Charlie

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. ;)

Get the money when it is cheap. :) http://www.wsj.com/articles/berkshire-hathaway-wooed-by-europes-low-borrowing-costs-1425561323?mod=yahoo_hs Cheers!

Great letter! :) I liked this quote: "On top of that, we can profitably scale to a far larger size than many businesses that are constrained by the limited potential of the single industry in which they operate."

http://finance.yahoo.com/news/buffett-sets-sights-german-companies-095117269.html Buffett sets sights on German companies Reuters BERLIN, Feb 25 (Reuters) - Renowned U.S. investor Warren Buffett is readying for an acquisition spree in Europe's biggest economy after setting the ball rolling last week with the purchase of a niche German retailer by his Berkshire Hathaway holding company. In an interview with Handelsblatt newspaper on Wednesday, Buffett said that he liked German companies because of the regulatory and legal protection for investors, as well as the global reach of even smaller businesses, such as Detlev Louis Motorrad-Vertriebs, the motorcycle apparel and accessories retailer bought last week. "We are definitely interested in buying more German companies," told the newspaper. "Germany is a great market: lots of people, lots of purchasing power and Germans are productive. We also like the regulatory and legal framework." Buffett, who said he is ready to pay cash for good German companies, said the euro's weakness was only one factor for the decision to ramp up investments in Germany. "The bottom line is that the weak euro is naturally good for acquisitions," he said. "But the euro's exchange rate is not our primary motivation. We simply want to own more good companies in Germany - that's our goal." Asked about past rumours that Berkshire Hathaway was interested in buying German sweet maker Haribo and printing press manufacturer Heidelberger Druckmaschinen, he said: "Sometimes there are reports that we're interested even though it's not true. But if you can arrange a transaction, I'd pay you a fee." Berkshire Hathaway agreed to buy Detlev Louis for a little more than 400 million euros ($456 million). (Reporting by Erik Kirschbaum; Editing by David Goodman) Cheers!

Listed Lindt & Sprüngli - confectioney Unlisted Ferrero - confectionery Coppenrath Wiese - confectionery Dr. Oetker - cooking

"I think that it makes perfect sense that BRK would buy business in Europe and especially in Germany. Furthermore I disagree that there's nothing cheap in Germany. Maybe not for you and me, but not for BRK. There are tons of great businesses in Germany that have fantastic operations but the capital allocation is atrocious. Once BRK relieves the management of their capital allocation burden, then the value of those business should increase significantly. I think the issue here is not the valuation but whether BRK will find willing sellers." +1 I think with a weak Euro it makes even more sense. :) It will be interesting to see in the annual report if Buffett increased his holdings in Munich Re and Sanofi.

I wonder if Buffett could "hide" his Exxon stake, so that he can buy more cheaply!? ??? Probably the annual report will show if he really sold Exxon.

I like this comment: When reminded it's one of the top five largest companies in the world he said, "There's still a few slots above us." Can he get to the top slot? "Well," he said smiling, "We're working on it." :) I don´t think the investment will be in Greece, simply because of country risk.

http://finance.yahoo.com/news/buffett-says-likely-buy-small-203212772.html Buffett says will likely buy small business in Europe -Fox Business NEW YORK, Feb 4 (Reuters) - Billionaire investor Warren Buffett said on Wednesday he is likely to buy a small business in Western Europe and he would like to buy more businesses abroad. "We'd like to buy more businesses around the world," said Buffett, the head of conglomerate Berkshire Hathaway, in an interview with Fox Business. Over the past 50 years Berkshire has bought dozens of companies ranging from insurance to railroads. (Reporting by Luciana Lopez) Cheers!

Very good book! Thank you for recommending. :) Sometimes a little bit simple and repetitive. I like the chart at page 151 and the help from him of focusing on your goals/dreams.

http://www.omaha.com/money/buffett/warren-buffett-watch-berkshire-meeting-to-offer-anniversary-book-more/article_8ed7e55c-512a-530d-8b51-2a805da9c087.html Cheers!

Very good interviews. :) Thank you for posting.