LongTermView

Yes, this makes sense.

Yes, it will be great to see everyone. 8)

Book: Harrington on Hold'em Vol 2 Other: Warren Buffett's Letters to Berkshire Shareholders

Merry Christmas and Happy New Year!

I agree. While the tax changes increase both book value and intrinsic value, the higher percentage increase goes to book value which is just a crude proxy.

Thanks for sharing! A little after 38 minutes:

Does anyone have a spreadsheet for pricing convertible bonds? Thanks.

As cubsfan said, selling subsidiaries goes against what is in the owner's manual. Buffett's 50 year letter talks about it as well:

Inverting, some of the types of companies outside my circle at this time are as follows: Biotechnology Chemicals [most] Drug Med Supply Invasive Med Supply Non-Invasive Medical Services Metals & Mining [most] Precious Metals [most]

Thanks for sharing, it's always interesting to hear what he has to say.

http://www.insurancejournal.com/news/national/2017/10/10/466826.htm shows disaster losses by company.

It is a good read. This kind of sums it up: Like cubsfan said, Whitney changed his mind and made money on the long side. Still, this makes one wonder how Whitney's performance might have been different if he didn't short at all. Among other things, this would have given him more time to spend looking at other long opportunities.

This is sad. I've talked with Whitney several times and he seems like a nice guy.

Got it, thanks again. So if we make some rough estimates/assumptions for 2016 then we can say the GAAP income of $3,552 million on page 84 is around $9,946 million in economic terms for a difference of about $6,394 million, right?

Dynamic, I appreciate you replying with these details. This part is key: Of course we're talking about dividends from stocks like KO (as opposed to subsidiaries like BNSF) and we're not including things like interest on treasury bills. Where did you get the total of these KO type dividends on the 2016 annual report? Thanks Again.

Dynamic, Thanks for putting this together! Cell S7 shows $4.16 L-Thr EPS holdings per class B share through June 30th. Cell AH4 shows $1.48 dividends per class B share last fiscal year. Does that mean the retained earnings from stock holdings are about 2.8 times [$4.16/$1.48] more than the reported dividend earnings? Thanks!

Awesome, thanks!

Thanks, SlowAppreciation. I'll look for the spreadsheet and keep an eye out for your post in a month or two.

https://www.wsj.com/articles/alibaba-and-tencent-set-fast-pace-in-mobile-payments-race-1506072602 How does this impact Visa and MasterCard?

Buffett has said numerous times that GAAP revenue only shows dividends from Berkshire's KO type holdings instead of what Berkshire's share would be if the payout ratio for all holdings like KO was 100%. Has anyone analyzed this recently to compare ttm GAAP revenue to economic revenue? Is there a site/source that reports this difference every year and/or every quarter?

Yeah, Fruit of the Loom and Russell should face challenges. I thought The Everything Store said that Amazon has some difficulties with jewelry? Right now I think WFM has different brands than Kraft-Heinz but that space might change quite a bit in coming years.

Page 75 of Mary Meeker's KP Internet Trends 2017 report shows that Amazon is a little over 30% of the USA online battery market and Duracell is a little over 20% as of 8/16. What are some of the other large Berkshire brands that will feel pressure from Amazon in the coming years? Looking at the big picture, how much will this matter for Berkshire?

Sacramento, California.

Is there a source that estimates Texas/Florida direct and reinsurance hurricane exposure by company?

I enjoy nlhe.