John Hjorth

I can feel I'm about to max out today on my allergic reaction to selfpromotional photos on Twitter from Omaha of certain persons in company with certain persons related one way or another to the Berkshire sphere. This allergic reaction for me has become more violent over some years. I find comfort in that today I can actually divert my own attention from that by choosing to cringe over the British coronation of King Charles III in stead, simply by turning on TV.

Reuters [May 5th 2023] : Russian mercenaries vow to quit Bakhmut, Ukraine says they are piling in. Let's see what appears to happen 5 days from now.

Quotes by late Arnold Mærsk McKinney-Møller, which to me still are true: "He who has the ability has the duty.", "It is about acting morally right and nationally right. It often happens, and I think it also happens in many companies, that decisions are made that are not favorable to what is called the bottom line." & "Good corporate governance has always been on the minds of our board, our management and me personally. But it's not something you can sign up for. It is something that is practiced in practice adapted to the individual company and the world in which we live." Mr. Møller passed away on April 16th 2012, now more than 11 years ago.

Personally I think when making judgements about transactions like this with FRC net assets it is easy post transaction [when the dust settles, or things continue to escalate] to come up with socalled thoughtful and rational considerations about the outcome. The fact is that such process is extremely demanding and stressfull for all involved parties here, including involving many parties here. The issue here setting the game conditions is the time constraint, that builds up in the process. The outcome will never be anywhere near perfect - for any part involved. Everybody involved have likely worked off their butts over quite long periods of time, and mistakes, errors and what do I know always happens when you are nearly out of time, deprived from sleep and rest, tired and overworked, the worst is if one in this process has forgotten to take care of the intake of real, good energy [good, healthy food] and to keep the fluid reservoirs intact. This not like Mr. Buffett acting on a socalled incoming call or Fairfax making a friendly acquisition.

@dealraker, Well, in a way it is like sex, everybody practicing it, with or without a margin a safety, some even without [downside] protection. Just take a look at the socalled superinvestors at Dataroma, and their positions, several of them so called sworn-in value investors. Personally, I still have no idea about how to create an estimate for a price that provides a reasonable margin of safety for any of the names mentioned by you above. To me, there is no doubt, that at least some of them are fantastic companies, but that does not neccesarily make them good investments going forward. That Dataroma observation of mine, what is it? : I don't know, perhaps some kind of FOMO combined with appropriate position sizing, relative to conviction? Fine with me, if so.

@dealraker, You are for all other CoBF members [I think], our constant preferred vendor of good humor. If you were Danish, you would likely be appointed "Kongelig Hofleverandør" by our Majesty the queen Margrethe II ["Kongelig Hofleverandør" translates to "Preferred vendor by the Royal Dansk Court", which is actually a protected trademark in any business. It's considered a Danish stamp for quality. It's a by invitation only thing, like i.e. Mastercard Black - and unlike orders, it does not hang on idiots only because of many years of loyal and faithful service.[Danish saying].]

Thank you for sharing, @Cigarbutt, But isen't the interesting dimension here also how the banks discussed, covered and included with regard to discussion in this topic are competing for deposits among each other with deposit interest rates, not only with money market funds? [Naturally, unless this topic is only about deposits / liquidity matters, isolated]

The really fascinating thing to think about the contents of some of the last posts in this topic from @Gregmal is that if the "the "general" consumer" [Please note the double / two layer "" here] actually changed economic behavior to rationality and frugality all around the world instantly and at the same time, it would likely trigger a severe global recession and a lot of turmoil, - here, there and everywhere - globally.

@Xerxes, Please see the - likely intentional - smiley used by @sleepydragon in the exchange with @spartansaver above [ ]. This is actually quite funny! [ ]. - - - o 0 o - - - Edit : @Xerxes, If my above posts to you seemed patronizing and condecending, I hereby apologize. Here is a more specific angle : The 2023 Annual Meeting will be on May 6, 2023 [, which means next weekend].

Berkshire Hathaway Press Release [April 27th 2023]. It reads a bit weird to me, any information about the supplementary background information about this would be appreciated, if you have any to share, thank you.

The reason is likely not any longer cool [?] [or cold?] business, from the description. But likely based on personal percepition of what's rational. It's a choice we all have, [, it we can afford it] - Those who can pay, do not need to ask anybody about anything.

Buying neighbours land with the proceeds, @dealraker?

Thank you for the referrals, @Saluki. I will follow up on them in the near future.

Actually, it has always amazed me during now many years, how you have approached these kind of discussions, based on my knowledge about your origin, @Spekulatius. And that's here meant as a sincere compliment.

