gfp
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Posts posted by gfp
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2 minutes ago, Gamecock-YT said:
Citigroup
I don't think that's how the rules work. Citi is a disclosed position in the 13-F. If it had disappeared while it was confidential that would be one thing, but having it show up as a position while "confidential positions are being omitted" suggests that it isn't anything that is on the list. Citi isn't being omitted from the 13-F.
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1 hour ago, CanadianMunger said:
Thanks gfp. Can you or someone else explain the "First" paragraph and what it means that Charlie left everything to the Munger Community Property trust please? Does "priority to duty over property" indicate some sort of merit based system of distributing assets?
No I don't think that is what it is. I think it is something he felt he inherited from his parents and grandparents and wants to pass on. The trust is just the document that remains private that spells out who gets what. The trust is private as far as I know. Charlie had also already distributed a large portion of his net worth to his heirs and various charitable causes. He couldn't sign the giving pledge because he had already distributed over half his net worth to his heirs. He wasn't exactly on the same wavelength as Warren when it comes to dynastic wealth.
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5 minutes ago, charlieruane said:
Just re-upping this because Tech Data was discussed at length during today's annual meeting! Fun to hear details on this obscure almost-deal, which seems to have originated with Greg.
It was kind of a funny story because Warren was suggesting TechData really would have preferred to not be sold to Apollo. So Bank of America called Todd Combs, Todd told Warren, Warren read the reports and sent Greg to go meet with TechData and they made their topping offer. Apollo got it anyway..
https://www.wsj.com/articles/berkshire-is-thwarted-in-its-bid-for-tech-data-11575052756
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2 minutes ago, charlieruane said:
Further edified by WB's comments today re: sending Ted up to do a deal in Canada recently. Todd and Ted are keeping busy beyond their public equity duties.
That deal he sent Ted to Canada for was quite a few years ago - Home Capital, 2017.
https://www.reuters.com/article/us-home-capital-berkshire-hatha-idUSKBN19D08X/
I believe the recent deal he is considering was mentioned as something he and Greg are looking at.
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If you are like me and were curious after hearing Devon Spurgeon's question, asked through Becky near the end of the meeting, that referenced the Codicils of Charlie's Will as filed with L.A. County - I decided to go download them and am posting them here. These are public record, nothing creepy. Charlie knew these would be public.
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13 minutes ago, schin said:
Also, Warren mentioned "Pleased, but not satisfied".... which is David Sokol's book. Easter eggs? LOL
Well Sokol got it from Peter Kiewit, which is who Warren was quoting
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I don't know what they are feeding you Germans, but you guys sure know how to get your questions into the meeting!
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2 minutes ago, blakehampton said:
Buffett's point on corporate taxes is spot-on. A historically low rate during a time of record fiscal deficits is simply crazy.
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My impression is that he has continued to sell Apple shares after quarter-end since he seemed very confident that the $182 cash figure would be $200 billion at June 30.
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1 minute ago, Gamecock-YT said:
I forgot how much I hate CNBC. Turning this into the Apple shareholder meeting.
"Warren sold Apple shares in the quarter because they didn't have a compelling story to tell on generative AI in the period!"
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1 hour ago, UK said:
AAPL holdings reduced by ~13 per cent?
Nice of Warren to call Tim Cook yesterday and let him know the big headline was going to be (almost) $20 Billion AAPL share sales in the quarter.
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Just now, CanadianMunger said:
I love Warren but the size of this cash pile is...Indefensible
Just call it a "bond portfolio" and debate his decision on duration instead. If he put half of it in 2 year notes nobody would complain.
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24 minutes ago, yesman182 said:
So are we at like 180b cash/tbills or 22% of market cap?
$189 B if you count all the subsidiary cash
A decent chunk of the "bond portfolio" was so short dated that it crossed into "cash and cash equivalents" just through the passage of time.
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Interestingly there was only $19.972 Billion of equity security sales in the quarter, so they didn't get a very high price for the AAPL stock sold in the quarter (or maybe there is enough rounding error in the estimated number of shares sold that my math is off)
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5 minutes ago, UK said:
AAPL holdings reduced by ~13 per cent?
Certainly appears that the share count of the AAPL position went from 905,560,000 to something like 789,596,454 (plenty of rounding error in this number)
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Berkshire's Q1 results are out. Float is down ~$1 Billion from $169 -> $168 Billion. (edit: this was the effect of rounding, Float was only down a couple hundred million dollars during q1) Repurchases were $2.6 billion in the quarter. Operating earnings $11.222 Billion in Q1.
Only Class A stock was repurchased in the quarter
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I assume we are not talking about hourly jobs here. This isn't time-clock type stuff.
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I had never heard of this (sounds like my personal nightmare! Sign me up for "unemployment" please) but a close friend was explaining the temptation over drinks at the bar. Obviously everyone working remotely is what really enabled this movement. I would think something like a LinkedIn profile would become a problem? My friend was promoted from sales to sales management and had no problem finishing "the work" in the new position in a matter of hours. Two full time comp packages were really tempting. I have heard this 2-full-time-jobs thing is popular with the Indian-American community.
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It was great to hear Wade do the investment overview. Did everyone else hear average duration of 2.8 years on the fixed income portfolio? I heard yield of 5% as well. If I heard correctly on duration it seems like they tactically shortened again.
edit: I also heard duration of about 3 at the end of the call. 2.8, if I heard correctly might include cash and bills and 3 might be just the "bond portfolio."
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Conference call just started
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21 minutes ago, Viking said:
Interest expense
- Was $151.5 million in Q1; about $20 million more than I expected. And it does not include a full quarter of the $1 billion in new borrowings that closed in late March (while this is being held, the interest being earned will show up in interest income).
What do you mean by this bolded section above?
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The full quarterly report is out now in case it hasn't already been posted here:
https://www.fairfax.ca/wp-content/uploads/2024_05_May_02-FFH-2024-Q1-Interim-Report-Final.pdf
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Nice, so they repurchased 240,734 shares during the quarter - $260.3 million worth.
3/31 share count is 22,831,173 shares
'23-'24 hidden stock purchase ideas
in Berkshire Hathaway
Posted
So those websites are aggregating a bunch of different disclosures like 13-Fs, 13d, 13g. The companies themselves use those disclosures to name the largest shareholders in their proxy statements. If a manager is not large enough to be required to file 13-F and isn't over 5% or a reporting insider, they can stay anonymous and under the radar.