JPM Launches Coverage of Berkshire

[ValueMaven]

I cant post the report, but I thought it was very well written...I really enjoyed reading about all of the different business lines.  JPM believes the B shares are worth at least $210, with upside. 

 

 

 

Sincerely,

VM 

[dutchman]

Can anyone post the report?!  :)

[John Hjorth]

It's most likely IP protected JPM client material, so it's not eligible to be posted here on CoBF, ref. also the contents in ValueMavens starting post.

 

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And, by the way: You actually don't need it - you get world's best coverage on Berkshire, with comments, by reading CoBF! [ ; - ) ]

[gfp]

Here are some small pieces of the report, which I found on twitter.  I do not have access to the report but I follow the company close enough that I don't think Ms. DeWitt has a ton to add.  Always interesting to read anything on Berkshire but this is not groundbreaking stuff.  Turns out Berkshire is a valuable enterprise designed to compound the per share net worth of the company...  Oh- and Greg Abel might be the next CEO.  Or it could be Ajit.  But probably Greg.  Or someone else...

 

[Guest longinvestor]

It's most likely IP protected JPM client material, so it's not eligible to be posted here on CoBF, ref. also the contents in ValueMavens starting post.

 

- - - o 0 o - - -

 

And, by the way: You actually don't need it - you get world's best coverage on Berkshire, with comments, by reading CoBF! [ ; - ) ]

 

 

 

Analysts versus groupies. No contest there :D

[SlowAppreciation]

MSR at 14x vs Utilities at 19x seems like it should be reversed? But doesn't really change the big picture...

[Gray Fox]

Utilities get bond like multiples, respond to changes in rates just like bonds, etc.  Look at what happens to XLU when the 10 yr jumps.

 

Buffett is doing so much with utilities/green energy because he gets the tax credits, long term contracts, and a venue to deploy tens of billions of dollars at close to a double digit IRR. 

 

The report was thorough.  No real idea why they decided to initiate.  WB has always loved Dimon and owns JPM personally.  WFC has come under a lot of fire, maybe JPM wants to be Warren's new favorite.  They probably feel a little left out given BRK is the largest shareholder of WFC/BAC and top 5 for USB/GS

[John Hjorth]

Utilities get bond like multiples, respond to changes in rates just like bonds, etc.  Look at what happens to XLU when the 10 yr jumps.

 

Buffett is doing so much with utilities/green energy because he gets the tax credits, long term contracts, and a venue to deploy tens of billions of dollars at close to a double digit IRR. 

 

The report was thorough.  No real idea why they decided to initiate.  WB has always loved Dimon and owns JPM personally.  WFC has come under a lot of fire, maybe JPM wants to be Warren's new favorite.  They probably feel a little left out given BRK is the largest shareholder of WFC/BAC and top 5 for USB/GS

 

Are you speculating, or do you have a basis here?