ValueMaven

https://www.texastribune.org/2021/03/25/warren-buffett-texas-power-plants/

Great point about stated book value vs. true economic book value. I've never seen any fair market adjustment for the operating assets under Berkshire's ownership structure. Ie: Fair Market Adjustments to Price

great stuff regarding the rails ... BNSF & BHE also gives Berkshire massive reinsurance optionality. BNSF was a brilliant acquisition. period.

good summary of 1Q21 buybacks Warren Buffett’s Berkshire Hathaway Appears to Have Bought Back $5 Billion of Stock in 2021 https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-appears-to-have-bought-back-5-billion-of-stock-in-2021-51615826952?siteid=yhoof2

I'll take about $5B in buybacks for 1Q2021. It's about $30B over the TTM timeframe. Not bad!!! This isnt your typical buy at any price corporate buyback - its a buy at THE RIGHT price type of buyback Think about it - in the FT article Buffett said it was highly likely Berkshire would return $100B or so to shareholders over the coming 10 years -- something to that effect. $30B over the TTM's is fairly aggressive way to do this. Bravo Warren!

4,200 A shares traded today. Something is up...

very interesting theory...thanks!

really interesting article on the notable increase in the A share trading flow recently ... https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2

Remarkable. I forgot about that back and forth on BHE back from 2019.

what better alignment could shareholders ask for from Greg?! I mean $500M worth of BHE or BRKB exposure. remarkable

Very interesting article on BHE ... well written and to the point https://www.barrons.com/articles/why-berkshire-hathaway-energy-is-one-of-warren-buffetts-4-jewels-51614704142?mod=hp_columnists

+1 very well said!

I'd love to see what type of cash flow projections underpinned this $18B 2030 project that Warren is talking about at BHE. Both BNSF and BHE have really unique competitive advantages.

sorry it disappointed you...but I couldn't disagree more actually.

In 2020 BHE's tax rate was negative 40%

BHE has a negative tax rate ... with regulated returns...so I can see why

Story really is the buybacks and stability of operating income at this point.

Annual meeting now in LA this year with Munger. Able and Jain will also be there.

Looks like 4Q buyback was more aggressive then people thought! 'Berkshire has repurchased more shares since yearend and is likely to further reduce its share count in the future'

In typical tradition :-) ... let's get this thread started

really, really, really amazing how Charlie can handle such questions in a rapid fire format ...

Howard Buffett has said something very similar ... dont recall Warren or Charlie saying that specifically. I do agree with that approach :)

great points. thank you

Isnt it fairly aggressive to consider the equity portfolios % of retained earnings as part of Berkshire's normalized earnings profile? I realize Warren has written about this a lot in the past - I just struggle with any model that does this. What do others think?

While his style is extremely verbose – this is hands down the most complete and comprehensive valuation update on Berkshire. Period. Really interesting example on what buybacks and a shrinking sharecount could look like over the next 5 – 10 years, and what this might mean for future returns for shareholders. He has shares currently at a deep discount to IV valuation among his various methodologies. Extremely interesting to see BHE have a negative effective tax-rate. Not many distressed utility deals out there - but I'd love to see BHE be more active there (ONCOR anyone??) over the coming years.