BiggieCheese Posted February 14, 2023 Posted February 14, 2023 Looks like the only buys this quarter were Apple, Paramount, and Louisiana Pacific
gfp Posted February 14, 2023 Posted February 14, 2023 It's kind of funny - Warren kept Allegheny's 333,856 AAPL shares and sold every single other equity in their portfolio. "Don't sell the Apple" This was the Alleghany equity portfolio directly pre-merger https://www.sec.gov/Archives/edgar/data/775368/000095012322010648/xslForm13F_X01/form13fInfoTable.xml
maxthetrade Posted February 15, 2023 Posted February 15, 2023 18 minutes ago, Munger_Disciple said: Quick exit from TSM is a surprise. Yep would love to know his thinking. Or was it a Ted/Todd position?
Munger_Disciple Posted February 15, 2023 Posted February 15, 2023 4 minutes ago, maxthetrade said: Yep would love to know his thinking. Or was it a Ted/Todd position? It is Warren's. Too big to be Ted/Todd's.
sleepydragon Posted February 15, 2023 Posted February 15, 2023 47 minutes ago, Munger_Disciple said: Quick exit from TSM is a surprise. Yeah.
Spekulatius Posted February 15, 2023 Posted February 15, 2023 TSM is the biggest headscratcher. He is also getting out of the ATVI arbitrage it seems. https://whalewisdom.com/filer/berkshire-hathaway-inc
RadMan24 Posted February 15, 2023 Posted February 15, 2023 5 hours ago, Munger_Disciple said: Quick exit from TSM is a surprise. Well, he did the same with Oracle.
Luke Posted February 15, 2023 Posted February 15, 2023 Could they have sold ADR Shares and buy Taiwan listed shares?
Thelilyinvestor Posted February 15, 2023 Posted February 15, 2023 https://www.barrons.com/articles/berkshire-hathaway-warren-buffett-pilot-flying-j-buy-84705bd Buffett boosting its stake in Pilot to 80%
zippy1 Posted February 15, 2023 Posted February 15, 2023 1 hour ago, Luca said: Could they have sold ADR Shares and buy Taiwan listed shares? Taiwan listed shares tend to trade at a slight discount to ADR. Typically 1-5%.. not sure that discount is enough to prompt such a hypothetical move?
Luke Posted February 15, 2023 Posted February 15, 2023 26 minutes ago, zippy1 said: Taiwan listed shares tend to trade at a slight discount to ADR. Typically 1-5%.. not sure that discount is enough to prompt such a hypothetical move? Would be my only idea, nothing changed with the buisness the last few months and china has just gotten more diplomatic and less hostile since xi secured third term. Maybe they wanted to buy more and noticed that the stock boomed after 13Fs so Buffett prefers just shopping outside of US because of all the cloners.
zippy1 Posted February 15, 2023 Posted February 15, 2023 9 minutes ago, Luca said: Would be my only idea, nothing changed with the buisness the last few months and china has just gotten more diplomatic and less hostile since xi secured third term. Maybe they wanted to buy more and noticed that the stock boomed after 13Fs so Buffett prefers just shopping outside of US because of all the cloners. One thing that is interesting is that I cannot find an equivalent of 13F type of quarterly disclosure requirement for non-Taiwanese entities when they buy Taiwanese listed shares. It seems like the only requirement to disclose locally is in the Taiwanese companies’ annual reporting. That seems to be months away. And I think the disclosure is in “street names .”
