yesman182

That biggest problem with that wish is that Ajit doesn’t want that job. I hope he stay healthy and can work for another 20+ years.

wouldn't he need to disclose his sale?

Do you have a link? I would be interested in listening.

I interpolated his answer to be " I wanted to sell, but I didn't because I asked to join BAC years ago, so I will stick it out"

Would Berkshire ever buy Tupperware? It seems like that is a brand that has been strugeeling for some time. My mother-in-law has a ton of there products from decades ago. They seem to really last, but the idea of selling things at Tupperware parties seems too old fashion and the Tupperware website has really high shipping cost. I don't know what pampered chef is up to, ( I have never purchased anything from them). But it seems like with such a similar model they could be combined. It would be a meaningless tuck-in acquisition. Since the stock price fell in half today I thought I would bring it up.

Thanks for sharing. I didn't realize how low the deposit to loan ratio for PNC was in the last 3 years. I would have thought it was closer to the mid 80's and maybe it will be if deposits run.

Who do you think will join the board in 10+ years? I am un aware of Brian Moynihan or Jamie Dimon owning shares in Berkshire, but would either of them be willing to join the board for $2,000 annually if they were no longer CEO at their bank and owned a nice chunk of stock?

I am referring to the news releases like what pac west out out yesterday. I don’t believe any of that was required and I think telling people about your deposits daily/weekly is foolish. For those who want to scour the SEC website and look through 100 page 10k fine.

Yeah, just about every private company. How many private CEOs are taking money out of their pocket to hire a ESG consultant? And hiring an outside risk manager?

I feel like the requirements for disclosure is really hurting the banks. I feel like when SVB started talking about capital levels, they went under. The same type of issue seems to be taking place with FRC and PAC West. I feel like these CEOs should be disclosing more with the fed and less to the public/shareholders. When Covid hit everyone became an over night covid expect, now everyone is a bank expect. I hope the banks I am invested in don’t put anything over the news wire.

Glad he read the proxy

I agree. I have a dumb questions to play devils advocate. I understand Ally is a bank, but is it a bank because it keeps deposits or because it issues loans. Could Berkshire buy Ally and then sell the online bank and CC business and brokerage business, while retaining the insurance and loan book and the ability to generate more loans using Berkshires Capital? What would another bank pay for $150 Billion in 90% insured deposits at a time like this?

When people visit Berkshire do they literally walk in the front door like they are walking into a Walmart? Should I drive to Omaha and just live stream people walking in and out of the office building, lol.

I think AI will be able to better detect when a patient is about to crash. All these people hooked up to all these machines. My wife works in a hospital and they have a person who watched vitals of all of the critically ill in the hospital. That job will be better preformed by a computer.

I prefer the the held to maturity bonds vs a bunch of crypto or VC loans, so it could be worse!

Yeah, his rationality, understanding of financial history and patience is second to none. His story of trying to get an extra tenth of a point in interest rates has jumped out at me recently. At some point at an annual meeting he said he doesn’t understand why people take risk with short term money, because if you get an extra tenth of a point and earned it since the mayflower landed you would have almost doubled your money. The point to me was don’t reach for a few extra basis points. I am not a banking expert and I don’t know what hedges BAC might have, but in hindsight it seems like going long when rates were near historic lows, was reaching for the 1/10th of a point WEB talked about in his story. I am happy WEB stuck with the Tbills, hopefully he continues to out them to work. Finally, I hope he answers a lot of questions at the annual meeting and doesn’t spend 2 hours going down memory lane, but either way I will be tuned in.

I agree with your point about JPM not wanting this to get out of hand. I assume they also don't want to be forced to purchase something they don't want to. I applaud Mr. Diamonds attempt at solving the problem with self regulation. I think WEB might have a similar issue in not having things get out of hand. I think if he made a 9% investment in a handful of small regional banks, things might calm down a bit. But I think the entire issue of deposits fleeing regional banks is overblown. I for one don't know anyone moving deposits.

Why do you think open market purchases in these stocks are out of the questions for WEB? Seems like he could get back in PNC and USB is prices deteriorate another 30% or so.

From the Proxy: As of the close of business on March 8, 2023, the record date for the Annual Meeting, the Corporation had outstanding and entitled to vote 590,238 shares of Class A Common Stock (hereinafter called “Class A Stock”) and 1,298,190,161 shares of Class B Common Stock (hereinafter called “Class B Stock”). From the annual report: Indicate the number of shares outstanding of each of the Registrant’s classes of common stock: February 13, 2023—Class A common stock, $5 par value 590,835 shares February 13, 2023—Class B common stock, $0.0033 par value 1,301,100,243 shares So if my math and understanding is correct they repurchased 597 class A shares and 2,910,082 class b shares between feb 13th and march 8th. That would mean WEB spent around 1.1 Billion in 20 trading days and Berkshire has only gotten cheaper since March 8th. Hopefully WEB is still buying back shares.

Buffet has said in the past that being an investor makes him a better business man and being a business manager helped him be a better investor. I assume that was a large reason for why Todd became the CEO -- a teaching/learning experience for Todd. Hasn't this exercise of teaching Todd that being a CEO is hard run its course? I don't think we have ever heard Buffett grade Todds performance, if Buffett thought he was doing a great job I am sure he would have found a chance to praise him, like he does with Ajit and Greg.

Well the CFO dropped 400K on shares around the same price. I don't know much about EWBC but I want to read more now that CFO is putting up that kind of money in turbulent times.

can someone explain to me why FRC is an important client of JPM? What services does JPM supply to FRC, or why are they offering the credit line?

USB. But I would feel better if Berk still owed it.

Since they closed on union bank and have an increased presence in California. I thought they might be interested in a fire sale of SVB.

Buffett also made mention that future CEO’s will have a significant amount of net worth in company. Is that directed at Greg, are these issues related?