woltac

A few books discussed in our Books thread are on sale at Amazon today including Influence, Billion Dollar Whale and The Smartest Guys In The Room. There are many other nonfiction kindle books on sale also. https://www.amazon.com/b?node=7788141011&ref_=pe_170810_656767700_kddgb_ecg_2

Increased my FRFHF starter position.

Sold 1/2 of my BOMN position purchased in March 2020.

I sold the MKL purchased on March 18th for a 13% gain. Pretty sure I will get another shot at MKL at an even lower price. I don’t see this party lasting very long when all the non stimulus news is negative.

Bought DIS @ 85.02 yesterday and sold today for 95.40 Bought MCD for 125.00 yesterday and sold today for 147.30. I don’t usually trade much, but couldn’t pass up the one day gain and wanted to keep more dry powder for the next leg down. I did not think the buy orders would be filled yesterday and put in similar, but lower orders in after selling.

CFG, JPM, GOOGL

A lot of data in one place: Coronavirus COVID-19 Global Cases by Johns Hopkins CSSE https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6

Bought BRK.B, AXP, BAC, WASH Sell to Open BRKB Feb 28 2020 205.0 Put @ 1.26 when the stock was 205.42. Of course the price promptly dropped below 204 after the order was filed.

I also bought more BRK.B. Thought about buying more WFC, but did not pull the trigger.

1. Independence 2. Independence 3. Independence

AAPL & LBRDK, both purchased in late December/early January.

Perhaps the change is for exactly the reasons he cites: First, Berkshire has gradually morphed from a company whose assets are concentrated in marketable stocks into one whose major value resides in operating businesses. Charlie and I expect that reshaping to continue in an irregular manner. Second, while our equity holdings are valued at market prices, accounting rules require our collection of operating companies to be included in book value at an amount far below their current value, a mismark that has grown in recent years. Third, it is likely that – over time – Berkshire will be a significant repurchaser of its shares, transactions that will take place at prices above book value but below our estimate of intrinsic value. The math of such purchases is simple: Each transaction makes per-share intrinsic value go up, while per-share book value goes down. That combination causes the book-value scorecard to become increasingly out of touch with economic reality. Maybe the third reason should have been listed first. Take a look at the equity of a company that buys back stock on a regular basis. Moody’s is an extreme example, at 12/31/17 the MCO had negative equity of $114.9m. I see this as a clear indicator that major stock buybacks are coming soon.

BAC @ $23.77 LBRDK @ $68.86 TEVA @ $15.25

CFG

More KMI.