John Hjorth Posted February 15, 2023 Posted February 15, 2023 (edited) 16 hours ago, gfp said: It's kind of funny - Warren kept Allegheny's 333,856 AAPL shares and sold every single other equity in their portfolio. "Don't sell the Apple" This was the Alleghany equity portfolio directly pre-merger https://www.sec.gov/Archives/edgar/data/775368/000095012322010648/xslForm13F_X01/form13fInfoTable.xml Yes, @gfp, Only position overlap appears to have been AAPL, V and Berkshire it self, - 170,800 B-shares. Likely those B-shares may have been considered bought back. Edited February 15, 2023 by John Hjorth Added "V"
Luke Posted February 15, 2023 Posted February 15, 2023 2 hours ago, zippy1 said: One thing that is interesting is that I cannot find an equivalent of 13F type of quarterly disclosure requirement for non-Taiwanese entities when they buy Taiwanese listed shares. It seems like the only requirement to disclose locally is in the Taiwanese companies’ annual reporting. That seems to be months away. And I think the disclosure is in “street names .” Well, we will maybe hear something about it at annual meeting
gfp Posted February 15, 2023 Posted February 15, 2023 4 hours ago, Luca said: Could they have sold ADR Shares and buy Taiwan listed shares? You know Warren, he probably read that ProPublica article about all his billionaire buddies getting away with tax loss selling by swapping almost identical securities at year and and he just had to give it a try
Spekulatius Posted February 15, 2023 Posted February 15, 2023 1 hour ago, gfp said: You know Warren, he probably read that ProPublica article about all his billionaire buddies getting away with tax loss selling by swapping almost identical securities at year and and he just had to give it a try I thought he was in the money with TSM. So he pays taxes rather than saving them.
maxthetrade Posted February 15, 2023 Posted February 15, 2023 14 hours ago, Munger_Disciple said: t is Warren's. Too big to be Ted/Todd's. Probably. Most likely gfp is right and it was sold to harvest a tax loss.
gfp Posted February 15, 2023 Posted February 15, 2023 (edited) On 2/15/2023 at 8:57 AM, Spekulatius said: I thought he was in the money with TSM. So he pays taxes rather than saving them. So he purchased 60 million shares in Q3 2022. Prices were between 91.94 and 67.74 per share during that quarter. This 13F is as of the end of the year, when TSM closed at 74.49 per share. So it is entirely possible he had a loss on 86% of his tax lots. But I'm just speculating. He could have just thought about it further and changed his mind. If it was tax related, we should see the position grow again in Q1 2023. If he changed his mind it will likely disappear entirely. Edited February 19, 2023 by gfp
Intelligent_Investor Posted February 15, 2023 Posted February 15, 2023 Surprised he sold off Visa, J&J, and Amazon shares that Alleghany had considering Berkshire has a position in those and he didn't sell off Berkshire's stake in those.
gfp Posted February 15, 2023 Posted February 15, 2023 (edited) 8 minutes ago, Intelligent_Investor said: Surprised he sold off Visa, J&J, and Amazon shares that Alleghany had considering Berkshire has a position in those and he didn't sell off Berkshire's stake in those. I don't think he gave Allegheny's portfolio over to Ted or Todd and I think the positions you mention are their positions FWIW - he even liquidated Lou Simpson's entire portfolio right before he left. He's pretty adamant that you don't hold on to someone else's stuff. Lou was practically crying selling the Nike. Edited February 15, 2023 by gfp
Libs Posted February 15, 2023 Posted February 15, 2023 (edited) 3 hours ago, gfp said: He's pretty adamant that you don't hold on to someone else's stuff. I've never understood this money management philosophy. I see it my business ( RIA). For instance I've taken over accounts with massively appreciated MSFT stock. Why the hell would I stick the client with a big tax bill, just so can put my imprint 100% on the portfolio? But that's what happens, over and over again. Edited February 15, 2023 by Libs
