Kuhndan
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Posts posted by Kuhndan
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We've seen this movie before and it's not going to end well.
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I didn't get it and thought the whole thing didn't play out well. Earlier in the segment, I couldn't believe how Joe Kernan said that Jack Welch would be one to tell if the government was cooking the books on the unemployment numbers since he was the master of managing earnings at GE. Welch didn't seem to get it and Kernan an repeated it. It was CNBC's best day.
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100 percent equities.
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Great stuff thanks for posting!
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Just curious, the young man taking the CFA test got me to wondering, how many CFA's are there on the board? I passed level III in 2001. I loved the program and thought it was a great challenge.
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The Waco deal was something less than 5 times EBITDA.
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I've looked at the financials for some of Buffett's recent newspaper acquistions. I just don't get it. As Buffett himself has said, "if the internet was invented first, would someone come along and invent the newspaper?" I don't think so.
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Free cash flow multiple.
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Agree being disappointed that the whole focus was on CHK. Not a stock I'd buy for all the issues discussed. That being the case, I didn't get much out of it.
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Christmas in June! Just got my latest issue.
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Stood right behind him when he hit it, you could tell it was going in as soon as it hit the green.
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After a little more research, I don't think the 6% bogey is cumulative....(here is an excerpt from the SEC filing for the plan)...
<<High Water Mark . Under the Incentive Agreement, Mr. Biglari will not receive incentive compensation under the Incentive Agreement unless the Corporation’s book value exceeds the previous highest level in book value, or the “high water mark,” plus a 6% growth in book value, i.e., the hurdle rate (which has been corrected in the Incentive Agreement attached as Annex A to this proxy statement to clarify that the hurdle rate is not cumulative. As such, in a fiscal year in which book value declines, the marker for subsequent fiscal years will require the complete recovery of the deficit from the last high water mark plus attaining the stated 6% hurdle rate before Mr. Biglari is eligible for a bonus.>>
With the key comment above being, "to clarify that the hurdle rate is not cumulative", which I would interpret, the company could post 0% growth in book value for two years at show an 8% growth in year three and he would get 25% of the 2% excess even though he underperformed in years 2 and 3. What a deal.
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So I understand he gets 25 percent of earnings over 6 percent of book value and that there is a high water mark. Here's my question, say this year the growth in book value is 0 percent. The following year he earns 8 percent. Does he get a bonus in the second year? Or since he didn't grow book value in year one, does that mean he needs to grow book value 12 percent in the second year to qualify for a bonus? My guess this is standard hedge fund incentive structure but Im not familiar with it. Thanks in advance!
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Just curious. How many people were at the meeting?
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I received both my Biglari and Berkshire annual reports in the mail yesterday. I opened the Biglari report first and then Berkshire. At first I thought I thought I had received two BH reports. They are both grey and one could pass for the other. What a "coincidence"
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Make that three from Columbus, Ohio.
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Highly recommend the Old Market area. Probably 2-3 blocks from the arena. Great bars and restaurants. Trip down Farnham past Buffett's house pretty cool although be respective to neighbors.
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I think the bonus plan was only in effect for one quarter of the second year. His take would have been much higher and most likely comparable to this past year. Get ready for this year, with the Cracker Barrel gains he will be pushing the cap. That being said, I guess that means he made some money for his shareholders as well.
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Checkout ATRI fantastic growth record last six years. Just announced a material shortfall for this year all due to one client which will correct. Stock has dropped signifiicantly. Might be a good entry point for a long term holder.
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Thanks I appreciate it!
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I see where you did an interview with Sardar Biglari back in 2005. I've look for it online but can't find it. Any chance you might have a link? Thanks in advance.
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Dear Mr Buffett was a very tough read. I didn't get anything out of it. I definitely don't recommend.
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I loved it.
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I'm a subscriber as well. Unfortunately I renewed my subscription right after the last issue. I don't think I am going to see anything for it.
Tap Dancing to Work: W.E.B. on Practically Everything, 1966-2012 - Carol Loomis
in Books
Posted
I've read all the Buffett (some better than others) books. I'd definitely read the new Loomis book. Much better than The Snowball. Gives a different perspective on a number of stories you already know.