John Hjorth
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Posts posted by John Hjorth
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On 11/5/2023 at 3:18 PM, Luca said:
And this was probably the best movie of the year for me, amazing performance:
Enjoyed this, this afternoon. It's awesome!
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On 11/16/2023 at 1:10 AM, rolling said:
Only certainty is that it is a financial stock (1,2B increase in cost basis for financial stocks but no financial stockes added on the 13-F).
Schwab?
Fairfax has been mentioned but seems unlikely (canadian stock and a big position could attract regulatory attention)Other? (I must admit financial stocks are not my beach)
It does not really matter with a balance sheet of USD 1 T and an equity of north of USD 0.5 T.
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3 hours ago, UK said:
*BS* article by CNBC, by logic. Only objective, documented facts rules here for judgement. It [Mr. Mungers statement] just proves that Mr. Munger is [naturally] fading.
Please make sure to be very aware of the concept of geriatric-related loss of cognitive abilities in your own personal sphere.
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40 minutes ago, Spekulatius said:
MP basically has become the Dave Ramsey of stock investing.
Dave Ramsey as a radio host is by now pretty much already steamrollled by guys like Morgan Housel, I think. So much for that. Not even one original thought.
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Please go to the Apple topic in the Investment Ideas forum for discussion of Apple as an investment - you incorrigible messheads
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5 minutes ago, Xerxes said:
write me an article about Buffett. Focus on cash pile. Extract and include recent Mungerism references (if any)
ChatGPT :
QuoteTitle: "Buffett's Cash Pile: Navigating the Markets with Munger Wisdom"
Introduction:
Warren Buffett, the Oracle of Omaha, is a name synonymous with value investing and financial acumen. As the chairman and CEO of Berkshire Hathaway, Buffett has built a reputation for making savvy investment decisions that have stood the test of time. One intriguing aspect of Buffett's investment strategy in recent years has been the substantial cash pile that Berkshire has amassed. This cash hoard has become a subject of much speculation and analysis within the financial community, drawing attention to Buffett's approach in navigating the ever-changing landscape of the markets.
The Enigmatic Cash Pile:
Berkshire Hathaway's cash pile, often referred to as "cash hoard" or "war chest," has been a focal point of discussions among investors and analysts. As of the latest available data, Berkshire held a significant amount of cash and cash equivalents, leading many to wonder about Buffett's intentions for this liquidity.
Buffett's rationale for maintaining a substantial cash position has roots in his value investing philosophy. He believes in having ample reserves to seize opportunities during market downturns when attractive investments become available at discounted prices. This approach aligns with the famous Buffett adage: "Be fearful when others are greedy and greedy when others are fearful."
Mungerism and the Power of Patience:
Charlie Munger, Buffett's longtime business partner and Vice Chairman of Berkshire Hathaway, is known for his straightforward and often witty remarks, which are now commonly referred to as "Mungerisms." Munger's wisdom complements Buffett's investment principles, emphasizing the importance of patience, discipline, and a long-term perspective.
In a recent interview, Munger addressed the issue of Berkshire's cash pile, stating, "The fact that we've got more cash than usual doesn't mean we intend to deploy it. We're just waiting. We're not waiting because we like having a big pile of cash. We're waiting because it's hard to find things that we like."
This Mungerism encapsulates the duo's approach of patiently waiting for the right opportunities, even if it means holding onto a significant amount of cash. Munger's emphasis on discipline in decision-making resonates with Berkshire's strategy of not rushing into investments simply for the sake of deploying capital.
Buffett's Market Timing Dilemma:
Buffett's cash position has led to debates about whether the market conditions and valuation levels have made finding attractive investments more challenging. During Berkshire's annual shareholder meeting, Buffett acknowledged the difficulty of finding suitable acquisitions, stating, "Prices are sky-high for businesses possessing decent long-term prospects."
This admission reflects the cautious approach Buffett is taking in deploying Berkshire's cash. It also underscores the influence of market conditions on the timing of investment decisions. In a market where valuations are stretched, Buffett and Munger's dedication to disciplined investing is showcased by their willingness to bide their time.
Conclusion:
Warren Buffett's cash pile, coupled with Charlie Munger's insightful remarks, provides a fascinating glimpse into the minds of two legendary investors. As the financial world eagerly awaits Berkshire Hathaway's next move, the duo's commitment to patience, discipline, and a long-term perspective serves as a guiding light for investors navigating the complexities of the market. In the words of Munger, "It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities." Buffett and Munger's enduring success lies in their ability to discern exceptional opportunities amidst the noise of the market, even if it means holding onto a substantial cash pile until the right moment arrives.
[John, Odense, Denmark, posting!]
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'The country needs Western help from the start of 2024 to fill an estimated $ 29 billion budget gap, Serhiy Marchenko says.'
Well, Switzerland recently got away with screwing [at least, so far] CS AT1 bond holders for USD 17 B.
**SHRUG**??
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How much of your capital has you long Bitcoin active [make it cyptocurrency] allocated to this?
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He is likely addicted to buying more sogo shosha for the borrowed money, too!
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1 hour ago, Gregmal said:
Exhibit A for market stupidity
Great earnings… nothing not to like
Some asshole in a sweatervest at Cuck Asset Management…”too rich, I’m selling today!”
Please mind and check bra straps and dentures!
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Exactly, @gfp,
For the unexperienced in accouting, this may perhaps appear complicated, perhaps even counterintuitive.
