Xerxes

I think it is about 15-16% for me. I don’t think it can get any higher without restructuring the portfolio by selling stuff

we are just happy not to deal with this comedy act from crica 2000

Saw Dune last night. Fantastic. Geidi Prime was awesome. That scene was right from the book. David Lynch never bothered adapting it in his 1984 adaptation. Understandable. But Villneuve had more real estate to play with, time wise. What were missing were 1)Count Fenring. Though we got to see his beautiful sorcerer wife. My understanding is that an actor was chosen to play Count Fenring. Therefore there could be actual footage that were filmed but later cut. I am ok with that for the theatrical version as long as there is an Extended Edition ? 2) The Mentat was nowwhere to be seen. Again I understand that subplot not adding much, but don’t know if it was not filmed, or filmed but cut out. I need that back in !! If you please. 3) Guild Navigators. In the book, you really get to see who has the power and it is not House Corrino. It is the Guild. They are nowhere to be seen in this movie. How dull !! The movie rightly closes off with the coming war between the Great Houses and the usurper, which would bridge to Dune Messiah. It is important to know that military conflict was never depicted in the books and that Dune Messiah was more of a palace intrigue story. I would expect that Villeneuve would adapt that military conflict in his third movie, otherwise Dune Messiah would be dull third act. Xerxes has spoken.

stunning, but Munger characterize them as “giving Warren something to do, so he doesn’t tinker too much at larger scale” (something along those lines)

I have made aware of James Clavell’s epic 6-book Asia series for more than 15 years ago. Never got around to it till now. The first is called Shōgun. After I found out last year that Disney/Hulu was producing a televised version, I bought the first book. And started reading in October 2023. It is 1,100 pages long and I am closing to page 700. it is very complex story with a diverse cast of characters, which at one point you get to see on a recurring basis so get used to it. So it does get easier. The backstories is told in piecemeal during conversations at then present day, and you get to understand the “plan within plans” and shifting loyalties. I also watched the first two episodes on Disney, it was absolutely amazing to see all the highlights of what I read depicted on live TV. Really good adaptation in my opinion.

he certainly feels the same way

Good episode. Talks about a variety of Berkshire related topic. it is interesting that Josh Brown although has heard of Markel, doesn’t know much about. The FFH and Markel crowd are really flying under the radar.

If you add Blackberry’ market cap to that of Apple, you get 2.77T

great stuff

showing off from my new book. Excerpt from 2009, 2010 and 2011 letters on BNSF. $22B in cash + 6% of the company Excluding the stake they already had. Did Berkshire gave away too much by issuing away 6% of Berkshire. That is $54 billion on a market cap of $900 billion todays price.

MGM International "We started the quarter with great momentum across our businesses. While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination. With the incident now behind us, we are a stronger company having been through the challenge," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts. "Going forward we have much to be optimistic about with Formula 1's inaugural Las Vegas race next week and early next year the debut of the MGM Collection with Marriott Bonvoy followed by the Super Bowl. Beyond these catalysts, MGM China is performing exceptionally well, and we have a pipeline of development opportunities including New York and Japan alongside the growth and development of our international digital business and BetMGM." "We continue to view share repurchases as an attractive opportunity to return value to our shareholders," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. "Year-to-date, we have repurchased approximately $1.7 billion in stock. Our buyback program totals $6.2 billion since the beginning of 2021, reducing our share count by over 30%." https://investors.mgmresorts.com/investors/news-releases/press-release-details/2023/MGM-RESORTS-INTERNATIONAL-REPORTS-THIRD-QUARTER-2023-FINANCIAL-AND-OPERATING-RESULTS/default.aspx IAC reflection on the name "Our largest holding, MGM is a keen beneficiary of growth in the travel & leisure sector, which has materially outpaced broader consumer spending generally for the last 20 years. Consumers’ ever increasing time spent on social media has elevated exposure and access to new experiences, making the top of the travel & leisure funnel – FOMO – only grow. As social currency moves away from ownership (less shareable online) towards experiences, MGM has gained. MGM is also the market leader in Las Vegas, which showed the world again this past weekend why it’s the global center for sports and entertainment experiences: nearly every major live tour, show, fight, race, competition, chef, and soon to be every major league sport, has a Las Vegas outpost, and MGM often plays host. Even as post-pandemic tailwinds fade, the shift from goods to experiences is a decades-long trend, not a fad, and the increasing premium on live events and experiences makes MGM a bona fide trophy asset. But the MGM secret seems to be safe with us, as the company has been able to buy back 35% of its shares outstanding since we got involved, still at incredibly attractive prices relative to earnings, especially for something so unique. We owned nearly 20% at the end of 2023 and, with continued repurchases, could still own more before the secret gets out."

I first owned BRK a year or so before Covid, increased to what I could and kept ever since. The pushback that I see from most people I talked to outside this forum vis a vis BRK is that “it is too late” “I can get better return on my own””the chairman is too old, what if” what i alway explain is that they should look at “risk-adjusted return” and not just “return”. Yes Nvidia did a 10x but could/would you put 45% of your entire wealth into it as a non-semi conductor insider. So if only say 5% goes to Nvidia, what goes to the rest of 40% and is that overall net return enough to match an easier pick like Berkshire with a 45% weighing.

2009 !? That is one year before Satoshi Nakamoto posted his/her/their last post on Bitcointalk Forum. and then poooof disappeared … just like that plot thickens !!

^^ every time i have read anything on YAHOO News concerning this war .... it was always a "blow to the Russians". Even CNN (except for Fareed) gets on my nerve sometimes when they invite those overexcited retired general to "opine". I much prefer the good professor on Sky News or Koffman.

Clearly Berkshire was sold to generate funds to buy Occidental

thank you. I agree with the last paragraph.

@gfp Was wondering if you had any theory on why BNSF was dividend out of National Indemnity to BRK’ proper balance sheet. Is it about the roll-up of liabilities that the insurance outfit might have, capping exposure to the railroad. Any thought ? https://www.bnsf.com/about-bnsf/financial-information/pdf/8k-20231005.pdf

Thanks @LearningMachine very clear

Do trust a Canadian, but verify

If BHE and railroad needed some qualitative “kitchen-sinking” under the current incumbent CEO, rather than future CEO, perhaps the same can be said of the dividend. No one is going to argue with Buffett if he re-institute the dividend after 50 years or so of not having it. Or at least he can create a runway of expectations for it. But leave the final call to future management.

I recall you mentioning that before. Yet insurance is also be a form of liability to the whole group. Even if the risk is right sized etc. I find it interesting that both this letter and last year’s letter, he shared fond memories of Coka Cola and American Express. Just cool brands. Not much to do. Unlike BNSF, BHE etc

Started “Masters of the Air”. outstanding. just have to endure the first 10 min which was all 90210 stuff. But then it is the real deal.

I don’t even know why people ever thought he would buy the whole thing (OXY). When he bought 30% of the company at no premium. He has been clear in 2020 letter that broadly speaking he won’t pay control premium. And he is happy to be a large minority shareholder when it suits him. The question would be, what he would gain from being a full owner of Occidental (that he does not get by being just a major shareholder). And is that aspect worth the control premium.

The boosters for years were saying BHE is where you could just park that excess surplus get that 10% regulated return. Amazing etc. look at that negative tax rate. At the end of nothing is guaranteed with government and regulatory environment. I am not even sure I understand the full picture. I guess Greg did do the right thing to liquidate his BHE and redeploy into the greater Berkshire. in any case, I trust the management to continue navigating the headwinds.