John Hjorth

Berkshire press release about Mr. Buffett's yearly gifts to the five foundations. Now ~USD 31 B in total, in this year ~USD 3.4 B, and counting.

To me, absolutely stunning what you have pulled off now for so many times during the last few months, boilermaker. Tapping the market for cash, as was it some kind of high quality beer pipeline with a hole. You really need to report here, when you switch to oxygen. [boilermakers don't cheat with oxygen on Everest or K2.]

Thank you, Oscar!, I looked at it earlier today [always nosy], and ended up exactly confused. Such clutter! - At least the parents could implement "I", "II", "III", " IV" and so on. [ : - ) ] Please don't be a stranger, Oscar.

It is the largest weighted company in XLF: http://etfdb.com/etf/XLF/ Nickenumbers, Above is my offer what's going on with Berkshire in the market at end of June 2018, with comment from Joel [racemize]. Also ref. the latest discussion in this topic between rolling and Dynamic. I still think today this thesis has merit.

I did ask Sanjeev to merge this topic with the topic in the General Discussion forum, which by Sanjeevs initiative took place about 1.5 hours ago. Thank you Sanjeev. [Just so that nobody is confused what has happened here on CoBF.] I found Howard Marks book unremarkable too. I know he is revered here, but I really didn‘t get much from his book, other than the idea to think about where we are in a cycle. Even with respect to the latter, it might just be better not to think about cycles at all and look at all Investments case by case and forget about the large picture.

The Kindler version was not legit. I'm deleting my posts here of today, to keep the topic clean.

Oh, I apologize for my comment then, Valuehalla. And I see that Dynamic comes up with the same numbers within a narrow margin, like yours, in his very elaborate post after yours. Thank you gents.

Post by Scott - to me, absolutely brilliant post by Scott, thank you! - in the "Berkshire - cheap?" topic [my emphasis & underlining here]: Edit: Please try to invert it with regard to outliers. Please try intellectually to apply it, relative to your own actual personal investment style.

Jurgis, Now I understand that you bought a tracker of LVMH in May.

Has anybody here on CoBF tried to estimate the BV/share for Berkshire end of period 2018H1? [i have read the posts by Valuehalla in this topic, but I respectfully towards Valuehallas post of June 29[sup]th[/sup] 2018 submit, that the calculations - at least to me - are too cursory. [i hope you don't get me wrong here, Valuehalla ... - I have always enjoyed reading your posts here on CoBF about Berkshire in your capacity as long term Berkshire shareholder.]] For my part, it's the tax expense in the 10-Q for 2018Q1 that is really teasing me. Edit: Dynamic, Do you have an estimate for what will hit Berskshire P/L with regard to the listed investments for 2018Q2, based on your tool, & based on i.e. unchanged Berkshire portfolio composition, compared to end period 2018Q1?

Based on the post by TwoCitiesCapital, last part, I did go back and reread the Lukoil topic here on CoBF, and I found a post by Ericopoly, similar to what TwoCitiesCapital wrote in the last part of his post: To me, really entertaining [ : - D ], and also demonstrates how important it is to try to stay openminded and sceptical about what's going on in each of our own local spheres. Thank you to all for input so far. There is a lot to think about and to study.

Austin Value Capital has today made a large bunch release of several compilations of some awesome stuff available on the fund's site here. To me, this is just so awesome. Thank you to both Joel [racemize] and Jeff [rainforesthiker] for sharing your thoughts on investing both here on CoBF and in general. Link to topic about Jeff's book.

Greg, Jurgis & cameronfen, Have you dived into the information on the websites of any of those Russian stocks recently? I sure understand your position [by principle] regard "lack of respect to capital" with regard to Russia, ref. the phrasing used by i.e. Mr. Flatt, Brookfield Asset Management.

gregmal & cameronfen, What's your basis for your posts?

I'm bumping this topic up, in case there is just some traction to the SBRCY topic in the investment ideas forum going forward. [Which there right now not seems to be.] Especially for Lance [, if you read this]: Are you still invested in this space?

Added a bit more to INDU C.STO during the day today.

