Red Lion Posted June 11, 2022 Posted June 11, 2022 24 minutes ago, StevieV said: From the article: "The insurance company denied her claim, but when the woman pressed the issue, the company and the woman agreed to approach an arbitrator to resolve the matter. The arbitrator decided in the woman's favor, awarding her $5.2 million last year." This is the wild part. Hard to imagine what the policy could say that could support that decision. Just imagine the homeowners insurance claims. Agreed that this is a wild outcome. I bet the plaintiff's lawyer bought a vacation house in one of JOE's developments with his fee.
aws Posted June 11, 2022 Posted June 11, 2022 I wonder if they had the same attorney as in this case, which the appeals court relied upon when denying Geico's appeal. https://casetext.com/case/knight-v-knight-134 I only skimmed it, but my reading was: Grandson sues grandparents for injury on a jet-ski, saying the grandparents neglected to supervise him State farm denied coverage since it the activity was excluded under the policy The parties agree to arbitration, in which the grandparents will agree not to offer any defense, agree not to challenge any award, and the grandson agrees to seek recovery only from the insurance policy and not from grandparents personally State Farm is not allowed to intervene as they are not a party to the lawsuit (despite being the only one who would ever have to pay out an award) Basically it seems like collusion between the parties which burdens in insurer with an unlimited bill that they cannot challenge. So that once the door has been opened that the insurer acted in bad faith by declining to defend the insured, they are automatically bound to anything that happens after that point, even if the parties conspire to act in such a way to maximize the judgment and minimize any chance of later defense.
DooDiligence Posted June 12, 2022 Posted June 12, 2022 (edited) 15 hours ago, aws said: I wonder if they had the same attorney as in this case, which the appeals court relied upon when denying Geico's appeal. https://casetext.com/case/knight-v-knight-134 I only skimmed it, but my reading was: Grandson sues grandparents for injury on a jet-ski, saying the grandparents neglected to supervise him State farm denied coverage since it the activity was excluded under the policy The parties agree to arbitration, in which the grandparents will agree not to offer any defense, agree not to challenge any award, and the grandson agrees to seek recovery only from the insurance policy and not from grandparents personally State Farm is not allowed to intervene as they are not a party to the lawsuit (despite being the only one who would ever have to pay out an award) Basically it seems like collusion between the parties which burdens in insurer with an unlimited bill that they cannot challenge. So that once the door has been opened that the insurer acted in bad faith by declining to defend the insured, they are automatically bound to anything that happens after that point, even if the parties conspire to act in such a way to maximize the judgment and minimize any chance of later defense. Why didn't he sue the intoxicated individual who rear ended him? "While Collin was operating his own Jet Ski, his intoxicated relative struck Collin's Jet Ski from the rear. Collin was seriously injured in the accident." Edited June 12, 2022 by DooDiligence
Spekulatius Posted June 12, 2022 Posted June 12, 2022 6 hours ago, DooDiligence said: Why didn't he sue the intoxicated individual who rear ended him? "While Collin was operating his own Jet Ski, his intoxicated relative struck Collin's Jet Ski from the rear. Collin was seriously injured in the accident." Because his then intoxicated relative likely doesn’t have any money. As the insurance Bible says “Thee who can pay, get slapped with a lawsuit!”
woodstove Posted June 14, 2022 Posted June 14, 2022 gfp - Thanks for that video link re Pilot and Diesel, DEF, Ethanol transport issues with strange Union Pacific actions. I did not know before. It seems outrageous, terrible mis-management at U.P. One thing I do like, I think this gentleman as CEO of Pilot is excellent manager, and I am happy he is on Berkshire team.
wabuffo Posted June 15, 2022 Posted June 15, 2022 Based on Buffett's 13D related to his annual charitable giving, we can infer BRK's up-to-the-minute share count. https://sec.gov/Archives/edgar/data/0001067983/000119312522174841/d352507dsc13da.htm After pausing in April when the B-shares went above $350 per share, at recent prices, looks like 4.2m B-equivalent shares were repurchased. Bill
gfp Posted June 15, 2022 Posted June 15, 2022 (edited) Bill, maybe you can answer this question for me... Why has the outstanding share count of the A-shares only declined by 1,365 A-shares since April when the press release by Buffett says he - just that day - converted 9,608 of his A-shares into B-shares. As we all know, the shares are only convertible one-way. https://berkshirehathaway.com/news/jun1422.pdf edit: I should note I am not doubting your math - I get the same share count as you for A-shares when I use 37.4% being his remaining 229,016 shares and I get the same figures as you for total share count using 15.6% total economic interest in Berkshire. Edited June 15, 2022 by gfp
wabuffo Posted June 15, 2022 Posted June 15, 2022 No idea. Maybe the ownership stake percentages are pre-conversion by Buffett. I use the 15.6% to calculate the total B-share equivalents which wouldn't matter whether its pre- or post-conversion. Also of note is that the 15.6% could be anywhere from 15.57% (zero reduction) to 15.64% (9.9m share reduction). We really don't know the exact share count - but the good news is that the repurchases have been activated again. I hope Buffett is really firing the big gun at current prices. Bill
Parsad Posted June 16, 2022 Posted June 16, 2022 8 hours ago, wabuffo said: Based on Buffett's 13D related to his annual charitable giving, we can infer BRK's up-to-the-minute share count. https://sec.gov/Archives/edgar/data/0001067983/000119312522174841/d352507dsc13da.htm After pausing in April when the B-shares went above $350 per share, at recent prices, looks like 4.2m B-equivalent shares were repurchased. Bill Bill, do you know what is the total amount Buffett has donated to non-profit organizations to date, since he started giving shares to the Gates Foundation? Cheers!
