gfp

The shares can only be converted in one direction (super voting -> regular), so by converting them before each gift he continually lowers the number of super voting shares in existence while also giving the foundations the more-liquid security to sell off over time. Over the long term, they will be very few super voting shares remaining, making it harder for any future activist to make a fuss for BRK. Is there a reason why the shares get converted before being gifted?

Applied Underwriters sale is near completion, with United Insurance being identified as the buyer. Details of the deal are still not known but looks like they are waiting on approval from a couple states to close. https://www.businessinsurance.com/article/20190628/NEWS08/912329351/Sale-of-beleaguered-comp-insurer-underway https://nypost.com/2019/06/28/berkshire-hathaway-sells-insurer-probed-for-reverse-ponzi-scheme/

Not a bad morning for a BRK with a $65 Billion - or thereabouts - portfolio of large banks. Wells alone put the dividend from $1.8 to $2.04 and plans $23 Billion of gross repurchases against a $212 Billion market cap. And BAC with this plan, not too shabby on 900 million shares http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=2402563#fbid=SebbpFlIj8A

He may just be basing it on BHE's own projections. Of course, their future plans don't reflect projects that aren't confirmed or opportunities that haven't come up yet. But as of earlier this year, they expected capital expenditures to decline. It probably won't actually happen. Projects are included in the projections as they are committed to. https://www.sec.gov/Archives/edgar/data/71180/000108131619000007/ic2019.htm (several mentions but slide 22 shows it fairly clearly)

https://www.bloomberg.com/news/articles/2019-06-26/buffett-s-nevada-utility-offers-a-customer-millions-just-to-stay?srnd=premium

https://www.omaha.com/money/buffett-still-thrilled-by-berkshire-s-bustling-annual-meeting-we/article_d5be86ed-8257-582a-bd8b-e648b8bfd551.html

https://www.bloomberg.com/opinion/articles/2019-06-11/why-is-warren-buffett-s-berkshire-hathaway-borrowing-in-europe edit: Red herring prospectus filed, no size or rates yet. Expect rates to be awfully low for such long dated paper https://www.sec.gov/Archives/edgar/data/1067983/000119312519170674/d753526d424b2.htm I don't believe this signals any impending European acquisition. Berkshire isn't the type to borrow and then announce a buyout. Just an opportunistic sale of ridiculously low interest bonds. 2nd edit: Sounds like they dropped the Euro issuance and borrowed 1.75 Billion pounds instead (20 year and 40 year durations) https://www.globalcapital.com/article/b1fthckhhnk9hc/berkshire-hathaway-drops-euros-breaks-sterling-long-bond-record-instead Final rates - https://www.sec.gov/Archives/edgar/data/1067983/000119312519172618/d753526d424b2.htm BH_bond_issue.pdf

Todd Combs is joining the board of Paytm - https://www.businesstoday.in/current/corporate/top-berkshire-hathaway-alibaba-executives-set-join-paytm-board/story/354865.html

Seems like PG&E's plan to cut power to people who can afford standby generators on windy days ought to give GNRC more than the usual post-hurricane boost in sales. I've been a long term holder of a very small position. It definitely trades on weather news a lot of the time. https://www.bloomberg.com/news/articles/2019-06-08/pg-e-cutting-power-in-california-s-wine-country-to-prevent-fires?srnd=premium

I was thinking this morning about how Charlie didn't hesitate when asked what large company Warren would be thrilled to purchase (or something to that effect). He spit out Coke so quickly that it seemed well established in his mind. I checked in on KO this morning and was surprised to see it breaking out to all time highs at $52 / share. edit: I see that American Express also hit an all-time high share price intraday today.

Well done, it looks very nice

Yeah I think your information might be a little out of date. Also, he manages Soros’ open society foundation, which is a charity right? He is so famous that I thought this is a wildly known fact. He was named Soros' 8th successor after Soros fired his first 7 successors. Then he magically hang on and worked well for Soros for many many years. I haven't heard any news that they parted their way yet, so I assume he is still Soros's successor.

