kiwing100

http://www.oaktreecapital.com/MemoTree/Liquidity.pdf

Just had a quick look - do you need to deduct the US$8 bn of 9% preferreds that Berkshire owns to arrive at the common equity value? The prefs are at a parent company level (which was the financing vehicle for purchase of HJ Heinz - named Hawk Acquisition Intermediate Corporation I), not at the operating company level of HJ Heinz Corporation II which the 10K discloses below. http://www.sec.gov/Archives/edgar/data/1600508/000160050815000011/hnz10k122814.htm On June 7, 2013, H. J. Heinz Company ("Heinz") was acquired by H.J. Heinz Holding Corporation (formerly known as Hawk Acquisition Holding Corporation) (“Parent”), a Delaware corporation controlled by Berkshire Hathaway Inc. (“Berkshire Hathaway”) and 3G Special Situations Fund III, L.P. (“3G Capital,” and together with Berkshire Hathaway, the “Sponsors”), pursuant to the Agreement and Plan of Merger, dated February 13, 2013 (the “Merger Agreement”), as amended by the Amendment to Agreement and Plan of Merger, dated March 4, 2013 (the “Amendment”), by and among Heinz, Parent and Hawk Acquisition Sub, Inc., a Pennsylvania corporation and an indirect wholly owned subsidiary of Parent (“Merger Subsidiary”), in a transaction hereinafter referred to as the “Merger.” As a result of the Merger, Merger Subsidiary merged with and into Heinz, with Heinz surviving as a wholly owned subsidiary of H. J. Heinz Corporation II (formerly Hawk Acquisition Intermediate Corporation II) ("Holdings"), which in turn is an indirect wholly owned subsidiary of Parent. Each of the Sponsors own 425 million shares of common stock in Parent which, in turn, indirectly holds 1,000 shares of common stock in Holdings. In addition, Berkshire Hathaway has an $8.0 billion preferred stock investment in Parent which entitles it to a 9.0% annual dividend, and warrants to purchase approximately 46 million additional shares of common stock in Parent.

http://www.wsj.com/articles/kraft-foods-h-j-heinz-to-merge-1427278332 The combined company, which will be called The Kraft Heinz Co., will have revenues of $28 billion. Heinz shareholders will hold a 51% stake in the combined company, while Kraft shareholders will hold a 49% ownership stake.

For those of you unable to watch CNBC here is Omaha World Herald which is following and tweeting on its web site. Buffett to take questions on CNBC's 'Squawk Box' this morning - Money - Omaha.com: Breaking news and local coverage from the Omaha World-Herald - http://m.omaha.com/money/buffett-to-take-questions-on-cnbc-s-squawk-box-this/article_89a31c1a-beac-11e4-90e4-ab7f6162711f.html?mode=jqm

Part 1 http://media.bloomberg.com/bb/avfile/Masters_in_Business/vD.vtiHy3Wn0.mp3 Part 2 http://media.bloomberg.com/bb/avfile/Masters_in_Business/vXqPxQyQtPVM.mp3

Thank you all for sharing your experiences with the board. Many of us have learned some valuable lessons from you ...

FYI, 46 minute video.

IPO prospectus http://pershingsquareholdings.com/media/2014/09/Prospectus-Dated-2-October-2014.pdf

http://www.bloomberg.com/news/2014-10-13/ackman-s-pershing-square-falls-in-first-day-of-trading.html

All of the above! Will be open to Canadian and U.S. accredited investors. There is a secondary option for international investors through a capital raising we will be doing in Hong Kong...I'll explain that at the time. The private placement will get you in at a set price...the same as us and all other existing shareholders. You can buy in the open market as well, but it is unlikely you will get this price, since we and other shareholders will probably buy any stock available at the private placement price. We may increase the private placement size, as I'm being overwhelmed by responses since last night. I've got you guys all in order and the documents will be sent in that order, but it may take me a few days to confirm your email, as I'm tied up on a number of things as you can probably understand. Cheers! Hi Sanjeev, Email sent. Does that mean that investors in the private placement will be owning shares in a company listed on the stock exchange in Hong Kong?

Risk revisited http://www.oaktreecapital.com/MemoTree/Risk%20Revisited.pdf

FYI, even though the book is out of print as it was published in 1969, the ebook is now available on Amazon in kindle format.

Whitman is certainly difficult to read and to understand initially. Definitely not for the beginner. I have read a few of his books. First read Value Investing when just starting out and totally didn't understand it at the time - it actually left me confused. After about 4-5 years of learning and practicing value investing I read The Aggressive Conservative Investor - I believe that I actually understood what he meant - it was applying what he said with the practical experience, and observations of goings on in the public equity market, and management actions that made it clear. He highlights how the financial markets really works by highlighting the different vested interests and perspectives of various market participants - I can comment on this because I previously was involved on both the institutional sell side and institutional buy side. I am also a chartered accountant which did help. His book on Distressed Investing is also insightful in the area of distressed debt if that is an area of interest to you. His most recent book "Modern Security Analysis" summarises and does repeat the points made in the earlier 2 books about investing in public equity markets. Notwithstanding the dated examples, there are some important key points there to add to your investing framework if you are willing to invest the time to really understand how investing and financing works in the real world.

Thank you for sharing.

First set of notes on BRK 2014 AGM https://www.dropbox.com/s/1tppq56xkbha4lj/Berkshire%20Hathaway%20annual%20meeting%20notes%205-3-2014.pdf

There are many of you who have had your lives changed in some way from reading about & learning from Warren Buffett. Just curious about 2 questions: 1. how he has changed your life / how he has positively impacted your life? 2. what lessons have you learnt from Warren Buffett?

http://www.bengrahaminvesting.ca/Resources/Interviews_Notes/Buffett_2014.pdf

Dare to be Great II http://www.oaktreecapital.com/MemoTree/Dare%20to%20Be%20Great%20II.pdf

Thank you very much for posting the link

For those of you who wish to save a copy for your records, or if you simply missed it. http://www.cnbc.com/id/101461797

Transcript for those of you interested http://www.cnbc.com/id/101461797

Calling all US non residents who invest in the US stock market. Has anyone looked into potential US estate taxes on their portfolio? Especially those that live in a jurisdiction which does not have a tax treaty with the US. I understand that the exclusion is only for the first US$60,000 for US non resident aliens (NRA). Any amount above that is subject to US estate taxes which can be onerous. How have other non resident aliens dealt with this situation? Anyone knowledgeable in US estate taxes who could offer some insight? Thank you in advance ..

The last snippet on CNBC's interview - on BRK's investment in BAC and BAC's litigation http://video.cnbc.com/gallery/?play=1&video=3000201043

More snippets from CNBC interview shown today http://video.cnbc.com/gallery/?play=1&video=3000201041 http://video.cnbc.com/gallery/?play=1&video=3000201028

Thank you for posting the link.