gfp
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Posts posted by gfp
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50 minutes ago, james22 said:
Ally Financial is a bank. Not going to happen. Berkshire will not acquire a bank and is unlikely to go above 10% ownership of Ally Financial.
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11 minutes ago, sleepydragon said:
If I remember correctly, someday after 3/8 I was looking at A shares’s volume, and noticed its ADV was higher than its historical ADV.
The reported volumes have been rising, but it is hard to tell what is real volume since the advent of fractional share trading. A-share volumes are actually a tiny fraction of what gets reported as volume. I think Berkshire and their order execution partners (probably Wallachbeth capital, who they seem to use for almost everything) have a good handle on what the actual daily volumes are on A-shares.
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9 hours ago, yesman182 said:
From the Proxy:
As of the close of business on March 8, 2023, the record date for the Annual Meeting, the Corporation had outstanding and entitled to vote 590,238 shares of Class A Common Stock (hereinafter called “Class A Stock”) and 1,298,190,161 shares of Class B Common Stock (hereinafter called “Class B Stock”).
From the annual report:
Indicate the number of shares outstanding of each of the Registrant’s classes of common stock: February 13, 2023—Class A common stock, $5 par value 590,835 shares February 13, 2023—Class B common stock, $0.0033 par value 1,301,100,243 shares
So if my math and understanding is correct they repurchased 597 class A shares and 2,910,082 class b shares between feb 13th and march 8th. That would mean WEB spent around 1.1 Billion in 20 trading days and Berkshire has only gotten cheaper since March 8th. Hopefully WEB is still buying back shares.
Yep, that is right - about $1.16 Billion worth between 2/13 and 3/8 if you use $305/B-share as a guess on avg. cost.
Similarly, about $1.845 Billion worth of repurchases since 12/31 if you use $305/B-share as an avg. cost.
3/8 share count is 2.183547 Billion B-share equivalents ($641 Billion market cap)
3/8 share count is 1,455,698 A-share equivalents.
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Here is an article comparing advertising spending for GEICO and their competitors. As mentioned in BRK's annual report, GEICO was putting up horrible numbers even after a sharp drop in ad spending.
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3 hours ago, jbwent63 said:
Isn't Susan Decker considered the lead independent director?
On another topic, how many shares of OXY do you think Omaha scooped up today?
This much!
https://www.sec.gov/Archives/edgar/data/315090/000089924323008649/xslF345X03/doc4.xml
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Berkshire's proxy should be out any day now. I don't even know who they are calling the "lead" independent director these days. At one point it was Gates.
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28 minutes ago, John Hjorth said:
This is the letter the SEC sent
https://www.sec.gov/Archives/edgar/data/1067983/000000000022009598/filename1.pdf
Berkshire's response "As requested, we confirm that we will enhance future proxy disclosures in accordance with topics discussed in the Corp Finance Letter as well as to any material developments to Berkshire Hathaway's risk oversight structure."
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19 hours ago, Fitz said:
They cannot wholly own a bank and have to sell off their shares when they start to reach 15% interest. BRK filed a petition to allow for his interest to eclipse this threshold if it was due to buybacks alone and wasn't granted the exception.
Not exactly but the gist is correct. Berkshire was granted permission to have their BAC ownership rise to as high as 24.9%. They are also permitted to own just shy of 25% of American Express (also a bank holding company) and are currently over 21% if I remember correctly.
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42 minutes ago, Gregmal said:
Did anyone read the latest Ackman stuff? Is he drunk? Paraphrased here but basically everyone is going to pull everything from non insured bank deposits and go to treasuries which is going to cause a global economic meltdown, which in turn will cause rates to decline, which will hamper the Feds ability to raise rates which is necessary to slow the economy and defeat inflation….lol wtf?
I didn’t even know a tweet could be that long. He must pay for extra characters -
In case anyone forgot with all the attention on the Fairfax Financial letter, Fairfax India's letter and especially the section on BIAL (pages 7-10) is very good.
