gfp

I couldn't listen in on the conference call - anyone who was on the call have any notes to share? Thanks

BHE has sold another 10.375 million BYD shares (HK:1211) since the last filing in September -> https://di.hkex.com.hk/di/NSAllFormList.aspx?sa2=an&sid=2508&corpn=BYD+Co.+Ltd.++-+H+Shares&sd=04/11/2021&ed=04/11/2022&cid=2&sa1=cl&scsd=04%2f11%2f2021&sced=04%2f11%2f2022&sc=1211&src=MAIN&lang=EN&g_lang=en&

I didn't realize David Sokol had recently co-authored a book as well - here's the link (I haven't read it yet obviously) https://www.amazon.com/America-Perspective-Defending-American-Generation/dp/1637588135#customerReviews

There have been a few over the years but I don't have any links handy. Here is an introduction from Horatio Alger association that covers the basics. (there is also a video) - https://horatioalger.org/members/member-detail/byron-d-trott/ Interesting that BDT is proposing to take Weber private again at $6.25/sh. shortly after IPO-ing it at the height of the home grilling bubble at $14/sh.

BDT merging with Michael Dell's MSD https://www.prnewswire.com/news-releases/bdt--company-and-msd-partners-to-combine-as-the-preeminent-advisory-and-investment-firm-serving-family--and-founder-led-business-owners-and-strategic-long-term-investors-301654544.html

Reuters released an article on BHE’s salton sea lithium extraction project - https://m.investing.com/news/stock-market-news/us-steps-away-from-flagship-lithium-project-with-berkshire-2905340

I doubt he is capital constrained to the point where it's a 'one or the other' situation. But, yes, that's why arb spreads tend to widen out when stocks are hitting new lows. People sell what they can to raise funds. Warren has the Alleghany check to write some time soon, then a Pilot Corp. check to write in January and has moved some of the cash into slightly longer dated treasuries.

These articles ignore the fact that the implementation of the minimum tax law hasn't been written yet. There is no indication they intend to negate renewable energy tax credits, accelerated depreciation for investments in US PPE, or introduce a new tax on unrealized gains on securities inside insurance company investment portfolios. I wouldn't expect Berkshire to have a huge change to their cash tax rates when this thing is finally implemented.

We should find out Tuesday night if they started buying again on Friday. I wouldn't assume they are equally as eager but it wouldn't surprise me either.

This article goes a little bit into the history of the West Virginia BHE/PCP deal. Letter to Buffett, Buffett forwards it to BHE. Bill Furman goes out to West Virginia to tour sites. Sounds like the other tenants of the microgid industrial park will be feeding into or taking off from the Timet plant. https://www.sfgate.com/news/article/A-letter-to-a-billionaire-sparked-a-W-Va-17464001.php

Bear market Friday! Buying EQT, longer dated BRK in the money calls, CLF, Covering some SPY short, Fairfax at $614cad. Looks like a good day to pick up some of Gregmal's EPSN as well

In your example, if you pay $3.35 per contract for the 90-strike and the deal closes at $95 you would have a profit of $1.65/per share (x100 per contract). This would be a return of about 49%. No idea where you are getting 140% from.

The "option profit calculator" doesn't know the security ceases to trade after the deal closes or that there is a cash merger deal on the table. If the scenario you lay out occurs you lose 100% of your money buying a $95 call.

Just one data point, but I filled my tank up yesterday at $2.89 / gallon in New Orleans East. Ghetto as hell but hadn't seen that price in a while.

Thanks for sharing your experience Libs. So should I avoid concentrating other people's life savings into Biglari Holdings at these prices? Asking for a friend

This announcement is pretty interesting because it is something totally new for BHE. BHE Renewables will be the owner/developer of this 2000 acre industrial park and Precision Castparts / Timet will be the first tenant to locate there. But PCP doesn't need 2000 acres. So this is actually a bigger development than just BHE buying PCP's factory site. The park will apparently be marketed to additional tenants - kind of like the parks that the Iscar founder Steph Wertheimer developed after selling his company to BRK. Also odd / interesting because it isn't very sunny in West Virginia. I think it's like 48th in the states for sun so it's an odd choice for a solar powered industrial park. Maybe the solar won't actually be generated on site? Or maybe that's why they need so much land LOL One thing is for sure, there must be some hefty tax incentives on the table.

