ugadawg_98

True. And the triple play of Apple’s buyback plus Apple’s dividend, plus BRK’s buyback just adds rocket fuel to that return.

This kind of thing is helpful, showing where WB is buying. I added at $275 yesterday afternoon.

INSHALLAH!!!

Buybacks continuing at very nice pace while cash build continues in spite of them. If this isn’t balance sheet nirvana, I don’t know what is.

Two things here: First, you are exactly correct that in 1960s to 1980s, info did disseminate slower than today. On the other hand, as far as valuation and dissemination of that valuation, we don’t really know what WB thinks BRK is worth, nor, in fact, do we actually know if he is buying and how much. Let me give a recent illustration of this gap between reality and what people *thought* they knew: Recall that when BRK modified its buyback structure, there were initial purchases made around $207. When the market fell in December, there was belief that WB was buying heavily as BRK had fallen into the $190s. Later, we learned this assumption was false. My point here is that the “information gap” still exists, if somewhat narrowed by technology. From a transparency standpoint, a tender is better than open market purchases because you’re being told what’s being offered. I would note that Buffett’s repeated praise of Singleton and his tenders was never qualified by fairness concerns.

For those unfamiliar with the history, I attach a couple links: http://csinvesting.org/wp-content/uploads/2015/05/Dr.-Singleton-and-Teledyne-A-Study-of-an-Excellent-Capital-Allocator.pdf https://acquirersmultiple.com/2017/07/henry-singleton-the-best-capital-deployment-record-in-american-business-warren-buffett/

I know this has been discussed on the “tender” thread, but I’d love to hear WB’s answer to the following: “Warren, both you and Charlie have (on more than one occasion) praised the late Dr Henry Singleton of Teledyne as one of the greatest allocators of capital of all time. Dr Singleton was known for numerous cash tenders for Teledyne stock. Given that Berkshire has changed its buyback policy, would the company consider a cash tender?”

Is the market spooked (or should it be) by BRK’s large AAPL position?

I bought NSS, BRKB, ET and LVMUY I’m looking hard at KDP, ETP_pb, VER_pf and BAC.

Don’t know if anyone else has posted this, but it’s worth a read. I note that WB has spoken favorably of Dr Singleton in the past, and since this thread was started regarding the possibility of a tender, this article seems relevant: http://csinvesting.org/wp-content/uploads/2015/05/Dr.-Singleton-and-Teledyne-A-Study-of-an-Excellent-Capital-Allocator.pdf

There's a better discussion on this on the Investment ideas forum, so I'm posting there now.

My analysis wasn't as sophisticated, but I concur. This closes next quarter, so we'll know soon. Price is truth.

I posted about this on the "general" board and it probably should have been here, so..... a couple of thoughts: 1) Trading has been wild and you're exactly right it's traded in a roughly $20 range all morning. The market clearly can't value the stub. 2) In its old incarnation, GMCR was heavily short. I didn't short it, but I knew smart people who did. 3) DPS is a good asset. They seem to have a better grip on the move away from colas to non-cola softdrinks. As an aside here, I owned DPS in the low teens after the Cadbury spinoff and sold in the $50s some years later, so, based on today's pricing, maybe my perspective is no better than the GMCR shorts. I actually bought some DPS today at $118s. At that price, with the $103.75 cash component, the stub is under $15, paying a .60 dividend, its a 4% yield. That's a simplistic, non rigorous way of looking at it, but post closing, I would wager the stub is more likely to open in the $20s than at $15.

DPS is being bought by Keurig/Green Mountain. I was buying this morning in the $118s. You get $103.75 plus stub of new business. Cost basis on stub around $15. Stub to pay .60 per annum dividend or 4% yield Thoughts?

This company was mentioned on another board and drew my attention. It sold a 25% stake in its Gibraltar project for $180 million, and just got provincial approval for its large Prosperity project. Looks cheap if you extrapolate the same value to the remaining 75% of Gibraltar, and figure in a respectable value for Prosperity. Had conference call today, still archived. http://www.tasekomines.com/tko/Home.asp Anyone here familiar with TGB?