John Hjorth

For those with a propensity to lift other peoples duvets [ ; - ) ] to see what's going on with their taxes etc., here is a link to the ICIJ Offshore Leaks Database, provided by The International Consortium of Investigative Journalists. [Panama Papers, Paradise Papers etc.]

It's a process that has taken place over many years now. Coal based powerplants has been mothballed. Coal based powerplants has been put on the idle/reserve bench Coal based powerplants has been converted to running on waste or biomass. Ørsted A/S [former DONG Energy A/S] has been the frontrunner in this space nationally, in the last few years with capital provided by Goldman Sachs. I think it was last month, that GS exited finally, after a process that included the IPO of Ørsted.

Somehow it appears to me to be appalling. Somewhere, deep down in the accounts, in 2nd quarter 2017 report for Berkshire is "drowned": The expenses for two comfortable sofas [most likely bought at NFM], two alarm clocks [to buzz at start of lunch time, and when to go home from work], two good & warm sleep carpets, and two nice pillows. Not sure Mr. Buffett got the agreements with Mr. Combs and Mr. Weschler right here. - It's our job as shareholders to do so!

I appreciate your posts in this topic KC, however, to the quoted above of your recent post, personally I would add "or access to capital", in case it's not avaiable on the balance sheet.

Jurgis & educatedidiot, yes, agreed - very striking. - - - o 0 o - - - Personally, I'm a bit puzzled about the share count for the BAC position. 700 hundred million BAC shares aquired in the warrant swap, in the 13/F 21 million shares less reported. What's the explanation for this?

No matter how ugly you might assess this to be, ... I have to bump it up - for further discussion & speculation, if warranted here, What have we seen since mid August 2017? [the date of the last post in this topic] More rockets in the air space over sovereign states from NK? Who do you think is the most scared right now? - - - o 0 o - - - On my FB account I follow Wikipedia.org - for educational purposes. Interesting stuff pops up now and then. Personally, I speculate some person have the decision about what to link to from Wikipedia.org to FB. [Read: contextual relevance, to up usage of Wikipedia.] I think it was Sunday last week that I got hit on FB by this Wikipedia article about flyting. At least to me, interisting stuff - Please make up your own mind, if this has perhaps at least some appeal to you. To me, somehow, this US / NK situation is flyting revived. [Here, perhaps most likely without drinking beer together, after the "public fight".] Two states men, throwing around with very personal insults to each other : "old", "short" & "fat" and I don't know what, recently. And then recently, a tweet, something like this " I want to make him my friend..." or something like that... [i don't even bother to look it up to get it correct.] - - - o 0 o - - - In short - my pocket theory here boiled down to a one liner: "As long as the personal insults keep flying around - without involving insults of the wifes of the fighting parties - it bodes - at least to some extent - well for all of us."

I'm not allowed to invest in Vestas, but I think it's a pretty fat pitch here around 5-5,5xEV/Ebitda. Capital allocation is subpar but decent for a Danish Company (dividend, buybacks but nothing opportunistic - and most important I don't think they'll do a major deal). Market seems to overlook that these guys are transitioning from a model of making money mostly on the turbines to a model more ala Finnish Kone (escalator manufacturer) where the bulk of the earnings come from high margin, long term service contracts. And they're smoking their competitors. It might be volatile and bumpy, but long term I think it's a winner. Thanks for sharing, kab60, I will try to read up on VWS.CPH a bit the days to come. I haven't done so for a long time, and have so far never dived in to the stock.

John, personally I'm just interested by the tech and by the field, which I've been following for almost 20 years. I haven't seen anything that makes me want to invest in energy, clean or otherwise. Seems like a hard business to invest in. Thanks for sharing your view here, Liberty. Yes, it's from a tech angle so fascinating what's going on. Making money on it as an investor is - at least to me - another matter.

Are you gents looking at this as investors?, - or what?

For our fellow board members, kab60 is referring to Vestas Wind System A/S [VWS.CPH] here. It tanked about 25 percent in two days last week. That actually created what I would call a minor shockwave in the Danish stock market.

It is for me at least. Or I just suck at finding undervalued companies. Probably a bit of both :D There is to me no other way than to proceed - hopefully with good mood - no matter how hard it may seem right now, LC. [ : - ) ]

Perhaps the activity in this topic is an indicator of high market levels, where value investors are just so bored? [ ; - ) ]

Berkshire: Please substitute "press release" with "website", and you get the picture. [ ; - ) ]

You're a wild thing, SlowAppreciation!, - Sell the whole thing to Google when done! [ : - ) ]

I'm in some kind of shock after reading the article linked to in Liberty's post #3 in this topic. I have a couple of questions: 1. Are the business interests of the members of the US Government made public somewhere? 2. Is there any response or reaction to the Forbes article linked to by Liberty from Mr. Ross?

