comes to mind.

It's actually a very good read on BRK.

At least I fixed the 2016 tax returns of the Lady of the House today. What a hazzle! We have both been laying low because of flu the last couple of weeks. At 13 per cent cash in my personal accounts, and at 16 per cent cash on overall level - before about 35 percent cash coming down to my lab from my MIL estate within a few months. I don't feel pushed - at all - by the situation. - - - o 0 o - - - - Soon it's time to go do the spring cut of my David Austin Roses in the garden.

Based on what?

Soo right - +1.

SAN [the large chunk of the position, that I bought at Brexit Day - sold at 5.80, bought at 3.88].

Added to SCHO.CPH this morning.

longinvestor, It could be mice also - they are also extremely reproductive! I remember a post from you on this board about 1 - 2 years ago, where you posted - with reference to the BRK cash flow : "Just follow the money!" - In short: We are all "money dogs", with the nose in the track - for money! 1. I expect earnings and cash flow to stay relatively at this level [2016 level] untill next major aquisition makes a change, 2. Perhaps a major dent on the way forward short term related to Cat Insurance, 3. Economic consequenses of political US hot topics must be expected for BRK [Global trade, corporation taxes etc.] I have absolutely no clue where this will end up. 4. The possibility of a US or global recession. Again, I have no clue. 5. Nuclear event to destroy material value at BRK. Again, I have no clue. - - - o 0 o - - - Not much different from what I'm thinking about what else I've poured money into. - - - o 0 o - - - You're welcome, Valuehalla.

Valuehalla, The source is the Annual Reports on the BRK website. Just grab the 2016 Annual Report, and in the cash flow statement you find the figures for 2016, 2015 and 2014, then you grab the 2013 Annual Report, where you get the figure for 2013, 2012 and 2011, then on to the 2010 Annual Report for the next three years, and so on. Please note that these figures are after taxes paid, i.e. not including deferred taxes expensed in the income statement. Over time, I have found that studying the income statement [result of the capital allocation] including movements in book equity, combined with study of the cash flow statement [the capital allocation] is more rewarding towards understanding what's going on in BRK. The balance sheet naturally matters still for details and certain posts in the balance sheet.

Longhaul, I don't like these airline investments either ... - but honestly: Does it really matter in the whole picture? - To me, this is just a pretty thing, -with a few freckles ... - and there will most likely be more of them as time goes by. To me, over time, the balance sheet has become less and less relevant for valuation of this thing. Everybody on this board should by now know that by just reading the board, that there are material hidden values on both sides of the BRK balance sheet - some easy to quantify, others not. This behemoth has been built by two extraordinary brilliant men, who have been practically all in in this investment the most of their adult life. It's built to generate cash - the more, the merrier - to do new aquisitions. It's an enormous compounding machine. Period. And it certainly - by no mean - has lost it's momentum. Facts: Cash flow from operating activities this century [uSD B]: 2000: 2.947 2001: 6.574 2002: 11.135 2003: 8.438 2004: 7.405 2005: 9.446 2006: 10.195 2007: 12.550 2008: 11.252 2009: 15.846 2010: 17.895 2011: 20.476 2012: 20.950 2013: 27.704 2014: 32.010 2015: 31.491 2016: 32.525 Total: 278.839 [<- ~USD 279 B!] - - - o 0 o - - - I haven't checked - perhaps XOM to some extent can compete with this ... AAPL was most likely too young and too small at the beginning of the century to come even just close. - - - o 0 o - - - Yes, all the cash and T-bills is a drag right now, also. Somebody is just waiting for the next turmoil to arrive - spending the time having fun doing HBO stuff and the likes..."The market is down today, so my wife just gave me coins to my 1.89 breakfast at McD, not for my 3.21 breakfast" [or something like that] - Hilarious.

Thanks, Valuehalla, and so far, so good. : - ) And: Yes, that's the real point here, as duly noted by you above: Within the last specific 11 calendar years, the gap between book value and market value has actually shrinked - not widened!

I agree with you on your calculations and methology, Valuehalla, My basis for calculation: Progress numbers on the inside of the front cover of the 2016 Annual Report. According to those figures USD 100.00 of book value year end 2015 has grown to USD 289.92 of book value at year end 2016. Putting that into the Excel IRR function gives you an IRR of 10.16 per cent over those specific 11 years. Acid test: Book value per A share end of year 2005: USD 59,377 [Annual report 2005, p. 55] Book value per A share end of year 2016: USD 172,108 [Annual report 2016, p.32] Putting those figures into Excel IRR function gives you an IRR of 10.153 per cent. - - - o 0 o - - - With regard to market price progress, I get an IRR of 9.63 per cent over those specific 11 years. [<- Important: Lower than per share book value progress!] Please check you calculations.