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Just put in an order for a built-in sub-zero panel ready fridge for my in-laws. 12 months lead time to get one! Doesn't sound like a recession to me.
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You tried wireless Qi pad charging also?
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1 minute ago, crs223 said:
Beautiful! Ted is living the dream!
What were you doing in Charlottesville? I visited a few years ago on a trip to Monticello.
We were just in town for the day doing some shopping and grabbing lunch. My wife and I are in central Virginia looking after her Mom who just had an ankle replacement surgery, plus our neighbors house back home is under construction and there are like 3 jackhammers going simultaneously for a couple weeks.
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In Charlottesville VA this afternoon, had to snap a shot of Ted’s office! (Above this bookstore). This is where the magic happens lol
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21 minutes ago, wescobrk said:
Did Buffett ever sell some shares of oxy, i can’t recall.
I didn’t buy oxy as I was guilty of only doing what Buffett does if I bought the warrants I’d be up over 10x. Seems so obvious in hindsight when oil went negative, I had concerns about servicing the debt but this was a no brainer to put a small amount of one’s net worth in.
I wonder if Buffett regrets buying this so late as he did. At least he got the warrants in 2019.
Yes, Warren sold sold OXY common he had bought and the shares they elected to pay his preferred distribution with for a couple quarters. He sold the shares at low prices but ensured he got his 8% out of the preferred. Sure he got warrants in 2019but the strike is at last weeks prices, it didn’t lock in some low cost basis.
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My impression was that the go shop period was awfully short to allow an unprepared potential bidder to do what they needed to do to put together a serious bid. Not everyone can spit out a number at lunch and stick with it. Plus the direction of interest rates and the effect on Y’s bond portfolio meant the price/book offered by BRK kept rising. It is very true what Warren says, that Alleghany is worth more in Berkshire‘s hands that it was on its own or to most other buyers. Plus it was clear that management and major shareholders had already blessed the Berkshire deal so other deals would get labeled “less certain to close” and so forth
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6 hours ago, whatstheofficerproblem said:
Increased stake in GOOGL by 168%.
That is true for that one ticker, but the increase in their holdings of this company was more like 40%.
(and we really have no idea what percentage of Li Lu's portfolio is invested in Alphabet since we don't know his AUM)
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11 minutes ago, John Hjorth said:
I did check up on the BHE ownership. It's actually owned by Berkshire Hathaway, the parent, and has been since control was obtained over it in 1999. The documentation for it is in the the attachments to the BHE 2022 10-K on SEC website.
That is correct. The only BHE shares owned by the Insurance Companies are the preferred shares issued to fund the recent pipeline deal. Much of that has already been paid back / redeemed. The insurance companies also buy publicly trading bonds of Berkshire subsidiaries from time to time in the market as an investment and I have seen some BHE bonds in National Indemnity's portfolio.
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12 hours ago, jbwent63 said:
GFP, thanks for this. If you could also send along the year end list of owned common stocks for NICO that would be fantastic. Are you going to Omaha this year? I'd like to buy you a beer for your troubles.
No problem. I was driving to Virginia all day today but here is the entire document for National Indemnity. Common Stocks owned are on pages 24 and 25 but if you browse around those pages you can see the individual bond holdings and other details.
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There is a two year note that resets every week
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Yeah man! "Fearless Five" or something like that? Chucks Angles, Ben's Angels... It went by a few names over the years to honor people
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39 minutes ago, glider3834 said:
RFP transaction has closed
Sheesh, what happened with RFP shares going into the close today? (besides the merger closing)
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1 hour ago, Ross812 said:
I bought some LUV and 1-yr T-Bills yielding 5.2%. The minimum at FIDO is $1K and no transaction fee. At IB there is a $5 TF and $1K minimum.
How did you get 5.2%? What is the CUSIP and what price did you pay?
Buffett/Berkshire - general news
in Berkshire Hathaway
Posted · Edited by gfp
Greg bought the dip again -
https://www.sec.gov/Archives/edgar/data/1646348/000108131623000009/xslF345X04/wf-form4_167942916524621.xml
(55 A-shares, $24.6m)