Yeah, I think you are right broadly speaking. I do think they started to notice some adverse selection by letting the competition run with telematics for as long as they did. Safe drivers want telematics to save money, crazy drivers avoid telematics. Also, a lot of the items they liked to base their rates on - like credit score - are somewhat frowned upon as a rate-setting tool lately. Despite being just fine as a predictor of claims.

Who says there are no synergies between Berkshire subs - Greg Abel will probably be better at keeping his ears open to opportunities to collaborate - https://wvmetronews.com/2022/09/13/berkshire-hathaway-company-to-produce-titanium-aerospace-products-in-jackson-county/

Barron's ran a piece about GEICO falling behind on Telematics - nothing new that I saw, but here it is: https://www.barrons.com/articles/berkshire-hathaway-warren-buffett-geico-51663013589

If you take his advice and install the fumoto valves when you do your oil change you will be much happier every subsequent time. I put a fumoto valve on the main oil drain and in my filter housing. Most of you won't have a filter housing, just a screw in filter. No drips!

Ha! Yeah especially with the crowds waiting to launch at most boat launches these days. Lots of eyes on you! My mother couldn't back up a vehicle to save her life (without a trailer), so I've been the one to launch boats since I was 11 years old. Got US Power squadron boat license at 12. I may be better in reverse with a trailer than I am headed forward by this point - but you definitely want to be in a vehicle that can handle the size of boat you're dealing with or it can go real bad real fast!

Good summary Dynamic. Yes, Berkshire still holds over 5% of each of Marubeni, Mitsui, Mitsubishi, Itochu and Sumitomo. But it is important to remember that Berkshire has paired that Yen currency risk by issuing Yen denominated bonds to fully fund the investments in these high dividend paying, international commodity-exposed investments. It was one of those clever float-like things that Warren does from time to time that won't move the needle but keep his brain active. Hopefully this one goes better than the SQUARZ lol. So far it has gone very well for Berkshire. Berkshire is at 92% ownership of BHE because Berkshire didn't buy out Greg Abel, BHE did (as a share repurchase that also benefits the Scott family shareholders). I don't think Berkshire has to disclose the Japanese investments in official holding reports unless it goes to 10% under a blanket disclosure exemption for 'foreign investment firms' as long as it doesn't go on the board of directors or get too involved. They did write letters to each of the 5 companies offering cooperation on energy JVs and such. I wonder if Abel has anything in the works on that kind of stuff.

Poor Susie had to sell an A-share just to have some folding cash for the bills. https://www.sec.gov/Archives/edgar/data/0001891497/000089924322030098/xslF345X03/doc4.xml

That's a cool website, I had never heard of Mazor's website. Reminds me of the old Brk News email feed that used to come out of France years ago. As for a valuation call being inconsistent - selling stock doesn't mean you are going to be correct on the future stock price moves, but Warren has a lot of experience looking at $100 Billion USD market cap companies. Call him old-fashioned but he likes them to earn more than $1 Billion USD per year. He wasn't thrilled about paying 100x earnings for treasury bonds either. He wouldn't have made the initial BYD investment without heavy prodding from others in the first place. He wouldn't even let the Costco position ride.

Berkshire was only 20% of the Hong Kong listed share class, not the entire company. Berkshire's ownership percentage has gone down over the years, not up. Berkshire originally bought 10% of BYD and it became 7.7% over time with dilution. After the first two batches of disclosed sales, Berkshire holds 7.1% of BYD. I would bet that this sale is a valuation call and that it is more than a courtesy trim. Over time I would expect more shares to be sold.