scorpioncapital Posted August 16, 2022 Share Posted August 16, 2022 I think he is trying to run a balanced ship. Seems Apple is his go-to tech part of his portfolio so he's not gonna add a Google on a dip, unless it was a huge dip maybe. So he nibbles on that. He added to energy to round out the commodity hedge against infation/stagflation. Just seems to me Berkshire is a very balanced ship that mimics in some ways the SP500 but with slightly more energy exposure now. Link to comment Share on other sites More sharing options...
tooskinneejs Posted August 16, 2022 Share Posted August 16, 2022 There was a big shout out to Warren on the series finale of Better Call Saul last night. Link to comment Share on other sites More sharing options...
gfp Posted August 16, 2022 Share Posted August 16, 2022 As usual, every major media outlet misses half the Chevron share adds and 100% of the additional HPQ purchases that Berkshire just reported because they happened inside General Re. Even though the HPQ purchases were publicly disclosed in April and they all wrote articles about it. Link to comment Share on other sites More sharing options...
yesman182 Posted August 16, 2022 Share Posted August 16, 2022 44 minutes ago, gfp said: As usual, every major media outlet misses half the Chevron share adds and 100% of the additional HPQ purchases that Berkshire just reported because they happened inside General Re. Even though the HPQ purchases were publicly disclosed in April and they all wrote articles about it. Are you saying that if I want to know the total ownership Berkshire has in a stock I need to combine the holding in the Berkshire 13F and General Re 13F? Link to comment Share on other sites More sharing options...
gfp Posted August 16, 2022 Share Posted August 16, 2022 1 minute ago, yesman182 said: Are you saying that if I want to know the total ownership Berkshire has in a stock I need to combine the holding in the Berkshire 13F and General Re 13F? The second 13F is called New England Asset Management and you only count the securities with the "01, 02" designation in Column 7. But yes, it is part of General Re and it is disclosed in the main Berkshire 13F as containing additional securities owned. The rest of the NEAM 13F (those that don't have "01, 02" next to them) are not Berkshire corporate holdings. https://www.sec.gov/edgar/browse/?CIK=1004244 https://www.sec.gov/Archives/edgar/data/1004244/000108514622003133/xslForm13F_X01/infotable.xml That's how you get to the correct ownership of stocks like Apple, Chevron, BAC, HPQ, etc etc Link to comment Share on other sites More sharing options...
John Hjorth Posted August 16, 2022 Share Posted August 16, 2022 @yesman182, The very short version of @gfps reply to you above is "yes". Even Dataroma does not get correctly. All media coverage has been missing this point for so many years that it is simply verging to being lame by now. Same on SA [, at least partly]. You can find some meticulous work on this in some topics in this forum about Berkshire here on CoBF provided by our fellow board member @Dynamic a few years ago with spreadsheets, comments, details etc. It's very educational. Link to comment Share on other sites More sharing options...
backtothebeach Posted August 16, 2022 Share Posted August 16, 2022 (edited) NAME OF ISSUER US$ 1000 Shares MANAGER APPLE INC 2,792,398 20,424,207 01 02 BANK NEW YORK MELLON CORP 82,978 1,989,411 01 02 BK OF AMERICA CORP 708,251 22,751,400 01 02 CHEVRON CORP NEW 302,880 2,092,000 01 02 CITIGROUP INC 4,093 89,000 01 02 DIAGEO PLC 39,656 227,750 01 02 HP INC 540,109 16,476,783 01 02 MARKEL CORP 5,238 4,050 01 02 US BANCORP DEL 811,261 17,628,443 01 02 Edited August 16, 2022 by backtothebeach Link to comment Share on other sites More sharing options...
yesman182 Posted August 16, 2022 Share Posted August 16, 2022 57 minutes ago, gfp said: The second 13F is called New England Asset Management and you only count the securities with the "01, 02" designation in Column 7. But yes, it is part of General Re and it is disclosed in the main Berkshire 13F as containing additional securities owned. The rest of the NEAM 13F (those that don't have "01, 02" next to them) are not Berkshire corporate holdings. https://www.sec.gov/edgar/browse/?CIK=1004244 https://www.sec.gov/Archives/edgar/data/1004244/000108514622003133/xslForm13F_X01/infotable.xml That's how you get to the correct ownership of stocks like Apple, Chevron, BAC, HPQ, etc etc Thank you for the thoughtful and detailed reply. Link to comment Share on other sites More sharing options...
MarioP Posted August 16, 2022 Share Posted August 16, 2022 19 hours ago, ValueMaven said: He basically bottom ticked the Apple buy ... not bad timing ! That remembrer me when he was buying KO. If he ask his brokers to buy everything under 140 he has enough liquidity to set the floor at that price. So it is not timing it is « this is my price for backing up the truck ». Link to comment Share on other sites More sharing options...
