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Berkshire's Annual Shareholder Meeting Replies |
HenryTo
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rffrydr
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 Posted: Tue Apr 06, 2010 11:25 am Post subject: |
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See the airlines have jacked-up the price to fly to this strange destination: more to fly to Omaha than europe from New York right now.
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rffrydr
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| Posted: Mon Feb 22, 2010 8:44 pm Post subject: |
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He forgot to mention his fellow "greatest entitled generation" who continue to suck up one-sixth of his cherished protestant work ethic pimping pills and needles.
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diesel
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| Posted: Mon Feb 22, 2010 6:54 pm Post subject: |
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A parable about how one nation came to financial ruin.
By Charles Munger
http://www.slate.com/id/2245328/pagenum/all/
This seems at odds with the optimism he exhibited at the last annual meeting.
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HenryTo
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| Posted: Sat Nov 07, 2009 1:25 am Post subject: |
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Morningstar's first impression of Berkshire's earnings:
http://quicktake.morningstar.com/StockNet/san.aspx?id=315274
| Quote: | Berkshire Hathaway BRK.A BRK.B reported solid third-quarter results largely in line with our expectations, and we will keep our fair value estimate. Book value per share rose 10% in the quarter after an 11% increase in the second quarter. These very strong annualized increases (40%-plus) are arriving amid light catastrophe losses for the reinsurance operations, as well as improving equity and credit markets and the impact on the value of Berkshire's derivative positions. We had been anticipating somewhat better third-quarter results out of Berkshire's operating subsidiaries amid the developing economic recovery, but we note that revenue growth in these operations did improve a bit on a sequential basis, after discounting for normal seasonal trends, as did the aggregate margin in those operations.
Berkshire closed the quarter with nearly $27 billion in cash, and we see its liquidity as more than amply supplementing other features of its robust financial strength. Berkshire's overall operating cash flow has been heading higher in the last couple of years, even as reported earnings and book value remained depressed (at least until the last two quarters). Berkshire has been gaining quality market share and writing expanding premium amid unsettled insurance markets, leading to higher overall cash flow even as the contribution from the operating subsidiaries waned in the recession. During the third quarter, premium volume was flat compared with that of a year ago, but the light catastrophe quarter damped that result a bit. Overall operating cash flow was basically flat or modestly higher from the second quarter, after discounting for normal seasonal trends. |
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rffrydr
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rffrydr
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| Posted: Sun May 03, 2009 10:32 pm Post subject: |
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"Toke" what?
The LSD is the LDS 
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HenryTo
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| Posted: Sun May 03, 2009 6:40 pm Post subject: |
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The LSD are the various characters around Omaha. 
Morningstar's video summary - including an update on its derivative contracts (Berkshire toke down the strike price from an S&P print of 1,500 to 950 but shortened the duration from 19 to 10 years), the housing market, and the US consumer:
http://www.morningstar.com/cover/videocenter.html?bcpid=1184614598&bctid=21912463001 |
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nodoodahs
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| Posted: Sun May 03, 2009 8:21 am Post subject: |
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If it's really a Woodstock for capitalists, I wanna know, where's the LSD?
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rffrydr
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| Posted: Sun May 03, 2009 6:58 am Post subject: |
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CDS market would work better if it didn't exist says Munger:
| Quote: | | “If I were the governor of the world, I would eliminate it entirely -- 100 percent,” Munger said in a Bloomberg Television interview today. “That’s the best solution. It isn’t as though the economic world didn’t function quite well without it, and it isn’t as though what has happened has been so wonderfully desirable that we should logically want more of it.” |
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rffrydr
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| Posted: Sun May 03, 2009 6:54 am Post subject: |
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CDS market would work better if it didn't exist says Munger:
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HenryTo
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| Posted: Sat May 02, 2009 11:45 am Post subject: |
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Morningstar's live blog in the Berkshire annual meeting:
http://discuss.morningstar.com/NewSocialize/blogs/berkshire/archive/2009/04/28/woodstock-for-capitalists-2009-blog.aspx
| Quote: | 10:22am
One other aspect to that new investment leader question--Munger said they wouldn't be interested in someone who went entirely to cash in a timely way, and Buffett agreed.
10:15am
New question from a journalist on the successor issue for investment management, and how well did they do last year, given how bad it was.
Buffett: There are three candidates for CEO, all internal candidates. There are four possibilities for investment management leader, which may or may not be just one position, and they could be inside or outside the organization. But the CEO will come from within Berkshire Hathaway. Those four candidates for the investment position--they didn't cover themselves with glory last year, but I didn't either. They were about in line with the S&P, down 37%
10:07am
Regarding housing, Buffett cites a pickup in housing activity in California in the last few months. Not in prices yet, but it looks as if there is something close to stability in lower to medium housing. The situation is getting corrected, but the road to solution will be long.
10:04am
Munger on credit rating agencies: It's an example of clever math, being too smart for your own good. Buffett: They believed their own kool-aid, those AAAs. At Berkshire, you can't say "do this because everyone else is doing it." But that happens in security markets all the time.
10:02am
Sell Moody's? Down the road, it's probably still a good business, but it's hard to say what Congress may do impacting the credit rating market.
10:00am
Buffett's answer on ratings agencies: The conflict of interest question (getting paid by issuer) wasn't as big a deal for the rating agences as is being made out. The fundamental problem was broader, in terms of beliefs about housing prices. They just didn't understand what could happen to housing with leverage. |
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HenryTo
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diesel
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| Posted: Mon Nov 10, 2008 4:29 am Post subject: |
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Its interesting that the 5 year credit default spread on Berkshire Hathaway corporate debt has climbed above 200 basis points. Wouldn't it be ironic if Buffett went bankrupt, along with Berkshire. Maybe Livermore new more than people gave him credit for when he said "no one beats the market, no one".
So who is still standing? Bill Miller is down and out. Trump is all but bankrupt. Citadel is in trouble. SAC capital is flat to down. The hedgies are being taken to the cleaners left right and center. The only big money winning that I can see is the market makers with their fancy black box systems and those sitting tight in cash.
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rffrydr
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