wescobrk
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Posts posted by wescobrk
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Except for a special situation, I can't find any bargains.
I have a full time job so won't be twiddling my thumbs, but when it comes to investments my time looks like it will be better spent watching movies, breaking bad, and some reading for the next few weeks/months until we get another buying opportunity.
Anyone else finding anything to buy?
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Sorry, meant I wouldn't mind
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I wouldn't a pop up in the morning and lighten up then let Washington scare the market for 24 hours and buy on the cheap.
The next 24 hours should be interesting.
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Very good read, thanks
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I agree that Obama is seeing this as useful.
I think he is extrapolating from 95-96 when it helped Clinton.
I agree default chance is zero as well.
I know Lew is exaggerating with the Oct 17th deadline, maybe i'm naive, but I think there will be a deal regarding the debt ceiling by Oct 18th.
They can pass the debt ceiling but the government can continue to be shut down, right? They can pass the debt ceiling but not the CR.
I see that as a more likely situation.
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Anyone want to guess when debt ceiling is resolved?
Oct 16th at 11p?
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So the government asks Jpm to buy bear and wamu and then they turn around and sue them.
There is an 11 billion number in the news to settle.
We are almost 6 years and still litigating.
Anyone have an idea how much longer this can last?
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This may have already been posted but does anyone know the day in October they come out?
Thanks!
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Not sure if this has been posted.
I enjoyed reading it.
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I like Bruce but the mini Berkshire statement doesn't make any sense to me.
From 65-75 Buffett bought some insurance companies and made a fortune buying marketable securities for Berkshire in its first 10 years.
Eddie has had 10 years and he hasn't bought companies he has divested, furthermore he has lost money for shareholders buying marketable securities.
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Does anyone know when BH will receive the 75.7 million? It expires on the 16th. Do they receive the funds at that point?
Thanks!
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Hilarious!
I still think of that test scene to this day (broken cast).
Brilliant!
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Jeez, apparently Harvard doesnt require it's grad students to take a basic logic course.
Embarrassing the guy graduated the top 5% of his class.
Either that or his brain has turned to mush.
If he wants to speculate and short term trade that's fine but he sounds like an ass quoting Buffett the next paragraph.
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Whoever wrote this article said it is coming from two investors.
5 min of research would have revealed where the money came from.
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So is the whole point of this that Biglari is upset that no one can figure out the financials due to the consolidation of his investment partnership and this makes the financials "clean" again? He'll go from having a $415 million market cap with $400 million in BV to $440.5 million in BV even though nothing has changed"
Market cap is almost 600 million. There still are 1.43 million shares outstanding.
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If my understanding is correct all investments (partial ownership) will be managed through the Lion Fund I & II.
Sardar bought back the General Partner ownership, so he will earn the 25% above 6% hurdle rate, with no maximum cap.
Moreover the old incentive agreement will be applicable only to the book value of the operating subsidaries (excluding the Lion Fund).
Full disclosure: BH is 5% of my PTF. "
I haven't had a chance to read it. It seems to be a bit obscure for the average shareholder to figure iut especially since this is the third iteration.
I got the part about no cap and saw the new 13d with cracker barrel going to lion fund 2.
What happens with the change in book value of steak n shake and future subsidiary's? Does sardar still get up to 10 million for that too?
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What's up with the rights offering?
Isn't the turnaround time usually about 60 days for sec to approve?
This thing was submitted first week in Feb and still no approval. Doesn't that seem odd?
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I can't find the original thread so I created a new one.
It's kind of funny about the tbv milestone was reached for only a few days to fall below (about 3% in pre market).
Obviously this is what markets do but still amusing after so much focus on BAC reaching it.
Moynihan is probably still sucking his thumb and hasn't bought back all the stock yet so he can buy more today.
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At this rate, Sanjeev is going to be out a lot of money. He already is going to owe me $1 at the end of the year when BAC doesn't pay out $7 bil or more on the common. A pint too? Better pick some good stocks!"
Why wait till the end of the year? I'm still not clear on returning more capital under ccar. Can they reapply and buy back more common in sept or do they have to wait till march for ccar?
If the former isn't correct, why not pay up now?
Thanks!
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I second that. Where the hell did they get 30% from? Maybe next time it's 15% or nothing if it's a hated bank stock.
Essentially there is an arbitrary put on all stocks from the regulators. The problem is there is no way to value the put. That will impede efficient allocation of capital. No doubt about that.
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Sardar bought the shares to make money (and others would argue to gain votes) not to retire the shares.
Maybe hellar's next article will argue the market cap is 20 million because he is adjusting for cracker barrel too.
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As shown in the share count chart I attached above, the 1,433,716 is before you back out shares owned by the Lion Fund. BH common shareholders own $50.7 million of the $104 million fund and subtracting their proportion of BH share which are owned by the Lion Fund leads to the share count of 1,333,990.
That makes sense or you can use 1.43 and back it out like Sardar argued.
I still think market cap is an unadjusted number and I would still start with 1.43 then use analysis why it should be adjusted.
This still doesn't explain why Jonathan heller is using 1.2 million shares. Wtf?
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Biglari even outs in the 2010 letter to use 1.43 because GAAP doesn't make any sense
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As of January 23, 2013 1,433,716 shares of the registrant’s Common Stock, $.50 stated value, were outstanding.
This is at the top of the q filing
Russell Sage: The Money King
in Books
Posted
I don't have a link but Buffett said on cnbc on wed that sage obtained his money in a terrible way but his charity has done some great things.