yesman182
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Posts posted by yesman182
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On 4/23/2024 at 4:00 PM, gfp said:
Oh joy... This guy is coming to rant about Bill Gates and Epstein again.
What happened with this guy this year?
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Would BRK buy the Trans Mountain pipeline from Canada? Seem like a fat pitch for Greg at the right price, whatever that might be.
https://www.ft.com/content/63b034ad-78f3-428e-a754-7f5cf509b1b0
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17 minutes ago, John Hjorth said:
If you go to TIKR or any other website that tracks investments, you can usually see a list of the companies largest shareholders. I don't know how those lists are compiled. It isn't clear to me if the company itself needs to file something with the SEC naming the largest holders. Or if the websites are aggregating the filing of the individual shareholders who need to disclose their ownership stake in securities.
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1 hour ago, Jaygo said:
Tourmaline would be great asset for them. Nat gas to run all those power plants. Mike would be a great fit in the culture imo
could also be something like td, or a pipeline too. Maybe they buy tmx from the gov.
I have been readying about Tourmaline all week. It’s a new name to me, but I agree Mike Rose would fit right in. I plan to start an investment idea on them next week. If buffet doesn’t want to buy OXY, I don’t know why they would want TOU.
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I have wondered about the reverse engineering aspect as well. Presumably he is going to have 9% of some company. How are those shares accounted for when you see a list of a companies largest holding.
Does each company need to file a list of its largest holding?
my ideas would be
AIG
DFS
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Fairfax crossed my mind when he said he is looking at something up in Canada…. Not going to happen, but fun to think about.
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4 hours ago, gfp said:
My impression is that he has continued to sell Apple shares after quarter-end since he seemed very confident that the $182 cash figure would be $200 billion at June 30.
That was my thought as well.
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So are we at like 180b cash/tbills or 22% of market cap?
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1 hour ago, hardcorevalue said:
@hardcorevalue thanks for posting the link. Did you end up talking to Ken Dart about the dividend? I kind of assumed since he isn't paying tax, he was a fan of the large dividend.
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1 hour ago, gfp said:
Warren always said there are certain businesses where you aren't well served by having a "rich parent." He never contemplated being a helmet manufacturer, was one of his examples if I remember correctly. I think his mindset from the insurance industry has served him well over the years in considering as many risks in his other businesses as he can - which is why he gets a little crabby when he misses some.
He also said Berkshire shouldn't own the TSA. That comment kept me from investing in Clear Secure.
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22 hours ago, Spekulatius said:
Sold most of my DFS yesterday. I think the merger with COF will be blocked and I expect DFS to fall from current levels (~$130 sales price).
Any specific reason you think it will be blocker? Or simply that they seem to want to block everything including two handbag companies.
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43 minutes ago, hasilp89 said:
lol no clue how they get the names right.
in general i find the tikr transcripts to be pretty good.
would also recommend the Quatr app - most EC/AGM/Investor Days/industry conferences can be streamed live or on replay. (although FFH AGM isn't on there!)
Quatr is terrific for listening to calls, reading transcripts or earning releases.
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I don't know what he will buy, probably more of what he already owns. I doubt he is raising this money, just for the sake of raising the money.
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More yen bonds being issues. looks like the old man found something to do!
https://finance.yahoo.com/news/buffett-berkshire-targets-narrower-spreads-203000948.html
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7 hours ago, Intelligent_Investor said:
IIRC they are investigating if dirty fuel was the reason for the power loss
That’s seems nearly impossible to prove. Wouldnt that be like someone having a heart attack and then suing where they just had a burger and fries.
how do you know the contamination wasn’t already in the tank?
I don’t down that they might have gotten bad fuel, but it seems like the defense will easily be able to blame it on lack of maintenance or something similar.
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7 hours ago, LearningMachine said:
The risk here is not about just losing 30% if only 30% is owned, but the risk here is about losing 500 to 1000% of the investment if 100% is owned. If BRK owns OXY as a subsidiary fully, in case of a deep oil spill, courts can pierce the corporate veil to reach BRK assets like they did in case of BP subsidiary to reach BP parent's assets. So, full $58B OXY purchase can create a $250B liability.
Ajit explained how they make insurance bets at a recent annual meeting that they are willing to risk a certain percent of their capital. I think he said risking somewhere around 5% of capital on a bet. Risking $250B liability would be too much for BRK.
