John Hjorth

It actually reads a bit concerning, Munger_Disciple, Somehow, tehnical specifications - here understood as "promises" to the BYD client, I suppose must the key here. I suppose everybody knows that there are a lot steep streets in Los Angeles. Isen't what matter actual range [while driving the busses in LA] compared to what a LA bus is actually driving per day? If the existing battery capacity isen't sufficient, isen't it just a matter adding more battery blocks under the floor of the bus, untill the [darn] thing actually can deliver as expected for that particular driving environment? [i'm not an engineer.]

Thank you, cubsfan.

Well said. Semper sounded like the barber talking down the index. Those 50 pages I skipped right past to the 50 on Berkshire. To me, 50 pages of lucid details on Berkshire is alright if seen in the backdrop of MV being marked down relative to IV for year after year. He’s shouting, I can understand, so can others around here. All that said, my rationale for preferring Semper versus Tilson is that T sounds awfully like a thesis based on price. Not entirely but substantially so. Thank you for polite, mild and well reasoned push back. I had no idea that Mr. Tilson's work on Berkshire had this impact on several CoBF members holding Berkshire for the long term. Somehow, I feel embarrassed right now. Going forward, I'll try to be more humble.

I read some WFC bashing a few days ago: It is worth it. Not if you get an STD and that's what this specific lady has lol It's not nice to talk this way about a Lady, especially not when the Lady is of a certain age. Please remember, this Lady was born in 1852. To me, WFC is actually very shareholder friendly. Not many companies provide you with the feature of getting your name included in the company name instantly, when you buy the stock. [Ref. "& Co."]. The same when you sell the stock - You get excluded from the name of the company instantly. - - - o 0 o - - - Perhaps this could be an idea for a shareholder proposal at the next AGM in BH: Name change from "Biglari Holdings" to "Biglari & Co. Holdings". I think it would be fun to read about Mr. Biglari's reaction to that at the AGM on here.

Anything in-particular from this year's presentation? The stock seems a bit expensive to me here. I wouldn't say anything in particular. I was just reminded what a well run company this is, with very shareholder-oriented management and good insurance and investment teams. I have held off buying because the stock did seem fairly priced to perhaps a bit overpriced. But I think they are a long term compounder that I am happy to hold for a long long time, most likely the rest of my life. And if they continue to compound decently, 20 - 30 years from now my entry point won't matter that much. I didn't want this stock to be like a Berkshire or a Walmart where you are waiting for it to get cheap and end up waiting a very long time and never buying. Thank you for sharing your experience here, Jeff. It's a comforting read. It must now be about 5 years since I bought MKL for the first time. The Markel people are so humble and focused on doing their own stuff, their way. It's so easy to hold - I have never had a negative surprise with it so far, and it's just doing fine. And yes, the entry point does not matter that much real long term.

Added [seriously] to BAC, C & JPM within the last two days.

For my part: Yes, it's a miss. +1 Seen in the backdrop of Semper Augustus’s seminal work, this is weak. To me, it's so true, what longinvestor is posting here. If you're interested in Berkshire, the Semper Augustus letters should catch your attention. [i have posted about them recently. - The B trading at around ~200, while intrisic value is estimated in the Semper Augustus Letters to be around ~250 for the B.]

For my part: Yes, it's a miss.

I'm feeling frustrated, desperately trying to buy some BA* today, - to no avail. Searched for the ticker ROSDD, also to no avail ... [ : - / ] [ROSDD <- "Row of serious down days".]

Windpower Monthly [May 9th 2018]: AWEA 2018: MidAmerican 'hustling' ahead of PTC phase-out. EnergiWatch, by Ritzau Finans [May 15th 2018]: Vestas key customer sees potential opportunities with only 60 percent PTC.

Well said, Liberty & tom, I know for a fact [expressed directly in writing], that this company is just too boring for some fellow board members, while others, even very experienced investors here on CoBF like to have their a**es dragged by this behemoth. [ : - ) ]

Aren't there already self driving trains around the world? The Copenhagen metro, partly inaugurated in 2014 - still not fully completed - but since then at least connecting Malmö [sweden], Copenhagen Airport and Copenhagen Central Rail Station is running by use of driverless trains. It feels like you're some kind of residue slag on a conveyor belt, while the reality most likely is more that you're in a drone train.

Awesome Rishi, Thank you for sharing.

