villainx Posted February 28 Share Posted February 28 Wondering why Berkshire doesn’t have an arm in its business to do CSU type smaller deals. I know in grand scheme of things it won’t be needle moving but the company already has Sees and Diary Queen, and can do more in that space. At the least it’ll build a competent group of acquirers and managers. Maybe the risk isn’t worth the small rewards, but just waiting for an elephant to come to crosshairs leaves a lot of smaller worthwhile game to pass. Link to comment Share on other sites More sharing options...
Xerxes Posted February 28 Share Posted February 28 18 hours ago, redskin said: Berkshire has received $53.68 billion in dividends from BNSF since its purchase in 2009. Did he pay $34B for it? showing off from my new book. Excerpt from 2009, 2010 and 2011 letters on BNSF. $22B in cash + 6% of the company Excluding the stake they already had. Did Berkshire gave away too much by issuing away 6% of Berkshire. That is $54 billion on a market cap of $900 billion todays price. Link to comment Share on other sites More sharing options...
keegomaster Posted February 29 Share Posted February 29 4 hours ago, Xerxes said: showing off from my new book. Excerpt from 2009, 2010 and 2011 letters on BNSF. $22B in cash + 6% of the company Excluding the stake they already had. Did Berkshire gave away too much by issuing away 6% of Berkshire. That is $54 billion on a market cap of $900 billion todays price. Interesting, what book is this? Link to comment Share on other sites More sharing options...
Xerxes Posted February 29 Share Posted February 29 39 minutes ago, keegomaster said: Interesting, what book is this? great stuff Link to comment Share on other sites More sharing options...
xboojum Posted February 29 Share Posted February 29 6 hours ago, villainx said: Wondering why Berkshire doesn’t have an arm in its business to do CSU type smaller deals. I know in grand scheme of things it won’t be needle moving but the company already has Sees and Diary Queen, and can do more in that space. At the least it’ll build a competent group of acquirers and managers. Maybe the risk isn’t worth the small rewards, but just waiting for an elephant to come to crosshairs leaves a lot of smaller worthwhile game to pass. I had hoped that Marmon would turn into this for small/midsized industrials. It's not clear if it hasn't, really, or if the acquisitions are just not sizable enough, even in aggregate, to be really noticeable. Link to comment Share on other sites More sharing options...
redskin Posted February 29 Share Posted February 29 7 hours ago, Xerxes said: showing off from my new book. Excerpt from 2009, 2010 and 2011 letters on BNSF. $22B in cash + 6% of the company Excluding the stake they already had. Did Berkshire gave away too much by issuing away 6% of Berkshire. That is $54 billion on a market cap of $900 billion todays price. So it looks like it was worth giving up the 6% Link to comment Share on other sites More sharing options...
gfp Posted February 29 Share Posted February 29 Greg Abel is leaving the Kraft Heinz board. I doubt there is much to read into this, probably just time management. Greg had a large increase in workload. Two Berkshire designees will remain on the KHC board. https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1637459/000163745924000029/khc-20240222.htm Link to comment Share on other sites More sharing options...
Cigarbutt Posted February 29 Share Posted February 29 3 hours ago, gfp said: Greg Abel is leaving the Kraft Heinz board. I doubt there is much to read into this, probably just time management. Greg had a large increase in workload. Two Berkshire designees will remain on the KHC board. https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1637459/000163745924000029/khc-20240222.htm A word about Timothy Kenesey, who may have some work to do in his main line of business. And a word about MedPro, the gem bought by BRK in 2005 for 825M. A gem like so many others hidden in plain sight within consolidated numbers. The MedPro topic is expanded upon here slightly as there may be a correlated message to another contemporary topic here related to unrecognized value when an insurer has recently entered a hard market. When BRK bought MedPro, their market was in a mess but an unrecognized recovery was already under way (i guess it felt like then what is felt like now in relation to BHE's prospects?). Retrospective look to the period before the 2005 acquisition: The above is the total return curve for the industry's lines where MedPro has been evolving. The poor numbers reported in the 2001-3 period were affected by poor investment results but especially by bad underwriting results (both accident and calendar year reporting). So BRK bought in 2005 for 1.5x surplus value. And then: The above are MedPro's results in the years following the acquisition. Ok this may be simply boring historical stuff but the MedPro gem is very likely about to (next few years) report very strong results. Of note: the 'premium' paid in 2005, in retrospect, suggests that what GE accepted as a 'price' was not exactly efficient. Link to comment Share on other sites More sharing options...
