Ted & Todd portfolio

[dabuff]

Looks like Warren is taking one out of the T&T playbook:

 

http://www.businessinsider.com/warren-buffett-buys-phillips-66-2015-8

[jay21]

Anyone have an idea about how much they manage right now? IIRC, the number is <10b which makes some positions from Ted pretty big. Back of the envelope based on Q3 12f:

 

DVA - 2.6b

CHTR - 1.7b

GM - 1.5b

 

Like this guy a lot.

[thefatbaboon]

I remember 9bn each being the last figure mentioned.

 

On a related matter, anyone worried about precision casparts being a big mistake?

 

 

[Spekulatius]

I remember 9bn each being the last figure mentioned.

 

On a related matter, anyone worried about precision casparts being a big mistake?

 

I think it is an untimely investment, as I see headwinds in the aircraft business for a couple of years. This is similar to buying ISCAR shortly before the Great Recession. I do think that the multiple will turn out to be a bit rich, given he near term performance. However, I think in the longer run, this is a good business, with the opportunity to bolt on more via acquisitions.

[thefatbaboon]

I remember 9bn each being the last figure mentioned.

 

On a related matter, anyone worried about precision casparts being a big mistake?

 

I think it is an untimely investment, as I see headwinds in the aircraft business for a couple of years. This is similar to buying ISCAR shortly before the Great Recession. I do think that the multiple will turn out to be a bit rich, given he near term performance. However, I think in the longer run, this is a good business, with the opportunity to bolt on more via acquisitions.

 

I hope that's the only problem.  I wish Buffett would deviate from his handshake deal on this and actually get a thorough audit done.

[xo 1]

I remember 9bn each being the last figure mentioned.

 

On a related matter, anyone worried about precision casparts being a big mistake?

 

I think it is an untimely investment, as I see headwinds in the aircraft business for a couple of years. This is similar to buying ISCAR shortly before the Great Recession. I do think that the multiple will turn out to be a bit rich, given he near term performance. However, I think in the longer run, this is a good business, with the opportunity to bolt on more via acquisitions.

On the plus side, the timing makes consummation even more likely and industry weakness will permit better pricing on bolt-on acquisitions from the outset.  Headwinds are the friend of a strong business.

[thefatbaboon]

there are a few things I don't like though. The big unrealised metals loss sitting in inventory without getting marked. The consistent inability to get close to guidance (for the most recent example look at the last 10q) - they're miles under the guidance they put out in the summer. The aquisition strategy without a consistent split out of organic or aquisition based contribution. I find it very difficult to see the actual underlying performance of the business. No split out of metal pricing effect on revenue. The nearly half a year of inventory on the books.

 

It's possible that all these questions have good explanations. And for Buffett to pay in excess of 32Bn I feel that all the questions need to be answered very well. It is one hell of a price.

[Yours Truly]

Anyone have an idea about how much they manage right now? IIRC, the number is <10b which makes some positions from Ted pretty big. Back of the envelope based on Q3 12f:

 

DVA - 2.6b

AT&T - 2.0b (via DTV?)

CHTR - 1.7b

GM - 1.5b

LMCA/K - 0.8b

 

Like this guy a lot.

 

Revised :) That should total up to $8.6 billion and i'm not sure if the Liberty Global / Lila stocks are his or not.  If so that's another 0.7b.

[Eye4Valu]

What about Seritage? Was it purchased by Ted or Todd?

[BTShine]

What about Seritage? Was it purchased by Ted or Todd?

 

Neither.  It was purchased by Buffett personally.  He wouldn't have to report his ownership stake, except his ownership percentage was above the 5% threshold, which means he had to tell the world he owned shares in SRG.

[valueinvesting101]

Buffett had mentioned in one of his interview that both Todd and Ted had bought Direct TV. So it is not just Ted's position.

[valuefinder0525]

This is Ted's portfolio before closing Peninsula

 

GRA - 49%

DVA - 15%

LCAPA - 8%

VCI - 8%

WSFS - 6%

DTV - 5%

CCOI - 5%

CBB - 3%

[racemize]

any estimates on their returns for 2015?

[AzCactus]

This is Ted's portfolio before closing Peninsula

 

GRA - 49%

DVA - 15%

LCAPA - 8%

VCI - 8%

WSFS - 6%

DTV - 5%

CCOI - 5%

CBB - 3%

 

Just out of curiosity are you guessing or do you actually have a source for this information?

[jay21]

This is Ted's portfolio before closing Peninsula

 

GRA - 49%

DVA - 15%

LCAPA - 8%

VCI - 8%

WSFS - 6%

DTV - 5%

CCOI - 5%

CBB - 3%

 

Just out of curiosity are you guessing or do you actually have a source for this information?

 

Its filed with the SEC

[valuefinder0525]

Yes there is a source and jay21 is right

[Guest Schwab711]

there are a few things I don't like though. The big unrealised metals loss sitting in inventory without getting marked. The consistent inability to get close to guidance (for the most recent example look at the last 10q) - they're miles under the guidance they put out in the summer. The aquisition strategy without a consistent split out of organic or aquisition based contribution. I find it very difficult to see the actual underlying performance of the business. No split out of metal pricing effect on revenue. The nearly half a year of inventory on the books.

 

It's possible that all these questions have good explanations. And for Buffett to pay in excess of 32Bn I feel that all the questions need to be answered very well. It is one hell of a price.

 

FAA has already approved a 3D printed jet engine part for GE. It seems like 3D printed aircraft parts are happening faster than any predictions I've seen. I used to think TDG was an excellent company but the industry may be changing to fast for that to be true.

 

http://www.gizmag.com/ge-faa-3d-printing-aircraft-engine-part/37018/

http://www.faa.gov/news/safety_briefing/2015/media/MayJun2015.pdf (p.19 of PDF; p.17 of leaflet)

http://www.padtinc.com/blog/additive-mfg/3d-printed-plastics-in-functional-aerospace-parts

[valuefinder0525]

Anyone wonder why Ted/Todd hasn't gotten Berkshire more involved with Malone? Given that both have invested extensively with Malone's companies before joining BRK, and are still invested through stocks. With BRK's big checkbook there could be some interesting collaborations. Like BRK could've funded the Liberty Broadband equity for the Charter deal.

[AzCactus]

This is Ted's portfolio before closing Peninsula

 

GRA - 49%

DVA - 15%

LCAPA - 8%

VCI - 8%

WSFS - 6%

DTV - 5%

CCOI - 5%

CBB - 3%

 

Just out of curiosity are you guessing or do you actually have a source for this information?

 

Its filed with the SEC

 

Can you explain ? I thought berkshire as a whole submits their 13f so how are you breaking things out ? That's what I don't get

[EliG]

Can you explain ? I thought berkshire as a whole submits their 13f so how are you breaking things out ? That's what I don't get

 

You missed this part:

 

This is Ted's portfolio before closing Peninsula.

 

[AzCactus]

Can you explain ? I thought berkshire as a whole submits their 13f so how are you breaking things out ? That's what I don't get

 

You missed this part:

 

This is Ted's portfolio before closing Peninsula.

 

Thanks for clearingt that up.  Just curious how this is relevant 4 or 5 years since he's been with berkshire.