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Posted (edited)

After re reading it i don’t think the Barron’s investment is related to the investment he made at 99. Unless the translation is off. Who knows I was wondering the same. SOC showed up in Li Lu’s last filing. It is definitely hated right now and has doubled. 

Edited by Whensthepaintdry?
Posted (edited)

Charlie mentioned two barrons-sourced investments.  The one that he exited with $80m to give to Li Lu was Tenneco and the one at age 99 was the one that he saw double before his death and his heirs still hold.

Edited by gfp
Posted
6 hours ago, Whensthepaintdry? said:

After re reading it i don’t think the Barron’s investment is related to the investment he made at 99. Unless the translation is off. Who knows I was wondering the same. SOC showed up in Li Lu’s last filing. It is definitely hated right now and has doubled. 


My understanding is that the latest at 99 was not from Barrons.   
 

SOC could be up Munger’s wheelhouse, he understand oil and law/regulations.

Posted
On 1/3/2025 at 9:42 AM, sleepydragon said:

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?

 

 

Another translation I saw says it was a coal stock.

 

My guess is it's Alpha Metallurgical Resources - it doubled in roughly the same timeframe described, and Mohnish Pabrai and Guy Spier bought shares in their funds shortly thereafter. 

Posted
48 minutes ago, 73 Reds said:

Hmm, what's next - is the government going to start suing landlords who rent to tenants who can't afford the rent?  

 

I don't know but we just had to turn down a prospective tenant who applied but couldn't afford the apartment and I was sort of worried he would come back with some discrimination stuff.  Dude put his Mother down as his only reference LOL...  My first thought was to forward him this article and explain how irresponsible it is for a landlord to trap a tenant in a contract that can't afford but luckily that is my wife's department and I fix the toilets where my strengths lie.

Posted
3 minutes ago, gfp said:

I don't know but we just had to turn down a prospective tenant who applied but couldn't afford the apartment and I was sort of worried he would come back with some discrimination stuff.  Dude put his Mother down as his only reference LOL...  My first thought was to forward him this article and explain how irresponsible it is for a landlord to trap a tenant in a contract that can't afford but luckily that is my wife's department and I fix the toilets where my strengths lie.

 

I can't stop laughing now! 😅

Posted
1 minute ago, gfp said:

 

I don't know but we just had to turn down a prospective tenant who applied but couldn't afford the apartment and I was sort of worried he would come back with some discrimination stuff.  Dude put his Mother down as his only reference LOL...  My first thought was to forward him this article and explain how irresponsible it is for a landlord to trap a tenant in a contract that can't afford but luckily that is my wife's department and I fix the toilets where my strengths lie.

LOL, the irony is when a landlord leases to tenants who can't afford the rent, the landlord is only creating problems for himself.  But to the very issue involving Clayton Homes, there is no telling what the buyer might have represented in its financing application or even verbally (i.e., "I'm getting a big raise starting next week").  Home owners who default on their mortgages have many more legal options than defaulting tenants, who can often be summarily removed even if they have a valid defense to an eviction but no money to cover the rent.   

Posted

Not sure where to post this but I found it entertaining and it is a well told narrative of an early 80's Berkshire Hathaway arbitrage investment.  Didn't want to put it in 'Buffett's early investments' since that is somebody else's book.  This is a free article but the substack offers a subscription.  Not a recommendation to pay up for a sub.

 

https://dirtcheapstocks.substack.com/p/how-warren-buffett-earned-a-39-irr?utm_source=post-email-title&publication_id=2329765&post_id=154492215&utm_campaign=email-post-title&isFreemail=true&r=oqhe5&triedRedirect=true&utm_medium=email

Posted

With the fire in LA, what can we expect the hit to the insurance business?  Aside from GEICO, is the exposure pretty limited?  

Berkshire has exited the home insurance market in California, so we should be fine there. There is probably a hit with small business insurance as well.  But how about reinsurance?   Has anyone looked into this?

Posted (edited)

Mercury General is getting crushed right now .. down -25%.  They are a very large auto insurance, with very sizable CA exposure  and the CEO is well over 100 years old at this point (he owns 45% of O/S).  Seems like it would be a great acquisition for GEICO, given the near-term distress.  Anyone have thoughts on this?

Edited by ValueMaven
Posted
1 minute ago, LC said:

 

Oh boy. From playing dress-up sheriff to dress-up chairman? Warren is a great investor but his succession planning never struck me as outstanding.


that’s not what I concluded from reading this story. Howie is a “do-er”. Takes initiatives and get things done.  Who else you know traveled to a war zone a dozen times. He’s compassionate and full of passion, and is responsible.

 

Posted (edited)

This was a surprise for me: Howie says: Berkshire should continue holding annual meetings at which the leadership takes questions at length from shareholders. "One hundred percent, absolutely. I just hope I can do it and Greg can do it for eight hours like he does.”

 

So Howie will be on the podium with Greg & Ajit post-Warren taking questions from shareholders. Before this, I thought it would just be Greg & Ajit. 

Edited by Munger_Disciple
Posted
1 hour ago, LC said:

 

Oh boy. From playing dress-up sheriff to dress-up chairman? Warren is a great investor but his succession planning never struck me as outstanding.

I think warren mentioned he will be the guardian of the culture and maybe his legacy ? not an operating manager per se. So not a true successor in that sense and with the buffett family stock going to charities, the family will not exert control in that manner. 

 

Its worked out for some of the other companies such as walmart. maybe it will in berkshire too

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