jbwent63 Posted February 29 Share Posted February 29 I apologize for not remembering who was posting the NICO regulatory filings, but if they would be so kind as to do so for year end it would be much appreciated. Especially the investment section. Thanks in advance. Link to comment Share on other sites More sharing options...
gfp Posted February 29 Share Posted February 29 (edited) 12 minutes ago, jbwent63 said: I apologize for not remembering who was posting the NICO regulatory filings, but if they would be so kind as to do so for year end it would be much appreciated. Especially the investment section. Thanks in advance. Cheers - I will post them but they are not out yet. The Annual filings take a bit longer to be published. I've seen quarterly filings actually come out before a company's 10Q before (which must be a no-no) - but never for a BRK sub. edit: if you are hoping to learn the "secret" financial security you will probably be out of luck (same as Q3) because it is hidden inside the Harney Investment Trust, Warren's go-to disclosure obscurer (is that a word?) Edited February 29 by gfp Link to comment Share on other sites More sharing options...
longterminvestor Posted March 1 Share Posted March 1 On 2/28/2024 at 4:07 PM, Xerxes said: Did Berkshire gave away too much by issuing away 6% of Berkshire. That is $54 billion on a market cap of $900 billion todays price. Not at all. Shares outstanding today are less than when those shares were issued and we got the rail road. and its worth north of $150B now. Link to comment Share on other sites More sharing options...
hasilp89 Posted March 1 Share Posted March 1 8 hours ago, gfp said: Cheers - I will post them but they are not out yet. The Annual filings take a bit longer to be published. I've seen quarterly filings actually come out before a company's 10Q before (which must be a no-no) - but never for a BRK sub. edit: if you are hoping to learn the "secret" financial security you will probably be out of luck (same as Q3) because it is hidden inside the Harney Investment Trust, Warren's go-to disclosure obscurer (is that a word?) The guy who pays for obscure insurance filings and shares them. Also moonlights as the illiterate guy who can’t do math. (bad joke, my way of saying I appreciate you @gfp) Link to comment Share on other sites More sharing options...
gfp Posted March 1 Share Posted March 1 (edited) 12 hours ago, hasilp89 said: The guy who pays for obscure insurance filings and shares them. Also moonlights as the illiterate guy who can’t do math. (bad joke, my way of saying I appreciate you @gfp) https://www.insurancebusinessmag.com/us/news/breaking-news/insurancebased-investment-scheme-labelled-ponzi-closed-down-479411.aspx Aww man, now I gotta shut down my "secrets of the NAIC" call buying fund! this guy ruined it for everyone. f*cking harvard... Edited March 1 by gfp Link to comment Share on other sites More sharing options...
Hektor Posted March 1 Share Posted March 1 12 hours ago, hasilp89 said: Also moonlights as the illiterate guy who can’t do math. Link to comment Share on other sites More sharing options...
gfp Posted March 1 Share Posted March 1 (edited) Attached is the National Indemnity year end NAIC filing that includes investments. There are quite a few files - I am still going through them. I will post a few more later today (FWIW, they were selling AAPL for $192.75 / share on December 27th so it could have been primarily tax related - if for some reason it "made sense" to take a gain on AAPL for the 2023 tax year). edit: they were also selling AAPL the day before in Columbia Insurance at $193.79 / share. So decent prices 20087.2023.P.AN.PI.O.M.4665561.pdf Edited March 1 by gfp Link to comment Share on other sites More sharing options...
Xerxes Posted March 1 Share Posted March 1 Good episode. Talks about a variety of Berkshire related topic. it is interesting that Josh Brown although has heard of Markel, doesn’t know much about. The FFH and Markel crowd are really flying under the radar. Link to comment Share on other sites More sharing options...
sleepydragon Posted March 1 Share Posted March 1 56 minutes ago, gfp said: Attached is the National Indemnity year end NAIC filing that includes investments. There are quite a few files - I am still going through them. I will post a few more later today (FWIW, they were selling AAPL for $192.75 / share on December 27th so it could have been primarily tax related - if for some reason it "made sense" to take a gain on AAPL for the 2023 tax year). edit: they were also selling AAPL the day before in Columbia Insurance at $193.79 / share. So decent prices 20087.2023.P.AN.PI.O.M.4665561.pdf 642.51 kB · 6 downloads Thanks Gfp. So it seems to me Buffett didn’t sell any Para from NAI’s portfolio ? He must have sold it from other accounts? Link to comment Share on other sites More sharing options...
