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Rare Ted Weschler Interview (!!)


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This was a good interview.  I wish there was more out there on Todd, Ted , and Greg (or alums Tracy and Sokol).  I did hear that Alice Schroeder has been working for a few years on an investing book.  It took a long time to finish Snowball, but worth the wait. 

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4 hours ago, ValueMaven said:

@Salukiwhat is your source of the Schroeder investing book?  

Not @Saluki obviously, but the last reference I know of to Schroeder working on a Buffett investing book was in a terrific 2010 interview she did with Miguel Barbosa (second to last question):  https://seekingalpha.com/article/235292-behind-the-scenes-with-buffett-s-biographer-alice-schroeder 

 

Since I've heard nothing since, I had assumed she dropped the project when she shifted to operating a business and since has focused on board service.  But I'm hoping I'm wrong, since the book sounds valuable.

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  • 4 weeks later...

Thanks to BiggieCheese, FindingCompounders and longterminvestor for posting the letter and its more readable PDF form.  Every time I read something from Ted I am more reassured that Berkshire is extremely lucky to have found him and brought him on board.

 

It's interesting how many of these portfolio holdings have been acquired over the years, putting cash back in his former shareholders' hands.  W.R. Grace was acquired after a huge gain, DirecTV was acquired, Valassis Communications (VCI - the direct mail/coupon insert outfit) was acquired by Ron Perelman, Cincinnati Bell was acquired by Macquarie Infrastructure.

 

The ones that haven't been acquired:  DaVita, Liberty Media (which kept splitting into tracking stocks post distribution), WSFS Financial (huge gain) and Cogent Communications, which delivered a large gain and still pays a 5.77% dividend today.  I wonder what Cogent's current dividend represents as a percentage of Ted's Peninsula cost basis?

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  • 2 weeks later...
1 minute ago, crs223 said:

Beautiful!  Ted is living the dream!

 

What were you doing in Charlottesville?  I visited a few years ago on a trip to Monticello. 

We were just in town for the day doing some shopping and grabbing lunch.  My wife and I are in central Virginia looking after her Mom who just had an ankle replacement surgery, plus our neighbors house back home is under construction and there are like 3 jackhammers going simultaneously for a couple weeks. 

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2 hours ago, gfp said:

We were just in town for the day doing some shopping and grabbing lunch.  My wife and I are in central Virginia looking after her Mom who just had an ankle replacement surgery, plus our neighbors house back home is under construction and there are like 3 jackhammers going simultaneously for a couple weeks. 

Thanks for sharing. Not sure much magic has been created by him in recent years, but agree with the notion of creating a simple and low stress environment to make decisions. 

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  • 3 weeks later...

Although we may never know, I suspect that Ted may well have initiated the original Apple position in 2016 at around $25 (split adjusted) with earnings yield in the region of 9-10.5% (depending if you back out cash), some of which was held by various Employee Pensions. Once Warren understood the franchise. I suspect that he increased it dramatically to the enormous position it has grown into today.

 

You don't need many home runs like that to be more than worth your salt.

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18 hours ago, Dynamic said:

I suspect that Ted may well have initiated the original Apple position in 2016 at around $25 (split adjusted) with earnings yield in the region of 9-10.5% (depending if you back out cash), some of which was held by various Employee Pensions. Once Warren understood the franchise. I suspect that he increased it dramatically to the enormous position it has grown into today.

 

That was my impression too after reading an intwerview with Ted in the Handelsblatt a couple of years ago.

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On 4/1/2023 at 4:45 PM, maxthetrade said:

 

That was my impression too after reading an intwerview with Ted in the Handelsblatt a couple of years ago.

I think this happens more often than we thins. T&T buy something and may sell even and then Buffett digs in and decides to make it a major positions. It did happen with CVX which I think T&T bought and sold in 2020 and Buffett went all in in 2021/22.

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