DooDiligence

I’m sorry, must be missing something, how does this relate to my post on GEICO’s value? I’m very familiar with insurance regulatory capital req’s. In 1995, tangible net worth for Geico was 1.9B and surplus at end of 2016 was 15.7B suggesting that a significant part of statutory operating income (including the 15.5B of pre-tax underwriting gain) was retained at the sub level. In the 2018 report, Geico's float is stated at 22.1B. The 2010 report has interesting comments about intrinsic value of Geico, referring to the fact that the intangible value paid in 1996 for policyholders stood at 97% of written premiums. Adding the 2016 surplus of 15.7B to 97% of 2018 written premiums (33.1B) approaches the 50B mark. Geico does not have the same potential for growth now but interest rates are lower and perhaps will stay low. @DooDiligence Thank you for the corrective due diligence as León Gieco is the Argentine Bob Dylan. Nice, but does he generate float? ;) Here's a fun non-GIECO excerpt from the 2010 BRK AM, about the importance of Ajit Jain (it starts at about 01:31:00) I like it when Uncle Warren says "Every year I think our float has peaked."

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ There, fixed it. :)

Buffett on mixed martial arts training. https://www.martialdevelopment.com/warren-buffett-on-mma-training/ ;D

I wish we'd see another micro crash in BRK on Tuesday. I also wish I wasn't so tightly anchored to my $193.58 average price.

Let Jeff and you be excused. Jeff has posted that he does not consider himself a slacker, - so I assume he was buying at the broker, posting here, reading chords, singing & playing piano or guitar - all in one big bunch simultaneously - multitasking is hard. I was confused after pondering the mysteries of the fully diminished 7th chord. Only hardcore band geeks will get this.

Haha. Yeah, they left me out of the count. I just assumed everyone one this site, wisely, had me on ignore. Sorry, I didn't count. I wrongly assumed DooDiligence could count. :) Nobody is on ignore (for sure.) Chalk it up to poor analysis. At least I'm consistent.

Me 3 (BRK.B)

Screw my previous goals, i’m all in on this one. Seriously?! Surely you can think of better things to do if you're ever in a whorehouse ;) Wait, there are other things to do in a whorehouse? ??? You have to pace yourself.

Outstanding comment but I doubt it. Professionals know the value of what they possess. I suspect that only those who think they're above selling their bodies give their bodies away free for music. Funny old world! Some business owners aren't very disciplined with pricing. Buy a ticket to Brasil. Unlock some value. You don't even have to be able to play piano.

Screw my previous goals, i’m all in on this one. Seriously?! Surely you can think of better things to do if you're ever in a whorehouse ;) If you're a competent pianist in a whorehouse, you will be hip deep in free poon. I could draw you a map of Brasil.

The last $100 hamburger I had was in a PA-18-105. It would practically leap into the air & was pretty good on gas. You could land it nearly anywhere. Yep. I'm looking at a Tecnam Astore. Hard to justify today given other activities competing for my time (golf, boating, traveling, etc.). Very expensive when could only use several times a month. Greater wealth would make it possible to enjoy the flying experience rather than worry if the cost per hour was worth it. Holy cow, I just looked up Super Cubs on Trade-a-Plane. I thought they'd be a fun & affordable option with little or no AD's to service since they're so friggin' old. https://www.trade-a-plane.com/search?make=PIPER&model_group=PIPER+SUPER+CUB+SERIES&s-type=aircraft&user_distance=1000000&user_zipcode=32507 Turns out they're more expensive than a loaded SUV (a lot more fun though).

Screw my previous goals, i’m all in on this one. Screw my previous lengthy rationale for financial independence, I just want to play the triangle in a house of pleasure More cowbell.

To play piano in a whorehouse.

Valid career move. Does anyone know if Charlie plays piano? --- 'This is my business, so I was kinda surprised', Bill Gates on Munger: … 'when discussing venture capitalists who defend stock options he deems them' "no better than the piano player in a whorehouse". https://medium.com/@victorosyka/summary-poor-charlies-almanac-book-6d50bd73258f

The last $100 hamburger I had was in a PA-18-105. It would practically leap into the air & was pretty good on gas. You could land it nearly anywhere.

Which beach is the question? San Diego area, probably the home itself worth around 1.5m :P NW FL has some of the most beautiful sugar white beaches in the world & it's very affordable. You can get a bangin' beachfront condo for less than a million. --- Independence to do what I want. Less stuff to chain me down.

You are not alone.

:) to be of help, even if my contribution is just pointing to good stuff others wrote. Twitter is once again great since I blocked a bunch of political key words.

My pastime is doing live sound for talks, kids plays etc. A classic sign of nervousness is holding the microphone far away from the mouth. Ajit held it at about his waist level. Why as a guy running the sound board we don’t like hand held cordless microphone. Best attached to a stand. On that note they haven’t gotten the spotlight correct at the meeting. Both Greg and Ajit were in the dark, shadows or not even in the tv monitor etc. This has been a recurring issue in the past. All that said Jain was succinct, more like Munger than Buffett and summed it up by saying Insurance calcs are subjective. Ain’t no books written about the methodology. He’ll make a good man in future meetings. Warning: momentary thread highjack. --- Nice. I started running sound a year ago with an old analog Yamaha MG24/FX & am now using a Soundcraft UI16 controlled from my iPad through Safari (I love that board.) Did my 1st open mic last Thursday at The Point & will be hitting the one at the FloraBama tonight. FloraBama provides Allen & Heath Qu16 & Qu24 wireless mixers, sub & PA's, everything (just bring your instruments & favorite DI / mic.)

Why isn't breaking up BRK an option eventually? It wouldn't be possible until WEB dies, as he would never do so and has control. But once his stock gets sold by the foundations however many years after his death it could happen. It would require a huge discount to IV, because of the huge amount of capital required. The structure around the assets being held in insurance companies would also make it take a long time. Although if the insurance commissioner is letting them use $X for the value of a railroad in their statutory accounts, presumably they'd still be fine if they sold the railroad for $X in cash... Spinoffs would be much less likely. I agree re: eventual breakup. WEB has stated that he could post ginormous returns on a smaller base. I say, "well, prove it." I'm not sophisticated enough to imagine how the shrinking would play out but wouldn't mind seeing it happen with spinoiff's. If BRK was primarily a risk management / finance operation with a smaller capital base, could Ted, Todd, Ajit & Greg shoot the moon over the next few decades?

omagh, If there was a "like" button here on CoBF, I would personally use it on your post! [simple Machine forums put an honor into being old fashion!] - So you'll have to settle with a quote ... - please consider it some kind of "retweet"! I liked that too & actually did Tweet it. (with proper citation) I am a Twitter Twerp & my Tweets get no attention. --- edit: Hey, you retweeted my tweet. Nice!

That'll be a humdinger of a field trip permission slip.

Is that a mouse in your pocket?

https://www.theledger.com/news/20190503/highland-homes-sold-to-berkshire-hathaway-subsidiary

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