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NoCalledStrikes

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  1. I earned my B.S. Pet. E in 84 from UT Austin. The nice thing about a Petroleum Engineering degree is that when hard times hit, unlike an underwater basket weaving degree, all your core hours transfer to another major like mine did when I came back from underemployment later for a CS degree Lots of PE folks landed in non-energy technical jobs. In the "it's a small world department", one of my sons took calculus in HS from someone who graduated in Pet. E a year after me. She switched from unemployment to teaching HS math. When I entered PE in 1980, we had 350+ freshmen, when I graduated in 1984, the freshman class was about 25. Maybe 10 out of 200 my class of graduates had jobs at graduation. In 1988, all the grads had multiple offers. It will fluctuate.
  2. My guess is the 2022 laterals are at least twice as long as the 2014’s, so we don’t need to get back to the same rig count levels to achieve the same productivity. But many factors at play: decline rates, quality of the reservoir, technology advancements, existing infrastructure, location, gas/oil ratios, etc…
  3. Well she’s about 15 years younger than Warren and it’s a near certainty that her diet is better than his.
  4. WEB may or may not buy out OXY, I don't know. But while guessing his actions is always a fun parlor game, he is certainly not waiting for it to become investment grade first. This Kiplinger's quote is the dumbest thing I've read in a while. "We believe there is a good chance billionaire investor Warren Buffett buys the remaining two-thirds of shares of Occidental that he and Berkshire Hathaway do not own once the company becomes investment grade," writes Dingmann, who rates OXY stock at Buy. "
  5. If you haven’t read Ted Weschler’s response to his large Roth, I highly recommend it. It not only explains how Ted grew his account legally, but also indirectly explains why he is such a good match for Berkshire. As for putting limits on IRA’s, all I ask is that whatever cap is placed on IRA accounts comes with an annual inflation adjustment. Many investors starting their IRA’s in their 20’s with 50 year runways will hit what today would seem like an extremely high should we get a bad decade or two of inflation. The crime shouldn’t be the magic of compounding, but illegally putting mispriced private assets in the accounts in the first place.
  6. Nice year for Francis Chou and Stonetrust! https://www.forbes.com/sites/jacobwolinsky/2021/04/29/francis-chou-wants-to-build-the-next-berkshire-hathaway/?sh=70d7f08a7894
  7. Thank you for the update, I am eager to learn all the new features. Staying too long on old software leads to never ending problems. (Being first to upgrade also creates problems too). So far every time I've played around a little I could figure out a new option that meets my needs. For example to get more density of information on a page like the old forum, I discovered the condensed view option on the Activity Page to get more idea of where the most new info resides without having to scroll the screen so much.
  8. I opened an account at Merrill edge 6 years ago back when the free trades were uncommon. I like illiquid stocks and getting hit with a full commission charge when your limit order gets hit with a single share bid was aggravating. Unfortunately about three years ago Merrill started making life difficult for purchasing what they call penny stocks (this includes LICT at 17k per share). As a result, I’ve moved a fair bit of money out, but haven’t closed the account as IB wouldn’t accept my OTC stocks. Execution wise, I seem to get the best price improvement from Fidelity, Merrill edge is hit or miss, and TD Ameritrade is the worst. Overall, Fidelity is my recommendation for ease of use and execution, but they don’t like dark stocks. IB is my favorite for international. Ultimately, I suggest keeping multiple accounts because you never know which stocks will be available from which brokers in advance. But yeah, if you just buy large caps, go with Fidelity.
  9. Is it me or is today's press release, the first time Berkshire Hathaway has referred to itself "as the largest company in the U.S. as measured by shareholders’ equity." I get that this PR was written for a Japanese audience who may not know that, but it sounds a bit like a humble brag to me:) https://berkshirehathaway.com/news/aug3020.pdf
  10. But if you give a mouse a cookie, he will ask for a glass of milk...
  11. The only time I am happy using IB is when purchasing non-U.S. stocks where the value of access to those stocks is greater than the pain of their platform. Otherwise, for every potentially great feature in IB like easier tendering there is an offsetting flaw like out of date online help, commissions that add up quickly on low priced stocks ($1 to buy $10,000 of a $50 stock, but $25 to buy $10,000 of a $2 stock), features that vary across platforms, and a general attitude of "we think you need us more than we need you." Basically the only trades I do at IB are those that I can't do elsewhere.
  12. Both are on the board, so I assume they are dialing in for the director's meeting, just not the public Q&A.
  13. Well, he’s going to be pretty quiet at the modified AGM too if there is only 45 minutes for questions. I can understand his not wanting to do a full day of video questions, but 45 minutes is not much especially if it includes some formalities. I can only assume that is by his design. My conclusion is that he doesn’t want to talk. For someone as long term optimistic as WEB, this is not a cheery data point.
  14. I think there are multiple reasons: 1. He owns too many companies that are bailout candidates or TBTF and thinks keeping his mouth shut is the best way for those companies to get the best deal from the government. He doesn't want to get politicized. 2. His large ownership in certain industries is preventing him from making deals (financials, airlines). 3. He was too early in the GFC. 4. He has access to great economic data and doesn't want to give others ideas with it, until he has acted on it first. 5. The government is making better offers to help than he is, so he has nothing to report. 6. He may have higher than expected claims or more money losing businesses in this environment than the conventional wisdom expects, so needs to hold back more capital. 7. He doesn't think the market is cheap, similarly, he doesn't think BRK is particularly cheap in this environment either. 8. His outlook is negative and he doesn't want to scare anyone. He would rather tell common investors good news rather than bad news, so he is waiting until he is more optimistic. 9. He is saving his insights for the video AGM in May. This one is not inconsequential. He loves the AGM and doesn't want to diminish its value. Overall though, I consider his silence a negative. If he was bubbling with optimism, he'd already have been on TV.
  15. Preferred Units issue K-1s. The boxes are filled out a little different than regular MLP units as all the income effectively gets reported as interest and there is no depreciation, but its still a K-1. But the killer for me is that you still have multi-state tax filings to deal with depending on how much you invest in the preferred and how much you worry about getting a letter from out of state 5 years from now asking about a filing penalty.
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