Liberty

Where do you get no capex? They spend huge amounts and I don't think they would ever spend less than they need. Despite that, cash keeps piling up quickly. Makes total sense to return it if you can't spend it. It was a joke. If Apple decided to spend most of the cash pile on iCar, for example, would you complain as shareholder? If they spent over 150bn (growing every quarter) on a car, yeah, because I don't think they could get a good ROIC on that amount. Might just as well buy Tesla for 45bn ;)

Where do you get no capex? They spend huge amounts and I don't think they would ever spend less than they need. Despite that, cash keeps piling up quickly. Makes total sense to return it if you can't spend it.

Yes, thank you.

The devil's always in the details. I don't think Buffett necessarily loves the KO compensation, but he can also not like what Winters has been doing. Same with the PE industry and 3G. He can dislike most PE, but like how 3G operates (they seem to be long-term investors who actually make businesses stronger, rather than just load them up with debt, put lipstick on them, and flip them quickly).

http://www.greaterfool.ca/wp-content/uploads/2015/02/VIC-BUYERS-CHART.png?8f4c78

Thank you!

I've been trying to find the videos of Buffett speaking on the CNBC site and only could find a short clip about IBM. If anyone knows where all the videos are, could you please post them here? I'll do the same if I find them. Thanks in advance.

thank you for your invaluable contribution to this discussion. Your sarcasm aside, I was just pointing out that 1) there's a whole sub-section of this forum dedicated to dicsussing Berkshire, and discussion of Berkshire should probably go there, and 2) there's already a multi-page thread where people are discussing the new letter, and fragmenting that by creating new threads probably isn't the best way to do things.

http://www.cornerofberkshireandfairfax.ca/forum/berkshire-hathaway/annual-letter-out/

Haven't had a chance to read it yet, but looking forward to it!

Thanks!

Sad news. He seemed like such a smart and decent man, and he did great things for AIG and it's employees, customers, and shareholders. I'll be so happy when we can finally defeat all types of cancers...

LOL. Maybe you guys can ask him how can he lead a fairly stress free life while running one of the largest companies in USA and periodically running into near-death corporate situations (Washington Post strike in 70s, SEC investigation in 70s, Salomon Brothers debacle, Gen Re debacle, Net Jets debacle, death of all the "made in America" brands he bought, Lubrizol and Sokol, etc.). I would have killed myself multiple times during his career. "Stress free" my a** ??? ::) :-X :'( :o The way he's set up his life, these stressful moments are pretty few and far between, and he seems to take them with great equanimity (he always says more problems will happen, will just have to deal with them, etc). He does exactly what he wants to do each day, as much as possible only associates with people he likes and respects, his schedule is mostly free so he can read and think and do whatever he likes, he lives close to work and has an entirely predictable routine unless he decides to change it (media tour, etc), the fortress balance sheet and operational diversification means he never has to worry about downturns (in fact he likes them because he can buy more stuff). I'd say he's probably less stressed than the average wage slave working an office job. That doesn't literally means stress free, but it looks like a damn good system he's set up.

I misread the original quote. The key part (that I missed) is highlighted below: IBC does not accommodate asset swaps or transfers in kind (cash or securities) from a cash or margin account at IBC or elsewhere to an IBC RRSP or TFSA account at this time. So it doesn't say they won't take a transfer-in-kind from another RRSP account, just from non-registered accounts. And as gokou3 pointed out, they later say explicitly that you can fund your RRSP account with a transfer from an RSP at another broker. My bad. Sorry! BTW, Liberty, the way you link your existing IB account to your new accounts is by logging into Account Management and selecting the Manage Account --> Add or Link Accounts, and then Create Linked Account menu options. Once linked, your new RRSP/TFSA account will benefit from a shared user name, security device, and market data subscriptions. Thanks, that was confusing for a moment. And yes, I got the same email: http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/global-trading-in-canadian-registered-accounts/msg212743/#msg212743

Where did you see this? I was under the impression you could fund a registered account by a transfer in kind... Update: just saw on the page linked at the end of the email. But the email says you can fund with securities transfer. Can anyone who actually did it confirm if it's possible to do and in kind transfer from an outside account?

I just received this email from IB Canada:

This, plus reading and thinking this much is very good exercise for the brain. Doubt he'd be doing as well with the same stress level, but instead sitting on the couch watching game shows.

Well, I tried.

One of the greats has left the building...

http://www.oddballstocks.com/2015/02/but-why-arent-there-activists.html Great post by Nate. Good reminder in the first part about the difference between theory and practice, and very interesting case study in the second part. Check it out.

Sad news.

http://scottgrannis.blogspot.ca/2015/02/the-65-year-trends-in-equity-prices.html

Thanks, much appreciated! What do you mean "add a number to the account"? Where can I see if my account has one? I don't know if you can "see" it. At one point in 2013 around October they added a digit to the account number and account numbers went from having 6 digits to 7 digits. If your account pre-dates that it falls into the category I mentioned. I think its a technical thing on their side. I created my IB Canada account in 2014, so I guess I should be ok on that front. Thanks.

Thanks, much appreciated! What do you mean "add a number to the account"? Where can I see if my account has one?

Yes.