Buffett/Berkshire - general news

[Ballinvarosig Investors]

Quote

Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit. To date, I’ve been very lucky, but, before long, he will get around to me.

A very sombre tone.

[nwoodman]

I know everyone’s mileage differs, but I personally think this is one of the best pieces of advice he has ever given.  

 

“I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it.

 

Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. If any have questions or suggestions, listen carefully and adopt those found sensible. You don't want your children asking "Why?" in respect to testamentary decisions when you are no longer able to respond.

 

Over the years, I have had questions or commentary from all three of my children and have often adopted their suggestions. There is nothing wrong with my having to defend my thoughts. My dad did the same with me.

 

I change my will every couple of years - often only in very minor ways - and keep things simple. Over the years, Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry. Jealousies, along with actual or imagined slights during childhood, became magnified, particularly when sons were favored over daughters, either in monetary ways or by positions of importance.
 

Charlie and I also witnessed a few cases where a wealthy parent's will that was fully discussed before death helped the family become closer. What could be more satisfying?”

 

 

Edited November 27, 2024 by nwoodman

[Parsad]

10 hours ago, Munger_Disciple said:

This is only tangentially related to BRK but Whitney Tilson is running for mayor of New York City.

 

https://archive.ph/1mIK3

 

If you have nothing nice to say, say nothing at all!

 

Therefore, I shall say nothing!  Cheers!

[alpha]

 

NY fined Geico for data breach: https://www.reuters.com/business/finance/new-york-fines-geico-98-million-over-data-breach-2024-11-25/

 

Looks like your personal driver info is worth about $84  

[coc]

On 11/26/2024 at 1:44 PM, Munger_Disciple said:

This is only tangentially related to BRK but Whitney Tilson is running for mayor of New York City.

 

https://archive.ph/1mIK3

 

Ackman is trying to play kingmaker. I guess Tilson is no more of a con / salesjob than Trump was in his heyday.

[Spooky]

Decent article in Fortune about Berkshire comparing it to big tech: https://fortune.com/2024/11/30/warren-buffett-stocks-net-worth-berkshire-hathaway/

 

"So far in this tech-infatuated year, Berkshire’s stock has outperformed the shares of Apple, Microsoft, and Alphabet. It has beaten the tech-heavy Nasdaq as well as the S&P, the Dow, and the Russell 2000."

 

"Add up a company’s assets and then subtract its liabilities. What’s left is net worth. Apple’s net worth is $57 billion. Nvidia’s is $66 billion. Berkshire’s is $663 billion. Some of the other tech giants have a higher net worth than Apple and Nvidia have, but none reach even half of Berkshire’s."

[redskin]

17 hours ago, Spooky said:

Decent article in Fortune about Berkshire comparing it to big tech: https://fortune.com/2024/11/30/warren-buffett-stocks-net-worth-berkshire-hathaway/

 

"So far in this tech-infatuated year, Berkshire’s stock has outperformed the shares of Apple, Microsoft, and Alphabet. It has beaten the tech-heavy Nasdaq as well as the S&P, the Dow, and the Russell 2000."

 

"Add up a company’s assets and then subtract its liabilities. What’s left is net worth. Apple’s net worth is $57 billion. Nvidia’s is $66 billion. Berkshire’s is $663 billion. Some of the other tech giants have a higher net worth than Apple and Nvidia have, but none reach even half of Berkshire’s."

I think Buffett would cringe with this article.  He would much prefer to be 'Capital light'.  Apple has returned close to $1 trillion to shareholders through dividends and buybacks over the past 15 years.  Apple could've retained that capital and exceeded Berkshire's 'Net Worth' by a significant margin.  

[Blake Hampton]

"Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short, though, in years when the market is strong – as we did in 2013. We have underperformed in ten of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%."

 

- Warren Buffett, 2013 shareholder letter

[gfp]

17 minutes ago, A_Hamilton said:

I was once at a fireside Q&A with Charlie Munger at Cal Tech.

 

Tilson gets up to ask a question, but starts by saying "When you and I were at dinner together last week..." and Munger interjects and says "You and I were not at dinner together last week. We were at an event where we both ate dinner and were at separate tables."

 

Tilson was so blatant in his slimy attempts to try to improve his image by somehow indicating to the world that he was connected to Buffett and Munger. I was so happy to see Munger call it out for what it was.   

