KPO
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Posts posted by KPO
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1 minute ago, juniorr said:
Why would they redeem 4.875% notes 8 months early only three weeks after issuing 6.0% notes? Odd.
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31 minutes ago, dpetrescu said:
Simpson (SSD). It’s pretty much all I talk about on here
. So I hate to be a broken record. I use their products in my field so I feel I have a good understanding of it. Its had a good run up and share price is very expensive today.
Sounds like Berkshire’s MiTek business, which is a good little business.
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10 hours ago, Charlie said:
Merry Christmas to everyone and thanks to Sanjeev for this wonderful message board!!!
+1
I feel like I’ve learned more from this board over the last few years than any other single investment resource. Merry Christmas folks!
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I wouldn’t be surprised to see something as boring as CPRI beat the indexes next year with a 15% return from here when the deal closes. I realize this is boring, but it’s a solid risk adjusted return investment.
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(Re)starter in BTI after a year hiatus. Kind of surprising to see this yielding 10%.
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Medicis Pharmacuetical. Purchased around 1996 and in 2012 it was sold to Valeant for $2.6B. I don’t have good records going back this far, but it was a 12-14X return as I recall. The one that got away? MSFT bought in 1995 and sold after a relatively quick double…..
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1 minute ago, Spekulatius said:
Imagine being worth $8.8B and then coming up with this low life scheme to squeeze out the last few hundred million $ from the remaining 20% of the business they agreed to sell already. WEB misjudged the character of the sellers here.
Agreed. Makes me wonder about the level of scum correlation to sports team owners as they immediately used the latest tranche of selling off the family business to buy the Milwaukee Bucks.
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58 minutes ago, tnp20 said:
Conditions of good ethics, hardship, hardwork , enormous opportunity set ahead, and above all less materialism and delayed gratification. Which country should we look ?
The United States, particularly the Midwest. This culture definitely still exists in some areas.
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1 minute ago, Parsad said:
How much knowledge we gained from him, and how much more left we will never receive! Happy for his long wonderful life, but very sad he's gone.
Cheers Charlie!
+1
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10 minutes ago, Spekulatius said:
It is remarkable that the two largest oil majors do a merger only a week apart and paid for in stock, not cash. I am guessing they don't think their stocks are all that undervalued and probably are unwilling to lever up.
Both XOM and CVX have very little net debt, so they could have easily done the merger in cash without really encumbering their balance sheet much.
In the case of Hess I suspect the family preferred CVX stock for tax reasons.
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2 hours ago, lnofeisone said:
SAVE is an interesting one. I sold a decent amount of 15 puts expiring in Oct (I expect these to expire worthless) and November. I hedged by buying Dec 10 puts. At this point, I don't think there will be a the verdict by 3rd week in November OR we get a deal. In Either case, I expect Nov 15 puts also to expire worthless.
I have a smallish position and am thinking about rolling some of my ATVI proceeds here as I like to have one or two merger arb positions at any one time since the risk profile is usually disconnected from general market volatility.
I can’t come up with a reasonable market concentration argument for why this shouldn’t go through with the concessions they’ve made. Political pandering risk seems the main reason this gets shot down, meaning the public will generally be against it because SAVE’s unsustainable pricing model will be at risk, so politicians will fall in line with their constituents.
The other thing that holds me back on going big here is that I have zero interest in owning this if it doesn’t work out, which wasn’t the case with ATVI.
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22 hours ago, gfp said:
It's not a new article - it is from 10 years ago. Here it is:
Stewart Horejsi’s business was in a funk. It was 1980, and Brown Welding Supply, his family’s third-generation distributor of hydrogen and oxygen tanks, was battling competitors intent on expanding into its corner of Kansas. While “it was a profitable business,” says Horejsi, 75, who lives in Paradise Valley, Ariz., “the competition just grew.” Frustrated, he bought 40 shares of Berkshire Hathaway for $265 each with the company’s cash after friends told him about Warren Buffett, the company’s then-little-known chairman. He bought another 60 shares two weeks later at $295 and 200 more at $330 a month after that.
5,800
Horejsi’s peak holding of Berkshire shares
Today, he’s a billionaire. The 4,300 Class A Berkshire shares Horejsi says he acquired over the years are now worth $745 million; combined with other holdings, that gives him a net worth of at least $1.1 billion, according to the Bloomberg Billionaires Index. In addition to Buffett, the world’s fourth-richest person, at least six current or former billionaires derive their fortunes from the stock. They include Charles Munger, the company’s vice chairman, and David Gottesman, a Berkshire board member and founder of asset-management firm First Manhattan.
Until now, Horejsi (pronounced “Horish”) had never appeared on such a ranking, and there are probably other Berkshire billionaires to be uncovered. In a June 2010 Fortune magazine article, Buffett said he knew of two shareholders who qualified for the Forbes 400 list of the wealthiest Americans but weren’t on it. These lost billionaires probably fall into one of two categories: investors in the early partnerships Buffett managed, the first of which was started in 1956; or business owners smart or lucky enough to sell their companies to Berkshire for stock instead of cash.