ValueMaven Posted August 16, 2022 Share Posted August 16, 2022 Also bought more Markel!! Link to comment Share on other sites More sharing options...
james22 Posted August 16, 2022 Share Posted August 16, 2022 1 hour ago, ValueMaven said: Also bought more Markel!! Buy it all. Link to comment Share on other sites More sharing options...
crs223 Posted August 17, 2022 Share Posted August 17, 2022 On 8/15/2022 at 10:09 PM, Xerxes said: Does the fact that he is adding to Apple, an already large position, is an indication that he is implicitly thinking that the 10-year T-bonds have peaked. Who am i to read WEB’s mind… but hasn’t he said on several occasions that he doesn’t know which directions rates are headed? A few months ago he said “I would have bought more AAPL if it dropped more”. He was talking about AAPL share price dropping and not his guess about future interest rates. Link to comment Share on other sites More sharing options...
nwoodman Posted August 17, 2022 Share Posted August 17, 2022 4 hours ago, james22 said: Buy it all. ....just not this decade. Link to comment Share on other sites More sharing options...
jbwent63 Posted August 17, 2022 Share Posted August 17, 2022 16 hours ago, nwoodman said: ....just not this decade. +1 Link to comment Share on other sites More sharing options...
yesman182 Posted August 23, 2022 Share Posted August 23, 2022 Sorry if this is behind a paywall. I wasn't aware that the investment gains might be taxed before the investments are sold. Seems complicated and silly. https://www.barrons.com/articles/berkshire-hathaway-taxes-stock-gains-51661208553?mod=hp_LEAD_2 Link to comment Share on other sites More sharing options...
Munger_Disciple Posted August 23, 2022 Share Posted August 23, 2022 58 minutes ago, erdospi said: https://menafn.com/1104739712/Under-The-New-Tax-Law-Berkshire-Hathaway-Might-Owe-Billions-In-Stock-Gains same article I am willing to take the other side of this bet: there is no way Berkshire or other companies are going to pay tax on unrealized gains. The "book" income (of unrealized gains) already includes deferred taxes payable. So, govt will get its cut when the gains are realized. Link to comment Share on other sites More sharing options...
gfp Posted August 23, 2022 Share Posted August 23, 2022 2 hours ago, Munger_Disciple said: I am willing to take the other side of this bet: there is no way Berkshire or other companies are going to pay tax on unrealized gains. The "book" income (of unrealized gains) already includes deferred taxes payable. So, govt will get its cut when the gains are realized. I agree. First thing I thought when I saw that Barron's article everyone was freaking out about was, "not gonna happen." Same with green energy production tax credits that result in a massively negative tax rate for BHE (not in jeopardy from this law). Link to comment Share on other sites More sharing options...
nwoodman Posted August 24, 2022 Share Posted August 24, 2022 I personally think it is bad tax policy, if the article is correct. If you took it to the extreme you would need an annual appraisal on all assets, just in case they varied in price. We will see how it plays out. Definitely not the cheapest Berkshire has been recently but I will happily swap out a more fairly priced OXY for a slightly undervalued BRK for the long term. Link to comment Share on other sites More sharing options...
Munger_Disciple Posted August 24, 2022 Share Posted August 24, 2022 5 hours ago, gfp said: I agree. First thing I thought when I saw that Barron's article everyone was freaking out about was, "not gonna happen." Same with green energy production tax credits that result in a massively negative tax rate for BHE (not in jeopardy from this law). Agree 100% regarding BHE. Moreover all insurers estimate their liabilities years and sometimes (in case of long tail business) decades before the contracts expire and "book" under-writing profits/losses per GAAP. Will the govt tax these too as soon as they are booked for GAAP purposes? Don't think so. Link to comment Share on other sites More sharing options...
CassiusKing1 Posted August 24, 2022 Share Posted August 24, 2022 If a company pays taxes on unrealized gains and those gains are later lost, does the IRS reimburse the company for those taxes paid on now lost realized gains? Link to comment Share on other sites More sharing options...
gfp Posted August 25, 2022 Share Posted August 25, 2022 (edited) Pilot made an investment in Kodiak Robotics (driverless truck start-up) and got a seat on the board - https://www.prnewswire.com/news-releases/pilot-company-and-kodiak-robotics-partner-to-bring-self-driving-truck-services-to-pilot-and-flying-j-travel-centers-301611056.html https://www.ttnews.com/articles/pilot-kodiak-partner-autonomous-truck-services Edited August 25, 2022 by gfp Link to comment Share on other sites More sharing options...
scorpioncapital Posted August 26, 2022 Share Posted August 26, 2022 I am not sure if the attack on capital such as taxing unrealized gains or a wealth tax is inflationary or deflationary. Either way, it makes those investors living off capital far less well off - an endangered species. Link to comment Share on other sites More sharing options...
nwoodman Posted August 26, 2022 Share Posted August 26, 2022 (edited) 56 minutes ago, scorpioncapital said: I am not sure if the attack on capital such as taxing unrealized gains or a wealth tax is inflationary or deflationary. Either way, it makes those investors living off capital far less well off - an endangered species. Yup, how do you increase the participation rate? This, but wait there’s more… Edited August 26, 2022 by nwoodman Link to comment Share on other sites More sharing options...
Xerxes Posted August 27, 2022 Share Posted August 27, 2022 Apologies if already posted. About BYD Link to comment Share on other sites More sharing options...
ValueMaven Posted August 27, 2022 Share Posted August 27, 2022 @Xerxes Thank you. Yes - most here are aware that this might have happened. BYD has been a massive homerun for Berkshire. Charlie loves BYD, but you can tell Warren is less so, and historically has defered to Charlie on the position. I'd love for them to realize the $8B gain and blow it back into capex projects at BHE. Link to comment Share on other sites More sharing options...
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