Munger_Disciple

Yeah! Warren is putting BRK shareholders & the company ahead of his own interest I think in handing over the baton to Greg. I feel a deep sense of gratitude to Warren & Charlie. End of an era for sure.

Yeah, I also thought Ron's comment about Greg needing a sounding board a bit strange. Warren is still there & Greg can discuss things with Ajit as well. The other thing odd about it was when he told Becky he would be available to her & CNBC after leaving BRK board, to chat even off-the record.

Did anyone watch the CNBC interview with Ron Olson just after the meeting ended? He seemed kind of sad about leaving Berkshire board.

Yeah but they pay a lot taxes. Plus it is really a dumb idea for the US blue states to drive away all the tax paying rich & middle class people to FL & TX.

I believe Charlie also gave money to an Australian fund manager to invest. IIRC he said it was mainly to encourage the manager because Charlie liked the way he thought.

The latest Pabrai Funds numbers according to this Twitter post: Can't find 600X returns anywhere here.

Schwab withholds Canadian dividend tax for all taxable US accounts; no withholding for IRAs.

It's very hard to tell right now if we are headed for stagflation or serious global recession resulting in deflation (don't forget that there are a lot of people levered up to the tits right now, just look at private credit & PE). Oil is getting crushed which implies the second scenario is more likely?

+1. And this implies we are probably at the beginning of a serious bear market cycle.

Very interesting situation we are seeing with treasury yields are down a lot across the curve with dollar getting hammered in FX markets (I suppose foreigners are selling US assets and going home & US investors are heading for the bond hills).

He got them; 10-yr US treasury bond yield is down huge today

Charlie was just awesome! THE

It's a high class problem to have. I have sold a tiny bit in my taxable account as well this year. One possibility I have been contemplating is to donate some shares, avoid capital gains & take the 30% of donated amount as deduction against taxes on additional sales of BRK which will lower the tax bill. It's a decent strategy if you are charitably minded.

I don't think any LT BRK holder disagrees with you about its current valuation. It is trading roughly 15-20% above my estimate of IV. Having said that, as a LT owner, I am largely staying put in my taxable accounts but sold it in my tax deferred accounts. I suspect almost no one on this board will buy BRK at current prices but many LT holders will hold it in taxable accounts (tax drag is much worse than a potential correction).

I listened to this & the pod was a bit disappointing to me. The hosts should have asked the obvious question: why Bloomstran doesn't wait to read the AR and then publish his report? Furthermore, there was very little discussion on Bloomstran's thoughts on the AR. I also thoiught his IV estimate is a bit too optimistic (said current price is only 1-2% above his IV, but Buffett's guidance on IV shows it to be significantly lower).

Good article by Ravi. I share his concerns with respect to Ron Olson's departure & Ajit's potential retirement from the board in 2032. Thanks for sharing @John Hjorth!

Thanks! I didn't know Decker has been the "lead" independent director since 2021. I always assumed that Ron Olson was the "lead" director given his high visibility public profile during annual meetings. Since MTO did legal work for Berkshire, I suppose he wasn't technically independent, so they probably anointed Decker to that role due to some rule. I guess Howard Buffett would ultimately be the "lead" independent director and Chairman in the future.

Susan Decker is the new lead independent director. The strange thing is that she owns almost no Berkshire stock. But the proxy states that any new board member nominee should own significant BRK stock relative to his/her net worth.

Yes I was happy to read his discussion on treasury shares. Super helpful.

BRK director Witmer's husband sold two A shares in his IRA on March 3rd: https://www.sec.gov/Archives/edgar/data/1067983/000091957425001778/xslF345X05/ownership.xml And Meryl Witmer, BRK director, donated 1,000 B shares to a charitable foundation on 2/24/25: https://www.sec.gov/Archives/edgar/data/1067983/000091957425001652/xslF345X05/ownership.xml

Sorry to hear the sad news. May he rest in peace!

Honorable mention (& thanks) should also go the covered call boys for the ripping of BRK