Charlie

"Was this deal the work of one of the T's?" Todd Combs http://www.cnbc.com/2015/08/10/warren-buffett-precision-deal-very-high-multiple.html Cheers! :)

Berkshire Posts Mixed 2Q Results http://news.morningstar.com/articlenet/article.aspx?id=710493&SR=Yahoo P/B of 1,439. 19,9% above buyback level.

Munich Re ups forecast for 2015 on low damage claims: http://www.reuters.com/article/2015/08/06/munich-re-group-results-idUSL5N10H0Q820150806

"Buffett’s Celebration Tempered by 50th Anniversary Stock Slump http://www.bloomberg.com/news/articles/2015-08-05/buffett-s-celebration-tempered-by-50th-anniversary-stock-slump" Reinsurance prices don´t look too bad: UPDATE 1-Hannover Re raises 2015 profit target after Q2 net gain http://www.reuters.com/article/2015/08/05/hannover-rueck-results-idUSL5N10G0K620150805 We could get a small Lollapalooza in Berkshire´s share price. ;)

Barron´s cover story: Berkshire Hathaway´s bright future http://online.barrons.com/articles/berkshire-hathaways-bright-future-1437807148?tesla=y&mod=BOL_twm_ls?mod=BOL_hp_highlight_1 Cheers! :)

Happy birthday! :)

"Me too. Wondering what Omaha is up to, during these days of euphoria? Kids out at the candy store, ha." Tsipras and Varoufakis will make us a lot of money. ;D They are crazier than I could imagine. As Benjamin Franklin said: "It is hard for an empty bag to stand upright." Cheers!

http://www.bloomberg.com/news/articles/2015-06-18/buffett-builds-heinz-stake-to-52-5-with-penny-a-share-warrant?cmpid=yhoo I bought more Berkshire shares the last days. :)

"The stock picking industry is four or five percent super rational, disciplined people. The rest of them are sort of like faith healers or shamans." ;) Charlie Munger at this years DJCO annual meeting.

Buffett's Berkshire adds to favorites IBM, Wells Fargo http://finance.yahoo.com/news/buffetts-berkshire-adds-biggest-stock-202923678.html Cheers! :)

Good interview with Carol Loomis: http://www.thestreet.com/video/13135083/warren-buffetts-friend-carol-loomis-says-buffett-is-driven-by-having-fun-and-not-making-money.html?puc=yahoov&cm_ven=YAHOOV Loomis doesn't expect Buffett to retire anytime soon, and says he keeps a rigorous schedule.

BNSF poised to turn around 'crummy' year: CEO http://www.cnbc.com/id/102639693?__source=yahoo%7cfinance%7cheadline%7cheadline%7cstory&par=yahoo&doc=102639693 Cheers! :)

"I was also struck by Munger's bullish outlook in the letter. Even with mediocre leadership post-Buffett ( which is unlikely), he expects Berkshire will do well." Munger: "The one place a death will hurt is we´re not likely to get as good an allocator of capital as Warren in the next CEO, whoever that is. But it still will be one hell of a business." :) (from Damn Right! page 250)

Berkshire Hathaway Inc. (BRK.A) Intrinsic Value Is Substantially Underestimated: Barclays http://www.bidnessetc.com/41090-berkshire-hathaway-inc-brka-intrinsic-value-is-substantially-underestimated/ Cheers!

http://www.bidnessetc.com/40780-berkshire-hathaway-inc-bnsf-retakes-agricultural-transport-market-share-fro/ Berkshire Hathaway Inc BNSF Retakes Agricultural Transport Market Share From Union Pacific Corporation (UNP) Cheers! :)

Lost time is never found again. ;)

"I have a good friend/business partner. He isn't rich, but don't talk to him about something that can make a million or two, he doesn't get out of bed to make a million, his head space is always "Ok, my minimum goal is $100 million by xx date, can this get me there". He is very risk averse yet very focussed on this huge upside goal. He wants big scale with no to limited downside. That's basically all he thinks about." original mungerville I like the high expectations, thinking big and the focus of your friend. :) Did he have success or does his life feel terrible because of too high expectations?

A good quote from Buffett comes to my mind when I read this: Buffett: "Most people fail because of leverage and liquor." ;)

http://finance.yahoo.com/news/hj-heinz-buying-kraft-deal-101457061.html http://finance.yahoo.com/news/kraft-foods-merge-ketchup-maker-100954632.html Cheers! :)

Good interview with George Soros about Ukraine, Greece and currencies. :) http://uk.businessinsider.com/soros-greece-is-now-a-lose-lose-game-with-a-50-change-of-leaving-the-euro-2015-3?r=US

Giverny Capital released their 2014 annual letter: http://www.givernycapital.com/en/doc/196/Giverny_Capital_-_Annual_Letter_2014_web_.pdf Cheers!

The most important thing, if you are sitting on a wonderful business, is to do nothing. and I´m very good at doing nothing. ;D

"Munger's commentary on the next 50 years at BRK The next to last task on my list was: Predict whether abnormally good results would continue at Berkshire if Buffett were soon to depart. The answer is yes. Berkshire has in place in its subsidiaries much business momentum grounded in much durable competitive advantage. Moreover, its railroad and utility subsidiaries now provide much desirable opportunity to invest large sums in new fixed assets. And many subsidiaries are now engaged in making wise “bolt-on” acquisitions. Provided that most of the Berkshire system remains in place, the combined momentum and opportunity now present is so great that Berkshire would almost surely remain a better-than-normal company for a very long time even if (1) Buffett left tomorrow, (2) his successors were persons of only moderate ability, and (3) Berkshire never again purchased a large business. The last point about never needing to purchase a large business to keep the momentum going is a big statement, no? Reinvestments, tuck-in's and share repurchases enuff? That was my favorite quote. I can't think of a bigger endorsement for the current assets and team at BRK (which I agree with as evidenced by my sizable position)." +1 very interesting quotes. :) Munger repeated his bullishness about Berkshire from the Daily Journal annual meeting: "Part of what we did should be done by others, but it isn’t. There are vast institutional pressures on people to do it differently. Will it continue? I think Berkshire’s going to continue way better than most people think. Way better."

OK, it seems that Buffett is really re-financing some US-Dollar debt. http://finance.yahoo.com/news/berkshire-hathaway-turns-europe-dollar-094418721.html

"he once was asked about doing exactly this in Japan but said he wouldn't want to take currency risk, so if he borrowed in yen he'd want to invest in yen." I remember that. Buffett is much more likely to buy a European company than a Japanese company, because Japanese companies have very low ROE and for a longterm holding you need a high ROE to get rich. I don´t think that Buffett will change the Euros to US-Dollars at this exchange rate. It makes no sense. He will probably use it when there is a No-Brainer. ;)