 

That's a hilarious story!  Thank for sharing that

[Munger_Disciple]

48 minutes ago, gfp said:

 

That's a hilarious story!  Thank for sharing that

 

+1, thanks for sharing @A_Hamilton

[Libs]

2 hours ago, A_Hamilton said:

I was once at a fireside Q&A with Charlie Munger at Cal Tech.

 

Tilson gets up to ask a question, but starts by saying "When you and I were at dinner together last week..." and Munger interjects and says "You and I were not at dinner together last week. We were at an event where we both ate dinner and were at separate tables."

 

Tilson was so blatant in his slimy attempts to try to improve his image by somehow indicating to the world that he was connected to Buffett and Munger. I was so happy to see Munger call it out for what it was.   

 

Post of the year.

[hasilp89]

5 hours ago, A_Hamilton said:

I was once at a fireside Q&A with Charlie Munger at Cal Tech.

 

Tilson gets up to ask a question, but starts by saying "When you and I were at dinner together last week..." and Munger interjects and says "You and I were not at dinner together last week. We were at an event where we both ate dinner and were at separate tables."

 

Tilson was so blatant in his slimy attempts to try to improve his image by somehow indicating to the world that he was connected to Buffett and Munger. I was so happy to see Munger call it out for what it was.   

that is hilarious. thank you for sharing. 

[adesigar]

https://www.thestack.technology/300-million-cloud-bill-triggered-a-rethink-at-this-firm-and-a-shopping-spree-on-modular-hardware/
 

Geicos cloud bill 

[RadMan24]

13 hours ago, adesigar said:

https://www.thestack.technology/300-million-cloud-bill-triggered-a-rethink-at-this-firm-and-a-shopping-spree-on-modular-hardware/
 

Geicos cloud bill 

That's quite interesting thanks for sharing. 

[Parsad]

On 12/10/2024 at 1:04 PM, gfp said:

 

That's a hilarious story!  Thank for sharing that

 

Actually, the hilarious part is that has occurred more than once between Tilson and Munger!  Munger would roll his eyes every time Tilson got up to ask a question at other meetings.  Cheers!

[WFF]

more Versign being bought by Berkshire.

 

https://www.sec.gov/Archives/edgar/data/1067983/000095017024140587/0000950170-24-140587-index.htm

[DooDiligence]

Here's an interesting writeup.

 

https://jefftowson.com/membership_content/why-did-berkshire-invest-in-verisign-1-of-2-tech-strategy-daily-article/

 

===

 

They get another 6 years.

 

https://www.ntia.gov/blog/2024/com-cooperative-agreement-ensuring-internet-stability-and-security

Edited December 27, 2024 by DooDiligence

[CorpRaider]

Is there a chance this Verisign position might be the big dog?  I guess we'll know if it keeps growing.

Edited December 30, 2024 by CorpRaider

[gfp]

3 minutes ago, CorpRaider said:

Is there a chance this Verisign position might be the big dog?  I guess we'll know if it keeps growing.

 

If my memory is correct, this was one of Todd Combs' early positions when he came on board at Berkshire.  I'll have to go back and figure out why I thought that - maybe it was the broker he used or something he said.

[CorpRaider]

1 minute ago, gfp said:

 

If my memory is correct, this was one of Todd Combs' early positions when he came on board at Berkshire.  I'll have to go back and figure out why I thought that - maybe it was the broker he used or something he said.

Ahh ok.  Thanks.  Don't go to any trouble on my behalf.

[gfp]

Some more VRSN purchases.  A few tip offs that it's not Warren himself are that much of the stock is held in the various pension funds, which was the first capital he turned over to Todd and, later, Ted.  Also these trade sizes are not Warren's style at all.

https://www.sec.gov/Archives/edgar/data/1067983/000095017024141263/xslF345X03/ownership.xml

[bennycx]

Had some VRSN as "cash alternatives". Didn't expect it to outperform what I thought were better "investments". Not sure now if to keep or sell.

[Charlie]

Good interview with Chris Davis talking about Berkshire Hathaway:

 

 

[sleepydragon]

According to Li Lu, when Munger is 99

years old, he found an idea reading Barron’s and bought a stock that everyone hated and politically incorrect to buy, and the stock has doubled. Any guess what it could be?

 

 

[rogermunibond]