BiggieCheese

@gfp Interesting theory, and I always appreciate your posts. Where are you looking at sell transactions in the NAIC filing? I'm seeing $100m of proceeds from stock sold during the quarter, and wondering where I'm off. BRK's stake in Millrose would be ~$4m based on the 152,572 shares they owned at Q4 2024 end and Q1 2025 end.

https://www.wsj.com/business/warren-buffett-reveals-he-stepped-down-after-finally-feeling-his-age-b060251f

@gfp what was the original quote on Berkshire almost investing $10b recently? I can't find it in the transcript. https://steadycompounding.com/transcript/brk-2025/

Thanks again gfp!!!

Thank you gfp! Have you found the Japanese trading houses held in other insurance subsidiaries or are you under the impression that the $2.8b of purchases during the quarter is the total for Berkshire during Q2?

Disagree - believe the cash balance is a result of the current opportunity set. I don't think he would avoid attractively priced investments for the possibility of deploying capital in future buybacks. Additionally, the speed at which Berkshire can deploy capital in buybacks seems limiting. In Q3 2020 there was ~$9b of buybacks at 1.2x book value. If this is somewhat representative of what the maximum pace of buybacks would be and the price it seems way too small to plan on

The SEC restricts repurchases to a maximum of 25% of the trailing four-week average daily trading volume (rule 10b-18). I wonder how this is calculated and if it accounts for fractional shares

Has anyone investigated the recent surge in Class A share trading volume? Could this be attributed to the rise in fractional share trading? User @aws figured out a year ago that the increase beginning in 2021 was due to Robinhood fractional shares a month before the WSJ reported on it (Robinhood Was Behind Phantom Surge in Berkshire Hathaway Trade Volume, Study Finds - WSJ). It doesn't seem like retail fractional share trading would be more than triple the activity during 2021. Additionally, trading volume has been 36% higher on Mondays than the rest of the week so far in 2023. This trend seems to have been around since 2020, albeit to a lesser extent. I doubt the items are correlated but it seems like another odd trend.

Thanks @gfp

This is a request, so apologies if I'm posting in the wrong spot, but has anyone come across a good primer/industry overview of the Japanese trading houses?

Out of the loop on this - why are so many healthcare stocks (e.g., J&J, Danaher, Phizer and CVS) near 52-week lows?

@dealraker What are your thoughts on Hunter Harrison?

Looks like the only buys this quarter were Apple, Paramount, and Louisiana Pacific

Gov. Justice: BHE Renewables and WV announce $500m investment to build global aerospace manufacturing hub powered by renewable energy microgrid

@ValueMaven @gfp Do either of you have the link to the filing? I am unable to locate it.

@spartansaver another trick is to right click -> Inspect -> Settings -> Scroll all the way down to disable Javascript -> refresh. It works on lower tier news sites (i.e., this one, freightwaves, but not the WSJ/Bloomberg)