gfp Posted March 1 Share Posted March 1 11 minutes ago, sleepydragon said: Thanks Gfp. So it seems to me Buffett didn’t sell any Para from NAI’s portfolio ? He must have sold it from other accounts? That seems to be the case, which opens up the question of whether Paramount is a Buffett holding at all. I will check their last PARA filing to see if there is any information on where it is held within BRK. Link to comment Share on other sites More sharing options...
gfp Posted March 1 Share Posted March 1 (edited) These are the stocks sold within General Re during the year (General Re is where most of the 'not-on-the-13F' european equities live) edit: that's really blurry. They sold Chevron, HP, USB, Allianz, Munich Re, BASF and Nestle. The European stuff was sold earlier in the year Edited March 1 by gfp Link to comment Share on other sites More sharing options...
sleepydragon Posted March 1 Share Posted March 1 8 minutes ago, gfp said: That seems to be the case, which opens up the question of whether Paramount is a Buffett holding at all. I will check their last PARA filing to see if there is any information on where it is held within BRK. Thanks. Curious why do you think it opens up the question if it’s a Buffett holding? also, the NAI filing show the shares were bought in 3/9/2022, when the stock was at $34. Shouldn’t Buffett sells these first because they are quite high cost. Buffett’s first purchase was in Q1 2022. And $34 was hear the high range during that quarter. Unless it’s actually being held by both WEB and T.T.? Link to comment Share on other sites More sharing options...
gfp Posted March 1 Share Posted March 1 7 minutes ago, sleepydragon said: Thanks. Curious why do you think it opens up the question if it’s a Buffett holding? also, the NAI filing show the shares were bought in 3/9/2022, when the stock was at $34. Shouldn’t Buffett sells these first because they are quite high cost. Buffett’s first purchase was in Q1 2022. And $34 was hear the high range during that quarter. Unless it’s actually being held by both WEB and T.T.? Ah yes I see what you mean. I didn't notice that there were shares owned inside National Indemnity. You confused me with that NAI reference because I think of NAI as National Amusements not National Indemnity. I don't think it indicates Buffett investment or otherwise - I thought at the point of your earlier post that there was no PARA inside National Indemnity and if that indicated it's in a pension fund or something then that would point to a non-Buffett manager (T&T). If I notice PARA being sold in another filing I will post it. There are quite a few different reporting insurance subsidiaries within Berkshire. It wasn't sold in Columbia or Gen Re that I have seen so far. Link to comment Share on other sites More sharing options...
sleepydragon Posted March 1 Share Posted March 1 18 minutes ago, gfp said: Ah yes I see what you mean. I didn't notice that there were shares owned inside National Indemnity. You confused me with that NAI reference because I think of NAI as National Amusements not National Indemnity. I don't think it indicates Buffett investment or otherwise - I thought at the point of your earlier post that there was no PARA inside National Indemnity and if that indicated it's in a pension fund or something then that would point to a non-Buffett manager (T&T). If I notice PARA being sold in another filing I will post it. There are quite a few different reporting insurance subsidiaries within Berkshire. It wasn't sold in Columbia or Gen Re that I have seen so far. oh, sorry. I meant to type NAIC not NAI. I am the one who confused and got it wrong Link to comment Share on other sites More sharing options...
Hektor Posted March 2 Share Posted March 2 https://www.wsj.com/business/entrepreneurship/warren-buffett-tracy-britt-kanbrick-fb304a50 Quote A Warren Buffett Protégée Is on the Hunt for Small Companies. She Now Has Millions More to Spend. Tracy Britt Cool raises $220 million for Kanbrick, an investment firm that seeks to be an alternative to private equity Link to comment Share on other sites More sharing options...
gfp Posted March 2 Share Posted March 2 This donation has been well covered in the media but I thought this morning's WSJ article about it was better than most at telling the story of Warren, Sandy and Ruth - https://www.wsj.com/finance/investing/billion-donation-einstein-medicine-warren-buffett-ruth-gottesman-01b9ae91?mod=hp_lead_pos8&mod=wknd_pos1 Link to comment Share on other sites More sharing options...
Munger_Disciple Posted March 2 Share Posted March 2 I thought the Gottesman's stake in Berkshire is worth a lot more than $1 billion. Perhaps already distributed to heirs? Link to comment Share on other sites More sharing options...
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