John Hjorth

I think that is accurate. I believe he’s just trying to be transparent and fair about it. Let his long term partners/investors know that he’s not trying to take advantage of them - “ it’s worth more than what it trades for” “ now may not be the time to sell.” Pretty sure I’ve read him talk about buybacks and considering the partners you are buying back from - or I’m just making it up. Eg If there were just 10 investors/partners he wouldn’t try and buyback shares on the cheap from one of them them if they were either down and out or if prices were advantageous to him. I agree with nicke & hasilp here, Actually, I was chuckling while reading that particular part, too. However I think thare are shades and several dimensions in what has been done in the last few years. I think of it as a two step-process [perhaps there may be more steps than I imagine here]. To me, it's a fact there has been a major shift in the Berkshire portfolio composition within the last few years away from financials in general, while share buybacks would increase exposure to financials for the individual shareholder, thereby indicating a two step-process. This is [naturally] also speculative thoughts for my part.

You're welcome, Buckeye, -So friggin' many numbers each quarter! [ ;-D ]

Buckeye, Yes, as gfp, just "said", then you compare with the information in note 22, p. K-107 about shares oustanding YE2020, calculate the difference, and multiply with estimated average market price for the A and the B in the period beginning of the year to mid February, which will get you in the area which gfp stated.

Mike, I like your take on this. To me, it's that plain simple. Based on the VZ and CVX additions, I hope to see some serious & material addition to BRK soon!

ValueMaven, Any day now, I think.

kab60, Personally, I'm not aware of any. And [perhaps] like you, I do not consider it a coincidence.

My late mother taught me in a very special [, & here, undisclosed] way never to steal. Opportunistic, I'm here making an exception.

I would like to add Writser's and Gilmour's [alwaysinvert's] exchange in the Treasure ASA topic some days ago! ["General Norwegian-bashing" & "darn discount won't close"!] [ : - D]. [i hope Per [CoBF member perulv] does not take it too seriously.] Jeff's [DooDiligence's] new signature isen't all that shappy either! [ : - D ]

[Friggin'] this!

So appalling! How on Earth would Mr. Putin expect to hold this new "Versailles" at the Black Sea a secret, when there are sattelites everywhere around the planet and drones available for [almost] everybody?

Muscleman, Source, please.

Yep. Agreed, Simplest way to un-elaborate things. Thank you.

Not totally precise calculations yet, but around minus 3 percent for 2020 pre-tax & after fees etc. [, & took the poll accordingly]. I'm tempted to quote Greg and SharperDingaan from the "Happy New Year"-topic here : I "managed to produce" minus 32.9 percent in about a month [the period February 19th - March 23rd] while being actually mentally incapacitated, not fit & proper and ill, & doing nothing, mostly staying away from the keyboard and my monitors. On that backdrop, there's no need to complain about minus 3 percent. - - - o 0 o - - - Off topic : Ended the year with a once-in-a-lifetime experience. R.I.P., Little Brother [Passed away December 31st early in the morning, & way too early]. So here, also a huge thank you to Broeb for picking up the baton on this yearly recurring topic.

Merry Christmas to all my fellow CoBF members!

Greg, With, or without, your decises at hand? [which to me seem to be the definition of a vacation, or perhaps not]?

Copied from the Berkshire Hathaway forum : How could they resist the politics section? Jeff & Mike, Thank you for making my Saturday morning! [ : - D ]

JRM, Please call me John [ : - ) ]. Actually, I'm right now in the eye of a storm related to that. [-And it'll end up being just great for my household! [The Ruler of the House & I - no kids at home , two old buggers, -you know]. I'll try to allocate some time to provide a post to this topic within the next few days, that [perhaps] makes some sense and creates some perspective, based on my own experiences, and a good deal of [Danish] home bias. [ : - ) ]

JRM, You're an american citizen, right? [i'm asking to give my reply in this topic context.]

, and basically all others ending by : ? I think that is a very interesting point John. Might have to do with the International/Japanese time difference...or could mean something more. I dont know. Maybe written by someone in the Japanese office Please don't take my questions here too seriously ... - I mean, what will be in that particular e-mail inbox will be something similar to this : -And rest assured, I think too Mr. Hamburg is perhaps too old for this kind of stuff. [in the end : Not in any way our problem ... The advantage of being a global conglomerate investor!]

Anybody else but me taking notice of the difference between the ending of this Press Release : , and basically all others ending by : ?

I'm always amazed, when something like this happens on the CoBF Board Index, section Recent Posts.

Certainly there is a perfect answer : Just don't! [You have to stay aware of, that the delusion is inside of own your head : "I want to change the world to a better place for all! [starting with my friends]" [,which is impossible for you to do]].

Cigarbutt, I think [i may be wrong about that, though] that you have no real perception of the value of your posts so far in this topic. So, please, keep them coming! [ : - ) ]

Cigarbutt, I, for one, have really-really appreciated your contributions to this topic here on CoBF. It's an extremely difficult topic for a layman like me. [Here : My intention was to post something about asking you to take care of your family & you ... [tell me/you about it! - because I know you already do!] : Anyway: I hope to read further posts from you in this topic. [Actually, it's my overall [not well defined, any] kind of perception, that you do not give in easily, but sure, enough can be enough]. Please take care [, however I know you don't need my advice]. I've enjoyed and grown intellectually by your posts in this topic so far.

The total share of financials in the Berkshire portfolio has grown a lot in recent years, & untill the pandemic hit, to an outsized part of the total portfolio value. [We have to remember the AXP position here, which also carries a lot of deferred taxes]. When the world and the outlook suddenly changes to look extremely dim and uncertain, and one wants to reduce the total exposure to financials, perhaps for that reason alone, you have to pick, and something has get the boot out of the boat. - - - o 0 o - - - A belated welcome to you here on CoBF, Arski! [ : - ) ]