Jump to content

FFH's 13F is out


omagh
 Share

Recommended Posts

  • Replies 57
  • Created
  • Last Reply

Top Posters In This Topic

I'll reiterate:

 

Question?

 

Are these values the purchase price or the listed price?

 

Al,  I think the values are the market value of the investment at December 31.  Look at the BRK.A - 4 shares at December 31 close of 99,200 is 396,800.

 

Didn't do others, but that's enough for me to say its market value at time of report.

 

 

Link to comment
Share on other sites

Where I work we use a lot of SUN technology. In fact, I help implement it  ::)

 

I'm wondering why they purchased java since the oracle take over offer was announced 10 months ago? Or did they happen to buy it before the April 20, 2009 take over announcement?

 

 

Link to comment
Share on other sites

ValueCal,

 

"Their 16.2 percent control stake in Level 3 Communications(LVLT) and corresponding > 266M shares inclusive of conversions.

 

Smart people doing stupid things?"

 

Southeastern Asset Management increased its stake in LVLT by 25% as well.  With GOOG's plan of broadband announced the other day, I believe that's why these super investors are anticipating this and are betting heavily?  Let's not forget that if you look at the map of LVLT's network, you will see that they pass through of GOOG's data centers.

 

http://www.sec.gov/Archives/edgar/data/794323/000080798510000010/lvlt13g9.txt

 

 

Link to comment
Share on other sites

Question for the board:

 

With respect to Book Value(BV), along with its corresponding definition being Assets minus Liabilities, how does FFH report and/or value the securities listed in its numbers QoQ?

 

 

Link to comment
Share on other sites

Question for the board:

 

With respect to Book Value(BV), along with its corresponding definition being Assets minus Liabilities, how does FFH report and/or value the securities listed in its numbers QoQ?

 

 

 

It depends on how the securities are classified (trading, available for sale, held to maturity, etc).

 

Examples:

 

Trading securities: unrealized gains and losses are reported as income

Available for sale securities: Unrealized gains and losses go to equity via other comprehensive income

Held to maturity: Amortized Cost

Significant Influence (typically 20-50% ownership of a company): Equity Method of accounting

Control (typically >50% ownership): Consolidation of financial of other company

 

 

EDIT: To avoid confusion, the above examples are with respect to how the financial statements (and book value) are prepared (according to GAAP).

As far as the 13-F goes, the represented figures on the 13-F show the market values of the securities held as of the close of the period shown on the filing.

Link to comment
Share on other sites

Brker guy, if they're stupid, I fall in their camp, and you may place me in the corner with the DUNCE CAP on. The last time I experienced that, was during my grammar school days while being in a rush to scream out the correct spelling answer before my turn! ;D

 

I would take Goog a step further to state that, there is NO GOOG without the (3) network. Moreover, as respects chickens and eggs along with their creation story as to which came first, in the case of (3) and GOOG, the Smithsonian Awarded Network had to come first with $25B investment capital sunk into and above the ground while still counting!   

 

Valuecfa, you're a pro, thank you sir.   

Link to comment
Share on other sites

I just dropped the new information into my Excel spreadsheet (attached, as usual). Here are my key takeaways:

 

Portfolio changed in value - 7.4%; -6.5% was driven by net sales; -0.9% driven by price changes

- sold $426 million; purchased $169 million = -$257 million = -6.5%

- given they hedged 25% of the equity portfolio in Q3 and prices continued higher in Q4 (S&P) it does not surprise me that they were net sellers. Tells me they view equity market as fully valued at current levels (in aggregate).

- large sales BNI, Intel & King Pharma; small sale of Magna interesting (wonder if they sold more in Q1)?

- purchases Sandridge, ICO & Zenith (we know they purchased more in Q1)

- securities sold should add materially to reported net income in Q4 (and reduce comprehensive income) with little impact to BV. Not a bad thing to book some investment gains (less uncertainty).

 

- total portfolio value of remaining securities looks to be flat.

 

Bottom line, what I see is consistent with a company that is happy with the amount of risk it has on its books and is being opportunistic with what Mr Market is offering.

Link to comment
Share on other sites

Viking, do we have those (3) share counts correct now based upon today's 13G filing?

 

That's a very fluid target though since that, they've been part of shelf registrations during Q1 enabling them to enter into the sale of their convertible securities in public or private exchanges. I tend to see them working more privately with respect to those valuable shares. imo 

Link to comment
Share on other sites

What is it about FOOLS and their FRIENDS that makes them always want to convince less discerning folks against something that they know has significantly more VALUE, will end up going for LESS?

 

Have these FOOLS no shame? Have they NOT studied the HISTORY of this superior network which was built for the world to marvel at and enjoy, at the same time we appreciate each other according to our own EYES across the GLOBE?

 

FOOLS are biased towards Akamai and GOOG, I know, but Bill and Ballmer might have something different to say. And, the Boy Wonder's mentor in the back ground won't be lost in space before this ends either!!!!!!!!!!!!!

 

Private transactions amongst friends can't be ruled out. imo

 

 

http://www.fool.com/investing/high-growth/2010/02/12/why-google-hates-telecoms.aspx

 

It's less clear whether Google's next step will be to take this from experiment to full-blown project. That cause could lead the company to spend the $8 billion-$10 billion (after debt assumption) needed to acquire Level 3's (Nasdaq: LVLT) massive fiber optic network. Still, I'm guessing we'll see more chest-thumping rhetoric, but little else.

 

Link to comment
Share on other sites

ValueCarl,

 

Over the years, I have found all of the talented writers like Bill Mann, Zeke Ashton etc have left to join value oriented funds or start their own hedge funds.  What's left of FOOLS are writers who constantly asking for cheery concensus. 

 

I find more investment readings and investment intellectual elsewhere than at the FOOLS.  They had their chance of making something big, real big, but they blew it.  Too many thumbsucking events are taking place at the FOOLS.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share




×
×
  • Create New...