Druckenmiller has his own foundation. Does he really manage one of Soros's foundations' assets as well? Where did you read that? Also, he manages Soros’ open society foundation, which is a charity right?

Great quote, thanks for that.

I get this trade magazine in the mail. It came today and had this long article about Clayton & Berkshire (Clayton is their "builder of the year") https://www.builderonline.com/builder-100/strategy/clayton-homes-earns-2019-builder-of-the-year-award_o

I believe what wabuffo is saying is that he has inferred the identity of the undisclosed foreign security by looking at the end of quarter marks for DJCO's entire investment portfolio and backing out the known, disclosed positions. 005389.KS lines up with those marks, which as more quarters are reported becomes less and less likely to be a coincidence. Good old-fashioned sleuthing... The identity of the security is not officially disclosed. Someone may have asked Charlie about it though. Wabuffo, Thank you for that. Where can you see 005389.KS in the DJCO portfolio? Is there some filing? FYI, I looked in the 10K and nothing was mentioned.

bingo!

Good news for BRK - sounds like Chevron is bowing out and the OXY deal with BRK will go through https://www.wsj.com/articles/chevron-won-t-increase-offer-for-anadarko-11557405500?mod=hp_lead_pos4

Yeah, I'm not too worried about limited due diligence on the OXY decision. Remember that Warren's public statements on this stuff are 100% an advertisement of how great it is to come to Berkshire with these proposals. He wants to use this as an ad to get people to call him. Same with the FT interview. He just wants the advertisement so a few more people call BRK with deals. He was extremely familiar with OXY, Anadarko, Oil price factors, and the Permian Basin in particular. He's read the annuals for years. He knows a lot more about how he can lose money on the deal than he lets on. It's a really good deal for Berkshire. The 10 year minimum duration is extremely important, and I think he realizes that 11 year warrants, even on a measly $5 Billion cost basis of stock, are extremely valuable. The dude has some experience with this stuff... The public characterizations are all advertisement. Look at how often he trumpeted the "No MAC clause." Why else would he highlight the permissive terms of his deal

I noticed it as well. I don't know what condition causes it. Parkinson's may be the most widely known, but there are several conditions that could cause his hand to shake like that. I doubt it was anxiety from public speaking, but even that is a possibility. I do not think he suffers from the serious malady that his son has. Here'e hoping it is not anything too serious. Ajit has already made a big difference in Berkshire's insurance operations since taking over leadership of the entire thing. BHSI, General Re, Three, etc. It was nice to see him so Buffett-like with numbers off the top of his head for Progressive, GEICO, etc. I hope we have him for at least another decade. I definitely see Greg Abel as the primary CEO after Warren though. And he also seemed very well suited. We are lucky to have both

Fascinating that Warren basically said the repurchases are so low because the stock is not that undervalued. It's undervalued, but not back up the truck undervalued. Charlie: "I predict we will get more liberal with share repurchases over time"

I see B shares actually a bit higher at 4/25 and A shares reduced by 641 shares (some of which may have been A -> B conversions). Could be 100-200 million dollars worth of repurchases, but its hard to know for sure. There are still some share issuances out there from things like the BNSF merger. Actually I see my error - it is a net reduction of 157 A share equivalents

So basically, he started repurchasing shares the Tuesday after the Annual Report was released and repurchased through he end of the quarter. I'll do some figuring to see what the repurchase activity was between quarter end and 4/25. Also appears he did not continue adding to JPM in the quarter (at least not more than a few hundred million dollars worth - if anything)

Poor Berky WEB site.. Care to attach the Q as a file attachment here? (never mind - it finally loaded for me) 1stqtr19.pdf

Yes, several brokers allow this in an IRA, but the puts are required to be “cash covered” or whatever you call it - so not really “naked” like a naked call sale would be. In reality it is basically identical to a limit buy order on the underlying- not too exotic for a retirement account