Dynamic Posted February 15, 2023 Posted February 15, 2023 (edited) I've analysed the 13F filings for Berkshire and New England Asset Management and also looking at the SC 13G filings made yesterday to check on the "EP" Employee Pension holdings that aren't attributable to Berkshire shareholders. Here's my summary of the positions attributable to shareholders and approximate change from last quarter (sometimes not quite the correct percentage change thanks to a change in the pension position at the same time): As noted above, Apple increase results from the Allegheny acquisition. AAPL________ Apple Inc._______________ ___0.04% _____915,560,382 ALLY________ Ally Financial, Inc._____ __-1.21% ______16,280,325 AMZN________ Amazon Com Inc___________ ____unch _unchanged count AON_________ Aon PLC__________________ ____unch _unchanged count ATVI________ Activision Blizzard Inc__ _-12.35% ______52,717,075 AXP_________ American Express Co______ ____unch _unchanged count BAC_________ Bank of America…rporation ____unch _unchanged count BK__________ Bank of New Yor…llon Corp _-60.50% ______24,446,925 C___________ Citigroup, Inc.__________ ____unch _unchanged count CE__________ Celanese Corp.,…mon Stock ____unch _unchanged count CHTR________ Charter Communi…tions Inc ____unch _unchanged count CVX_________ Chevron Corp_____________ __-1.40% _____167,353,771 DEO_________ Diageo P L C Spon ADR New ____unch _unchanged count DVA_________ DaVita HealthCa…tners Inc ____unch _unchanged count FND_________ FLOOR & DECOR HLDGS INC__ ____unch _unchanged count FWONK_______ Liberty Media, … Series C ____unch _unchanged count GL__________ Globe Life Inc.__________ ____unch _unchanged count GM__________ General Motors Co________ ____unch _unchanged count HPQ_________ HP, Inc._________________ ____unch _unchanged count JEF_________ Jefferies Finan…roup Inc. ____unch _unchanged count JNJ_________ Johnson & Johnson________ ____unch _unchanged count KHC_________ Kraft Heinz Co___________ ____unch _unchanged count KO__________ Coca-Cola Co_____________ ____unch _unchanged count KR__________ Kroger Co._______________ __-0.80% ______33,392,910 LILA________ Liberty Global …C Class A ____unch _unchanged count LILAK_______ Liberty Global …C Class C ____unch _unchanged count LPX_________ Louisiana-Pacific Corp.__ __40.34% _______4,344,909 LSXMA_______ Liberty Sirius … Series A ____unch _unchanged count LSXMK_______ Liberty Sirius … Series C ____unch _unchanged count MA__________ MasterCard Inc___________ ____unch _unchanged count MCK_________ McKesson Corp.___________ _-10.72% _______2,855,514 MCO_________ Moody's Corporation______ ____unch _unchanged count MDLZ________ Mondelez Intern…ional Inc ____unch _unchanged count MKL_________ Markel Corp._____________ ____unch _unchanged count MMC_________ Marsh & McLenna…anies Inc ____unch _unchanged count NU__________ Nu Holdings Ltd__________ ____unch _unchanged count OXY_________ Occidental Petr…eum Corp. ____unch _unchanged count PARA________ Paramount Global Cl B____ ___2.65% ______93,637,189 PG__________ Proctor and Gamble_______ ____unch _unchanged count RH__________ Restoration Har…ings, Inc ____unch _unchanged count SNOW________ Snowflake Inc____________ ____unch _unchanged count SSP_________ E. W. Scripps Company____ ____unch _unchanged count STNE________ StoneCo Ltd._____________ ____unch _unchanged count TMUS________ T-MOBILE US INC__________ ____unch _unchanged count TSM_________ Taiwan Semicond…. Ltd ADR _-86.19% _______8,292,724 UPS_________ United Parcel S…Inc (UPS) ____unch _unchanged count USB_________ U.S. Bancorp_____________ _-91.98% _______7,507,903 V___________ Visa Inc_________________ ____unch _unchanged count VRSN________ VeriSign Inc_____________ ____unch _unchanged count Edited February 15, 2023 by Dynamic Removed VOO from table as it's only held by employee pensions
Dynamic Posted February 15, 2023 Posted February 15, 2023 I also noticed a minor discrepancy when checking yesterday's SC 13G/A filings. According to the Berkshire SC 13G/A filed Feb 14, 2023 in respect of Bank of New York Mellon https://www.sec.gov/Archives/edgar/data/1067983/000119312523038287/d435660dsc13ga.htm Berkshire Hathaway Consolidated Pension Plan Master Trust is no longer displayed as an "EP" Employee Pension holding of BK, yet it's still mentioned in "Item 3" on "Page 27 of 30 Pages", defining it as an Employee Benefit Plan. I'd assume that either: they sold all those 6,748,092 shares from last year's filing and simply didn't remove Berkshire Hathaway Consolidated Pension Plan Master Trust from Item 3 (most likely), or they failed to include that page in the SC 13G/A filing this time and will need to re-file to correct it. I've gone with the former for now.
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