John Hjorth

Happy Halloween to all fellow CoBF members! [ : - ) ]

Finally! : Permit for the Nord Stream 2 project is granted by the Danish Energy Agency. This is to me good to the whole European energy system. -It does not exactly harm me by being a long Gazprom investor either. [ ; - ) ]

Please stay open-minded to change! [ : - ) ] - - - o 0 o - - - About five years ago - or so - I was very close to give up posting here on CoBF. The problem then [for me] was the WYSIWYG editor built in to the board. It has taken me a lot of effort to "understand" and "decode" the simple Machines Forum software bugs [<- There are many!] - to use high level BB Code in my postings.

Take it easy, Sanjeev is a busy person. [ ;- ) ] Edit: I've just reported my own [this] post to Sanjeev.

Personally, I would be surprised - very - to see Berkshire investing its cash this way going forward. I don't know exactly when it popped up on the Berkshire Website, but here it is : Sustainability - likely for starters.

Ohh come-on, rkbabang, Nowadays, even WFC has a CEO [as for any decent US bank with just any part left of self-esteem] [ ; - ) ]

Thanks, Greg.

OK, Greg. Each to their own way. Personally, I'm investing for the long term, where the underlying earnings and cash flow generates the future earnings and capital allocation opportunities. So you're long TSLA? (kidding) Greg, What is it with you? -Please tell us something about what you're really up to .. - instead of all those [now hundreds of posts here on CoBF] about your <100 bps trades. - Please post your thoughts in the relevant investment ideas topics. -Personally, I don't see your posts there . [And please give me a break with regard to crypto.]

OK, Greg. Each to their own way. Personally, I'm investing for the long term, where the underlying earnings and cash flow generates the future earnings and capital allocation opportunities.

Great investment thesis, Greg. [And from here, please don't expect me to participate in this topic.]

Oh, please give me a break.

Pulled out all available cash in my fathers account again today. Sold a bit less than one third of my fathers position in SAN today [at a loss]. It appears the account won't stay under the set goal/max. exposure, set now more than 5 years ago. I will drag out the cash [for good], when it's available after two days, if things don't fall back again. ... Sold a bit more SAN today. Sold a bit more SAN today.

Thank you for sharing, Tilman, I'm actually listening to it right here before lunch. To me, it's great!

Tweet by "The other Donald" [Donald Tusk] at 11:00 PM Saturday. It seems like "BoJo" [<- [ : - D ]] is doing overtime on a Saturday to be able to call in sick on Monday, ref. wachtwoord! [i'm sorry, I couldn't help it here ... - The whole thing is actually starting to crack me up!]

From my limited understanding of physics, all kind of energy production & -consumption basically eventually ends up as kinetic energy in molecules, which equals heating. The sun is delivering energy by the mean of embedded energy in photons every day to the earth, and then there is added released energy from energy sources by human activity. So it's perhaps not only about pollution [non-desired side effects of human activity related to production and consumption of energy], but more like the whole energy equation for the planet?

Cigarbutt, Thank you for reminding me about the Montreal Protocol, ref. your post #46. I had totally forgotten about that. [Whoa, - hot topic! [ : - ) ]]

Lack of or weak ability to predict future climate change in existing models for climate change aren't making the issue at hand [man made climate change, not just climate change] existent or not. You have to make a risk assessment on the matter at hand, because we have only one Earth. The risk connected to climate change is like going all in on one stock on margin, and then getting it wrong, albeit if you screw up with debt, you perhaps have the option to get debt relief by some legal procedure. For climate change there is no "Undo" button like in MS Word or MS Excel. There is an element of potential moral hazard to the issue also, because those who are in risk for being the subjects & victims of getting this wrong are the future generations of the human species. A bit like getting exactly that extra kid, that you actually knew that you would not be able to satisfactory provide for, impacting in a negative way not only the childhood for that child, but also for the elder siblings of that child, your spouse and yourself. Nassim Taleb et. al. : Climate models and precautionary measures. &

wabuffo, I think this should be measured on a relative [position size in percentage] basis. The Wedgewood LPs have withdrawn substantial capital over a period, ref. what longinvestor and I have posted earlier in this topic. I have made no calculations on it though, and I don't intend to.

Writser is being "nasty" here, in a a constructive way. It is about the "real" truth. It is about loosing confidence, based on languishing, geriatrical based, fading of capabilities. Taboo, and hard to discuss. Doubt and distrust eventually towards the Berkshire board also. Very hard to discuss. [ : - ) ]

Personally, I would really appreciate such a topic in the "Personal Finance" forum, for inspiration, and for structured discussion and sharing of thoughts on this matter at hand. I really hope someone here on CoBF will take the intiative [someone, who has practical experience with it, and/or has given it intensive consideration - perhaps gfp and/or Cigarbutt? [ : - ) ]]. - - - o 0 o - - - Back to topic.

I wonder what the conditions were in those promissory notes. [ :- ) ] Transfer of non-cash generating assets to the kids at low prices. - - - o 0 o - - - When I was young, I had a boss, that when he was young was serving a client - a lawyer of high age, who was wealthy. Because of high earnings combined with frugality he had become wealthy by buying real estate. He had started deliberately & gradually transferring properties to his kids, starting with the properties with the most louzy cash flow first, some even with negative cash flow, because of the mortgages. My boss asked him why he did so [The lawyer was old and alone. He had lost his wife, who had passed away.] His answer was : "That way I'm sure that my kids still visit me!" [ ; - D]

Thank you, Greg, -Actually, I think you have no idea how much I appreciate your push-back and skepticism towards being invested in Berkshire long term. For my part, it's actually not a bet on Mr. Buffett, nor Mr. Munger [it's a quite morbid bet actually - none of those gents will last forever]. It's more a bet on that "the system " [after those gents] will not only endure, but also prosper. - Some days, I feel extremely confident it will , and others not so much. - Right now, it's absolutely no given, at least to me ... time will tell. But when we discuss about Berkshire long term here on CoBF, I really think it's not about Mr. Buffett nor Mr. Munger [morbid as it may seem]. More like about continued cash flow generation, combined with astute/reasonable capital allocation. [No existing Buffett/Munger patents on the last part]. In short, & to me, we need to let go of this "Buffett/Munger" angle, if we look at Berkshire [really] long term. To me, this kind of "Buffet/Munger" angle - long term - is a special kind of anchoring [if not just a real bias, that confuscates any real judgement]. - - - o 0 o - - - Did I get away with posting this? - I'll check up on it tomorrow [ : - ) ]

Greg, what's your time horizon here? -If you think carefully about it, really! - what does then matter -real long term?

This is a great take on the whole market price situation for Berkshire over time, wabuffo, Thank you for sharing.

Please take a look at the Dataroma history for Wedgewood, especially the evolution of portfolio value over time. It appears obvious to me, that Mr. Rolfe is experiencing the nightmare of a money manager working with non-permanent capital, combined with LPs reaction to historical lack of performance, thus pulling out. Please also note the relative position rank of Berkshire over time in the history.