The Register: Security - Parity Calamity - Wallet Code Bug Destroys $280 MEELION in Ethereum. Ouch.

Thank you a lot, Daniel, What an outstanding gesture from you! Personally, I decided to settle with two versions of the book, for the price of one, - by ordering on Amazon today the hardcover, too. [ : - ) ]

After participating in this topic in the last few days: New Essay: Evaluating Performance, I think I finally have something to add [perhaps] of value to this topic, and about this book: The book contains a structured analysis and way of describing the concept of "Mr. Market".

... Well Austin's strategy is just what I'm doing plus my partner, who posts on here occasionally. ... I'm not trying to be rude, nor condecending, or anything else here [i have no reason or basis to be so], but this - at least to me - sticks a lot deeper. For your part, [naturally, I'm not referring to Joel [racemize] or Jeff [rainforesthiker] here] please take your time to make up your own mind. Alone doing that, will be quite time consuming, here on CoBF, by reading the board. It has absolutely nothing to do with a "strategy" - in its ordinary business understanding - [in the meaning: "We are at "A", and we want to get to "B", in a certain sense]. In short, it's an investment framework, that you can relate to [no matter what's on your watch list, or in your portfolio], or you can't. Austin Value Capital - Philosophy. CoBF book topic : here. John has done a much better job responding than my lazy answer below—more evidence that we should have him on our non-existent payroll. The book, essays, philosophy, and letters lay out the framework fairly well for anyone interested. My answer related more to how the returns have been generated than what framework or strategy we are using. So, the framework is fixed but the strategy is opportunistic. Thank you a lot for taking my post by its sincere intentions, Joel, It was meant exactly the way you read it, ref. your response here. [it takes a really "dumb-smart" person to tell other people, what to get out of two persons shared work - especially the persons, who shared their work and thoughts.] Thank you. Jeff's book is actually an intellectual framework to avoid being your own worst enemy [on psycological level], by staying factual, rational and emotionally detached, by staying occationally opportunistic and contrarian to herd/crowd behavior in the market, based on facts. - - - o 0 o - - - Personally, I'm certainly still on the school bench with this, but it's getting better over time [read: less stress, combined with better return]. - - - o 0 o - - - With regard to benchmark, I think it's evident, that the yardstick should be a measure of the general market [please make your pick], because that is what one here has the intention to take advantage of. - - - o 0 o - - - Edit: Added the word "occationally" above.

Thank you for providing the exact numbers for Berkshire end of 3rd quarter 2017. A bit entertaining - at least to me -, and stated not to be misunderstood - I hold both you gents' posts here on CoBF about Berkshire very high, Dynamic & rb! [ : - ) ] - - - o 0 o - - - On another note: No further information about the Pilot Flying J aquisition in the Form Q-10 compared to what we already knew, exactly as predicted by globalfinancepartners earlier here on CoBF.

The author definitely needs to update the website. Forget gold. Sky is not a limit here. Compounding does not-at least to my knowledge-contain the concept of a cap. [: - ) ]. All cartoon BRK figures here - plain and simple. We just have to get used to, and comfortable with, this.

... Well Austin's strategy is just what I'm doing plus my partner, who posts on here occasionally. ... I'm not trying to be rude, nor condecending, or anything else here [i have no reason or basis to be so], but this - at least to me - sticks a lot deeper. For your part, [naturally, I'm not referring to Joel [racemize] or Jeff [rainforesthiker] here] please take your time to make up your own mind. Alone doing that, will be quite time consuming, here on CoBF, by reading the board. It has absolutely nothing to do with a "strategy" - in its ordinary business understanding - [in the meaning: "We are at "A", and we want to get to "B", in a certain sense]. In short, it's an investment framework, that you can relate to [no matter what's on your watch list, or in your portfolio], or you can't. Austin Value Capital - Philosophy. CoBF book topic : here.

It seems that globalfinancepartners & rb agree on the BVPS progress for the year 2017. [i haven't worked on it - I'm just too tired to do so here this friday night]. - - - o 0 o - - - Dynamic, your posts within the last recent months here on CoBF about Berkshire are very much appreciated! - - - o 0 o - - - Berkshire cash position end of September 2017: Now at USD 109.290 B, as I calculate it [including T-Bills].

Is now available here.

Thank you a lot for sharing your work, Joel, It's much appreciated. Impressive, what you have been able to dig up in so short time - and to process. Most likely, you have made my Saturday afternoon to come. Thank you to both Joel & Cigarbutt for guiding me to Giverny Capital and Mr. Rochon. I did a search on here, and found quite some posts - They have skipped my attention, totally. Very interesting stuff. - - - o 0 o - - - I look forward to an enjoyable and instructive Saturday afternoon - thank you.