When justifying BRK's purchase of BNSF, Buffett and Munger once explained how they looked at the highest damages that a BNSF accident had ever caused in the past, and had decided that they could live with that. However, they can't live with the highest damage that a deep water oil spill can cause.
I agree that WEB might not want to own a company with deep water wells, but he didn’t say that he likes oxy because of the deep wells. The income from OXYs deep water wells is small. He could easily buy oxy and divest the deep wells and keep the upside of carbon capture and Vickie’s ability to separate oil from rock.
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7 hours ago, LearningMachine said:
The risk here is not about just losing 30% if only 30% is owned, but the risk here is about losing 500 to 1000% of the investment if 100% is owned. If BRK owns OXY as a subsidiary fully, in case of a deep oil spill, courts can pierce the corporate veil to reach BRK assets like they did in case of BP subsidiary to reach BP parent's assets. So, full $58B OXY purchase can create a $250B liability.
Ajit explained how they make insurance bets at a recent annual meeting that they are willing to risk a certain percent of their capital. I think he said risking somewhere around 5% of capital on a bet. Risking $250B liability would be too much for BRK.
When justifying BRK's purchase of BNSF, Buffett and Munger once explained how they looked at the highest damages that a BNSF accident had ever caused in the past, and had decided that they could live with that. However, they can't live with the highest damage that a deep water oil spill can cause.
I agree that WEB might not want to own a company with deep water wells, but he didn’t say that he likes oxy because of the deep wells. The income from OXYs deep water wells is small. He could easily buy oxy and divest the deep wells and keep the upside of carbon capture and Vickie’s ability to separate oil from rock.
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15 minutes ago, gfp said:
It's not every Berkshire annual letter that goes into graphic descriptions of suicide.
15 minutes ago, gfp said:It's not every Berkshire annual letter that goes into graphic descriptions of suicide.
It was interesting hearing him be thankful for the men and woman working outside on the railroad in Montana and ND.
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Charlie’s trust. Much like warrens kids.
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@gfp how do you think Peter Liegl of Forest river gets the cash for that purchase. Obviously forest river makes a lot of money, but I doubt they keep 300M around for a potential purchase. It seems like Greg has implement more of a sweep account system. Do you think Peter calls Warren and ask for the money or does he call Greg?
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10 hours ago, xo 1 said:
I have long avoided learning anything about energy trading, so I ask from ignorance, but can someone explain what the point of the energy trading operations were/are for Pilot? Do all these changes signal that BRK is shutting down, or at least scaling back, the petroleum trading desk?
I assume so. Buffet has long said if he thought he could make money trading oil futures he wouldn’t need to operate a railroad that requires billions of capex. I assume that carries over to pilot as well.
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Do we have guesses who will take Charlie’s seat on the board? Would Warren not have asked Charlie who he would like to replace him? Not really a fun conversation to have with Charlie, but it probably isn’t easy now either.
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4 hours ago, gfp said:
Remember that this trial was narrowly focused on the application of push-down acquisition accounting that inflated depreciation and amortization and not any of the "illicit incentive" payments.
If a settlement pushes the Haslam's put exercise out a year, it gives Berkshire's side a change to put up a "clean" year of EBIT to plug into their formula. Alternatively they could have just agreed on a number to part ways permanently with the Haslams.
I’m hoping they came up will a price, WEB paid it and we can watch the haslams run their pro teams into last place.
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1 hour ago, gfp said:
I had missed this updated BRK-Energy presentation from November and found it interesting. Good detail on what PacifiCorp plans to do to deal with wildfire risk and some good updates on BHE capital expenditures for the next couple years on slide 13 -
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Berkshire Hathaway Energy and its subsidiaries will spend approximately $31.4 billion from 2023-2025 for growth and operating capital expenditures, which primarily consist of new renewable generation project expansions, new electric battery and pumped hydro storage projects, and electric transmission and distribution capital expenditures"
As always thanks for sharing. 31.4billion is a lot more than I would have thought. Do you think a 8% annual return on this investment is a reasonable estimate?
13F Filings May 2024
in General Discussion
Posted
I thought it was interesting that Thomas Russo sold 12% of Berkshire.
https://dataroma.com/m/hist/hist.php?f=GR&s=BRK.A