dealraker Posted March 1, 2023 Posted March 1, 2023 For Angela's taxable account a couple of days ago: 02/27/2023 Buy 90 AJGPopup ARTHUR J GALLAGHER & CO @ $184.8999 -$16,640.99
dealraker Posted March 1, 2023 Posted March 1, 2023 1 minute ago, dealraker said: For Angela's taxable account a couple of days ago: 02/27/2023 Buy 90 AJGPopup ARTHUR J GALLAGHER & CO @ $184.8999 -$16,640.99 ...and... 02/27/2023 Buy 445 BRK'BPopup BERKSHIRE HATHAWAY INC SERIES B NEW @ $303.7299 -$135,159.81
Dinar Posted March 1, 2023 Posted March 1, 2023 @dealraker, if I may ask, why did you size them so differently? How do you think about sizing positions in general? Thank you.
Spekulatius Posted March 1, 2023 Posted March 1, 2023 (edited) Starters in both $AAP and $BRO. I added to $CNC as well. Edit: starter in $CABO as well. Edited March 1, 2023 by Spekulatius
dealraker Posted March 1, 2023 Posted March 1, 2023 (edited) 29 minutes ago, Dinar said: @dealraker, if I may ask, why did you size them so differently? How do you think about sizing positions in general? Thank you. And held my nose for her account on this one: 03/01/2023 Buy 125 NSCPopup NORFOLK SOUTHERN COR @ $225.7099 -$28,213.74 Dinar, I make no sense to myself or anyone else sometimes. As usual I'm investing where I think I have almost no chance of losing over time - and thinking the so-called upside will as they say "take care of itself" and such. To some degree I think AJ Gallagher has the probability (odds) to do better than Berkshire while Berkshire has more odds not to be derailed by some future competition model (than AJG). Edited March 1, 2023 by dealraker grammar!
Spekulatius Posted March 1, 2023 Posted March 1, 2023 (edited) 4 hours ago, dealraker said: ...and... 02/27/2023 Buy 445 BRK'BPopup BERKSHIRE HATHAWAY INC SERIES B NEW @ $303.7299 -$135,159.81 @dealraker Don’t you own a ton of AJG already? How about a bit of diworsification? Edited March 1, 2023 by Spekulatius
dwy000 Posted March 2, 2023 Posted March 2, 2023 8 hours ago, Spekulatius said: Starters in both $AAP and $BRO. I added to $CNC as well. Edit: starter in $CABO as well. Why did you pick $BRO over AJG or AON or Marsh?
dealraker Posted March 2, 2023 Posted March 2, 2023 10 hours ago, Dinar said: @dealraker, have you ever looked at Verisk? Dinar I bought a small amount of VRSK in 2010 for my wife's account. A sound business it seems...with a probably deserved valuation.
Spekulatius Posted March 2, 2023 Posted March 2, 2023 8 hours ago, dwy000 said: Why did you pick $BRO over AJG or AON or Marsh? Simply, because I studied it more. AJG will be my second choice. I doubt I go beyond that. On AJG specifically, I don’t quite understand the clean energy investment that seem to be carried of the balance sheet. They are probably not material , but I wonder why they are in this business at all.
tede02 Posted March 2, 2023 Posted March 2, 2023 I've been buying short-term treasurys with cash. 5% yield STATE income tax free.
Dinar Posted March 2, 2023 Posted March 2, 2023 33 minutes ago, Spekulatius said: Simply, because I studied it more. AJG will be my second choice. I doubt I go beyond that. On AJG specifically, I don’t quite understand the clean energy investment that seem to be carried of the balance sheet. They are probably not material , but I wonder why they are in this business at all. Tax credits I believe, $1bn worth.
Sweet Posted March 2, 2023 Posted March 2, 2023 46 minutes ago, tede02 said: I've been buying short-term treasurys with cash. 5% yield STATE income tax free. I have never bought a Treasury before, what’s the minimum buy size?
John Hjorth Posted March 2, 2023 Posted March 2, 2023 37 minutes ago, Dinar said: Tax credits I believe, $1bn worth. AJG seems to be a shameless tax speculator [, said the the guy who is a reasonable happy camper in a company obtaining USD 2.187 B for 2022 in tax credits related to power production by wind and investments in affordable housing].
gfp Posted March 2, 2023 Posted March 2, 2023 12 minutes ago, Sweet said: I have never bought a Treasury before, what’s the minimum buy size? $100 USD on treasury direct
Red Lion Posted March 2, 2023 Posted March 2, 2023 1 hour ago, Sweet said: I have never bought a Treasury before, what’s the minimum buy size? If you buy through a brokerage it’s usually $1,000 face amount. I’m not a big fan of treasury direct except I bonds, I use Schwab but I know fidelity and Ameritrade also have commission free trades on treasuries.
Castanza Posted March 2, 2023 Posted March 2, 2023 $LW tracker position Anyone else look at this? Potato company that specializes in frozen French fries. Operations in the US, Argentina (plant being built) and China. They supply big shops like MCD (~10% of Rev), as well as other chains and restaurants. Contracts negotiated every 3 years. Covid disruption has yet to normalize but they have been able to pass on the majority of this increase in COGS without issue. Global Margins is the key category and those margins have not yet come back to pre-covid levels. This could be close fully priced here at $100. But there could be upside if margins come back to normal levels and the contracts are re-negotiated at higher prices. Andrew Walker had a podcast on it and in the Global segment there seems to be room to do this. Not sure management has the appetite to do so. Being that fries are one of the highest margin food products for restaurants I can see this happening. Recession proof too. Management does have incentives at $140 and $212 share price so it's possible <--- but not necessarily a bet I'd make just on that alone. They do seem to have a new focus on dividend payout and share repurchase. They are also open to more aggressive M&A which would help reduce COGS pending locations they can secure. The Play TLDR: - Margins normalize around 25% (pre covid) - Global Margins come back as supply chain issues ease, crop production comes back to normal and sales volume comes back. Management has said they are trending up. - Management is incentivized to grow share price with targets at 140 and 212 - Contracts renegotiated and pricing power is flexed. (MCD pays like .11-.13 per pound of fries) Could be fairly valued here but worth a spot on the watchlist regardless imo. Low leverage smooth operating business with a very healthy market share, M&A hungry management in specific markets (EU & Africa) with a new focus on div and buybacks.
John Hjorth Posted March 2, 2023 Posted March 2, 2023 (edited) Added to BN [using proceeds from sale of all BAM shares today and basically all available liquidity]. So, back to being fully invested again. Edited March 2, 2023 by John Hjorth
Saluki Posted March 2, 2023 Posted March 2, 2023 I sold another slug of ATCO (not going to wait for the last dividend before Prem takes it private) and bought some SWBI in addition to the TV and CPNG I bought earlier. If my better half bought shoes the way I buy stocks ("I know I have a lot already, but it was on sale!") we would need a bigger house.
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