Charlie

"BRK was selling for BV and below BV 3-5 years ago. Bought then, it was the ultimate value buy in a lifetime." +1 At the time I had 50% in Berkshire and bought more just before the repurchase announcement. Since then I enjoyed the ride. ;) At the moment I´m invested 99% in Berkshire and 1% in IBM. Regarding selling I am constantly reminded of Munger who said to his relatives at the Berkshire Meeting: "Don´t be so dumb to sell your Berkshire shares." and Buffett said: "That goes for the Buffett family as well." :)

Here is an article from a very good Buffett follower Francois Rochon who thinks there are better times ahead for the stock market. http://www.givernycapital.com/assets/documents/192/2014_07_14_Gazette.pdf?1407936284 :)

I really loved the book. :) A very good honest book. I liked the psychological stories about Wall Street during the Crisis and realized what an amazing advantage it is to live in a small, boring city. ;) I also liked the envy stories. Does anyone know Guy Spiers holdings?

http://www.businessinsider.com/warren-buffett-speaks-on-cnbc-oct-2-2014-10

"Over the past few years, Munger has been rather bullish over BRK's future." I like this quote: "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." :)

P/B of 1,3284. Just 10,7% above buyback level. The gift that keeps giving. :)

After 24 years Germany today has the chance to win the World Cup again. In 1990 in the finale they won against Argentina. ;) I hope that history rhymes. :)

"I really hope somebody kicks out Brazil." +1 At Tuesday Brasil against Germany will be a very interesting game. Neymar and the captain of Brasil don´t play, so I think it will probably a 50:50 chance. :)

Statistically no european team ever won in Latin America. It will be interesting to see if this statistic will prove to be true.... :)

"Quote from: giofranchi on Today at 02:22:30 AM What really matters is that Europe is different: we have a common currency, without a political nor a fiscal union… this simply cannot go on forever… and you very well know what Herbert Stein had to say about things that cannot go on forever! ;) I agree completely, only adding that European politicians tend to underestimate market forces and vastly overestimate the efficacy of their possible courses of action." Munger said that he thinks Europe will muddle through. Europe did so in the past and I think it will do so in the future. ;)

"I don't think that this is contradictory. Why should Germany leaving the Euro be bad for Spanish RE?" you are probably right that it is not contradictory, but I think it will politically not happen that Germany leaves the Euro. ;)

"Interestingly, both George Soros and Ray Dalio think that Germany leaving the Euro is one of the more probable outcomes" Interestingly George Soros is investing in Spanish real estate. George Soros has always the tendency to describe ultimate worst cases. It is often more important to look what the gurus do, than what they write. ;) I was in March in Spain and I also think Spanish real estate has very good return potential over the next five years. :)

"If you're looking for some risk averse people outside Japan, Germany might very well be the place you're going to find them." I mean business people who are incentivied from low interest rates, not politicians. :)

I don´t believe there will be big deflation in the euro zone. In Greece there is some deflation. Munger once said that Japan got Deflation because of the psychology of the Japanese people and Japanese people didn´t take any risks anymore. This is not happening in the US oder Europe. Buffett once said that he doesn't´t think deflation will happen in the US. John Templetion once said that most people won´t see deflation in their life time. Since I live in the euro zone, everybody around me is spending like crazy and it is understandable and make sense with this low interest rates. It simply doesn´t look like deflation. ;)

http://www.bloomberg.com/news/2014-04-30/buffett-brand-spreads-as-midamerican-takes-berkshire-name.html Cheers! :)

Here is the full transcript: http://www.cnbc.com/id/101608436?__source=yahoo%7cfinance%7cheadline%7cheadline%7cstory&par=yahoo&doc=101608436%7cCNBC%20transcript:%20Warren%20B Cheers!

I would be interested in the question if he thinks the business cycle has gotten longer and if he thinks so, why? Thank you! :)

I will probably retire at an early age since most of my money is in Berkshire. :) Some of the important lessons I learned from Buffett and Munger: 1. Circle of Competence: You have to know what you know. I think more than 95% of people overestimate their circle of competence. 2. Focused thinking: If your mind doesn´t tend to focus, nothing will help. 3. Health is more than 95% of success. 4. Try to be likeable. 5. Search for Lollapalooza Effects. 6. Try to contribute something positive to the world.

Very good checklist! Thank you :)

""Berkshire has gotten too big" is urban myth. (I received a lot of love saying this in another post in another thread, ha). WEB's letters during the last few years is trying to dispel this." Exactly ;) Annual report: "With this tailwind working for us, Charlie and I hope to build Berkshire’s per-share intrinsic value by (1) constantly improving the basic earning power of our many subsidiaries; (2) further increasing their earnings through bolt-on acquisitions; (3) benefiting from the growth of our investees; (4) repurchasing Berkshire shares when they are available at a meaningful discount from intrinsic value; and (5) making an occasional large acquisition. We will also try to maximize results for you by rarely, if ever, issuing Berkshire shares." Munger would call this a Lollapalooza Effect. When 3, 4 or 5 factors are working in the same direction, you often get Lollapalooza Effects. And Lollapalooza Effects can make you rich or kill you. And this one will make us richer. :)

P/B is 1,287 at year end of 2013. 7% above buyback level. Business momentum is very strong. Reinsurance and the railroad are fantastic. A safe asset with good return expectations with most competent management. I love it. :)

http://www.bloomberg.com/news/2014-02-04/munich-re-raises-dividend-as-profit-beats-estimates.html Cheers! :)

"Most of the original, annual editions of Benjamin Franklin's Poor Richard's Almanack in the Rare Books section of The Library of Congress. :)" twacowfca, does the original, annual editions of Poor Richard´s Almanack differ from the normal Poor Richard´s Almanack? I love reading Poor Richard´s Almanack and thinking about it. A few years ago at a Berkshire Annual Meeting I talked to Munger and in one question I inverted the sentence: "An empty bag stand seldom upright" to "A full bag stand mostly upright". He liked that. :)

Business lawyer.

Happy, healthy and successful new year! :) Thanks to Parsad for this great message board.