John Hjorth

I stopped viewing and listening to the streaming of the AGM at the end of the afternoon section of the Q&A session, where there was a planned break of one hour before commencing the formal business part of the annual shareholders meeting according the agenda in the relased proxy statement filing available on EDGAR. This morning I tried to find the streaming of the formal part of the meeting, finding out, thats it's not public available. While I certainly understand the position of likely a lot of attending shareholders, management and board being totally fed up with the formal shareholder meeting being more or less high jacked by evrironmentalists and the likes getting the word promoting own personal ESG related agenda by having submitted ESG related proposals, that from a voting perspective have absolutely no chance to carry through with a majority of "FOR" votes as voting outcome, I still find this decision questionable, because I am as a non-participating shareholder without access to the voting results, at least by now [here, it's 13:15 Sunday afternoon rigth now]. I suppose a transcript of the meeting at least will be released soon, or perhaps also a 8-K filing next week. Or has something skipped my attention here?

Yes, conspicuous and in a way appalling.

Finally, there was a question about the american banking system, US regional banking in particular, and Mr. Buffett started - before saying anything - by flipping table name tags on the podium like this [ ] :

Agreed @gfp, I'm pretty sure he follows just about everything that may be going on with US T-bills, and that's certainly for a reason of being a material buyer.

Listening to and viewing the Berkshire AGM today online is is just an awesome experience! The Chairman and the first chairman seem to be in their sweet spot, full of energy, and sharp as ever! The two other and newest chairmen blending in at times - depending on questions asked - gives the whole AGM a more specific dimension on quite some issues, that matters a lot for the future! -It's just great!

Thanks, @Charlie, I'm now leaving TV, after experiencing the first ever horse carriage [búilt in 2012] with airkingdition, causing me to, overcringe, so I end up in cramps. It's hard for me to live without Twitter these days, because of the wild things going on in the Swedish RE carnage these days. US regional banking these days is a walk in the park compared to that. I will get better in about two hours, where I will get access to the BRK 2023Q1 10-Q [at 14:00 my local time].

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.