Charlie

I bought some more Berkshire shares for my parents with proceeds of Kraft shares sale. :-\

Sold Phillips 66 shares of my parents and bought Berkshire. I thought about buying Apple, but I think the probability of doubling of Berkshire is higher than doubling of Apple in a few years.

I remember that Munger said that Chinese people have some mathematical advantages, because historically they were very good in counting rice. To many people this will sound too simplistic, but I think it´s a very plausible explanation.

"Enjoy life while Omaha works hard with your money" +1 Yeah, 4 months ago my wife got twins, so there is so much to enjoy and also so much work. :)

304671 / 217677 = 1.399 I´m conservative. ;)

The gift still keeps giving. It´s good to be 100% in Berkshire. :) I love the Apple position and the earnings increase. I regret that I didn't have bought more Berkshire or Apple for my parents (40% invested in Berkshire, 0% in Apple). We will see if the share price will move up fast or if there are enough people willing to sell with the good possibility to selling shares to Warren and Charlie. It´s a No-Brainer not to. ;-) There´s a good chance that Warren and Charlie will pay up to 1,40-1,45 P/B and with P/B of 1,399 now it will be interesting to watch. The buybacks can begin next Monday.... Cheers!

Great interview, thanks for posting. :) Here is the transcript: https://www.nbcumv.com/news/cnbc-transcript-berkshire-hathaway’s-warren-buffett-and-jpmorgan-chase’s-jamie-dimon-speak-cnbc?division=1&network=33135&show=151339

"While I think Semper has done some great work on Berkshire, I'd say Tilson has provided a good service of updating this valuation over the years. It makes sense, doesn't require 50 pages of explanation, and is within the range of a reasonable IV. As Buffett says, you don't need a scale to tell if a man is overweight." +1 Everybody has their misses: Tilsons hedge fund performance, his $3000 investing seminars and Semper Augustus discussion about Index Funds. ;)

Whitney Tilsons latest Berkshire analysis: https://www.tilsonfunds.com/TilsonBRK.pdf Cheers! :)

kiwing100, thank you for the transcript. :)

http://www.morningstar.com/articles/864069/berkshire-results-meet-expectations.html

https://www.cnbc.com/2018/05/05/berkshire-hathaway-reports-48-point-7-percent-first-quarter-operating-gain-as-shareholders-prepare-to-meet.html Cheers!

Buffett is live on yahoo facebook. :)

https://www.cnbc.com/2018/05/04/warren-buffett-us-economic-growth-is-stronger-than-the-2-percent-or-so-average-since-the-financial-crisis.html Cheers!

"Added to BRK today as well. Great price around 190. Quarterly report out Saturday morning with new cash balance (should be huge) and quite possibly zero net earnings on the headline number because of the new mark-to-market equities passing through the income statement.." I also bought some B shares. At P/B of 1,358 and earnings out at Saturday it´s a good buy. And of course I like the big Apple position, which probably got bigger. :)

It´s a good warm-up read for the annual meeting. :) It´s interesting to read which great money managers have Berkshire as their largest position. And it´s interesting how other people remember the annual meetings. There are also a lot of good quotes insight the book.

Cigarbutt, most of my quotes are also not directly related to investing. These are more behavior-related. But I can´t resist to post one of my all-time favorite quotes of Munger: "If you stop to think about it, civilized man has always had soothsayers and shamans and faith healers and God knows what all. 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. That´s the way it is, I´m afraid. It´s nice that they keep an image of being constructive, sensible people when they´re really would-be faith healers. It keeps the self-respect up." ;D So the chance when you are talking with an investment advisor that you have a good one is 1:20/25 against you.

"It's been my experience in life [that] if you just keep thinking and reading, you don't have to work." :) I have also this quote in my working room. :) What are your other quotes on the wall?

Thank you for recommending. I´m reading it and it is a great book. :) Munger said one should think like a poker player, so it´s very useful. On pages 191-194 she mentions Berkshire Hathaway and that as a shareholder who makes a long-term investment it´s not productive to have a short-term focus on the price chart or as Buffett once said: "Don´t stare at the charts."

Good article in Barrons: Why Edward Thorp Owns Only Berkshire Hathaway https://www.barrons.com/articles/why-edward-thorp-only-owns-berkshire-hathaway-1521547200?mod=hp_pop "Q: What’s in your portfolio now? A: One good stroke of good fortune was meeting Warren Buffett in 1968. It led me to realize that I needed to invest in Berkshire Hathaway (ticker: BRK.A), although I didn’t do it until 1982. It’s my single investment in the stock market. It’s like a broad value-stocks equity index. I hold it in lieu of VTSAX [the Vanguard Total Stock Market fund]. It does about as well with no current taxes to pay. VTSAX has dividends that are taxed annually. I also have some hedge funds, but I consider them not as good as Berkshire, so I use them to spend and finance other things I do. Q: Why not go out and find better investments, as you did in the past? A: When I was 35, I had lots of time and less money, so doing 10% or so better than the index, with little risk, was attractive and fun. At 85, the marginal value of time is higher and the marginal value of money is lower. These are strong disincentives when I can make a long-run 10% or so by doing nothing."

Berkshire adds Germany's Rubina, expanding global real estate presence https://www.yahoo.com/finance/news/berkshire-adds-germanys-rubina-expanding-142350350.html Cheers! :)

Ferrero Founded in 1946, Ferrero’s most popular treats include Nutella spreads, Kinder chocolates and Tic Tacs. Through those brands, it has grown to become the world’s fourth-largest confectionery maker, (when accounting for all sub-brands) ranking behind Mars Inc., Mondelez (MDLZ, +2.31%), and Nestle. It´s highly addictive. ;) Great brands, great products. http://fortune.com/2017/05/22/kinder-egg-usa-debut/

Great interview! Thank you for the transcript, Liberty. :)

Good letter. P/B is 1,436. I liked this sentence: "But 2017 was far from standard: A large portion of our gain did not come from anything we accomplished at Berkshire. The $65 billion gain is nonetheless real – rest assured of that." I also liked the discussion about big "easy" decisions. The 20 punch card model comes to my mind. If you are making small decisions it´s probably not worth doing. And do the math.

http://www.berkshirehathaway.com/news/feb2218.pdf OMAHA, NE—Berkshire Hathaway Inc.’s 2017 Annual Report to the shareholders will be posted on the Internet on Saturday, February 24, 2018, at approximately 8:00 a.m. eastern time where it can be accessed at www.berkshirehathaway.com. The Annual Report will include Warren Buffett’s annual letter to shareholders as well as information about Berkshire’s financial position and results of operations. Concurrent with the posting of the Annual Report, Berkshire will also issue an earnings release. Cheers! :)