jeffmori7

Eric, there was not planned buyback in 2009. Now that there is one, it is less likely that the Berkshire stock will go under book. So this 70% run is more like a recovery from an undervalued stock than a growth in IV. But now on, we should see a less volatile stock on the downise, unless IV varies that much.

It seems a good way to diversify for McLane outside of Walmart. http://finance.yahoo.com/news/mclane-company-acquire-meadowbrook-meat-150600315.html

Liberty, the day we will consider the carbon cost, we have a chance to finally get rid of coal. This day people will stop making themselves believe coal is cheap.

ValueInv, just relax! Like you I own Apple, but I don't need to convince uccmal or sanjeev to invest in it or bet against me! If they don't feel comfortable with the investment because they don't have a sufficient margin of safety or because they are out of their circle of competence or any reason, even if they like Apple, fine! There are plenty of investment opportunities so if you're not confident enough, go to the next idea! And that's what they do. The board is a place to discuss ideas, not to position ourselves for or against something! It seems unfortunately a big trend nowadays to think that we have to choose between : You are with us or against us...

Mr. Market is REALLY manic-depressive!

Again, newspapers! http://www.reuters.com/article/2012/06/05/us-berkshirehathaway-leeenterprises-idUSBRE85419R20120605?feedType=RSS&feedName=innovationNews&rpc=43

http://venustransit.nasa.gov/transitofvenus/

Thanks PlanMaestro! I just never took the time to look! It just occurs to me that each time I shop over there, I am thinking it must be a good cash cow.

What about IKEA? I know it's a private company, we don't have any ideas about the numbers, but since it's look like its always crowded (the one near I live) and offering interesting product with u quite unique vision, I would think it should be great to own!

Looking at the percentages, we could say he swap WFC for BAC, swap BRK for C and all his little positions for GS. WFC and BRK were like keeping cash of quality for a while, but were sold to buy more undervalued equities...impressive! Personnally, I sometimes prefer to hold on quiet stocks, but I can understand those moves.

Southern, I totally agree with you on the media! for the hockey playoffs..my team (montreal) was out before even the start of the season it seems :(

Packer, I'm not with you this! This is not just about renewable energy, it is about the way we conceive, produce, consume and dispose goods. We have to rethink everything we do. And about energy, it is as much about reducing consumption than new way of production..and until you don't include the carbon cost, you cannot think long term and you will always think that the economical cost is too high. To do nothing and pray has a pretty scary cost too! And climate change will lead to a lot of social problems and we should in no view oppose environment to anything else, it is much interlinked and we have to think of the generations ahead. Liberty, merci pour le lien. I think this is right to say than on any debate about any matter, you have to stay apolitical and objective. But in this case, it was a debate about politics, lol.. Anyway, what I'm saying, and it is just my opinion, probably shared by some, is that I don't like the political debate occuring in Canada and USA, and I have a bias, but for me, it seems that strong right ideology is curently contributing a bit more to the lack of advancement...but as Parsad said, there are some who are always against everything in all the parties.

It is why education is still the key to reduce inequality, increase tolerance and to allow prosperity in a society.

Cardboard! I will answer you as I find your affirmation quite funny..so far, I am pretty sure I won't vote for the Liberals (even if I'm with them on the university tuition raises), I have never been a separatist but will probably vote for them at the next election, more by default than by conviction! I just want to say that I am quite proud of our Quebecois values as opposed to the States and some parts of Canada nowadays. Come on with your communism! That, and Obama, and the 99%, that is not communism, but just the good old social-democracy with a wealth redistribution objective. I am well-living and happy to pay taxes as I have more than necessary to live. I am proud to participate to the universal health system, to an affordable education system and to have a formidable cultural identity. We are probably living above our capacity, I think we must make an effort to reduce our expenses and pay our debt in Quebec, but that is not what cause me not sleep at night. I think of me as being at the center of the political spectrum, but what I don't like in politics are all the decisions taken by ideology. This is what I really dislike about the right currently, as much with the Republicans than with our own Conservatives here. For me, the main challenge of the 21st century is to compete against climate change, a universally admitted fact by the scientific community but still denied by most of the conservatives. Harper government has been cutting a lot at Environnement Canada and Statistics Canada so he can continue to govern by ideology instead of relying on studies and fact and they are just laughing of our democratic institutions all the time and this I really dislike. So far, left parties seems less ideological to me in their decision, even if I don't buy the attitude that richness is devil and stuff like that. And I am always reluctant about the right because of the quasi automatic association I have never understand with the religion, against homosexual, with the negation of evolution theory, negation of climate change, etc. I am a scientific, fully rational, and I don't like ideology and partisanship, that's all.

An we must admit we have our champions here in Canada too :(

Wow...I must admit as a Quebecois, I have pretty much the same view...but reading it in a major newspaper is quite surprising! What do you think of this in the States? For me the political debate is getting worser and worser, and no matter what are our political views, it seems to me that GOP is contributing to it more than Democrats. http://www.washingtonpost.com/opinions/lets-just-say-it-the-republicans-are-the-problem/2012/04/27/gIQAxCVUlT_story.html

Montreal, Quebec, Canada.

And just to be curious, as I'm not aware of the answer, what was you full-time job back then Sanjeev, before the fund?

And honestly, that's what is great about this place! Everyone can speak with everyone, no matter who you are or where you come from!

An interesting article on Richard Garneau, CEO of Resolute, on his leadership style and discussing among other things on the fiber prices in Quebec. So, for those who speak french : http://lapresseaffaires.cyberpresse.ca/dossiers/la-presse-affaires-magazine/201111/29/01-4472724-richard-resolu-garneau.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=cyberpresse_BO4_la_2343_accueil_POS2

So Parsad, what would you do if you were Apple today with an enormous 80B cash hoard? Buyback (at cheap evaluation now) or initiate a dividend? Or if I follow your thoughts, Apple should hire some competent asset managers and do à la Markel, Fairfax, Berkshire and invest its pile of cash into any investment even outside its core competency? For a company like Apple or Dell, I think the first thing they want is to invest into their own company, but they are not even able tu put enough cash to work into their own company so they have to look outside? Microsoft should do the same probably..I agree with you, sometimes maybe it makes more sense then to buy any technological startup or competitors but this is natural that it is not their first idea.

What about Markel and Leucadia?

I went to New York last week for the first time in my life..and I was quite impressed! I'm from Montreal and I must admit I don't understand how people can afford such prices to rent?! I'm paying like 5 times less per month than in Manhattan, but I don't think that all people in Manhattan are paid 5 times more than in Montreal? I am young and still surprised that there are so many rich people in the US that can afford to pay more than 4000$ a month to rent a one-bedroom appartement!

With our CAD$ falling a bit, I'm also starting to look more here in Canada. BAM seems an interesting company, but quite complex to understand. BMTC, Richlieu, Couche-Tard, CN are all good companies, but they never get so cheap too. Otherwise, RY is not that expensive, but nothing is really cheap... Any other ideas in Canada?

I think it is an interesting point of this statement also as it is one of the few feedback we have had on Combs so far. Great news if they are satisfied to have him at Berkshire, and let's hope that Weschler will reveal himself as a good acquisition too. Maybe Buffet is as good in investment manager picking than in stock picking, that would be good news for us shareholders!