John Hjorth

StubbleJumper & alwaysinvert, How do you feel and think about the whole thing today Monday? - In a time context, your posts was just after the Berkshire 10-Q was released. Now we have had ongoing discussion during the weekend and analysis of the 10-Q, and it has come up that about ~USD 15B has been allocated to financials during 2018Q3 [- of the ~USD 15 B ~USD 6 B allocated to BAC -], on top of the share buyback of ~USD 1 B in the quarter. Furthermore considerations/speculations [ time will tell ] that more capital has been allocated to perhaps BK, USB & GS, perhaps even new positions in financials. Personally, I was a bit disappointed just after the release of the 10-Q, too. After a couple of nights sleep on it, I have a good feeling about this here Monday morning. The upward trend in liquidity surplus has been turned, and Berkshire is still the Rock of Gibraltar. All in all, not that bad, because it's actually able to generate good earnings and cash flow as it is.

aws, That's discussed and covered in this topic.

Great observations about BAC for Berkshire, gents, The next questions are, as at least partly already mentioned by globalfinancepartners, because it's a lot capital allocated during 2018Q3 to financials etc.: ~USD 15 B in financials etc., with ~USD 6 allocated to BAC, what's the rest allocated to? -Personally I speculate that it would at least include an allocation to JPM - alone because of the size of the rest - time will tell [mid this month]. If ~USD 6 B has been allocated to BAC during 2018Q3, why should continued buying not take place during "Red October", where BAC has tanked some, and daily volume has gone materially up?

Thank you, globalfinancepartners, & my question #1 does not really matter, what had me really puzzled, was my question #2, which has been answered satisfactory by longinvestor. The whole thing makes sense to me now, actually, in the meaning that we're not any longer held in the dark. We have now black on white, that Berkshire has been buying back at average 207ish for the B share. That's sufficient for me.

lol. Good humor upon Red October.

Thank you, longinvestor! I missed that, got it now! [ : -) ] If one look at a price chart for the B share for 2018Q3, it really looks like a "208 threshold" for the period [2018Q3].

globalfinancepartners, From you numbers etc, it appears clear to me, the basis for your post is the 2018Q3 10-Q, p. 45, lower part, where we have the facts, right? 1. Why 8 days in October, ref. my emphasis in the quote of your post? [i suppose you perhaps mean 18 trading days instead?] 2. Why is August 6th first day in your opinion for the new buyback regime? The public announcement was July 17th. I just want to be sure to understand correctly your line of thinking here.

Started tiny positions yesterday in : LVMUY - LVMH - Moët Hennessey - Louis Vuitton SE [CoBF Investment Ideas topic] [Company Website]. Bought it at its primary market place at Euronext Paris [ticker: MC.PA], SBRCY - Sberbank of Russia [CoBF Investment Ideas topic] [Company Website]. Bought it at London Stock Exchange [ticker: SBER.L], & EXO.MI - EXOR N.V. [CoBF Investment Ideas topic] [Company Website].

dcollon, Thank you for sharing. Please also repost this interview in this topic - It certainly seems worth it, despite I haven't been listening to the whole thing yet.

Admitted, you're not the only one to be confused here, SwedishValue [ : - ) ], Yesterday I was studying the C 2018Q3 10-Q. C reports at that spot outstanding shares at end of 2018Q3.

SwedishValue, Or close to the end of October 2018. On the front page of the 2018Q2 10-Q the share count for outstanding shares was as per July 26th 2018.

Added a bit to SCHO.CPH & BAM [in the early hours of both markets] today. - - - o 0 o - - - It's good to read good mood among fellow board members in these volatile days!

I think it was yesterday, that I read a Twitter thread by Francine McKenna about Berkshire. Honestly, to me, she does not know what she's talking about. Absolutely rubbish to me. Edit: To me, a bit like the SIRF Report [March 11th 2013] about Brookfield Asset Management Inc.

That's really weird. I use Chrome on a Win PC, by the way.

I have noticed some weeks ago - perhaps 1 - 2 months ago - that I lost secure connection to CoBF [https://]. Perhaps there is an issue with the security certificate of the CoBF domain.

Personally, I think this message from SharperDingaan is to a wide extent true. We have discussed it at length earlier in respect of possible & potential acquisition targets for Berkshire in Europe, including Germany, actually. This applies to some extent to Scandinavian investments, too. Always to take a look at "the superstructure above the investment" [please read: controlling foundations and families etc.], and try to make an assessment about how it works - through thick and thin - may serve you well.

rb, I respectfully disagree. Please look up the SSW topic with regard to scrubbers on ships. It evolves - gradually - into "green transportation" becoming a competitive parameter/pitch. Ships and airplanes are major pollution sinners. Political systems don't give a damn about the concept of "impossible". Please take a look at what happened in Germany post the Tepco accident with regard to nuclear power.

Thanks for your post, rb, I get what you say here. And I actually concur - in some way - with your reply. Actually, my question was not - far from - phrased with the precision intendended for my part. My question was actually addressed to the regulatory environment with regard to pollution [, however I failed miserably of making that a clear point of my post]. Isen't there a political risk here of regulatory matters & decisions deteriorating the value of productive assets [airplanes]?

What's the perception among fellow board members with regard to the pollution footprint of this industry going forward? [The same issue with regard to shipping is already actively discussed here on CoBF in the SSW topic recently.]

You're welcome, Per, The European value investing community valueDACH [covering Germany, Austria & Switzerland] also has a webpage with links to screeners and a toolbox webpage. Our fellow board member ebdem is an active member of valueDACH.

Hi Per, Welcome to CoBF! [ : - ) ] From my recollection, I think you're the first active Norwegian board member [, however I may be wrong about that, though]. Personally, when I have "entered a new country" [about a potential investment not already covered here on CoBF] I have found value in reading the country reports from IMF. To me, they provide a fast overview of "the temp." of that particular country, and economic situations vary among European countries. Then there is the possibility of starting a topic on a particular investment in the Investment Ideas forum for discussion - like you have already done with Covestro AG. There is a minority of European board members here on CoBF - the majority of the members are North American, but some of them actually have interest in European stocks, and also actively share their thoughts here CoBF on European investments.

Let's make it 10, 15 or even 20 years, ref. Pete. One has to make a personal judgement, as always - forward looking is the real point here, I think.

It could be one or several separate battery wagons electrical and pullingwise connected to the pulling [electrical] locomotive. Somewhat like in the first days of the NA railroad, where the first wagon after the steam driven locomotive was a wagon containing and carrying the "fuel" [coal]. Instead of doing a recharging stop somewhere, you "swap batteries" at a charging station, thereby time saved. I remember somebody here on CoBF years ago called Berkshire "old economy", but innovation sure isen't dead at Berkshire.

Cigarbutt, Thank you for the reference to Mr. Volcker's book soon to be released [October 30th 2018, I think it is]. I'll buy it also - for pushback. Supplementary question here [and then back on topic again]: Is Mr. Volcker ill? - Or do you use the word "dying" in the meaning that he is approaching his [unknown?] expiry date for every day that goes, the same way all mortals do every day? Personally, I think there is a lot of truth in Cardboard's last post. And yes, SharperDingaan, with regard to taking responsibility for own actions [, as an alternative to blame others, society, lenders, Wall Street, government, or whoever]. Even if one has screwed up, one can decide consciously to change behavior, to get it right. Here, we call it to take the spoon in the other hand. Where there is will there is a way.

lol, ref. "Lethargy bordering on sloth remains the cornerstone of our investment style."