Lemsip Posted June 16, 2022 Posted June 16, 2022 (edited) 3 hours ago, Parsad said: Bill, do you know what is the total amount Buffett has donated to non-profit organizations to date, since he started giving shares to the Gates Foundation? Cheers! In his letter published last year the figure he quoted was $41b. This year's contribution is around $4b at current prices so the total donated should be around $45b. https://berkshirehathaway.com/donate/jun2321.pdf Edited June 16, 2022 by Lemsip
aws Posted June 16, 2022 Posted June 16, 2022 On 5/21/2021 at 9:50 AM, sleepydragon said: What happened to the “mystery ” buyer of BRK A ? Some possibilities: this “buyer” may actually had a large short position in A or B and was covering( maybe a quant fund that had an algo bug that traded A shares regardless of the ADV). Or it could be a personal investor (very unlikely). Or someone who bought A shares and sold soon after? This goes back a ways but some may find it interesting. I think I solved the mystery of the A share buyer today. The answer is that fractional share purchases hit the tape as a whole share. So if someone buys $20 worth of fractional A shares (1/20000th of a share) it still hits the tape as a full share purchase. See this explanation on FINRA's website: Share Quantity Q101.14: How should a trade for a fractional number of shares, for example, 100.5 shares, be reported? A101.14: When reporting a trade for a fractional number of shares, firms should delete the fraction and report the whole number, except if the whole number would be 0 (zero). If the whole number would be 0, firms should round up to 1. Thus, for example, for a trade of 100.5 shares, the reported quantity would be 100. Trade reports with a share quantity containing a decimal or a fraction will be rejected. (See also, e.g., OATS FAQ T69.) Q101.15: Must trades for less than one share be reported? A101.15: Yes. As noted in FAQ 101.14, where a trade is executed for less than one share, e.g., 1/3 share, firms should round up and report a share quantity of 1. I tested this, and I bought about $20 worth of A shares on Robinhood and repeated it as quickly as I could, getting about 20 such orders in. I then checked the tape and each one of these came across as a full share order. So really, there likely has been no increase in the volume of A share traded, but rather it just reflects brokers beginning to offer fractional share purchases.
Parsad Posted June 16, 2022 Posted June 16, 2022 11 hours ago, Lemsip said: In his letter published last year the figure he quoted was $41b. This year's contribution is around $4b at current prices so the total donated should be around $45b. https://berkshirehathaway.com/donate/jun2321.pdf Thanks Lemsip! Cheers!
yesman182 Posted June 17, 2022 Posted June 17, 2022 5 hours ago, aws said: This goes back a ways but some may find it interesting. I think I solved the mystery of the A share buyer today. The answer is that fractional share purchases hit the tape as a whole share. So if someone buys $20 worth of fractional A shares (1/20000th of a share) it still hits the tape as a full share purchase. See this explanation on FINRA's website: Share Quantity Q101.14: How should a trade for a fractional number of shares, for example, 100.5 shares, be reported? A101.14: When reporting a trade for a fractional number of shares, firms should delete the fraction and report the whole number, except if the whole number would be 0 (zero). If the whole number would be 0, firms should round up to 1. Thus, for example, for a trade of 100.5 shares, the reported quantity would be 100. Trade reports with a share quantity containing a decimal or a fraction will be rejected. (See also, e.g., OATS FAQ T69.) Q101.15: Must trades for less than one share be reported? A101.15: Yes. As noted in FAQ 101.14, where a trade is executed for less than one share, e.g., 1/3 share, firms should round up and report a share quantity of 1. I tested this, and I bought about $20 worth of A shares on Robinhood and repeated it as quickly as I could, getting about 20 such orders in. I then checked the tape and each one of these came across as a full share order. So really, there likely has been no increase in the volume of A share traded, but rather it just reflects brokers beginning to offer fractional share purchases. Thanks for posting this. It still seems like a drastic jump whenever it started, back in January?
