yesman182

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?

This line from page 8 jumped out at me. “In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.” I would have considered the insurance operation to be much more valuable than BNSF and BHE. In the past he has said he wouldn’t trade the insurance operation for the value of the float. Now they have 160B in float and he thinks the operation is worth around $100B? I’ll be interested to hear what others think about that.

RIP indeed. I feel like warren has had a lot of friends pass away recently. I guess that is hard to avoid when you live into your 90s.

Looks like he is still popping the OXY https://www.sec.gov/Archives/edgar/data/797468/000089924322032210/xslF345X03/doc4.xml

I was wondering if WEB would sell his ATVI shares and buy back more BRK shares. At most he stands to make ~25% before taxes with ATVI. But since the ATVI deal isn't certain to close, why "risk it" when you have the buyback as an option. When they were buying ATVI in Q1 is seems like the BRK shares were near the all time high. It seems to me that the BRK shares are around 20% below intrinsic value and it seems like they are a better buy than ATVI.

@Gregmal What is your take on LPX. Are you long home builders and think OSB is a way to play that? Or do you like the siding business? I own LPX for the siding business. LPX has been supply constrained for years. I think the siding business will take market share from Hardie Plank and Vinyl.

I do too, but I also hope he is finding other securities he likes more.

I think somewhere in the top 10 would be the idea of spending energy switching boats when you find yourself in a leaking ship. They would not be the company they are today if they did not walk away from the textile business.

Didn't they just cut their dividend in half? Didn't California also not allow price increases for another year or so? I am happy to pass on MCY until it is well below book. I will be interested to see what happens when the old man is no longer at the helm.

I wasn't aware they are going to be the Owner/Developer of the land. Buffet has mentioned at the annual meetings how server farms have flocked to Iowa for the low cost power. Maybe BHE wants to offer low cost electricity to long term tenants and collect leasing/rental income?

I think Geico is doing exactly what they said they would do. They said they feel they can have a leading underwriting profits just by asking questions at the time of application. They also said they would pay close attention to telematics and integrate them into their business if they prove to be better over time. I don't think its a big deal if they are a few years late to the party. Its the same story with precision railroading.

Yeah, did they not have the option to enter their shares into the trading block years ago? I understand that years ago they didn’t want to sell. Are the rules set up forcing someone to telegraph?

Sorry if this is behind a paywall. I wasn't aware that the investment gains might be taxed before the investments are sold. Seems complicated and silly. https://www.barrons.com/articles/berkshire-hathaway-taxes-stock-gains-51661208553?mod=hp_LEAD_2

Could he have done this to ensure he has FERC's blessing when/if he exercises the warrants?

Thank you for the thoughtful and detailed reply.

Are you saying that if I want to know the total ownership Berkshire has in a stock I need to combine the holding in the Berkshire 13F and General Re 13F?

I have a feeling one reason they didn't buy more is because they didn't want to get over the 10% ownership mark. I suspect the ownership in ALLY will be like USB were they stay above 9%, but routinely sell off some shares to stay under 10%.