ValueMaven

WOW!!

Does anyone have Berkshire's historical letters all in one place and file like what I have attached for Buffett's Partnership letters from 1957 - 1970 I've been putting off reading all of these, and would finally like one complete file for my studies... Sincerely, ValueMaven Buffett-Partnership-Letters-1957-1970_High_Quality.pdf

Should be out shortly...does anyone have an ETA? Sincerely, ValueMaven

I think we are all thinking about this in the wrong context actually... Berkshire should ALLOW bolt-on acquisitions at an aggressive pace and at managements discretion...ie; highlighted in this years letter...and us the cash to BUYBACK stock.... why force an deal, when valuations are $$$ Sincerely, VM

UPS...

BV is currently $141 1.2x equates to $170, at $210 brk.b is only trading at 1.5x BV currently... very, very rough math - but should help some ppl out

Cheniere Energy (LNG) and fold it inside of BHE...

Wow...what an odd letter!!!!!!!! Even still I enjoyed it.... Would have liked to hear more on the operating results of our companies however... Greg Abel is next CEO, and Ajit will remain head of insurance opps.... Nothing on buyback, or the cash levels...basically, BRK isnt going to pay a dividend anytime soon...also odd nothing mentioned on intrinsic value....WEB did say he has talked a lot about this before, so maybe he wanted a change? Sincerely, ValueMaven

Yea...WOW...Some of the best analysis I've ever read... IV targets ranging from $240 - $250... :) Sincerely, ValueMaven

Cigarbutt - what do you think of AHL here? Stock hasnt moved in nearly 5 years and is down A LOT recently... Sincerely, VM

It's the single best analysis of Berkshire I've seen...

The Allied World deal is HUGE by FFH...a lot of people are underappreciated the underwriting expertise that Allied will be bring to Corporate...not just in 2018, but FOREVER. A lot of people have knocked FFH for so-so underwriting ratios; but as a long-standing Allied shareholder I can tell you these guys are top notch. It was a brilliant move by FFH corporate...

BRK was hammered hard yesterday...down 4% at one point!

Cant wait to get our dividend tmrw! I am reinvesting right back into FFH Sincerely, VM

You now have much improved underwriting at FFH from Allied...who knows how that transitions in 2018, but Allied was such a SMART acquisition for FFH honestly...I'll be reinvesting my dividends back into the parent (like I always do)....So what you want, but the future is BRIGHT. For those of you who think Prem has lost his way...lets not forget him covering all of those hedges etc, when Trump was elected. I agree, it was a mistake to hedge the book for so long, esp with those deflation swaps (I was not a fan of those at all)...Cheers, here is to a much brighter future at FFH. PS: I might really try and tackle a detailed SOP valuation for FFH in 2018...if/when I do, I will of course post it here.. Sincerely, VM

you are implying that the ARs for the last 70 years are relevant though...they are not given all of the massive write-downs, and the horrible misallocation of capital at GE Cap post sale (did that huge buyback when the stock was almost double)...It's all about price, but I dont see WEB playing around here, unless its in a break-up, or a unique preferred deal, which is also unlikely.

"Both our operating and investment experience cause us to conclude that turnarounds seldom turn," #WEB

brilliant move by our chairman ps: JPM raised price target on the b's to $235 sincerely, ValueMaven

If you want to carpool from NYC and try and keep expenses VERY, VERY low, PM me...I will be driving out... Sincerely, ValueMaven

I wonder if Chris will be updating his analysis for 2017 shortly, particularly in-light of all that has occurred at Berkshire. It still remains one of the best piece of analysis that I have read...way more detailed then JPM's coverage piece on the company. Sincerely, ValueMaven

Charlie credits Ajit w/at least $60bn of value creation at Berkshire ... WOW!! Sincerely, ValueMaven

Very, very interesting analysis!! Sincerely, ValueMaven

With BRK trading at roughly 1.4x book-value, and Buffett talking about how intrinsic value is MUCH higher then its stated book value, you wonder at what point they will increase the stated stock buyback. I actually it is more imminent then most investors think. See the below clip were Buffett says ‘If it ever gets to $100bn or $120bn or something like that – we may have to increase the price (of the buyback)’ My guess is that he talks a bit about this in the next chairmen’s letter https://www.youtube.com/watch?v=jUJwxksLgKM&t=361s Sincerely, ValueMaven

'The stock market has never caused my stomach to churn' Enjoy! Sincerely, ValueMaven

You will see a drop of almost $30bn in Berkshire's deferred tax liability...which flows directly into an increase in book value. That is why the stock has been on a tear recently. It's a really big deal. Assuming a drop in the DTL, the B-Shares trade at just 1.4x BV. Not unreasonable by any stretch. Buffett should start buying back Berkshire's stock...