aws Posted June 17, 2022 Posted June 17, 2022 (edited) I think the fractional purchases mostly became available in 2020 at a variety of brokers, just in time for the retail mania that started in Jan 2021. Likely many saw the novelty of buying small pieces of such a high value stock and could setup the trades to recur automatically so the high volume would continue over time. That's not to say there wasn't also an increase in full A share trading, but looking at volume alone is meaningless when a $1 fractional trade shows up on the tape exactly like a 400k trade. Edited June 17, 2022 by aws
gfp Posted June 17, 2022 Posted June 17, 2022 (edited) Any bets that it's not a crypto guy this time around? by the way, apparently you can track Justin Sun's (2019 lunch winner) crypto wallet assets in real time? https://debank.com/profile/0x3ddfa8ec3052539b6c9549f12cea2c295cff5296 Edited June 17, 2022 by gfp
yesman182 Posted June 17, 2022 Posted June 17, 2022 3 hours ago, sleepydragon said: Hopefully its Elon.
sleepydragon Posted June 17, 2022 Posted June 17, 2022 3 hours ago, gfp said: Any bets that it's not a crypto guy this time around? by the way, apparently you can track Justin Sun's (2019 lunch winner) crypto wallet assets in real time? https://debank.com/profile/0x3ddfa8ec3052539b6c9549f12cea2c295cff5296 current bid is 13141314.00 1314= “one life, one generation “ in chinese
gfp Posted June 21, 2022 Posted June 21, 2022 Interesting article on what will become of the "rest" of Buffett's estate when he passes. Probably sheds some light on why Susie was added to the board of directors. https://www.wsj.com/articles/warren-buffetts-estate-planning-bill-and-melinda-gates-foundation-sends-charities-scrambling-11655811074?mod=hp_lead_pos5
greenwave Posted June 23, 2022 Posted June 23, 2022 On 6/21/2022 at 11:25 AM, gfp said: Interesting article on what will become of the "rest" of Buffett's estate when he passes. Probably sheds some light on why Susie was added to the board of directors. https://www.wsj.com/articles/warren-buffetts-estate-planning-bill-and-melinda-gates-foundation-sends-charities-scrambling-11655811074?mod=hp_lead_pos5 -- Any one else wondering how long the Gates Foundation gifting season this year may continue to have an impact on the trading price of Brk shares. As I understand it , the additional number of shares gifted this year to the Gates Foundation was significantly more than in the past. greenwave
John Hjorth Posted June 23, 2022 Posted June 23, 2022 1 minute ago, greenwave said: ... As I understand it , the additional number of shares gifted this year to the Gates Foundation was significantly more than in the past. greenwave It's not so. 5% of the last years position after giving is donated each year.
gfp Posted June 24, 2022 Posted June 24, 2022 1 hour ago, greenwave said: -- Any one else wondering how long the Gates Foundation gifting season this year may continue to have an impact on the trading price of Brk shares. As I understand it , the additional number of shares gifted this year to the Gates Foundation was significantly more than in the past. greenwave Yes, as John mentioned the number of shares gifted declines every year. The Gates foundation (and the 4 other foundations) are constantly selling b-shares at practically all times of the year. Any recent pressure would be primarily due to index and fund sales. BRK is a big component of financial indices and a big component of the S&P indices compared to the average daily volume traded. Off topic, any chance you chose 'greenwave' because you went to Tulane?
greenwave Posted June 24, 2022 Posted June 24, 2022 1 hour ago, John Hjorth said: It's not so. 5% of the last years position after giving is donated each year. Thank you John for the clarification . greenwave.
greenwave Posted June 24, 2022 Posted June 24, 2022 1 hour ago, gfp said: Yes, as John mentioned the number of shares gifted declines every year. The Gates foundation (and the 4 other foundations) are constantly selling b-shares at practically all times of the year. Any recent pressure would be primarily due to index and fund sales. BRK is a big component of financial indices and a big component of the S&P indices compared to the average daily volume traded. Off topic, any chance you chose 'greenwave' because you went to Tulane? -- Thank you gfp for shedding more light on the foundations' methodology . Re: greenwave Summerville , South Carolina was my hometown . I played High School football with the Summerville Green Wave football team . Our High school football coach was noted as the winningest football program in the history of football--at all levels. My coach - John McKissick coached as head coach of the Green Wave there from 1952 through 2014. He held the record for the most football wins at any level with 621 wins . ( He was also a Buffett fan )
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