From the complaint itself :
Quote... 7. Pushdown accounting does nothing to change the value or performance of PTC’s business. But the application of pushdown accounting, and the various subsidiary changes in accounting policies that necessarily result, artificially depress the reported earnings of PTC by, among other things, increasing depreciation and amortization expenses and by preventing the recognition of gains on derivative instruments and other hedges in the income statement. ...
I personally read it as if this may be about depreciations on the building element of gas stations, some of them built when King of Clubs was Jack and over the years well maintained by Pilot. It must have been among the largest identifiable tangible assets in the acquisition, if not the largest.
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What I meant with mentioning my feeling of confusion was related to the fact that the acquisition agreement appears [by the fact that there is an existing dispute] 'non-water proof', thereby leaving loopholes for interpretation and disputes about the understanding of the agreement.
Or the filed complaint has no basis or is unreasonable.
Mr. Buffett isen't exactly known for playing games with sellers, 'Arnault-style' [think Tiffany], to save a dollar, or more, ref. what @gfp has already said upstream about Mr. Buffetts word and his integrity.
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I personally think like you, @gfp,
I have been back reading the original press release of October 3rd 2017 [ Link ] on the Berkshire website, and I have been wondering if there is any SEC filing related to these three transactions over time, now that Pilot Flying J was privately held [not listed] in the first place? It isen't even in the press release from back then mentioned that NICO is the acquirer.
Mr. Buffett isen't exactly a newbie and nowice into such matters, and he is backed by Mr. Hamburg as the inhouse undisputed expert in this stuff. So let's just say I feel confused.
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Edit : No filing there on SEC, as I see things. [Disclaimer : I'm a complete incapable idiot navigating SEC filings.]
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Attached is the Pilot complaint, ref. the discussion above.
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7 hours ago, Jaygo said:
... im just thinking along the lines of the goat investor built this incredible conglomerate that has an all weather feel to it but 1/3 of it assets are publicly traded stocks. Why not take a little pressure off the next investment manager and take that down to 15 or 20% of assets and with the proceeds shrink the equity.
it makes those future investment decisions slightly less critical and it will make the mistakes less damaging. If not I’d suspect that it ends up being markel like with a quasi index tracker over time because most are too afraid to work in buffetts shadow and ruin what he built.
If in future the guy or the guys reposible for capital allocation aren't value for the money, capable of the job requirements and start burning through billions of dollars, they should be fired swiftly. If the pressure from the job is umananageable on personal level, the is not for that person, and the person should resign on own initiative. They aren't exactly working pro bono. Weshler and Combs aren't exactly spring rabbits either, and will retire some day, too.
The same way the board should do the same with Mr. Buffett if signs appear of he is fading and loosing it, and starts on a spree of huge mistakes.
Why on Earth should Berkshire suddenly pay an enormous deferred tax, surfacing, because of sales of stocks, after spending decades building it [the deferred tax]?
The capital allocated to public listed stocks is mainly capital in the insurance companies, subject to dividend restrictions, and what may regulatory surplus insurance capital affects the underwriting capacity of the insurance subs.
I want more of the same as in the past, I do not want derisking and by that diminishing returns.
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53 minutes ago, UK said:
So, excluding wildfire losses, operating pretax earning are up 59 per cent in Q3 and 27 per cent YTD?
Who says elephants can't dance:)?
It's not an elephant dancing, it's a crowd of elephants, dancing!
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8 minutes ago, Whensthepaintdry? said:
I tried to argue once that it’s pretty much a staple now, but I was quickly corrected.
Is your comment above related to Apple or related to Berkshire?
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45 minutes ago, Gregmal said:
This is the real pandemic lol
Greg [ @Gregmal ],
The book I mentioned above by Morgan Housel would actually serve your needs expressed earlier in some other topic here on CoBF by you about how to get your kids on a good path in life, but when your kids are older than now [, which I recall as <=10 years old]. Like late teen years, and in drips. The good path does not start with investing, it starts with saving, and all the math and logic related to the concept of saving.
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The actuality of this topic seems to be permanent and never fading.
If any of my fellow CoBF members has a person in own sphere near and dear to you where you may aware of that particular person with such challenges as to :
- Managing debt
- Navigating the financial marketplace
- Building savings
- Budgeting
I will just say it can be a hard task to open up a such discussion with another person, so please think carefully about how to do it, because it's likely highly sensitive for that other person. Most likely challenges are about several bullets above, because they are interconnected.
A way to start could be giving a book gift with some well thought out words delivered together with it :
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13 hours ago, Dalal.Holdings said:
SBF found guilty on all counts after less than 5 hrs of jury deliberations...
These Ackman tweets have aged like fine wine
He doesn't exactly have the prospects of soft house arrest either. ['Soft house arrest' defined as : 'Your package from FedEx is expected to arrive 8 - 18'.]
Using leverage to invest in 'assets' generating no cash flow at all while holding the assets - what could possibly go wrong?
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Yeah, I've been puzzled lately there is so little information in MSM about what's going on. The most logical explanation : Not much is going on.
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Isen't this person just something very special and truly outstanding - here, hardly holding back tears.
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Thursday, James Dimon was called by his wife, that he should bring home some toilet paper from work, while the household was running low on it, which - together with other tings - , caused him to decide to sell a bit, which again generated yet another market leg down [you heard it here first] :
JPM 8-K [October 27th 2023] : Report of unscheduled material events or corporate event.
Buffett/Berkshire - general news
in Berkshire Hathaway
Posted
It would be nice with a separate topic somewhere here on CoBF to discuss geriatric
bladders[sorry, pardon : matters!] for those of us both shrugging, sighing and / or perhaps even whining about geriatic issues.The issue at hand here is : Who is going to start it?