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Cnbc has an article and interview video with Byron Trott & others at BDT-MSD https://www.cnbc.com/2025/11/21/byron-trott-warren-buffett.html

I remember when I was a young child and I asked my Mom, "Mommy, where do houses come from?" and she didn't say anything. Just pointed at the group of Latino men loading supplies into their truck at 5am

One of the issues with charging fees on book value of a closed-end-fund type structure is that shareholders can't redeem/sell at book value. So you can charge them performance fees and if the multiple compresses from, say, 1x to .5x, the shareholder can be in a loss while the manager get's incentive reallocation. People don't like that I remember some old coot years ago would always scream "But I can't spend Intrinsic Value assholes!"

You could look at it that way. I doubt that was the intention or how it affects decision making in practice. 1.5% on deployed book value except for 50 bps on cash equivalents. You could say the performance fee also incentivizes deploying the capital. The goal is to deploy the capital after all. I look at it more as a discount on paying them to hold cash vs. a moral hazard that it will drive them out of cash to make the big bucks but to each their own. There is a way of looking at it that it would actually allow them to hold cash for longer without people screaming "why am I paying you 1.5% to hold cash???!!!" So it could swing both ways as far as incentives / behavior. I'm not gonna lose any sleep over that one.

I already regret stumbling into this neighborhood of the forum, but one more story... I am the "parent" of Eduardo who was completely undocumented in the United States, having crossed the border from Mexico with no papers. We raised him from age 15 and he is an adult now, almost 26 years old. He didn't even have a Mexican birth certificate, no paper trail whatsoever. Because I am very good at research and paperwork and dealing with the State Department, Mexican Government, and annoying the Social Security administration staffers until they finally give in, he has a US Passport, a Social Security card, a USCIS certificate of citizenship and a birth certificate (Mexican). But you know what? When I talk to him on the phone now (he lives in rural Missouri currently), he sounds just like the rest of you guys complaining about the "Illegals" ! Unbelievable. What do they call that - pulling up the ladder behind you or something like that? edit: I'm running back to the value investing portion of the forum and I'm gonna forget what I saw over here on the dark side and think of you all as kind and gentle people just like that Jesus I hear so much about!

In my experience, entering a second time AFTER being deported is when it becomes criminal. YMMV

We're gonna organize an Ebenezer Scrooge type experience for you Mike, where you wake up as a hardworking Latino down in Carpentersville, IL putting food on the table for your family and paying nine kinds of tax into the US economy.

"among those arrested" are criminals. But being here illegally isn't the same as being a criminal. There are criminals (US born and otherwise) and there are people here illegally (a civil matter).

Another bit of progress on the settlement front -> https://www.pacificorp.com/about/newsroom/news-releases/warren-allen-settlement.html

This book was delivered to United States pre-order customers yesterday. I've got my reading glasses ready! My wife took one look at it and said, "you can't read that!" https://caddislife.com/collections/eye-appliances

Ask around and see who charges less!

I don't know who the winners will be (all of them?) but Alphabet's Isomorphic labs and a startup called Insilico Medicine seem to be pretty well positioned. Just reading about DeepMind's AlphaFold over the weekend was pretty cool. Isomorphic Labs (Alphabet) has current partnerships with Lilly and Novartis. Lilly isn't one of the single digit PE firms of course but a great company. Insilico Médecine has partnerships with quite a few big pharma firms like Lilly, Sanofi, Pfizer, etc.. It's going to be an exciting time in that field but it's beyond my pay grade to figure out winners. But I like that its good for Google.

Don't know much about him but this is my kind of fee structure! How many of you money manger bros on this forum are ready to take a percentage of your outperformance over SPX total return?

No that's probably the day that Wallachbeth Capital delivered the shares to them after working an order - it could be a VWAP based thing. The price / average price is correct, but the exact date isn't a single trade. It's an "institutional execution partner" type outfit - they use all kinds of tools to get an order filled. Block trades, algorithms, dark pools, exchanges, who the hell knows. But Warren and Todd like to use Wallacbeth and Ted likes to use "Glen Eagle Wealth" https://wallachbeth.com https://gleneagleadv.com

That sounds about right and I don't know where it shows up on the books but they own a huge percentage of Ben's fund

My figure, $3.44 Billion, is the total share count purchased by all of Berkshire (not just the 11.3m shares at NICO). there will be other shares purchased in other insurance companies but this is most of the stock and in my experience the average prices are usually very similar across the board. The filing represents around 63% of the position.

Sooo... That means someone, maybe Todd Combs, maybe Warren but I'm doubting it, bought something like $3.44 billion worth of GOOGL stock and is already up 50% on the position. Not too shabby

Here is the Q3 NAIC filing for National Indemnity. 20087.2025.P.Q3.P.O.3.5048987.pdf trying to remember who likes these - @wabuffo

Hope this is legible. Berkshire bought Alphabet in early August at around $192.87 / share

I don't know - it's complicated by the fact that a large portion of what they manage is pension fund stuff that isn't technically "Berkshire's money." Through returns and increased allocations I think you could be in the ballpark. Warren and/or Greg could decide to double their AUM any time though. Maybe Greg will be more transparent about it. Not holding my breath

I was thinking that Buffett was winding down some of "his" portfolio and wouldn't be making major new stock buys in his new role. But he added to Chubb and I think that position is actually his. So who knows on Google... But I think the idea people have on the size of Ted or Todd's portfolios and how big a position they can take is generally out of date. And, of course, they can be allocated additional capital at any time. I'm looking forward to the NAIC filings for National Indemnity to see if there are any hints on who bought the Google. Buffett and Todd use the same broker generally but Ted uses a different firm for most stuff.

Here's an article published in today's Des Moines Register by Greg Abel, honoring Bill Knapp https://www.desmoinesregister.com/story/opinion/columnists/iowa-view/2025/11/15/bill-knapp-memories-greg-abel/87292945007/

I manufactured my dividend this morning before the open

$4 billion of google is smart. Wonder if that's one of the youngsters

I heard Elec-tricity is the future Reds. One guy even told me it replaces money some day. Beats me (anyway, I believe the "watch" was the biggest new product Apple came out with post-Jobs and I've seen them earn just about $100 billion a year over and over with little growth and you know what? It worked out fine for investors.)