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  1. I think the shares are relatively cheap here and Berkshire should be buying some now ($210 per B or below). Berkshire's recent share buybacks have effectively decreased the diluted share count, which is the first fact I analyze when judging buybacks. If Berkshire was a more aggressive buyer of its stock when markets were down, that would be favorable to me. For example, if Berkshire bought back $10-$50 billion of stock in March-June 2020, and consistently bought back during down quarters / years, I think the market would award the company with higher multiples. A 2% dividend wouldn't change my opinion.
  2. I bought more LGL Group (LGL) at $11.50 to $12.50. Sells products to defense industry. Down from $16 last couple days on both the general market / virus and reported lower bookings in 4Q19. Big picture - my estimate for 2020 - LGL will earn $2 million to $4 million FCF on enterprise value of $38 million (at $11.75 stock price). Did $1.75 million FCF in 2018 & I estimate about $3.25 million in 2019. Has an ownership in a SPAC, that, if successful in finding an acquisition, can materially move the stock price. (Lottery ticket that's not priced into shares at all.) Mario Gabelli owns over 20%. Can't remember exact ownership figure. Good price, good business, with motivated management and owners. Good luck all :)
  3. Nibbling on FOX $33-$35. FCF should range $1.6-$2.0 = 6.25% to 7.5% FCF to EV. Good assets (Fox News, Fox Sports). Fairly steady cash flow. That's a good price vs. all other bizs in market, and considering quality of biz. I'd buy a lot more, but have reservations on the next generation Murdoch(s) running it. Just paid $300 million for acq that I don't understand. Worry it's a trend.
  4. Correction to my Atlantic Power (AT) above: Biomass is its fourth power plant type, not Solar.
  5. Atlantic Power (AT) at $2.50 per share or lower ($2.30's currently). $3 per share easy; $4-$5 in two to three years. AT is an electricity producer. Owns power plants and sells the electricity it generates. (Natural gas, hydo, solar, coal) Story is FCF all being used for debt pay down. CEO and management team excellent (read the shareholder letter). FCF's out to 2022 per power purchase agreements = excellent FCF yield to Enterprise Value. Upside: FCF estimates do not include any recovery in wholesale power prices (currently depressed).
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