ValueMaven

Welcome to the land of FFH... I cant believe we are investing in a Nigeria bank... I've said this for the past 2 years - but FFH really needs to focus on underwriting improvements and needs to really focus on Allied...this stage of the company's life operational improvements and efficiencies are critical These type of deals to me at least seem very distracting for management...start adding some North American real assets to generate consistent cash flow to offset some of the underwriting volatility that our global insurance business gives us...

Poorly written article, with a lot of assumptions built in...

I really dont get why FFH thinks they need to do something at every chance possible?? Toys R Us?? Are you kidding me? How about focus on improving underwriting standards across the business lines/Allied? Allied has been a big time mistake in the short-term, particularly 1) Given all of the losses 2) The fact that we used UNDERVALUED FFH shares, which were trading right at BV to 3) Acquire a business basically at the top of the reinsurance market (note: most reinsurance stocks outside of XL are down -20% or more)... really wish FFH diversified out of all of these small/crappy/POS businesses and tried to focus on improving underlying earnings... I dont get it

Actually, it looks like this is the article in 2000 https://www.barrons.com/articles/SB950313727142450003 Sincerely, ValueMaven

This could be the article....let me know what other members think! https://www.barrons.com/articles/SB919481704646967500 Sincerely, VM

This is epic... Anyone have the Barron's article? Sincerely, VM

Has anyone actually read all 2,500 pages?! What an incredible source of wisdom! Thank you again.

Yea, that is WAY to risky of a trade for me...I dont care what premiums you are getting upfront. I havent written puts on BRK in the low $100s awhile ago, but I feel like where we are in the market - you really have no idea what is going to happen. I think if a big vol induced sell-off occurs, that writing both near-dated, and long-dated puts near 1.1x - 1.x2 BV makes a ton of sense. Back in Jan of 17 one can sell the January 2019 BRK.B Put at $137.5 strike, and collect a premium of $2.20 (bid price). So, unless you see BRK.B falling ~37% in the next two years, and are happy to own Berkshire at much lower prices…this could be an interesting way to add synthetically to an already established long position. Of course if the stock rallies, you collect the premium and nothing more...that trade was obviously a home-run. Sincerely, VM

BTW: I actually bought a little more of the B's right near the close on Friday. In the low $190s, you are basically paying 1.35x BV....not a bad L.T investment at all IMHO

WOW!! Thanks for sharing

FFH trading right around BV...anyone warming up to the name given the recent/modest selloff? Sincerely, VM

John - before I start reading all 2,500 pages - what exactly am I looking at here? Seems like letters, interviews etc? Sincerely, VM

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!