John Hjorth

AMAT [Applied Materials Inc.] IRDM [iridium Communications Inc.] [Micro positions/trackers - only in my PA, not for any other family members.]

Merry Christmas to all fellow CoBF board members! - And thank you for all your contributions to the board during the year.

I especially found this part at around the 24:00 mark hilarious: Well, if it's not your favorite discipline to bill people after lots of hard work, one definitely should leave! [ : - D] Many years ago, one of my friends expressed his disgust for my profession: "You actually don't produce anything. This certification of yours is just a consession to tax rich people - your are just reallocating wealth from them... - to yourself. You are just a capitalist mercenary. You aren't even a tax accountant, so you're in bed with the IRS, too!"

This book is the mathematical parallel version of the Incerto Collection of books by Mr. Taleb: The Black Swan. Fooled By Randomness CoBF topic here. Antifragile CoBF topic here. The Bed of Procrustes. Skin In The Game [to be released in February 2018, as far as I know]. The book is free, and can be downloaded from Mr. Taleb’s personal website. [ link just south-east under the main picture of the Incerto paper back collection]. Direct link here. The book is a work in progress, and available for free for feedback. Current state as per the date of this post is August 2014, status described on p. XX [<- twenty] in the Chapter Summaries. There seems to be two ways to read this book: Full read. Text only reading [i.e. skipping the math]. Mr. Taleb’s own words in the book: I started reading the book a few days ago. I feel challenged, applying first mentioned method. A dormant center in my brain with regard to math gets massage. Furthermore, I have to stick with my favorite English web dictionary to understand all shades and details of everything because of Mr. Talebs above average vocabulary [above mine, that is]. I like it, because the language applied by Mr. Taleb is much more “neutral” than in his other books. His personal [huge?] ego appears to be omitted. - - - o 0 o - - - I expect to get back in this topic with my opinion on the book after reading it - no later than when I’m on my dead bed. There is the risk though that I suddenly drop down dead from the school bench, without such reporting, due to the circumstances.

Thank you for taking the initiative to give this topic some more substance, longinvestor. Perhaps I should have quoted some more here of your post... - At least what I have quoted here nails it. Perhaps a likely better exercise [no critism indended here] would be to look at the year end 2008 financials for Berkshire [or some nearby end quarter reporting, at your discretion] and to try to compare it with 2017Q3 Berkshire reporting - just grab the income statement, balance sheet and cash flow statement for each period, of your own pick.

Thanks for setting this and me straight and teaching me here, Eli. Obviously the delay led me to wrong conclusion.

Say it isen't so. Posted by Munger_Disciple in a separate topic here on CoBF: Here. I'm speculating about if there is a connection here.

LC, you're a fairly young man, it's just too early for you to get into the "repair-age" with something like that. All the best to you with it.

You just made my day, writser! [ : - D ]

Thank you for sharing your knowledge on this topic, Eli, It's much appreciated. Here is an article about robot.txt: Link. Please try to google one of your own posts here on CoBF! As far as I can see, the GoogleBot does not index CoBF. I suppose Sanjeev has kicked it out, by the use of robot.txt in the root of installation on the netserver at the company hosting CoBF. Good for us. [<-Wrong! - Please see later post by EliG]. - - - o 0 o - - - - Some time ago I got called out by fellow board members - for bad behavior - here on CoBF - with regard to Ms. Margrethe Vestager - while she was after one of the FAANGs. [Now she's "doing" IKEA.] I actually then did a google search for my post, and it didn't show up. Moreover, she hasen't sued my butt for slander - yet.

I think you are right about that assumption, StubbleJumper, Google has created a special bot for RSS feeds, called Google Feedfetcher.

I use my bribe, extortion, AML/ATF, and despot money to buy the untraceable token; then find a willing banker to make a collateral backed loan to a number of little old ladies. Who withdraw the money in cash to pay for a trip somewhere - creating untraceable wealth assembly, and near to untraceable distribution ;) SD lol. I have always liked your posts here on CoBF, SharperDingaan. First time, you got me really puzzled was when you were playing the dice with Deutsche Bank. And now Bitcoin. However, I must say, that I do not any longer believe, that you have devoted your [full] time and energy to the rollout of blockchain worldwide.

About 1982, Paul.

Just hilarious. And things still don't get out of hand. CoBF at its best!