I agree with cubsfan here, AZCactus, Some numbers for the last ten years: Year - Cash YE [incl. T-Bills] - Equity YE: 2007 - 44,329 - 120,733 2008 - 25,539 - 109,267 2009 - 30,558 - 135,785 2010 - 38,227 - 162,934 2011 - 37,299 - 164,850 2012 - 46,992 - 187,647 2013 - 48,186 - 221,890 2014 - 60,033 - 240,170 2015 - 67,161 - 255,550 2016 - 86,370 - 282,070 2017 - 115,954 - 348,296 [2017 tax cut effect [net] +28,200] Average shares outstanding YE2007 : 1,545,751 [A eq.] Average shares outstanding YE2017 : 1,644,615 [A eq.] I will call the equity progress outstanding, based on cash levels [including T-Bills] held during that period, even taking the tax cut effect into consideration. - - - o 0 o - - - Christopher Bloomstran from Semper Augustus Investments Group LLC has estimated of YE2017 intrisic value of Berskhire at about 250 for the B-share in February 2018. [There are three client letters from him during the last three years partly about valuation of Berkshire, that are worth your time and attention.] Based on this valuation alone, getting Berkshire today around 200 for the B provides a discount to intrinsic value of 20 percent. We have seen other fellow board members buying recently around 190, making it even better. It's not a steal, but to me it may be considered a good deal in this market environment, ref. cubsfan's post above. - - - o 0 o - - - Furthermore, personally, I think Mr. Bloomstran's Berkshire valuation is conservative - not extremely conservative, though - but to some extent. First, it's about valuation of insurance float. Our fellow board member rb did a plendid post about it last year and did some numbers gymnastics, thereby sharing his thoughts about it. You find rb's post here. Please take a close look at the formula provided by rb, especially with regard to the Berkshire tax rate, that is supposed to be materially lower going forward. So the discount you have to apply to the Berkshire insurance float will go up. Just try mentally to put this at about 10 percent of book value. [The tax rate reported by Berkshire for 2018Q1 is to me still a mystery, though, also ref. a comment by globalfinancepartners in the General News topic.] Second, one could argue to put a discount to deferred taxes, too, that at YE2017 are stated at USD 56,182 M, of which USD 24,251 M are related to unrealized investment gains on the listed stock portfolio, and USD 26,651 M are related to property, plant & equipment. I have no numbers gymnastics to refer to here - but it's pretty evident at least to me, that a material part of these deferred taxes wont surface as actual taxes payable any time soon. The only risk related to valuation of this liabily is political, which turned out to be a huge upside in 2017. - - - o 0 o - - - So, without taking valuation of deferred taxes into consideration, and applying Mr. Bloomstran's valutions, and rb's valuation of Berkshire insurance float, we have seen fellow board members recently pick up Berkshire stock at about 190, meaning buying at a discount to intrisic value of [100 - [190 / [[250 + [10% of 250]] * 100%]] ~ 31%. [My emphasis: <-!] - - - o 0 o - - - Third, there are accounting conventions effects on Berkshire intangibles. The income statements and the balance sheets does not represent true economic earnings and values because of those. ... No, I won't go there, because I can't quantify it with any degree of precision ...

Hi Jeff, It appears, that I was willing to load up on the four big US banks in January this year. ... -Well, sometimes things and opinons just change. [it's now down to three.] Somehow, I consider this topic your personal sandbox topic here on CoBF. - - - o 0 o - - - Congrats on your exams! -That's just awesome! - - - o 0 o - - - Also I just want here to express my understanding of you not being particular active here on CoBF ATM. Life isen't easy, when it gives you lemons. I just hope that you're [so-so] OK. [it will fit you well, if you aren't, actually.]

Sure you do, Jurgis. The point here is that you're not not anywhere near up 19 percent this year. - Please remember, I'm the only guy reading your investment blog! [i really could not help it here! [ ; - D]] Why the hate? There is no hate involved here, spartansaver, You obvisously haven't read the topic in all details.

Scott, where are you?

Sure you do, Jurgis. The point here is that you're not not anywhere near up 19 percent this year. - Please remember, I'm the only guy reading your investment blog! [i really could not help it here! [ ; - D]]

StubbleJumper, Please don't take the post by Scott seriously - unless Scott posts his 30 ticker portfolio, generating 19% ytd, here in this topic. [i have posted about this before, recently.]

Here is a trading suggestion for you, treasurehunt, Svenska Handelsbanken AB: SHB A.STO market price SEK 98.22 [1 vote per share, highly liquid] [the A series share, ~98 percent of share capital] SHB B.STO market price SEK 105.80 [0.1 vote per share, lower liquidity][the B series share, ~2 percent of share capital] One has to get out of sloth mode, and sell the B and buy the A for the same amount of money, adjusted for 2 times commision per account involved, and then just go back to sloth mode again. You number of shares will increase by approx. [[105.80/98.22]-1]*100%] = 7.7%, without tying up further capital. Damn good trade, if you're long SHB long term. "Keine hexerei, nur dumme Börse." Naturally, it requires, that you have some SHB B.STO shares to do it with. - - - o 0 o - - - If you don't own any of them, just buy some, and immediately forget about your buy, and then do the trade. It releases a good dose of endorfines in your body! [ ; - ) ]

To be totally honest, straight, bordering to being brutal here, Scott: For my part: Not. But please stop ruining your smart brain with pot, and come back. Furthermore, there seem to me to be at least some kind of correlation between you trolling here on CoBF and being under influence of pot, or whatever. If you hereby don't grasp how much damage your're causing, then, yes, you're one of the biggest idiots here on CoBF.

Total policyholders statutory surplus of this "tiny taxi insurance company" doing business out of Omaha is actually USD 128,562,565,980 at year end 2017. [ : - ) ]

I'm really pleased by on Yahoo Finance to experience both those gents in good shape today!

Here is a damn good tweet by Morgan Housel, relevant for today. - Please enjoy some of the comments, too. Some of them are really hilarious!

Post by globalfinancepartners in the AAPL topic three days ago: This is just soo cool - a hit exactly in the bulls eye! [ 8 - D ]