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  1. 2015 Letter is out: http://www.givernycapital.com/en/doc/206/Giverny_Capital_-_Annual_Letter_2015_web_.pdf If anyone here is a investor in the fund, do you mind posting the full letter?
  2. 1. Do you look at other manager's13F filings for ideas? If so, who? 2. How much time do you spend researching an idea before you are willing to invest? 3. Are you always a passive investor or do you talk with management outside of the conversations/information available to all investors? (Some stakes approach 5-10% control of companies) 4. How do you see the relative value between documents like the 10K,10Q, proxy statement, etc compared to earnings calls, presentations/events (webcast, slides) and shareholder letters? 5.
  3. Kevin Byun from Denali Investors Sahm Adrangi from Kerrisdale Capital Jesus Dominguez & Luís De Blas from Valentum (Spain) Álvaro Guzman from Az Valor (Spain) Francois Rachon (giverny capital)
  4. Equity method accounting is for when you own 20-50% of a company. https://en.m.wikipedia.org/wiki/Equity_method So that's the accounting method. Buffett might view it differently for intrinsic value purposes. For example in the 2014 Annual Report, they owned 30% of USG but he lists it in his investments along with KO, AXP, etc and not as part of pre-tax non insurance earnings.
  5. It's important to note that although the current market value of UNP is 73B, Morningstar values UNP at 99B if you have access to their premium accounts. Given the earnings differences, I would agree with you that BNSF should be less than UNP, not about equal as Morningstar says.
  6. The valuations aren't similiar! I just looked it up in more detail than my previous post because I was curious. Berkshire announced PCP acquisition on Mon Aug 10. The corresponding equity market values on Friday Aug 7 were 26.6B for PCP and 42.2B for PSX. This is nearly 60% more. Everyone's comments about PCP having better growth prospect and areas to deploy capital are likely true but the bottom line is that these aren't similiar size acquisitions that could have been interchangeable. Using your FCF numbers of 1.7 and 3.6 make te multiples for these businesses 15.6 and 11.7, so hardly double the free cash flow for the same price.
  7. PSX is 43B before a premium is applied. PCP was around 26B before the premium. And equity is now at 32 not 38
  8. No luck. Only thing I am able to pull is for them is in the 60s. Thank you for checking. I appreciate it.
  9. I just discovered that Lou Simpson wrote letters in Geico's annual reports.I was able to find 1991 on scribd. Anyone have 1980-1996?
  10. Also legacy positions make them diversified. They aren't going to sell See's just because as the book value has grown, See's become more negligible. But when you look at new positions, they are making big concentrated positions. I believe Coke was about 30% of book value and Burlington was about 20% of book value at the time of purchase.
  11. Thank you. I was able to find that too, I should have specified that I was looking for tabulated earnings, not in graphs. I want to be able to manipulate and do my own analysis.
  12. That is excellent. Thank you very much. You wouldn't believe the trouble I went through before realizing I should just ask for help. Much appreciated.
  13. Where do you find data for the S&P 500 quarterly and yearly earnings as well as see forecasts. I am struggling to find this. It is easy to find it for individual companies on Morningstar and Yahoo but I can't find this information for the index. Google was no help either. Thank you! Any help is appreciated.
  14. I do something very similar. I start with net income and add back looks through earnings (minus dividends that already show up in Net Income) plus intangible asset amortization minus investment capital gains/losses. Using this I get $23.3B in earnings. Either way, I think we get to the same conclusion of "the current stock price I think it looks interesting. In a world where not much is interesting at the moment." With the lower of the two numbers (23.3B), Berkshire is trading at 14 P/E ratio. I much favor graham's side by side comparison of two options to trying to put a precise number on intrinsic value. Berkshire next to the S&P500 at 20x, KO at 25x or PG at 22x all seem like no brainers to me (Berkshire compared to other stable growth with strong balance sheets and diversified businesses). The side by side comparison would include more than a P/E ratio, but I think we all get the point that in terms of large caps with very predictable futures, I have yet to see anything with similarly relatively attractive valuations.
  15. What is your interpretation of the conventional two column approach? What about your approach is modified?
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