Thanks, Jurgis. - - - o 0 o - - - [ : - ) ]

I have been thinking a bit about your stance on this, Jurgis. I have seen on your blog that you have a large chunk of your capital allocated to Berkshire, Fairfax & Markel. Do you mind sharing the approximate weightings for you within those three? PS: I read your blog monthly. Always interesting to read what you have been up to last month, and your short comments about your thinking related to that.

Basically, everything. Just waiting, while at the same time still studying pretty intensively. I can't get my head around taxes for 2017. It looks to me to become a pretty brutal January 15, 2018 for me and my family [naturally, subject to change]. Never go down on high quality tools and cash.

No, rb, There are minority shareholders that Berkshire is loyal to, and then there are minority shareholders down in the whole system, that are in the doghouse. Mr. Sokol is one of these.

It's actually in the bull's eye!, cubsfan. Earlier today, I was actually thinking about the hypothetical situation of new Berkshire CEO introducing a new version of the owners manual. How would that be received, if it contained material changes touched earlier in this topic by StubbleJumper? Personally, I'm surprised by interim poll outcome so far. [Yes 9 - No 18 right now]. The breakup scenario actually playing out is a nightmare for me. I do not vote at the AGMs. The breakup scenario would make me go through that hassle.

The source is the original donation letter from Mr. Buffett to the Gates Foundation, where the condition is mentioned as increased spending [charity activity ramp up] in the foundation. I suppose otherwise there would be tax consequenses for Mr. Buffett personally.

muscleman, I hope that you - by my biased quoting here - can see, that this line of posting is counter productive, for the CoBF members on here. If persons active here on CoBF can't post here on CoBF about their losses, and their afterwards reasonings related to that - [without being called out on CoBF this way, like you have done here], we [us, here at CoBF] will all most likely fare less well going forward. The wisdom of the losses [investing failures] are as precious as the wisdom of the gains [investing succeses]. - - - o 0 o - - - Please, be nice.

Thank you for sharing this work of art here, too, Joel! The file shared by Joel in the prior post is a searchable pdf file.

To my surprise, I found out within the last week or so, that we do not have a separate topic for this book in the CoBF books forum, so I thought I would just start one here. The book is a compilation of the Berkshire Hathaway Shareholder Letters written over the years by Mr. Buffett, including some nice stuff in the form of a foreword by Mr. Buffet, and the letters processed by Max Olson [fellow board member Maxprogram], including some nice overviews in the beginning of the book, a Topics Index, a Company Index, and a Person Index. As far as I know, the book by now exists in three versions: Shareholder Letters 1965 - 2012 [first edition, paperback blue cover] version, released in 2013 [i don't recall the exact time when I bought it, most likely just after Max posted about it here on CoBF]. Shareholder Letters 1965 - 2014 [second edition, hardcover version, black cover with golden print], 50 years anniversary edition, dated March 3, 2005 by Max]. This an updated version that also contains a Berkshire Corporate Genealogy written by Mr. Buffet]. Shareholder Letters 1965 - 2014 [second edition, hard cover version [yellow cover with black print]. [Personally, I own these three versions.] As far as I know version 1 and 2 are now sold out, but version 3 is still available, and will most likely be available, untill Max - perhaps - releases a new edition, because he had found a very smart solution for publishing, based on print on demand, at lulu.com. The third version can be ordered at lulu.com here. - - - o 0 o - - - I remember back in time when I ordered the yellow hardcover version the first time, I was quite sceptical about the quality of the hardcover book, because of the real low price for such a brick of about 800 pages [price of USD 40 ex p&p]. I was so surprised and impressed with the quality, when I unwrapped it. Since then, I have always had a couple of extra copies in stock here, that I use as personal gifts - sometimes. [i'm quite picky with that, I must say. I have to have some kind of conviction that the gift might be relevant in some aspects based on a personal judgement of the receiver, - otherwise it would be like throwing pearls for pigs.] - - - o 0 o - - - I just thought I would post this here because of new board members interested in Berkshire, who have joined CoBF after Max's work was discussed here on CoBF in the General Discussion Forum. I think it must have been about 2½ years ago it was discussed.

I think we also here have to reply on the Berkshire system built up over many years by Mr. Buffett and Mr. Munger, in this particular case the input to Mr. Buffett from Mr. Jain related to the memo every second year from Mr. Buffett to his superstars at the Berkshire subs about succession in the subs.

I'm not trying to clog up this topic with a Buffett succession speculation post, but have to bring up a cut from a Bloomberg article today: After Decades of Hints, Buffett's heir May Now Be More Apparant. Say it isen't so.