John Hjorth

Mr. Munger does not give a damn about what you & I think about his statements in the interview. [It's called integrity!] -I'll leave my own thoughts here undisclosed.

@gfp & @TREVNI, I actually coulden't agree more. Here is Mr. Weschlers response to ProPublica.

It did, villainx, Just use "targeted/focused quotes" [ref. above], and we'll do well. [Perhaps Sanjeev can do something about it also.]

Where does one sign up for e-mails from Whitney Tilson? [Well, right now, I have 131,015 of such [in the meaning: Unread!]].

Fitz, -What do you actually read? - I want to discuss!

The original message from Mr. Buffett mentioned by @alpha in the post above can be found here . Reading it is to me worth our time.

Jeff, Ha! - Exactly this! [One will never know in advance - Just get used to it!]

thepupil, Great post! - & thank you for sharing your thoughts.

Thank you for making my day, Xerxes!

Thank you for sharing, @TREVNI There is really no way here on CoBF to express the gratitude I posses for sharing your work on Berkshire Hathaway with others. Simply put: An absolutely awesome performance! - based on persistence [stubbornness [<- ? [ : - )] ], "never yield", "never give up" et. al.]. - - - o 0 o - - - Again, thank you.

Thank you for sharing, @LearningMachine, Indeed, the basic question to ask is not what FED will do [subject to : We're in an inflation environment right now], but if we're in an inflationary environment, or not. Examples : Timber prices going beserk [covered by investment ideas actively discussed here on CoBF recently], & Steel prices going beserk [not covered here on CoBF?]. - - - o 0 o - - - Pretty amazing to look at things right now, shying away & doing nothing, aware of being out of my own circle competence! - - - o 0 o - - - How will all this play out going forward? -Personally, I've no idea [about future inflation, or not].

Thank you for sharing, dcollon, -Fun on a Friday! [ : - D ]

Thank you for sharing, Xerxes, However, useless & clear hindsight bias. Nobody knew back then - except perhaps Mr. Buffett & Mr. Hamburg [on overall level, & gradually over time] - how the liquidity needs of the Berkshire subsidiaries evolved over time, at that time.

I seldom participate in macro topics here on CoBF, so please take this post as it is. To me, the topic title in this topic is somehow void, because there is an underlying, more basic, issue at hand. Aswath Damodaran [May 24th 2021]: Musings on Markets : Inflation and Investing: False Alarm or Fair Warning?

Thank you for sharing, Xerxes, I just ordered : David F. Swensen : Unconventional success, & David F. Swensen : Pioneering Portfolio Management at saxo.com .

Thank you, Mike, I've read several places over the years, that Mr. Swensen was very successful in his work for Yale. RIP.

Mike, Do we have this book in CoBF Books forum? - I do not recall seeing it there.

Jeff, What do you think this really is? Hey, I'm not a US citizen, so what do I know. Here in the Northern Europe, I've heard about termination of policies for reckles car drivers and motorcycle riders [typically youngsters], but this about a homeowners policy.

Xerxes, I've been long BAM since the old format BAM website [and the quarterly reports] showed BAM AUM 130 B. [<- That is actually some time ago!] Never, ever sold one share, no matter what. Perhaps I should have the inner parts of my head examined meticously.

Added further to BAM today. [I'm now "maxed out" [in the sense of being basically fully invested, without any use of any kind af leverage, except deferred taxes on taxable accounts]].

Added to BAM last week, and added to BAM & SCHO.CPH today.

Personally, I have to admit, that this migration from Simple Machines Forums to Invision Boards has been a personal challenge to me, too. To be totally honest, just after the migration, I considered myself here on CoBF deaf, blind & mute, combined with a good deal of directional confusion! [, absolutely without any capabilities to "handle"/"maneuver" the new board like the former board software platform]. - - - o 0 o - - - Here, I'm not suggesting, that the posts in this topic are without merit [actually, to me, many of them are]. The posts in this topic tells everything about what this is about : Simple Machine Forums has its roots in a time, when tablets and smartphones did not exist. But what I'm quite sure of is, that we are now past "the point of no return" [to the old board platform, ref. the topic title chosen by Greg in this topic]. The point of no return was de facto when Sanjeev decided to put the new software platform into production environment. Personally, I speculate many challenges using the new board platform can be solved by communication among CoBF members [like we - as a community - do every day - investment related], using the recipe : "There are no dumb questions, - only condecending answers".

Thank you & very well said, Greg, Personally, I think about this as a private investor saving and only holding cash & T-bills for the long term. It's doomed to failure in the sense of underperformance for the long term. In fact, Mr. Buffett has been a proponent of exactly this stance & point many times over the years. I think it was some two to three years ago that I was about have had enough of this continuous cash build and seriously considered to reduce my Berkshire position and go somewhere else with the proceeds. gfp has also earlier here on CoBF short time ago expressed, that the buybacks for sure appear price sensitive in some way. Mr. Buffett also verbally confirmed it under the AGM yesterday. Let's just hope it doesn't run up too much, so that the buybacks come to a halt. - - - o 0 o - - - Just a few additions here, hopefully without these additions being perceived as too much nitpicking by my fellow CoBF members : Mr. Buffett mentioned under the AGM yesterday that the minimum cash position of USD 20 B is under consideration for a raise [, which to me makes sense - float is still gradually increasing, and as of now [EOP 2021Q1] stands at USD 140 B]. Calculation of "excess cash" ["dead money"] should actually include a deduction for cash at hand at BHE, because that cash is de facto earmarked for reinvestment in BHE [no dividends from BHE to the parent]. I think it was at the 2017 AGM, that Mr. Buffett was asked a question about the cash build, where he expressed something along these lines [,so not an exact quote here] : "... there is no way we can sit here in front you and consider ourselves a success with more than USD 150 B in cash & cash equivalents on the balance sheet ...". Somehow, Mr. Buffett - so far - has lived up to that.

CorpRaider & longterminvestor, I started listening to that podcast, too, trying to take it in, in bites. I got derailed when I heard about the site Berkshire Nerds , and I got a good laugh of the FAQ on the website! [ : - ) ]

Thank you very much for sharing, KFS, I couldn't find it yesterday. I enjoyed listening to it this morning. After that, I went beserk on saxo.com, ordering three books about Berkshire by Lawrence Cunningham [As a Dane, my calculations appear to show that's a cheaper way to get those particular books, compared to ordering them on Amazon].