John Hjorth

@Spooky, I think it may have to do with a large deferred tax surfacing while disposing the BAC position, and taking that fact into consideration while assessing the risk involved continuing holding and thereby continuing deferring that tax versus whatever available investment alternative considered while reinvesting the BAC sales proceeds after that tax.

@Luca, There is actually a very good discussion of PAH3 lately in the Volkswagen topic here on CoBF. Porsche Holding SE is by it's basic nature by now a much different beast than Ferrari, uncomparable Ferrari, simply because it owns a large stake in Volkswagen, which holds brands totally different than Porsche and Ferrari [no element of really top class vehicles / luxury].

@Whensthepaintdry?, Time will tell. As always, it will depend on the share price compared to other available opportunities at a given moment.

Honestly, too many money managers brought in play to my taste above [, including you, @Spooky ]. Please give me some European industrialists [two or three] with a proven track record. Jacob Wallenberg, chairman, Investor AB, Sweden, as an example. He does not qualify right now, because he's not mature yet - he hasen't yet left the diapers stage in life [born 1956].

@WayWardCloud, From the "no kids" I perceceive it as if you have a siginificant other. Please accept my deepest and sincere sympathy for living a life with 4 rulers, among them 3 owners of you.

BREAKING: Fed Chair Jerome Powell Delivers Surprise Message for the Bulls .

@dymanojbabu, With all respect and politiliness, we don't need - blank - links to substack items here on CoBF. What we may demand is your personal comments to such, expressing your opinion at the matters at hand. Otherwise, we all drown in posts here on CoBF about etc. how many shares has Mr. Abel acquired this week et. al.- or what do I know. In short, please put our own personal angles to your postings to spice things up, and those will be met by a lot constructive interaction.

And a photo of the phone Bill Ackman has been tweeting from about the whole mess, calling for Ms. Yellen to save the world:

I must admit that I have spent quite some time in the weekend thinking about all this fuzz about Jets parked in Omaha Airport posted on Twitter etc. Also reading *BS* about Mr. Buffett "saved the US banking system under the GFC", while he made two preferred deals of USD 5 B each with banks, and openly in interviews afterwards admitted that he ran out of funds available to engage in 2009. Personally, I have a hard time to imagine that Mr. Buffett would consider it attractive to do a long row of preferred deals [with warrants attached] with a row of small banks and a line of regional banks. Berkshire had approx. USD 125 B in liquidity YE2022 [ex. liquidity in railroad, utility & energy], deduct from that USD 30 B as cash reserves for a "rainy" [<-?] day in the insurance operations, which leaves approx. USD 95 billion. [I haven't even included a deduction for adding to Pilot here - was it approx. USD 8 B?] Would even a material part that figure make any difference in the US banking system somewhere? I think not really. Could it be a potential business opportunity for Mr. Jain to provide insurance to all these banks for insurance of deposits - some way - above FDIC coverage? I'm thinking like NICO years ago provided coverage for Lloyds in London [I know, yes, that was technically reinsurance, not insurance...].

Here is the link to a tweet containing an article by Max Olson about See's Candies from September 2007, which I don't recall to have seen before. Max Olson is the guy who in 2015 made a compilation of the Berkshire Shareholder Letters with a foreword by Mr. Buffett. The compilation is still available on www.lulu.com here . Max is a CoBF member btw.

@Xerxes, This tweet is for you.

Reuters [March 17 2023] : ICC judges issue arrest warrant for Putin over war crimes in Ukraine . The article mentions : Kremlin says arrest warants 'outrageous und unacceptable' Putin is third serving head of state to get ICC arrest warrant Yes, it places the man in a certain leage, almost of his own. However not like getting an Oscar for best permance or Nobels Prize for Peace. Mr. Browder must be overjoyed.

This market movement on this Friday appears pretty wild. My monitor tells me -9.38% for the day. But a lot of bank stuff moved 3% - 4% downwards this Friday. -Perhaps just a result of advancing panick? And then there is the fact that Mr. Buffett has been offloading this bank during the last three quarters, by now almost entirely, after owning it for ages [I haven't checked for how long]. To me, that has been a mystery since the reduction of the position started at Berkshire. I looked at it - and M&T Bank - some months ago. Both appear well run with each their own raison d'être in the US banking landscape. USD 462 billion in deposits YE2022. Let's hope this not "yet another one - counting".

Thank you, @yesman182, Good one. Thanks for sharing the calculation. Yes, let's hope Berkshire really starts shovelling shares in while the stock is following the market downwards, in periods of time even below 300 for the B. And your post also informing us the proxy is here.

Lmao +1!

Yes, @Gregmal, In general, formation of oligopolies strenghening of such tends to reduce competition.

NPR.org [ March 16th 2023] : Poland will send fighter jets to Ukraine, the first NATO country to do so .

What @Xerxes posted here is correct. At the time of acquisition of the HTM security, a IRR pre tax is implied and calculated by basis of the price paid and the stipulated future cash flow of the security. This calculated pre tax IRR is then apllied while calculating the NPV of the future remaining cash flow of the security at any future reporting point in time untill the NPV of future cash flow of the security reaches zero at time of redemption of the security.

Posted by James [ @james22 ] in the topic about the war in Ukraine, about Mr. Tilson : https://assets.empirefinancialresearch.com/uploads/2023/03/My-trip-to-Ukraine-last-week-Whitney-Tilson-3-13-23-1.pdf Some interesting stuff is mentioned on p. 43 about the Howard Buffett Foundation, mentioned here for those who not read the topic about the war.

Based on your post, @gfp, I tried to look around on the Berkshire website, also out in the corners. All to no awail about determining ""lead" independent director". Hum-ho, change gonna come.

@changegonnacome, It's about the basic activity of a bank : Lending.

@MarioP, Personally, I consider the question asked relevant. Let's see the Berskhire reply first, and then, let's discuss.

Reuters [March 15th 2023] : Berkshire Hathaway to beef up risk disclosures following SEC request.

Jeff [ @DooDiligence], So true!

Federal Reserve [March 12th 2023, 6:15 P.M. EDT] Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors . To me, it reads like : If you need liquidity tomorrow monday, just give us all that crap you have on your balance sheet as collateral - we will value it at par and give you the money [..., and later we must see if we by that have solved one problem by creating a new one - then we will to solve that, too].