gfp

I'm sure it is an interesting book and the reviews have been positive, but this stuff wasn't exactly a secret. (former vintage Porsche owner here, full disclosure)

Bill Gates' personal money manager Michael Larson just purchased some TIPS closed end funds with his personal money. He is on the board of these CEFs because Cascade holds very large positions in them. FWIW -> https://www.sec.gov/Archives/edgar/data/1254370/000091485122000031/xslF345X03/wf-form4_165827071113239.xml https://www.sec.gov/Archives/edgar/data/1267902/000091485122000029/xslF345X03/wf-form4_165826937071579.xml

Pilot got someone else to pay for the EV fast chargers - sounds smart https://www.cnbc.com/2022/07/14/gm-evgo-and-pilot-company-to-build-network-of-us-highway-ev-chargers.html

This article has most of the interview and is not behind a pay wall - https://www.afr.com/markets/equity-markets/revealed-charlie-munger-s-best-investment-tips-20220705-p5az7y

Buffett still buying OXY (but not today, highest price paid 59.50 this week) - another $700m https://www.sec.gov/Archives/edgar/data/315090/000089924322025723/xslF345X03/doc4.xml Ron Olson buying Berkshire https://www.sec.gov/Archives/edgar/data/1067983/000120919122041510/xslF345X03/doc4.xml

yeah, just google, there were a ton of articles at the time. Buffett learned it from Boilermaker Mike... the rest is history https://www.google.com/search?client=safari&rls=en&q=buffett+sells+puts+on+Burlington&ie=UTF-8&oe=UTF-8

If the question is from 2009, he was most likely selling puts on BNSF. Buffett sold a ton of puts on BNSF that he intended to have executed as a way to accumulate the stock. I don't remember much put buying by Buffett.

Warren and Astrid at Sun Valley this week with their BYD masks. Don't worry, Mark Millard can keep buying OXY shares while Warren is on holiday.

Doesn't seem like any of the positives would be recognized in the 2nd quarter so there would surely be a loss reported for Q2 - right?

Lithium Iron Phosphate (like what BYD manufactures) use no nickel and no cobalt. They are not limited to low end, but do have lower energy densities so are either bigger and/or heavier than their competitors. They will be used extensively in vehicles and stationary storage. They are also the top choice currently for server-rack type home backup batteries. They are safer - less likely to catch fire. They are also very durable with little loss over many charge cycles - several thousand charge cycles to 80% capacity. There is a market for used cells that have already degraded to ~80% and those cells still find a use at their discounted cost. Even Tesla is buying some Lithium Iron Phosphate batteries for the standard range cars. Rumors are that they will soon be buying from BYD as well. I use Lithium Iron Phosphate for power back-up at home for storms (not whole house power, I use natural gas for that)

Good to see you over here Chompin, I remember you from many years ago on the old 'chucks angels' / 'ben's angels' private yahoo board. The master of selling nothing!

I fear this will only get worse with the newer vehicles and apparently soon to be all electric vehicles - there isn't as much that you can work on yourself on these newer cars. Even simple suspension work is getting more specialized. Most of my tenants can't even change their own flat tires, a very common occurrence in New Orleans with a roofing crew and person-sized pothole on every block. Today I am swapping out a King suspension on my Land Cruiser for a slightly modified set of OEM shocks. The King shocks were amazing when driving very quickly over horrible roads but aren't as well suited to low speed driving around the city. I killed my favorite AC Hydraulic Danish floor jack lifting a friend's 200 series Land Cruiser so now I'm back to a Daytona long reach from Harbor Freight. So far so good on the Daytona jack but I miss my fancy AC Hydraulic jack...

Another $44 million worth last week on 6/23 https://www.sec.gov/Archives/edgar/data/315090/000089924322024236/xslF345X03/doc4.xml

I don't think anything has changed per se - I think someone just wrote an article speculating that things have changed and Buffett didn't cooperate with the article except to say the reporting contained numerous inaccuracies. The plan all along has been that all of his Berkshire shares be distributed and sold within 10 years of his death and the Susan Thompson Buffett foundation be shut down after that 10 year mark.

Yeah, that was the first thing I thought when I read that article - why would Warren care about OXY being anointed investment grade by outside agencies. He is either comfortable with the debt / pay down schedule or not. The thing becomes 'investment grade' the minute Berkshire buys it anyway.

Well, cash and cash equivalents was not $139 Billion in the Q1 2022 report either.