Jeff, [ @DooDiligence ], Please admit it - If you weren't stock picking, you would be bored to the hell.

That is exactly why he needs to be removed. It's not that complicated.

I'm clinging on to, that someone will take intiative to remove him, from inside Russia. All wishfull thinking and hopes, no conviction as of now. The madness has to stop - one way, or another.

Thanks, Mike [ @cubsfan ], Agreed. And I would add : Naturally! I was - perhaps - lacking logic in the way my post turned out. Difficult to call your self a state, if you don't have order in own house! Grabbing for the legs in the trousers of USA and clinging onto them will naturally not work over time from here going forward.

@Castanza, I seldom participate in this topic, because of all its political angles, which none of us can effectively separate from the calamity as such. I understand, and respect, your personal position here, as expressed above. Reading what you posted actually makes some kind of sense for me as an European citizen in the now not so cold north [spring is here Denmark, with lots of sun today, outside we are at 14o C - life is great!]. I'm here trying my best to express myself, putting myself in your shoes. If NATO does not cooperate internally on this matter, it should be decommisioned. Period. I know a lot countries being NATO members and not contributing suffiently financially according the agreements.. Mr. Trump was right on that. Denmark is actually one of them. To me, it's a disgrace, and soo embarassing. It will change relatively fast, gradually over the coming few years here. [Read : Higher income taxes for Danes - there is no other Danish method for tackling the issue at hand.] The Danish political sentiment is changing fast on that matter, also in the Danish population as such. There is nothing worse than an invalid, in reality non-existing musceteer oath, that does not keep up and hold water. There is nothing in life as being scolded by someone, that you have considered being your fairly close friend and ally, and that you relied on. You will never forget the experinece, if happens to you. But right now we Danes are behind on keeping the right balance in the relationship, we will get there, eventually, to get order in our own house.

Thank you for guidance, @Spekulatius, Much appreciated for my part personally. The line of thinking by Mr. Mayer is indeed very interesting. To me, he is GARPy, verging to the extremes. I.e. I can't imagine a by now realistic market price of EVO.STO, which Mr. Mayer already owns in reasonable quantities, that would cause me to engage. For him : No sweat [, while I'm turning the back to it.]. An other Swedish one is LIFCO_B.STO. - - - o 0 o - - - I think this "issue" is not only about temper, age, etc., but certainly also related to "hunger". However, I like reading the stuff produced by Mr. Mayer, alone because he is never a crank, never caused by swinging the wrong leg out of the f**cking bed first thing in the morning, after not getting lucky last night.

Thank you for your inputs here, @Spekulatius & @dealraker, As always, it's just great that you - as seasoned investors with lots of experience - actually have chosen to share to your personal experiences and personal findings / rationales etc. with other members here on CoBF, in stead of "just" keeping it for yourself, as the alternative option. It's an enormous privilege to have access to your line of thinking - over time - through your posts here on CoBF. This is actually not just about you two gents and your posts, but related to all contributing CoBF members. Nobody else mentioned here specifically, but certainly nobody forgotten. Thank you.

Thank you for sharing your view on the book, @giulio. Yes, as already mentioned by you, it's a reprint dated November 2014 in the Publisher's Note [first thing in the book] by Marchall Glickman, which among other things is about the original book being subject to scalping/speculation/mania [<-?] on amazon.com back then available as used / second hand item at USD 683 [<- !], mentioning it specific being the purpose for its reprint. That is to me an honorable and good deed.

Please continue that particular discussion in the GOOGL topic, where it is also and alreday posted.

Thank you for sharing, @Spekulatius, Somehow, there was a "nerve" contained in your post above, that simply was not present in my last post above. Thinking about it - a bit about it, at least - it is about four Substack accounts sharing with me every time Mr. Buffett has been buying i.e. OXY [, or visiting the toilet at office]. I'm pretty sure I personally would end up constipated, if this was about me.

Thank you for sharing, @thowed, Just by reading the preface of this edition, I got exactly that perception, thank you. There is to me no way I can see my self investing like Mr. Mayer as of now. [I know the composition of his portfolio]. I would not get much sleep doing so - perhaps / perhaps not like him]. It is about being an old bugger, with no time left to permanently loosing capital going forward. Still, an old dog can learn new tricks along the way. It's all about position sizing here. Please don't try to tell me that it can't be taught, because I'm a firm believer in that anything in this space can be taught [, including : taught by practice], based on the right personal attitude towards the challenge for the pupil / apprentice in the actual situation.