gfp

That's great - Becky mentions at the end that Charlie had to go because he had another meeting right afterwards.

Looks like USB was one of the big financial stock sales https://www.sec.gov/Archives/edgar/data/36104/000119312522282565/d302279dsc13ga.htm they also filed in HK with another 14.285 million share sale of BYD https://di.hkex.com.hk/di/NSAllFormList.aspx?sa2=an&sid=2508&corpn=BYD+Co.+Ltd.++-+H+Shares&sd=11/11/2021&ed=11/11/2022&cid=2&sa1=cl&scsd=11%2f11%2f2021&sced=11%2f11%2f2022&sc=1211&src=MAIN&lang=EN&g_lang=en&

yeah he is usually wrong about a lot of little details. I think it is because he can't edit tweets and fires them off in a hurry. As most know, Berkshire is over 10% on BAC and would have been required to disclose any sales within a few days. No sales of American Express either. Berkshire did sell stuff in the category though, but it could be quite a few different securities.

Yes it looks like $8.977 Billion in equity purchases and $5.299 Billion in equity sales in the quarter ($3.678 Billion in net purchases). Somewhere around $880m in CVX shares were added and we could figure out from the public filings what the total OXY purchases were for the Q. They sold stuff out of Banks, Insurance & Finance category - so that could be any of Citi, BK, USB, MA, V, AON, ALLY, MKL, MURGY, Allianz, etc..

Also, interestingly, Warren only repurchased A shares in the quarter. No B-shares were repurchased

Q3 results are out. Another quarter with only $1B in repurchases will disappoint some. Insurance float up $3B to $150 Billion (will rise by $13.5 Billion to $163.5 with Alleghany included). GEICO had $600 million of losses from Hurricane Ian but the biggest problem for GEICO is that customers are leaving when it increases rates, and it isn't even increasing rates as much as it needs to. GEICO has now been putting up underwriting losses steadily and has slashed advertising and expense ratio. Berkshire Reinsurance only had $1.9 Billion in Ian losses - a very good result showing that Berkshire has really pulled back from Cat reinsurance. Companywide, Ian was a $3.4 Billion pretax, $2.7 Billion after tax loss. BRK's Q3 effective tax rate is over 37% - a short term blip but I guess they can stop writing articles about how BRK will be the biggest loser from the 15% minimum tax on book profit bill. OXY will be equity method accounted but with a one quarter lag, so Q4 will include a partial Q3's worth of OXY earnings. No OXY earnings included in this release. Gains on OXY stock are not going to increase our book value going forward, similar to Kraft (if Kraft ever had gains..). The OXY warrants will still be marked to market (or more accurately 'marked to model') each quarter, so those gains will show up. Looks like Berkshire didn't change the Apple holdings and purchased an additional $880m-ish worth of Chevron stock. Berkshire sold $4.7 Billion of cost basis holdings from the Banks, Insurance & Finance category in the quarter. It wasn't BAC or AXP obviously. Berkshire's equity put derivatives are almost completely behind us. Berkshire's corporate borrowings are a thing of beauty with the foreign currency borrowings all looking like yet another version of negative cost float over their lifetimes. $11.6 Billion in cash flow from operations for Q3.

It’s tough to equity account for OXY when they report their quarter later than you do. If BRK decides to use that method they may need to do it on a one quarter delay.

Proposed share repurchase tax in Canada wouldn't go into effect until 2024, right?

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.