maxthetrade

Exactly! I don't mind aquiring a good business at a fair price but this looks like a mediocre business at full price. I hope I'm wrong (as I was with Stelco!). We'll see.

I certainly hope he's not buying at these prices!

I have also bought a position today, looks reasonably priced.

Well, I turned 53 yesterday too. We had one hell of a nice evening with way too much alcohol and saturated fat in the form of Wagyu tenderloin, Shizo Miso Hollandaise and really fantastic Primitivo wine. And I don't regret one gram of fat and only the last few grams of alcohol

Thank you all for your comments and thoughts! I was travelling in Rome last week and couldn't listen to the virtual meeting, is there a way to still access the audio feed?

This will get interesting!

Some more details: Lawyers Gear Up for Swift Start in Legal Fight Over Baltimore Bridge The National Transportation Safety Board said the investigation to establish the cause of the collision could take up to two years. Photo: Peter Knudson/NTSB/Reuters The first shot in the legal fight over who will pay for the damage and loss from the collapse of the Francis Scott Key Bridge will likely occur in the next few days in a Baltimore courtroom, insurance academics said. The Singaporean owner of the cargo ship that took down the bridge is expected to invoke a law dating back to the 19th century that limits the liability of ships’ owners, according to Lawrence Brennan , a law professor at Fordham University in New York. The law is similar to one used by the Titanic’s owners after that “unsinkable” liner hit an iceberg. This Limitation of Liability Act law caps the liability of the cargo ship’s owners—and their several insurers—at the value of the goods the ship was carrying and the value of the ship itself. A representative of the ship’s owner, Grace Ocean, didn’t respond to a request for comment. The fight, maritime lawyers say, could run as long as a decade. “It will be one of the most contentious marine insurance cases in recent decades,” said Brennan, the law professor and a retired captain in the U.S. Navy. While the lawyers fight, most claims will likely get paid by the insurers, including money for the bridge’s reconstruction. Then they will duke it out among themselves. Other claims might take longer, including those by the families of the people killed in the crash . Other big sources of claims include the loss of revenue for the port, for the vessels now stuck inside it, and for businesses affected by the resulting supply-chain snarl-ups. The bridge part of this web of claims may be the simplest to resolve. The structure cost some $60 million to build in 1977, which is around $300 million today when adjusted for inflation. The bridge is covered by the state of Maryland’s insurance. The policy, covering property damage and business interruption for bridges and tunnels, pays up to $350 million, documents show. The state, with its insurers in support, will likely be among many claimants that sue the Singaporean owner of the giant cargo ship that struck the bridge , seeking to recover their losses. That ship, the Dali, has coverage through a specialized property and indemnity insurer, the Britannia P&I club. It said it is “working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally.” Britannia is one of a dozen protection and indemnity, or P&I, clubs, which between them insure around 90% of the world’s oceangoing tonnage. Each club, owned by shipowners, operates independently. But the clubs pool resources to buy reinsurance, allowing them to pass on much of the risk they underwrite. That reinsurance covers up to $3.1 billion per ship, according to ratings firm AM Best. This generous reinsurance safety net is led by French insurer Axa , according to people familiar with the matter, but involves in total around 80 insurers from across the globe. That means, despite a likely eye-popping overall claim, the payout is “unlikely to be significant for individual reinsurers since it will be spread across so many,” said Brandan Holmes , an official at ratings firm Moody’s. Not all claims springing from the incident will be covered by the ship’s insurance agreements. The bridge collapse is a significant blow for a marine insurance market already hit by the costs of the recent Red Sea attacks . Increased rates and new restrictions on coverage are expected to follow. “This probably will be one of the biggest marine losses in history,” John Neal , chief executive of the Lloyd’s of London insurance marketplace, said Thursday. “It clearly will have an impact on cover and premium.” The insured losses could total between $2 billion and $4 billion, surpassing the Costa Concordia catastrophe , ratings firm Morningstar DBRS said. The bridge collapse will likely affect the operations of scores of importers, exporters and other companies that use the port. Many will likely find the event isn’t covered by their businessinterruption insurance, according to Robert Merkin , a law professor at the University of Reading. “Only some policies will cover this—it depends on the wording,” Merkin said. Business-interruption insurance is designed primarily to cover damage to the company’s own premises, although some policies have extensions that might cover external events, such as the bridge collapse, he added. Heather Gillers contributed to this article. Write to Jean Eaglesham at [email protected]

I read the book as a teenager way back in the late eighties, loved it. Noble House and Tai-Pan were great reads as well!

True! I have a couple of A shares I bought near the very lows in 2000. They are grandfathered under german tax law and gains are forever tax free. I don't plan to sell any of them as long as Berkshire can grow BV at a halfway decent rate. If the shares get a little ahead of the business like now I sell OTM calls. If I can achieve an (almost) tax free return of 10% in the future by doing this I'm perfectly happy.

Great call! As you mentioned this is a pretty decent business, at the right price I'd like to own a chunk for the long term.

A very sad day. He will be dearly missed.

A fool an his money will soon be parted.

That was worth the 12 miles, very cool!

Wow that looks gorgeous! Iceland is on my destination list too. Preferably with a bit vulcano action

Greg, the main problem with modern democracies is that most people are too dumb to understand our modern fast changing complex world and have absolutely no understanding of economics. They're scared by some bullshit they are told by some demagogue and can't think through it by themself. When I was in school they told us computers would destroy jobs, acid rain (remember that one??) would destroy our forests and nuclear waste would kill all of us if the ozone hole didn't finish us earlier. Guess what, computers created lots of jobs and increased productivity, we installed flue gas desulfurization units, replaced chlorofluorcarbons and nuclear waste will probably be a precious resource someday.