Buffett/Berkshire - general news

[Xerxes]

13 hours ago, John Hjorth said:

 

@Xerxes,

 

Yes, but those taxes that are not paid related to a given year are recorded as deferred taxes. Please see Annual Report 2021, p. K-100, note (19), ref. the line : "Investments – unrealized appreciation" in the specification.

thanks John 

[fareastwarriors]

The Oracle of Omaha struck a gusher with his stakes in Japan’s major trading houses. 

[gfp]

BHE sold another 10.76 million shares of BYD (HK:1211).

 

https://di.hkex.com.hk/di/NSAllFormList.aspx?sa2=an&sid=2508&corpn=BYD+Co.+Ltd.++-+H+Shares&sd=09/01/2022&ed=09/01/2023&cid=2&sa1=cl&scsd=09%2f01%2f2022&sced=09%2f01%2f2023&sc=1211&src=MAIN&lang=EN&g_lang=en&

[sleepydragon]

3 hours ago, gfp said:

BHE sold another 10.76 million shares of BYD (HK:1211).

 

https://di.hkex.com.hk/di/NSAllFormList.aspx?sa2=an&sid=2508&corpn=BYD+Co.+Ltd.++-+H+Shares&sd=09/01/2022&ed=09/01/2023&cid=2&sa1=cl&scsd=09%2f01%2f2022&sced=09%2f01%2f2023&sc=1211&src=MAIN&lang=EN&g_lang=en&

I am wondering if this means WEB is bearish on auto stocks in general, because of high capx in an inflationary environment, or is it just BYD’s valuation too high.
 

 

[gfp]

4 minutes ago, sleepydragon said:

I am wondering if this means WEB is bearish on auto stocks in general, because of high capx in an inflationary environment, or is it just BYD’s valuation too high.
 

 

 

I doubt the sales of BYD are connected to some high level take on the global auto industry but who knows.  I would guess that the value (and valuation) of the BYD stake became too large inside of BHE and Greg was given permission to make a call on starting a liquidation  (or a partial liquidation - we'll see).  Warren didn't make the original call to invest in BYD - he sent Sokol to check it out and make the decision with BHE's  (then MidAmerican's) capital.

 

I wouldn't be surprised if BYD sales proceeds ultimately fund some repurchases by BHE of the Walter Scott estate shares.  Either way, BHE has plenty of uses for the capital.

[John Hjorth]

12 minutes ago, gfp said:

 

... I wouldn't be surprised if BYD sales proceeds ultimately fund some repurchases by BHE of the Walter Scott estate shares.  ... 

 

@gfp,

 

Your line of thinking here makes perfect sense to me.

[Charlie]

I was pretty enthusiastic finding this in my holidays in Madeira. 

 

Cheers!

 

Edited January 16, 2023 by Charlie

[crs223]

My neighbor recently bought a second home in Portugal.  I didn’t get the full story but she was partially motivated by taxes.  Wonder if this is a trend…

[Charlie]

The costs of living in Madeira are about 40% cheaper than in Germany and it is a very beautiful warm island. 

 

[backtothebeach]

2 hours ago, Charlie said:

I was pretty enthusiastic finding this in my holidays in Madeira. 

 

Cheers!

 

 

Whoaa! Love it.

[HeadOfLeverage]

Buddy of mine sent a similar pic from Rome :). I had no idea they have branches in Europe.

[gfp]

https://www.aftermarketnews.com/ap-emissions-technologies-acquired-by-berkshire-hathaways-marmon-holdings/

 

I'm sure this is tiny but there is some hope that the higher price of money for private equity deals opens up the bolt-on acquisition deal flow a bit for Berkshire's many subsidiaries.  Meryl Witmer mentioned something similar in a recent Barrons.

[ValueMaven]

Thank you @gfp the idea is that Marmon, PCP, Alleghany, can do a lot of these 'bolt' on deals ... that overtime it may add up at the Berkshire level.

