What are you buying today?

[whiskybravo]

Bought 10% position in BRKb.  For the long term, I would rather have it there then in cash/short term treasuries.

[John Hjorth]

29 minutes ago, whiskybravo said:

Bought 10% position in BRKb.  For the long term, I would rather have it there then in cash/short term treasuries.

 

Keep things simple, lol!

[Whensthepaintdry?]

I also added to BRK today. 

[Mephistopheles]

BRKB, CPNG

[Mephistopheles]

4 minutes ago, Mephistopheles said:

BRKB, CPNG

 

Haven't done the math, but for BRK - if you take Mar 31 book value, adjust the portfolio value for the April run up, add in whatever earnings they since then, and consider BNSF closer to UNP value ($150 b) instead of book value ($50 bn). This thing is probably closer to 1.25-1.3 x book rather than 1.4. For reference, UNP net income in 2025 was 7.1bn and BNSF was 5.5bn. The latter is finally making changes to improve its efficiency and it's showing as of Q1.

 

I'm willing to bet that the buyback this quarter is going to be in the billions at least, hopefully tens of billions.

[Eldad]

4 minutes ago, Mephistopheles said:

 

Haven't done the math, but for BRK - if you take Mar 31 book value, adjust the portfolio value for the April run up, add in whatever earnings they since then, and consider BNSF closer to UNP value ($150 b) instead of book value ($50 bn). This thing is probably closer to 1.25-1.3 x book rather than 1.4. For reference, UNP net income in 2025 was 7.1bn and BNSF was 5.5bn. The latter is finally making changes to improve its efficiency and it's showing as of Q1.

 

I'm willing to bet that the buyback this quarter is going to be in the billions at least, hopefully tens of billions.

Agree. Why is everyone buying BRK today and not yesterday? 
 

I subtracted the (cash + stock - non float liabilities) per share from the price and got about 15x (post tax - investment gains) earnings on the operating businesses. That’s fine by me. (Interesting that Greg said at the AGM that is how they value it) 

 

I’m not sure why WB likes pretax. Since tax rates change and some entities pay more or less, let’s just pretend there is no tax haha. Leaving out taxes is well on the way to using EBITDA is it not? He is peculiar but that is what we like about him. 

[Mephistopheles]

2 minutes ago, Eldad said:

Agree. Why is everyone buying BRK today and not yesterday? 
 

I subtracted the (cash + stock - non float liabilities) per share from the price and got about 15x (post tax - investment gains) earnings on the operating businesses. That’s fine by me. (Interesting that Greg said at the AGM that is how they value it) 

 

I’m not sure why WB likes pretax. Since tax rates change and some entities pay more or less, let’s just pretend there is no tax haha. Leaving out taxes is well on the way to using EBITDA is it not? He is peculiar but that is what we like about him. 

 

I bought a bunch of calls yesterday, that's the good news. Bad news is that I've also been buying calls for a few weeks now.

 

Pretax just makes it easier to compare companies and focus on the business directly. EBITDA is similarly beneficial and also particularly for things like real estate where it's just an accounting loss (property value increases while you depreciate for GAAP)

[Junior R]

the good think with BRK.B they have alot of cash on hand and trading close to 1.2x to 1.3x ...so they could pretty much make big moves...FFH and MKL is also a good buy

[EgonKuhn]

Added to AJG

[whiskybravo]

After this weekend I decided to take the position.  I should have bought yesterday, but in the end it’s not going to matter.  I have never liked sitting around with a lot of cash, so I took care of that problem today.  
 

Great thoughts on BRKb valuation.  Let’s hope that the lack of buyback follow up was due to a self imposed blackout.  Would be great to see more aggressive buybacks under Abel.  
 

I was really impressed listening to him.  It’s great to get so much color on the businesses.  Looks like he has found his own way to bring value to the meeting.  

[dipod]

CPNG Jan 27 LEAPS, CPNG common.

[John Hjorth]

2 hours ago, Mephistopheles said:

Haven't done the math, but for BRK - if you take Mar 31 book value, adjust the portfolio value for the April run up, add in whatever earnings they since then, and consider BNSF closer to UNP value ($150 b) instead of book value ($50 bn). This thing is probably closer to 1.25-1.3 x book rather than 1.4. For reference, UNP net income in 2025 was 7.1bn and BNSF was 5.5bn. The latter is finally making changes to improve its efficiency and it's showing as of Q1.

 

I'm willing to bet that the buyback this quarter is going to be in the billions at least, hopefully tens of billions.

 

There is actually nothing like wishing us all go get get lucky! - Fingers crossed! 

