gfp

That's great. I've built and rebuilt hundreds of all wood windows over the years. Make sure to use real "sash cord" and not some random similar rope. Hopefully the original weights are still in the pockets. Sometimes they end up one floor below in the wall LOL

Much cuter. Nice project

Congratulations on the project Eric. As someone who has done all of those renovation tasks many times I will recommend that you don't do it all yourself but if you have plenty of time, tools and want to learn go for it! If the neighborhood really is rough, make sure you secure the property really well while you are renovating it. (other advice, don't use wood or marble countertops on an airbnb - use something durable) It's this one?

Most of the folks at Berkshire are pretty responsive and helpful if you don't bug them too much and you don't ask about nonpublic information. I usually email with Mr. Hamburg after the annual report but don't bother him the rest of the year. People at Berkshire home office are busy!

Don't forget $9 Billion of avg. annual float growth

I don't know why it wasn't included but asked Marc Hamburg and will report back if I get an answer. As for the equity method question, I beleive it has to do with commitments to remain passive shareholders in the agreement between DaVita and Berkshire/Ted. For the same reason, I would not expect American Express to become an equity method investment this year. **edit: I believe at least 17.5 million of Berkshire's DaVita shares are held in pension funds **edit: CFO confirms the above, about half of the DVA position is in pension funds

And the last one, wouldn't fit in first post: 20087.2021.P.AN.PO.O.M.4259202.pdf

Had a couple requests for the 2021 annual NAIC filings from National Indemnity now that they are released. Posting them here since I can't put attachments on private messages. 20087.2021.P.AN.PI.O.M.4259200.pdf20087.2021.P.AN.PK.O.M.4259201.pdf

What's wrong with Chris? Seems at least as good as Meryl Whitmer.

You can buy a nice western railroad at 1x market price and pay no premium and feel better about it but it will cost you over $150 Billion. (11x Book Value) Or there is a comparable railroad held on Berkshire's books at $46 Billion (BNSF member equity) that can and does dividend out 100% of the free cash flow tax free. Berkshire's tax basis in Apple doesn't really matter when discussing book value since the taxes Berkshire hasn't paid are fully subtracted from book. So is $147 Billion in useless float and a bunch of other liabilities that will never be paid. What do you think the insurance companies are carried at on Berkshire's books? Right around accounting net worth. This isn't a company loaded with bogus goodwill. They haven't even purchased a big company recently, only written one down by $10B and further reduced accounting net worth by repurchasing $53 Billion worth of shares at a premium to book. I get it that some people think Berkshire is fully valued at 1.4x trailing book but the 'Berkshire is a fund and should trade at "NAV"' argument is not correct. How would you value this $147 Billion liability? edit: happy mardi gras morning!!!!! take it to the streets!

So your bet is SPY outperforms BRK going forward. Got it, Thanks

So not a single "ticker" or "name" to share with us amateurs?

RiskAdjReturn, curious what "tickers" you like better and own in size currently?

Working on something today I downloaded a few of National Indemnity's recent filings with the National Association of Insurance Commissioners (NAIC) and thought I would upload them here for anyone curious for a more recent "look under the hood" of the Berkshire subsidiary that actually owns many of the other Berkshire subsidiaries. Hopefully they are attached here as PDF files. Only the nerdiest would probably be interested in these - fair warning... (file ending ..892 is the most recent quarter, Q3. The other filings are annual filings from 2020) file ending ...812 shows many of the actual sales dates and prices of shares sold in 2020, the airlines, wells fargo, costco, apple, oxy dividend shares, etc. Also shows the acquisitions of the japanese trading company shares with specifics. One undisclosed item I found is that Berkshire (likely Ted or Todd) purchased $646 million worth of Airbus shares in France on 7/30/2021. Most undisclosed investments are hidden inside "Harney Investment Trust" - the vehicle Berkshire has used to hide investments from public view since 1998. Another data point is that Berkshire OXY warrants currently have a strike price of 59.624 (originally it was 62.50 but Icahn had them do a dilutive deal that adjusted Berkshire's strike per the terms) 20087.2020.P.AN.PM.O.A.4100394.pdf 20087.2020.P.AN.PF.O.J.4176868.pdf 20087.2021.P.Q3.P.O.3.4228892.pdf 20087.2020.P.AN.PI.O.M.4067812.pdf

And if you are sold on his HollyFrontier thesis, they held a sale today. (and an earnings announcment)

Good letter as usual but what the hell is he talking about that he is going to heat his pool with a wind turbine at his residence in Missouri? He mentions it multiple times, is it a joke?

Jesus. I had read Match King years ago but I had no idea this was the company behind these cigar wrappers I find littered all over the street in major cities. Imagine a cigar business that is booming because the cigars are so cheap and so shitty that virtually every customer cuts them open, empties the contents out, and puts something else in the wrapper to smoke. (and promptly throws the plastic wrapper on the street)

I was really impressed that unlike so many CEOs, Tim Cook wasn't afraid of Icahn at all and went to Icahn's house for dinner to talk about it all. Basically agreed with Icahn but had a conservative board that needed some convincing and Apple's capital return program has been pretty legendary ever since.

All they want is for their grandchildren to visit them more often

I don't think Fairfax India has enough spare cash on hand to take those blocks in one go, but I could be wrong and they may have plenty of revolving debt capacity they could access quickly. - but that's why they call them "conflicts of interest" LOL

DJCO feed seems to be delayed but Yahoo has an Andy Serwer interview with Charlie on the site to hold over the fans: https://finance.yahoo.com/video/exclusive-munger-appalled-fear-vaccination-175330241.html

Well we don't know how much the Mungers have invested in Himalaya and we don't know what percentage of Himalaya is Alibaba. But the possibility exists that Alibaba is a significant investment for the Mungers. Obviously Berkshire Hathaway and its predecessors like Blue Chip, etc, would be the big positions Munger held personally.

Just a friendly reminder that the Charlie Munger show begins in a couple hours here:

Fairfax bought 5.416m additional FIH.U shares - http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220216:nGNX5mHHcC&default-theme=true

HBO has a Carl Icahn doc out today