[Mr. Francis Chou's 2016 annual report is out]

Is there a link to the report?

[Off Topic: Has anyone ever worked at Costco or Sams club and can share?]

Their price on meats was good...could be beat...but the freshness & cleanliness simply could NOT be beat.  The problem for me was buying in bulk.  What the hell is a single guy going to do with 5 lbs. of ground beef?  OR 12 lbs. chicken wings?

Since we get a lot of fish (Salmon and Halibut) in the summer we have a vacuum packer and we separate the hamburger and chicken into smaller packages.  We usually cook the hamburger up so it is ready to toss into a meal.  You could do this with ziplocs  as well.

I sure wish we had had a Costco around when the kids were growing up.

You can probably save more with the store's "lost leaders" but what is your time worth.

[Off Topic: Has anyone ever worked at Costco or Sams club and can share?]

Our Costco prices are a bit cheaper than Sam's AND the produce is much fresher. They are close together so distance is not a problem.

[Bill and Melinda Gates letter to Warren re his donation]

https://www.gatesnotes.com/2017-Annual-Letter?WT.mc_id=02_14_2017_02_AL2017_BG-FB_&WT.tsrc=BGFB

enjoy

[How do you like to read?]

98% paper, I like to make notes as I go.  Most books I get from library as my family tends to be bookaholics.  We decluttered  after the kids left home and took gazillions of books to the nonprofit thrift store.  We saved a few we will read again and again.  We like the extra room and try to get rid of an old book for each one we bring home.

Our library lets us tell them which book we want to read, they go get it from another library if they don't have it and then send us an email when we are to pick it up.

[Becoming Warren Buffett - HBO Documentary 1/30/2017]

Thanks for posting the YouTube link.

[COMPETITION! Most harebrained business idea?]

In the mid 1970's a Monk (not sure of the order) tried selling wine made from local milk.

https://voat.co/v/HistoryAnecdotes/comments/461235

 

[I Don't Like Trump...]

Fyi, Johnson didn't get tossed out.

No,but he didn't run because of Viet Nam and he (the ultimate politician) knew he would be defeated.

[I Don't Like Trump...]

Every four years this country goes through a revolution. Sometimes the in's win (Regan and Obama), sometimes the in's are tossed out (Carter or Johnson).

Thanks to our forefathers this revolution is mostly peaceful. Suck it up folks, we will have another revolution in four years IF he (she if it had been Hilary) isn't impeached before then which is a strong possibility.

jmho

[What Have You Jackasses Done...]

I've seen a couple of articles written comparing this election to that of Andrew Jackson's.  Trump is portrayed as the new Jackson.

You can't get any more raciest than good old Andy

 

[401k or Roth 401k]

Don't forget that the "tax" in a non Roth grows and after several years will give you more after paying the tax than you would have had with a Roth.  You can set up a fairly easy spread sheet and it will show you the difference.

 

[Fairholme/Berkowitz]

I think most of these guys get in trouble when they start reading and believing their press clippings.  Look at our former 1/2 term governor, Mrs Palin

 

[Cash buffer for retirement?]

I try to have about a years worth of cash + a buffer.  You don't want to have to liquidate a great idea because  of needing ash.

[Fairholme/Berkowitz]

"Do as i say, not as I do"

;)

[If American - which presidential candidate will you vote for?]

Buffett strongly endorses Hillary Clinton and rips into Trump at a rally in Omaha today .....

 

http://www.bloomberg.com/politics/articles/2016-08-01/clinton-looks-for-buffett-s-help-to-burnish-economic-credentials

 

Generally when a second level thinker such as Buffett has a strong view on a matter it is worth listening too.

.

He has a history of supporting Democrats, Munger usually supports Republicans.

[This woman is really amazing!]

http://www.npr.org/sections/health-shots/2016/07/18/486171949/rise-and-fall-of-theranos-in-a-biotech-cartoon?utm_medium=RSS&utm_campaign=news

I had truly hoped she was the real deal

[IRS Penality against Retained Earnings]

It's been a long time since this came up, but if I remember, all you have to do is show that you need the money in the corporation for working capital, a big project, new building etc.  It doesn't apply to S corps and only to C corps.  Was put in to keep companies from accumulating cash at a lower tax rate  and avoiding the double tax.

[If American - which presidential candidate will you vote for?]

I believe that if you take the votes for Trump and Sanders you will come to the conclusion that the American people are pissed off at our politicians.  Right now either Micky or Minnie look good to me.

[If American - which presidential candidate will you vote for?]

None of the above!

 

[Mutual Savings and Loan Association annual reports]

Are you looking for the Wesco annual report? 

[Sequoia Fund Closing]

You can buy through Schwab.

 

[Buybacks below BV]

FBAK

[is mortgage deduction fair when renters can't deduct rent]

As one of my professor's said back in the early 1960's when I took my first tax class, "Tax laws are nor fair!" 

With the higher standard deduction most folks aren't getting much of a deduction for the interest paid on their house.  In 2014 the standard deduction was 12,400 so the only benefit would be IF the interest and taxes exceeded the 12,400. For example if the taxes and interest were 14,500 then the only tax savings would be 2,100 times your tax rate (14500-12400) as you get the standard deduction anyway.

Tax law reflects what lobbyist  or special interest group gets to congress.

[Does Berkshire pay AMT?]

I believe that BRK is exempt due to number of shareholders.

[CRA Income Tax Question]

You are allowed to round.  The tax programs that most CPA firms use don't allow pennies. This is U. S. I have no idea about other countries.