[John Hjorth]

1 hour ago, whiskybravo said:

After this weekend I decided to take the position.  I should have bought yesterday, but in the end it’s not going to matter.  I have never liked sitting around with a lot of cash, so I took care of that problem today.  
 

Great thoughts on BRKb valuation.  Let’s hope that the lack of buyback follow up was due to a self imposed blackout.  Would be great to see more aggressive buybacks under Abel.  
 

I was really impressed listening to him.  It’s great to get so much color on the businesses.  Looks like he has found his own way to bring value to the meeting.  

 

Let's see how it plays out.  Let me here just say, that I'm optimistic, too. 

Edited May 6 by John Hjorth

[SharperDingaan]

IPO.TO

 

SD

[cubsfan]

5 hours ago, Mephistopheles said:

 

Haven't done the math, but for BRK - if you take Mar 31 book value, adjust the portfolio value for the April run up, add in whatever earnings they since then, and consider BNSF closer to UNP value ($150 b) instead of book value ($50 bn). This thing is probably closer to 1.25-1.3 x book rather than 1.4. For reference, UNP net income in 2025 was 7.1bn and BNSF was 5.5bn. The latter is finally making changes to improve its efficiency and it's showing as of Q1.

 

I'm willing to bet that the buyback this quarter is going to be in the billions at least, hopefully tens of billions.

 

That's really good input. I guess BRK sells off since it's Greg's show. Reminiscent of Apple until Tim Cook showed them.  Greg will do the same.

[KPO]

Starter in GFL. Probably early, and hate buying subordinate shares, particularly with this much leverage, but waste is a great business that’s hard to disrupt. 

[LC]

4 hours ago, SharperDingaan said:

IPO.TO

Maybe worth starting a thread - but I am curious, what do you like about them? 

[boilermaker75]

On 5/5/2026 at 1:02 PM, LC said:

 

Put this Brk short put back on after cashing out yesterday.

 

 

I have been doing the same. (Actually ever since January 2010!) Currently I have written puts with strike prices ranging from $440 to $470 and expiration dates from May 1 to May 22. 

[ourkid8]

A little more lumine. 

[SharperDingaan]

1 hour ago, LC said:

Maybe worth starting a thread - but I am curious, what do you like about them? 

 

There is already a thread on them . In the short term, competitors have been hitting their 52 wk highs; IPO lags. Competitor earnings reports suggest a good Q1 ... IPO only has 26M shares to share the benefits over. Should there also be an announcement..... thin float further increasing the volatility. Reports Q1 later this week.

 

SD

Edited May 7 by SharperDingaan

[LC]

1 minute ago, boilermaker75 said:

I have been doing the same. (Actually ever since January 2010!) Currently I have written puts with strike prices ranging from $440 to $470 and expiration dates from May 1 to May 22. 

 

I'm probably not the only one, but I refer to this trade as "the boilermaker"! 

 

And thanks @SharperDingaan - I will check the thread.

[Lollapalooza]

6 hours ago, KPO said:

Starter in GFL. Probably early, and hate buying subordinate shares, particularly with this much leverage, but waste is a great business that’s hard to disrupt. 

can you elaborate on your thesis? I own SES which recently got a takeover offer from GFL.

I've done no due dilligence so far but given the last comments on GFL's threat of this comments regarding Management I'm leaning to just sell for cash.

[boilermaker75]

9 hours ago, LC said:

 

I'm probably not the only one, but I refer to this trade as "the boilermaker"! 

 

And thanks @SharperDingaan - I will check the thread.

 

@LC  Thanks

[Paarslaars]

Bought small positions in WOLF, 4092, and 6315 over de past days. All plays on potential AI bottlenecks.

[KPO]

5 hours ago, Lollapalooza said:

can you elaborate on your thesis? I own SES which recently got a takeover offer from GFL.

I've done no due dilligence so far but given the last comments on GFL's threat of this comments regarding Management I'm leaning to just sell for cash.

Sure. I’ve owned RSG since the GFC and have found it to be one of my most resilient holdings. The stock is up around 7X and the dividend on my cost basis is more than 12% as they routinely increase the payout.
 

The resiliency of the waste business is due to its duopoly nature at an individual market level. While the barriers to entry are relatively low to start a waste company, the key is landfill ownership as zoning new landfills anywhere near a major metro area is close to impossible. And if you start a waste company you’re paying tipping fees to RSG, WM, WCN or GFL. On this front GFL has an attractive portfolio of landfills, particularly in relation to the size of the company and its enterprise value. 
 

While GFL tends to be comfortable with a fair bit more leverage than I generally like, they seem to be a solid operator and have done a nice job of quickly building scale. I’ll probably continue to build a position in GFL (and/or SES) on any additional share price declines.