[Munger_Disciple]

Ajit Jain bought a FL condo in 2022. Interesting news (sorry if it was already posted before):

 

https://therealdeal.com/miami/2022/04/20/berkshire-hathaway-top-brass-pays-15m-for-flipped-fisher-island-condo/

Edited January 19, 2023 by Munger_Disciple

[Spekulatius]

18 hours ago, Munger_Disciple said:

Ajit Jain bought a FL condo in 2022. Interesting news (sorry if it was already posted before):

 

https://therealdeal.com/miami/2022/04/20/berkshire-hathaway-top-brass-pays-15m-for-flipped-fisher-island-condo/

This probably means that Ajit does not want to die in his office chair in Farnam Street like Warren.

 

Also Interesting:

The Fiorenzas paid about $9.9 million, or $2,080 per square foot, for the unit in August, which means they sold it for a 60 percent markup in about eight months.

Edited January 20, 2023 by Spekulatius

[Munger_Disciple]

35 minutes ago, Spekulatius said:

This probably means that Ajit does not want to die in his office chair in Farnam Street like Warren.

 

Also Interesting:

The Fiorenzas paid about $9.9 million, or $2,080 per square foot, for the unit in August, which means they sold it for a 60 percent markup in about eight months.

 

It could just be another New Yorker thinking of moving to Florida. I am sure Ajit can run the insurance group from Miami just as well. Ajit owns a very nice apartment in New York city as well and he lives in Rye, NY. 

 

https://www.businessinsider.com/berkshire-hathaway-ajit-jain-one-beacon-court-14-million-new-apartment-2011-2

 

 

Edited January 20, 2023 by Munger_Disciple

[sleepydragon]

10 minutes ago, Munger_Disciple said:

 

It could just be another New Yorker thinking of moving to Florida. I am sure Ajit can run the insurance group from Miami just as well. Ajit owns a very nice apartment in New York city as well and he lives in Rye, NY. 

 

https://www.businessinsider.com/berkshire-hathaway-ajit-jain-one-beacon-court-14-million-new-apartment-2011-2

 

 

I thought he lives in Stamford CT?

 

[sleepydragon]

Maybe AJ is retiring, he’s moving his residence to Florida to save tax?

[Munger_Disciple]

5 minutes ago, sleepydragon said:

I thought he lives in Stamford CT?

 

No he works there and lives in Rye NY

[mjm]

he must be quite concerned with sea levels rising

[gfp]

Ajit is very wealthy and has had a different condo in Florida near the one he bought last year for a while before this.  He has multiple places, it's not a retirement announcement.  I do question his taste, but I haven't seen the Rye NY pad so maybe that one is nice looking.

[Munger_Disciple]

1 hour ago, gfp said:

Ajit is very wealthy and has had a different condo in Florida near the one he bought last year for a while before this.  He has multiple places, it's not a retirement announcement.  I do question his taste, but I haven't seen the Rye NY pad so maybe that one is nice looking.

 

I agree; there is zero chance Ajit is retiring. He is just like Warren & loves his job. BTW his place in Rye seems to be pretty nice:

 

https://www.google.com/maps/place/14+Island+Dr,+Rye,+NY+10580/@40.9770033,-73.6595857,332m/data=!3m1!1e3!4m5!3m4!1s0x89c290a8daefd371:0x6f29816caba0e1cd!8m2!3d40.9766035!4d-73.6586337

Edited January 20, 2023 by Munger_Disciple

[LC]

1 hour ago, Munger_Disciple said:

 

I agree; there is zero chance Ajit is retiring. He is just like Warren & loves his job. BTW his place in Rye seems to be pretty nice:

 

https://www.google.com/maps/place/14+Island+Dr,+Rye,+NY+10580/@40.9770033,-73.6595857,332m/data=!3m1!1e3!4m5!3m4!1s0x89c290a8daefd371:0x6f29816caba0e1cd!8m2!3d40.9766035!4d-73.6586337

 

I spent my childhood summers losing various belongings at playland just south of there 

[longterminvestor]

Fisher Island.  5th most wealthy zip code in the US.  

Property Search Application - Miami-Dade County.pdf

[ValueMaven]

Who cares about any of this stuff where Jain lives??  More interesting is the recent acquisition by Marmon, but only 2 people commented about this.  Buffett has said that Jain has created 'more than $50B of value at Berkshire' ... leave the gut alone and let him be!!!