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TREVNI

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  1. Anyone have Ted's letters from Peninsula?
  2. By my math BRK is paying 0.89x float for Y. Not bad! And considering the deal doesn't close until the end of the year it's probably a price/book of about 1.15x.
  3. @Fundmanagerthrwawy I'm not super active on here. A post here and there, some lurking around. But I'm always happy to answer any questions. I'm much more active on Twitter. @BRK_Student
  4. Which just goes to show how Berkshire has cracked the code in terms of motivating individuals to work. Weschler has won life many times over. He could be sitting on a beach having someone wait on him hand and foot for the rest of his life. Instead he chooses to read 12+ hours a day for the benefit of BRK shareholders. I count myself very lucky to have him working for us.
  5. You're very welcome, @John Hjorth. Thank you for the kind words about the book and the material I've compiled elsewhere, such as theoraclesclassroom.com. I've benefitted so much from the value investing community and hope to continue to give back and continue to learn.
  6. I enjoyed reading the account of building Berkshire and all the predecessor companies. I come down on the side of admiring the work Stanton et al did but also faulting him for not changing course. And I'm not sure I could do it differently in his shoes. He grew up in the business and had his identity tied to it, his legacy and his father's legacy. Buffett had none of this and could view the capital as fungible.
  7. Wish I'd found this sooner. Tracked it down in a library and scanned it for anyone that's interested. It's the speech Seabury Stanton gave to the Newcomon Society in 1961 which gives a detailed account of Berkshire Hathaway's early days. A Saga of Courage_Seabury Stanton.pdf
  8. And its get even better. $1.3bn in repurchases from Mar. 31 to Apr. 22.
  9. Nice work! While I harbor some nostalgia for the old site, it's exciting to see the new possibilities! Heck, if Warren can learn to use a smartphone and buy Apple, we can learn this new setup!
  10. Found it! Thank you LongHaul! It's from the 2014 DJCO AGM. “One person said to me, 'I have a list of 300 potentially attractive stocks, and I constantly watch them, waiting for just one of them to become cheap enough to buy.' Well, that's a reasonable thing to do. But how many people have that kind of discipline? Not one in 100.”
  11. I would venture that the $19m per year has almost no marginal utility for Greg. Nor for Jain for that matter.
  12. In my perfect world, Greg takes over and tells the board he's not worth as much as WB and asks for a $99,000 salary. he would really endear himself to shareholders if he did that, in my view. He's already rich multiple times over.
  13. Thanks for sharing. The Barron's article references BRK purchases of shares from Scott. Here is the history through 2019.
  14. Well, that didn't take long! "The investment banking industry will sell shit as long as shit can be sold." The man is 97. No F's given.
  15. I'm searching for a Munger quote (could be Buffett) in which he said it would be an intelligent investing strategy to follow 300 companies and wait for a few to go on sale. I swear it was at a Daily Journal meeting, but I've had no luck listening to a few prior meetings. Does anyone remember this comment or am I now dreaming up Mungerisms? Thanks!
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