ander

Re: the public equities portfolio on page 12, Buffett writes "are earning about 20% on the net tangible equity capital required to run their businesses." Has anyone seen how Buffett calculates net tangible equity capital? Also am curious what he refers to as earnings (operating earnings or net income), but first wanted to confirm the net tangible equity capital calculation.

Any favorite mutual funds look interesting?

I have been getting the same issue on the CHTR page. My guess is someone may have inadvertently reported the page as a malicious page. I reported that to be incorrect and it’s a safe page. Hopefully corrects.

Bought more DVA and LBTYK

I think it’s pretty clear (based on his actions), he thinks the stock is attractively priced relative to other alternatives but not substantially attractive. Seems to me that the change in buyback policy probably made because of the accounting change re: investment treatment as opposed to the stock being significantly undervalued currently.