I think he is "legit." This FT article with quote from Sokol and several inside stories about Greg is helpful if you haven't read it. Warren Buffett’s heir apparent comes out of the shadows | Financial Times.pdf

I would be surprised if Berkshire is forced to use the equity method for American Express specifically. The 20% rule is not absolute and the presumption of influence/control can be overcome when specific agreements are in place that limit the shareholder's power. I believe Berkshire has agreements in place with AXP that would qualify. We'll find out soon enough. Berkshire used the equity method with Moody's and Burlington Northern back in the day. They don't use it with DaVita because around half of the DaVita stock is owned by the pension funds and not Berkshire itself. They are part of a control group and have multiple board seats at Kraft Heinz so that one doesn't have any leeway. Pilot Corporation will stop being an equity method investment at the end of the year and will be consolidated. Pilot has a very high revenue so that will bump up Berkshire's reported revenue. Kind of like when they bought McLane - lots of revenue but small margins.

Well one big offsetting factor is that as the free float of shares increases, Berkshire's weighting in large indices will increase toward what you would expect for their market cap. Currently, Berkshire's weighting is 'float adjusted' lower because of the large block of stock tied up by Buffett. So index funds, S&P500 particularly, will soak up some of that stock. I doubt Berkshire will buy large blocks directly from the foundations, even though that would be most efficient. Instead, they will probably continue as they are now - buying what they can on the open market (including foundation shares sold into that market each day) and occasional blocks that become available.

Yes, as John mentioned the number of shares gifted declines every year. The Gates foundation (and the 4 other foundations) are constantly selling b-shares at practically all times of the year. Any recent pressure would be primarily due to index and fund sales. BRK is a big component of financial indices and a big component of the S&P indices compared to the average daily volume traded. Off topic, any chance you chose 'greenwave' because you went to Tulane?

Interesting article on what will become of the "rest" of Buffett's estate when he passes. Probably sheds some light on why Susie was added to the board of directors. https://www.wsj.com/articles/warren-buffetts-estate-planning-bill-and-melinda-gates-foundation-sends-charities-scrambling-11655811074?mod=hp_lead_pos5

My primary residence homeowners policy premium increased by 10% despite $45,000 of hurricane claims for Ida and almost every insurer leaving the market where I live. People I know that can't renew their policies are seeing 2x or 3x is some cases. I think the new standing seam metal roof they paid for helped lower the premiums going forward. Oddly, USAA is still applying a "claims free discount" despite the paid out claim.

That's the thing - you are assuming he bought AAPL at 150 because that was the low of the quarter and he didn't buy more than he did. But that's not what happened - he bought AAPL at around $167.3/share in late February and tends to cluster his buys in a group around that time and then stop. Warren may have bought more Apple shares in Q2 - who knows. But he changes his mind a lot, based on other opportunities available to him, changing opinions, and the amount of money he has lying around.

Yeah you are right - basically for a regular insider reporting insider trading it is 5 calendar days (which is longer than the US's 3) but for a normal course issuer bid by the issuer, they have to file within 10 days of the end of the month that the acquisitions occurred - so quite a bit longer. some detail here (section 4.5.1) https://www.sedi.ca/sedi/new_help/english/public/PDF_en/csa_20100611_55-316_qa-sedi_ENG.pdf

Not sure where to post this but one local restaurant has won their case against Lloyd's in the Louisiana court of appeals. Not sure this will be an ultimate win for them but I'm no expert on these things. I know the industry has won almost all their cases as far as denying coverage for physical damage due to the virus / gov. shutdown. I'm sure others here know more about how these have been shaking out. https://www.reuters.com/legal/litigation/la-appeals-court-dishes-up-win-restaurant-covid-biz-interruption-case-2022-06-17/ Fun fact, this restaurant, "Oceana Grill," is absolutely disgusting and happens to also be the site of my only appearance on the TV show Gordon Ramsey's Kitchen Nightmares. My friend was in town to direct the episode and he put us in the show. It was so foul I can't even describe it. In the "relaunch" scene where they reintroduce the "fixed" restaurant a waitress dropped our entire bottle of red wine, which shattered and essentially filled my wife's leather purse with shards of glass and red wine. The funniest part was the owner of this restaurant is a total coke-head and kept forgetting he was mic'ed up for the TV show and just continuously went into neighboring establishments' bathrooms to snort more coke - all of which was fully appreciated by the TV show's control room. Again, if you are ever in New Orleans - do not eat here. https://www.businessinsurance.com/article/20220615/NEWS06/912350568/Restaurant-entitled-to-business-interruption-cover-State-appeals-court-Cajun-Co