gfp

I look at them both ways but only time weighted should be compared to the index directly. My money weighted returns are quite a bit higher than the time weighted but I have to present the TWR on other peoples capital

While we only have that public letter to go off of (which really only gives Buffett 3 specific "outs"), there is probably a more formal legal document that is in place. Or Bill may just let Warren out of an irrevocable pledge because it's the right thing to do. OR.. the independent law firm's investigation / report compels Sussman to remove Gates from "active engagement in policy setting and administration" of the foundation, which is one of Warren's explicit "outs" since Melinda already departed and its a "one or both" deal.

Beats me but I don't really focus on any of that stuff. Warren is concerned with his legacy and reputation and can stop granting them shares. His family foundations have scaled and he no longer has the problem he had when he "needed" a vehicle with the capability and scale of the Gates Foundation. He also wasn't thrilled with their incredible overhead and I'm sure the 4 Buffett family foundations are run extremely lean compared to Gates Foundation

Melinda is no longer involved in that foundation at all. The Epstein files that were released publicly contained new information that Warren was not aware of. Something about Boris Nokolic, I'm not an expert on Epstein stuff at all. "I'm learning things I didn't know" - WEB

I wonder if there is a BRK.B supply (Gates foundation is a daily seller since the donations started) dynamic that the market is picking up on. All the BRK.B stock will eventually be sold by the family foundations but any delay or discontinuation of the Gates Foundation share grants delays some of that supply and slightly changes the supply/demand for BRK.B shares

It was widely reported and discussed on this forum when announced but I don't think Fairfax put out a specific press release of their own.

https://www.housingwire.com/articles/mcguinn-homes-sale-scale/

So many of these stocks trade huge volumes pre-market and after-hours, even overnight. If you change a chart to show trades outside of standard market hours the daily charts look totally different and usually the gaps disappear. I don't think gaps matter as much as some other people but I do use it as a price level to trade off when they are just about to close. With gap fills and price targets and all that stuff I am never greedy, starting to buy/sell before the "number" and always buying and selling in many orders over a range of prices. You are balancing the risk of trading 'too soon' with the risk that it turns and runs away from you, unfilled. I've developed my trading style over 25 years or so and it works for me but it's all about managing risk - risk of losing money, risk of missing the trade because you got too greedy on price, risk of being way early... on and on.

Thanks - a really great post as always. Little by little I am receiving my education on this industry from you!

I'm up for the year to date but it's been hard-ass work. Would have much preferred a peaceful buy and hold.

Average price received in Q1 CVX sales at National Indemnity was $197.51 with a 3/17 approximate trade date +33% gain on this tranche plus dividends received ------ On DAL, National Indemnity (Ted Weschler) bought $2.48 Billion of Delta stock at $62.277 / share average cost (currently $91.88)

Take your cues from the strongest hand in the game - Berkshire sat on a large position in Chevron, earning T-bill like dividends at a lower tax rate (15.75% effective tax rate vs 21% for t-bill interest income) than bond interest, while maintaining optionality and a natural hedge should oil prices spike on any exogenous event. Oil spikes. Berkshire trims CVX and buys DAL. Oil falls, CVX yield increases... Don't be surprised if Berkshire repurchases some of that CVX it sold on the spike.

watching CNBC is bad for you as an aspiring investor sort of trying to learn the craft. But I know you aren’t interested in taking any advice on how to learn the craft from older investors not named Warren and Charlie…. Just remember- you never get these years back. Your track record started the minute you started investing

Joe Kernen is old enough to be Greg's daddy!

I'm sure they would want Goyal's approval but in substance I believe they own more than 49% of Digit. There is just a backward looking regulatory constraint at that ownership level. There have been several changes to both the law and collapsing the parent company Infoworks into the public entity that will surface Fairfax's actual economic ownership more clearly sometime soon