Jurgis, I think your link is very well placed both here and there. I actually skipped your post in the SBRCY topic, but did not ignore it. It was about if we started with that, in the SBRCY topic it would just be "Hello SBRCY! - ... and goodbye." I realize now that was quite rude behavior for my part, and I apologize for that. I never ignore your posts, actually. Please remember I constitute a material part of your audience. I would also say, that I appreciate being valued, furthermore I'm also a very loyal and devoted crowd. When you update your blog late after each month end, I get symptoms. It starts with cold sweat, then I start to shake, I get depressed, and end up almost suicidal to get rid of the symtoms, untill the monthly blog post finally is up! [ : - ) ] - - - o 0 o - - - Now back to European banks.

Bloomberg [July 3rd 2018]: Danske Bank's Money Laudering Tops $8 Billion, Browder Says. There is now an enormours pressure on the bank and the Danish FSA, and it reaches all the way up to the government. This is not ordinary daily cooking here in tiny Denmark.

Hi John, I've only just spotted your recommendation, but thanks a lot! That looks great. Thank you, The Investor, But the credit for what's being shared on that particular Twitter account actually has to go to Joel, our fellow CoBF member racemize. So, H/T to Joel!

Nice to meet you again here on CoBF, SharperDingaan [ : - ) ], To me, this is the right way as an investor to handle a situation with auditors leaving a company for some publicly undisclosed reason. It is what it is: A red flag. Pack your stuff and leave, if you're not up to short it, before it's getting worse.

Here we go : The [Danish] agriculture asks for help to handle the drought. Extreme drought within the last two months here. National prohibition of all kinds of fire in the open as of today. [You are allowed to use ie. your coal based Weber grill, if you have it on ground, that cannot burn, with good distance to your yellow lawn etc.] I have never experienced drought like this before in my whole life. - So, now all those crazy guys, operating with a lot of leverage, no earnings, no real cash flow from operations, and no liquidity margin of safety "for a rainy day" [<- Sorry, I coulden't help it!] think it's all other Danish persons' problem, that they have gone all in with perhaps DKK 100 M in leverage in a highly cyclical business, that is now also to some extent hit by what could be considered a Black Swan event. [Pork prices has been on a downward trend recently, too.] Owners of Danish wine yards [yes, there are some], on the other hand, can't get their arms down. Today I'm so happy that I passed some time ago on DAB.CPH. This will get really messy. The total debt in Danish agriculture [banks and mortgage institutions] is ~DKK 350 B.

Industrieländern looks good to me -~20% discount to NAV and beats the index over the long run. I'll try to do it short, not to clog up this topic. It's Fredrik Lundberg's second layer Pinocchio. [First layer Pinocchio is L E Lundbergföretagen AB.] In short, Industrivärden is a large chunk of to me the best bank in Scandinavia : Svenska Handelsbanken AB, combined with being major/anchor investor in basket of - on overall basis - fairly good Swedish industrial companies with an international footprint and a total turnover in this basket of about SEK 1,000 B, by the use of now quite moderate leverage. Study the taxes in note 8 and on p. 51 i the 2017 financials! This one has no built in money printing machines [wholly owned subs], while L E Lundbergföretagen AB has two: Two enormous real estate portfolios [with no debt] in respective Fastighets AB Lundberg [100% owned] and Huvudstaden AB [controlled sub], where the dividends don't get taxed, like in Industrivärden AB. The shareholder structure is worth to study, too. I would argue, that Fredrik Lundberg in reality controls the company, in cooperation with pension funds and foundations around Svenska Handelsbanken and other investees etc.

compoundvalue, Here you go, and enjoy! [You'll most likely be occupied a few hours, if your're interested ... [ : - ) ]

Added to INDU C.STO [industrivärden AB, ser. C] today. [Company Website] At about 1 year lows, relatively weak SEK compared to DKK [sEK has no peg to EUR], most likely the stock is down on the global tariff stuff going on.

Here, I've edited the post by Joel quite heavily, not to mention all Joel's quotes, them all basically gone here [naturally they are all above]. Here, I'm doing it with sincere intentions, to focus on what's on my mind here. - - - o 0 o - - - Where are we headed? - And don't even think to ask me that question! [<- And it is totally neutral meant!] - Naturally, I don't know the answer. It's about some pretty hard core [please don't confuse "hard core" here with "deep"] value investors catching interest in the FANGs and doing work on them, and at the same time growth investors showing interest in value cases here on CoBF. I started noticing it in the beginning of this year, I think. - - - o 0 o - - - I think I'll try to branch it out in a separate topic here on CoBF later this Sunday. I think it could become an awesome discussion topic.