gfp

$10 Billion sounded right to me. 200m matures in 2097. I mistakenly thought Buffett had reopened that offering and issued some more, but I guess I remembered wrong. It was NSC.

I think he put in more than $24 Billion. Berkshire paid $5.85 Billion cash for the first 22.5% they bought in the open market and through options. Then they paid something around $26.5 Billion for the rest of the equity, with $8 Billion of the cash portion financed at 1.6%. Total price was something like 32.4 Billion and 2/3 was cash, 1/3 Berkshire shares. The biggest coup was getting the deal done, which is why he was willing to issue the shares.

It really is as simple as deploying large amounts of capital at >= 10% initial pretax earnings yields in businesses that will look essentially the same in 50 years. He also liked Rose a lot. Greenwald just didn't understand how quickly the earnings power would return from the trough. If I remember correctly, Buffett paid less than $34 Billion for a business with a huge moat, no threat of obsolescence, run by able and honest management and which is already earning $1 Billion pretax a quarter with further recovery to come.

So how does that rule out BYD as one of the two Foreign manufacturing companies added?

funny quote: "I suffer from premature accumulation"

Just as a reminder, this is in an hour http://www.fairholmefunds.com/pdf/confcall.pdf

it was probably deleted

He used to work for Third Point, a very successful hedge fund run by Dan Loeb. (actually worked there for two separate stretches) I think he runs Fondren Capital now. You can find information on him by google-ing "Brad Radoff"

It certainly looks that way: http://www.sec.gov/Archives/edgar/data/1334426/000092189511000896/sc13d07428007_04292011.htm

They will probably let you in to everything if you can show you are a shareholder. For example, being able to show them Berkshire holdings in a brokerage account with a smart phone would work. Otherwise, logging in at a hotel and printing out some statement that shows BRK holdings.

That's interesting, Grantham seems to be of opposite view. Do you have a link to that newsletter? Here's the entire archives of the newsletters, they are usually interesting: http://www4.gsb.columbia.edu/valueinvesting/resources/newsletter The issue I was referencing is the Spring 2010 issue, PCL discussed page 18. The entire Spring '10 issue is good.

"way" out of the money means a strike price way higher than the current interest rate. (so the option is very cheap) yield calls are just call options that reference a treasury interest rate.

I think it's a standardized ISDA document, http://www2.isda.org/ You can go out to December 2013 with standard SPY leaps. Remember that the further out you go with index puts, the closer you are to taking the other side of Buffett's trade. Klarman buys way out of the money yield calls over the counter. There are shorter duration yield calls available on exchanges. At the end of the day, if you want to hedge your portfolio, it may be better to sell short the various index futures. Many large cap equities don't look overpriced to me, I wouldn't go for it myself. Cash is the best insurance against a weak market.

It's taxed as a preferred dividend. The accounting basis of the preferred was $3.86 Billion because warrants can't be "free" from an accounting cost allocation point of view. This is just the redemption at $5.5 Billion plus a couple of quarters of interest.

You should try calling OID, their website says they offer reprints: http://www.oid.com/public/html/contacts.html

Those posts are from 2007. OID has certainly been publishing since then and sent out an issue in 2010. I have an August 2010 issue and they often go long periods between issues.

Haven't received one recently. Never know when they are going to come out. Many are 'double issues' lately. Few and far between.

$5.5 B plus a couple hundred in interest, not 7.1 Billion higher.

I thought it was two days before Christmas in Hong Kong. Are they having another meeting before next December?

That's true - but it's fairly straightforward to watch where his money goes and try to figure out why. In my experience, it pays to pay very close attention to what he does with HIS capital. case in point, from last year: http://www.sec.gov/Archives/edgar/data/937797/000120919110018107/xslF345X03/c98135_4x0.xml

He certainly sounds British, but he started in business in Canada. I think he lives in Hong Kong or Vienna most of the time. I highly recommend the conference calls!

Not that it's the answer you are looking for, but nobody has done better than John Malone in creating and profiting from these types of special situations.

I'm with the Leucadia guys: "Once again, we remind you that wine is food and it fosters both good times and laughter with family and friends, something that is too often missing in the world today. Raise a glass soon with your loved ones."

I think "Afternoon with Charlie" is still on, just no annual meeting.

couldn't get your link to work, but here's the AR: http://www.leucadia.com/10k_docs/luk_10k_2010.pdf