Charlie

The annual letter 2025 is out: https://givernycapital.com/wp-content/uploads/2026/03/giverny-capital-annual-letter-2025-1.pdf Cheers!

I guess that helps explain Biden? No, Trump. He is the guy without scruples.

This is very important. The incentives of the decision maker. If you are old and rich, you can do a lot of crazy things, because you will be soon dead anyway. No considerations of the downsides of decisions. Who cares if the world blew up???

gfp, congratulations. In 2025 we top-ticked Berkshire and now we bottom-ticked Berkshire (with small amounts of shares).

+ 1 https://www.cnbc.com/2026/03/05/berkshire-hathaway-begins-repurchasing-shares-ceo-greg-abel-buys-15-million-in-stock-.html

I bought some Berkshire b shares.

I liked this sentence most: "Near-term opportunities are significant, and BHE will pursue them selectively." P/B is at 1,515. Berkshires´ meritocracy focus is in operating and investing in wonderful companies. The folksy entertaining part of the annual letter got a liitle bit reduced. It is his first letter.

That´s great news!!! Probably for everybody!!!

Occidental Stock Jumps 10%. It’s Not Just About Oil Prices. https://www.barrons.com/articles/occidental-earnings-stock-price-oil-price-iran-trump-40bc77a1?siteid=yhoof2

JD Vance says U.S. Olympic athletes are 'not there to pop off about politics.' https://www.yahoo.com/news/us/article/jd-vance-says-us-olympic-athletes-are-not-there-to-pop-off-about-politics-heres-what-theyve-said-190551520.html One year ago Vance told the europeans that we have no freedom of speech. Now he is saying the U.S. ahtletes that they should not talk about politics. He is a totally vain ignorant idiot!

Perhaps in Q4.

That´s right! I am dreaming of something like an Apple-like size position. Buybacks or large additions to Chubb would be wonderful, too.

Any good estimates how big the Alphabet position from Berkshire is now? Hoping for a positive surprise.

Volkswagen overtook Tesla as Europe's top EV seller in 2025 https://finance.yahoo.com/news/volkswagen-overtook-tesla-europes-top-120323837.html Not everything is lost in Europe.

I liked these two posts from shrewd´m.com about Bitcoin: Nobel prize winning economist Paul Krugman had some interesting comments today: " First, today’s price action shouldn’t change your view about Bitcoin’s usefulness or lack thereof. If, like me, you consider the whole thing a delusion — BTC isn’t a medium of exchange, nor is it a reliable store of value — then you already knew that and the fact that we seem to be having a Wile E. Coyote moment isn’t information about the fundamentals. (There are no fundamentals.) If you have some story about why this aging financial innovation is actually useful — do tell... Second, the fact that BTC is now lower than it was before the 2024 election is significant in two ways. It shows the limits of political favor — all the boasts about making American a crypto superpower, all the deregulatory talk and pardons for cryptocriminals, in the end couldn’t defy gravity... And in general the whole “Say what you like about Trump, but markets are up” mindset must be under severe strain." Richard Farr, chief market strategist and partner at Pivotus Partners, has issued a stark prediction for Bitcoin (BTC-USD), setting a price target of zero for the cryptocurrency. “Our BTC price target is 0.0. That’s not just for shock factor. It’s where the math takes us,” the strategist said, noting that Bitcoin (BTC-USD) has failed to function as a dollar hedge and instead operates as “a speculative instrument correlated to the Nasdaq.” According to Farr, the cryptocurrency faces insurmountable obstacles in gaining institutional adoption or serving as a legitimate medium of exchange. “No serious central bank will ever own something where Michael Saylor controls the float,” he said on X, referring to the Strategy (MSTR) executive who has accumulated massive bitcoin holdings. https://seekingalpha.com/news/4547997-bitcoin-s-pr...

me too. Bill Gates and Warren Buffett said independently that the most important ingredient for success is: Focus. It´s a good idea to focus on the flowers you know best. Too much of a very good thing can be wonderful.

One year ago at the Trump trade thread I suggested shorting bitcoin, when the Trump euphoria is gone. It is all playing out. American Bitcoin was the easiest short I ever saw. Bitcoin is following. Unfortunately I did not short anything.

+2 Over the years a lot of great investors have called Bitcoin worthless. Dubious valuation methods for a dubious asset, because there is no value. The truth is that the new Bitcoin is still the old rat poison. And it doesn´t make a difference if the mayor rat (Mr. T) supports it.

Don´t stare at the charts.

Maybe, maybe there will be a day of truth when the main supporter Trump is gone or in the next crash. We will see.

@gfp SharperDingaan wrote that BTC primarily moves on technical analysis, cause the fundamental analysis ain´t so hot. And when Buffett says that technical analysis does not work, I´m a little bit suspicious about it.

I remember an old Buffett interview before the dot.com crash. The headline was: "Don´t stare at the charts." The only thing a chart is telling you is a lot of price movements. Nothing about value. I would agree with Buffett advice, especially if the chart is parabolic upward and there is no value. What is good is when the price of something is down, down, down or long-term sidewards and there is a lot of value. Buffett: "Don´t stare at the charts."

Protests have been the starting point for just about every single significant political change in history. Saying dont protest is effectively saying just do what the government wants you to do. He was legally carrying the gun and never took it out himself. He was following the law. Are you saying we need more gun control? There is really only just one lesson we should take away and impart to our kids and for some grandkids: Never, never, never by any means vote for an idiotic, ignorant president.

@NnnnotSoSmart The speech was fantastic. Incoherent speech how great he is and that he has made everything great. He often reminds me of childrenlike behavior: "I want this..." "I want that".... Impulsive reactions etc. etc. You should join the peace council of Donald Trump for 1 $billion. I heard the council have no practical use. Is this his new business, after selling cryptocurrencies to his fellow americans and the other frauds?

Europe is getting somewhat used to the emotional tactics Trump is applying. Good thing is Trump went not totally nuts. A little bit troublesome is the confused speech of Trump. Could be the beginning of a great dementia. An aggressive bully with a great dementia in the most powerful country in the world. The next 3 years will be fun.