BRK7

Operating profit: $2,876 Quarter-end book value: $144,000 http://www.berkshirehathaway.com/news/NOV0714.pdf http://www.berkshirehathaway.com/qtrly/3rdqtr14.pdf

Interesting idea, Lance. I suspect you bought due to discount to NAV which is presumably related to Gross' departure (even though Gross was not the manager of this fund). But, aside from the discount, how do you feel about the prospects for the fund itself and future NAV growth? As I understand it, the current PDI holdings are basically a leveraged portfolio of non-agency (low credit quality) mortgages. I note that Gross himself was buying as recently as Aug 21 @ $32.76. Thanks.

Mohawk and Shaw

Cogitator, Cielo looks like a great business, but maybe a full valuation? Any thoughts on valuation currently? Thanks.

someone sold 604,900 shares at the close. that's approx $206 million.

http://tmx.quotemedia.com/article.php?newsid=49581494&qm_symbol=RDG Mark Morabito is Executive Chairman of Ridgemont and also Executive Chairman of Alderon Iron Ore

could be interesting with the annual letter being published this Saturday the 25th. http://www.cnbc.com/id/46471594?

Thanks, guys. Good info.

There are lots of US investors and Canadian investors on this forum, so I thought I’d ask how people deal with buying securities across the border. You can hedge the currency exposure, but that adds some cost and some complexity. More generally, what do you folks see as the key factors driving the value of the currencies relative to each other? What do you see as the "equilibrium" exchange rate and why? Thanks for sharing any insights or research.

they repurchased about $17.9 million worth of shares (mainly B shares) between 9/26 (when the buyback was announced) and 9/30. Average price paid was $71.45 for the B-shares

http://www.berkshirehathaway.com/news/NOV0411.pdf

I spoke with Wesco this morning. The Afternoon with Charlie meeting will definitely NOT take place on May 4. The meeting is not yet scheduled. Wesco is waiting for the SEC to approve the merger docs, then these documents must be printed and distributed, then shareholders have 30 days to vote. So, there is no way that this meeting happens before mid-May and it could easily slip into June. Wesco told me that they will put out a press release as soon as this meeting is scheduled.

Just a thought for those who are considering selling their FAIR stake: you might consider holding on to a nominal amount. If you sell 100% of your stake and FAIR subsequently closes to new investors, your assessment of the situation could change. If you decide you'd like like to re-enter FAIR, you wouldn't be able to. However, existing fund investors may be able to add materially to their positions. Just a way of keeping your options open, if you do sell. Whether to sell is another question.

The question was referencing Munger's use of printed compound interest tables, as opposed to using a calculator or computer. The questioner seemed to be asking what discount rate Charlie uses when doing a "present value" calculation. Charlie did not give a specific figure, but suggested that only simple math is needed for investment valuation.

http://www.berkshirehathaway.com/qtrly/3rdqtr10.pdf

FYI, Weitz & Co. shows holding of 4.66 million shares at end of 2Q, up from 0 at end of 1Q, according to Weitz's 13F that was just filed.

The article doesn't give specifics but says that without BYD, Lu's performance as a hedge fund manager is "unremarkable." I'd like to know the author's definition of "unremarkable." ;) Anyway, it looks like the article is now on WSJ.Com: http://online.wsj.com/article/SB10001424052748703977004575393180048272028.html?mod=WSJ_hpp_LEFTWhatsNewsCollection

The article goes on to say that Mr. Buffett says the job could be filled by two or more managers who would be on equal footing and divide up respsonsibility for managing Berkshire's $100 billion portfolio. I also watched the Columbia/Greenwald lecture with Li Lu and nothing stands out in my mind as being objectionable. So, I am curious, what did Li Lu say that you didn't like?

By Susan Pulliam Of THE WALL STREET JOURNAL Twenty-one years ago, Li Lu was a student leader of the Tiananmen Square protests. Now a hedge-fund manager, he is in line to become a successor to Warren Buffett at Berkshire Hathaway Inc. (BRKA, BRKB). Mr. Li, 44 years old, has emerged as a leading candidate to run a chunk of Berkshire's $100 billion portfolio, stemming from a close friendship with Charlie Munger, Berkshire's 86-year-old vice chairman. In an interview, Mr. Munger revealed that Mr. Li was likely to become one of the top Berkshire investment officials. "In my mind, it's a foregone conclusion," Mr. Munger said. (This is just the first two paragraphs of a much more extensive story that will be available on The Wall Street Journal Web site, WSJ.com. Check for it soon. I do not yet have a link.)

http://www.scribd.com/full/31945014?access_key=key-5wsyjalaercl8gpnxfw