Other shareholders would be billionaires today if they hadn’t given so much to charity, according to Debra Bosanek, Buffett’s assistant. “There are a lot of them out there,” she wrote in an e-mail. Buffett declined to comment.
Horejsi got in early and held. He recalls some long-ago gatherings conducted in the cafeteria of Berkshire insurance subsidiary National Indemnity in downtown Omaha. “There were 12 of us on folding chairs,” he says. He enjoyed the meeting so much that “I took friends and planted questions with them to keep” them going longer. Horejsi built his Berkshire stake to 5,800 Class A shares and, beginning in 1998, sold 1,500 of them. A year later he sold the family welding-supply company to Airgas, a distributor of industrial gases, welding supplies, and safety products. He accumulated control of four closed-end stock funds and now co-manages them through Boulder Investment Advisers, his money-management firm.
After trailing global markets in the aftermath of the financial crisis that began in 2008, Berkshire stock has surged 29 percent this year as of Sept. 17, outpacing the 21 percent return of the Standard & Poor’s 500-stock index. Buffett has added $11 billion to his fortune this year, more than any other billionaire, according to the Bloomberg ranking.
Horejsi shares some habits with Buffett, such as drinking Coca-Colaand eating fudge from See’s Candies, a Berkshire company. He says he’s partial to Costco polo shirts and shorts. He travels on planes operated by NetJets—another Berkshire company—to his other homes, in Mt. Hood, Ore., and Barbados, where he lives in a beachside estate called Bellerive that once belonged to Claudette Colbert. “He’s a believer in Warren Buffett,” says Richard Barr, Horejsi’s fraternity brother at the University of Kansas. “And he’s a firm believer in buy-and-hold.”
Thanks for posting
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10 hours ago, UK said:
I’ve met Stewart before at the Berkshire meeting years ago. Can you send a non-paywall link as I’d love to read the story? Thanks for sharing.
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6 hours ago, SharperDingaan said:
Been shopping as well ...
Keep in mind that the more EV takes over the world, the more valuable heavy oil gets; as it cracks into the feed-stock for asphalt, etc. Cars still need to run on roads, the roads need asphalt, and we get asphalt feed-stock from the bottom-middle layers of the heavy oil crack. If you want the benefits .... you have to crack heavy oil, and the more heavy fractions you want the more you will displace light oil (primarily shale).
Today; heavy oil is typically despised; publicly seen as highly polluting to get out (oil sands mining/refining), and as 'dirty oil' when burnt (higher carbon release). Yet it is also routinely extracted in quantity; with minimal pollution via cold flow, water flood, and C02 sequester techniques, often at depletion rates < 10%/yr.
Market miss pricing is a wonderful thing
SD
This is 100% correct and glad you brought it up as I’ve been telling this to friends and family for years, but it’s not just asphalt. Can you paint your house, re-roof your house or provide tires for your car without fossil fuels? And that doesn’t even get into fertilizer, etc. The zero emissions revolution is largely nonsense. If we cared about the environment we would simply keep all assets such as cars, lawn movers, homes, etc. as long as possible, which no one does other than the cheap among us who are the real (accidental) environmentalists.
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More TRC
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More TRC at the close
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Happened upon this article about the other famous Buffett and it states that Berkshire has ownership in Margaritaville Enterprises, the holding company for most of the Jimmy Buffett related businesses. Was I the only one that didn’t know this? I wonder if it’s even true?
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40% of my SHEL purchased when oil prices went negative in ‘20. Nothing specifically is negative about SHEL, but I own too much O&G(&P)!
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A bit more TRC. This thing doesn’t trade much……
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26 minutes ago, Buffett_Groupie said:
Buffett was 66 when we bought the first share and we expect at least another 6 years of compounding before he reaches Munger's current age.
Prem Watsa is 20 years younger than Buffett, thus we expect another 2 decades of compounding before he reaches Buffett's current age.
Long live to all value investors!
It sounds like you first bought Berkshire shares around the same time that I did, and I felt very late to the party. A year or so later I recall Michael Eisner handing out Disney/Berkshire pins at the meeting. Seemed nice enough. I also remember seeing folks the next year or two at the annual meeting, and in the Omaha bar district, with yellow-Brkers hats on. Can’t imagine anyone on this board knows who that might have been. Lol.
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7 hours ago, Saluki said:
One of my small positions is a company called Anterix, which has FCC approval to use part of their bandwidth for private 4G LTE for utilities to do Internet of things. One of the use cases is that it can detect when a line breaks then remotely turn of the power to the downed line before it even reaches the ground. Maybe this will speed up adoption of the technology?
I’m familiar with them. Given the existential (at least for equity holders) tail risk it seems like a no brainer business case for the utilities.
Public Company Share Repurchase-Cannibals
in General Discussion
Posted
This was on my list as well. Almost 45% since the beginning of 2019. Not bad.