[Berkshire Annual meeting 2017]

Would anyone like to have lunch tomorrow (Friday May 5th) at 12:30p in Omaha? This place looks pretty good: https://www.yelp.com/biz/kitchen-table-omaha?utm_campaign=www_business_share_popup&utm_medium=copy_link&utm_source=(direct)

 

Cheers,

Paul

 

Matt and I will be there. 

 

Wes

 

Looks like we may be a little later than 12:30.  Maybe be closer to 1:00 before we can get there.

 

Wes

[Berkshire Annual meeting 2017]

Would anyone like to have lunch tomorrow (Friday May 5th) at 12:30p in Omaha? This place looks pretty good: https://www.yelp.com/biz/kitchen-table-omaha?utm_campaign=www_business_share_popup&utm_medium=copy_link&utm_source=(direct)

 

Cheers,

Paul

 

Matt and I will be there. 

 

Wes

[Quality of Earnings - Thornton L. O'glove]

For me, reading books like Quality of Earnings is as much about figuring out what struck Ackman and others to recommend the book to those who work for their firm.  Many newer books have similar ways to assess earnings quality.  CFA  Institute published a good monolith on the topic and other PDFs are easy to find that do a good job on the topic.  My favorite book is Martin Fridson's Financial Statement Analysis; A Practicioner's Guide.  It is certainly more thorough than QoE but it wasn't 'the first' book on the subject.  Even books like What's Behind the Numbers are interesting to read for their case studies, even if they are geared more towards the masses and less toward the analyst.  In any event, QoE resonates with investors because it provided actionable ways to assess liberal revenue recognition policies and taken as a whole, provides a framework for thinking about not only earnings quality, but reporting quality as well.  For this alone, I would recommend QoE without reservation.

[What are you buying today?]

AIQ today. Plan to add to OPY tomorrow (hopefully below $25).  Will probably add a little to AIQ if it falls again.

[Math problem that went viral.]

Am I the only one who doesn't see the answer in the link?  I would like to check what I came up with.  Someone message me the answer?  Or should I simply post my guess?

[Annual letter out]

Alice Schroeder said in her reddit AMA it won't be Ajit.

 

 

"It won't be Ajit except possibly as a very temporary fix while they find someone permanent. Ajit would rather be set on fire and thrown off the roof of Kiewit Plaza."

 

This looks like it was written 9 months ago and if I am not mistaken, this letter marks the first time that Buffett has been enthusiastic about having the guy.  It seems possible that Buffett is excited because Ajit has turned a corner on the subject.  Buffett has always spoken extremely highly of Ajit, far more so than anyone else, and I think Buffett has wished for Ajit to be the next CEO.  Obviously, I could be wrong here but I read it that way.  Also, we know that BHE will receive a significant level of capital for future acquisitions so to me that would lead Buffett to want to keep continuity in the CEO role over at BHE.