Berkshire Hathaway n.3

zakzakit

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Altri 7.6B$ spesi in riacquisti nel 3. trimestre (su una capitalizzazione totale di 650.7B$, circa 1.1%).
Sono state ritirate 3129 classe A e 22.5 milioni di classe B.
Il prezzo medio mensile più alto per BRK.B è stato ad agosto a 285.41$ (la attuale quotazione è di 287.88$.
https://www.berkshirehathaway.com/qtrly/3rdqtr21.pdf
 

nemo17

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Altri 7.6B$ spesi in riacquisti nel 3. trimestre (su una capitalizzazione totale di 650.7B$, circa 1.1%).
Sono state ritirate 3129 classe A e 22.5 milioni di classe B.
Il prezzo medio mensile più alto per BRK.B è stato ad agosto a 285.41$ (la attuale quotazione è di 287.88$.
https://www.berkshirehathaway.com/qtrly/3rdqtr21.pdf

Non emettendo nuove azioni per i piani di incentivazione il buy back di Berkshire è decisamente efficace !Molto meglio di un dividendo.
 

zakzakit

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Non emettendo nuove azioni per i piani di incentivazione il buy back di Berkshire è decisamente efficace !Molto meglio di un dividendo.

Tra l'altro ho notato (sto leggendo adesso il 10-Q) che ha acquistato azioni per 5B$ e venduto per 12B$, quindi quasi tutto l'ammontare impiegato nei riacquisti è un reimpiego di un disinvestimento netto di partecipazioni di minoranza.
 

nemo17

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Tra l'altro ho notato (sto leggendo adesso il 10-Q) che ha acquistato azioni per 5B$ e venduto per 12B$, quindi quasi tutto l'ammontare impiegato nei riacquisti è un reimpiego di un disinvestimento netto di partecipazioni di minoranza.

Beh visto che ci non ci sono elefanti in giro a buon prezzo.. meglio guardare in casa.
 

Leite

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è morto Lou:
Louis Simpson, Former Buffett Stock Picker, Dies at 85

[On his ideal day.]
"Would be a day when I’m here in my office, the market is closed, there are no telephone calls, and I can read all day."

"During annual report season, I probably read 15 or 20 a day. I generally read the Chairman’s letter to get a flavor of the culture, then I got to the Sources and Uses of Funds, and I read some footnotes. But it’s the CEO’s letter that sets the tone."

"We ask the following question in evaluating management: Does management have a substantial stake in the stock of the company? Is management straightforward in dealings with the owners? Is management willing to divest unprofitable operations? Does management use excess cash to repurchase shares? The last may be the most important. Managers who run a profitable business often use excess cash to expand into less profitable endeavors. Repurchase of shares is in many cases a much more advantageous use of surplus resources."

[On not believing that someone can simply be taught how to be a successful investor.]
"I think it’s an art. There’s a lot of psychology and emotion involved. A lot of people don’t have the patience or temperament to really be investors."

"In general, people are just churning their portfolios. Ben Graham once told me that the way a lot of individuals and institutional investors invest reminded him of people who traded their dirty laundry with each other. They were just trading for the sake of trading, and they didn’t really own businesses. Investors are going to make out a whole lot better if their whole emphasis is on owning businesses and having a reasonable time horizon. The average investor is not properly equipped to be successful."
 

balcarlo

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In questo periodo d'incertezza, sappiamo come è allocato il portafoglio titoli della holding?
 

Leite

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prova a leggere il primo paragrafo del 10K "Business description":
Document [10K BRK]


la trascrizione del meeting del Daily Journal:
Charlie Munger: 2022 Daily Journal Annual Meeting Transcript


Charlie Munger: In my whole adult life, I’ve never hoarded cash, waiting for better conditions. I’ve just invested in the best thing I could find. I don’t think I’m going to change now. The Daily Journal has used up its cash.
Now, Berkshire has excess cash. Quite a bit of excess cash. But it’s not doing that because it knows how to time investments. He just can’t find anything he can stand buying.
So we don’t have a solution to your problem. We’re just coping with it as I’ve described.

Question: Given the valuation and market correction in early 2020, why is Berkshire not picking up or adding any new companies to its profile? Is the management getting too conservative with M&A? Of course, kudos to the team for picking up Apple shares a couple of years back. That’s paying off for sure.

Charlie Munger: The reason we’re not buying is that we can’t buy anything at prices we’re willing to pay. It’s just that simple. Other people are bidding the price up.
A lot of the buying is not done by people who really plan to own them. A lot of it is fee-driven buying. Private equity buys things so they can have more fees by having more things under management. Of course, it’s a lot easier buying something when you use somebody else’s money. We’re using our own money, or at least that’s the way we think of it.
By the way, it’s not a tragedy that Berkshire has some surplus money they’re not investing. And you can argue the little Daily Journal, what a good thing it was we had 30 million extra coming in from a foreclosure boom and that we invested it shrewdly. It gives us a lot of flexibility. And by the way, that piled-up money helps us in wooing these governmental bodies we’re selling the software to. We look more responsible with the extra wealth, and we are more responsible with the extra wealth.
The shareholders who are worried about the future because it looks complicated and difficult, I want to say to them what my old torts professor said to me. He’d say, “Charlie, tell me what your problem is and I’ll try and make it more difficult for you.” He did me a favor by treating me that way. I’m just repeating his favor to you.
When you’re thinking the thoughts you’re doing, at least you’re thinking in the right direction. You’re worried about the right things—all you people that are worried about inflation, the future of the Republic, and so forth.


l'allocazione della famiglia Munger:

Question: How will this all play out? And what’s the best advice you have for individual investors to optimally deal with the negative impact of inflation other than owning quality equities?

Charlie Munger: Well, it may be that you have to choose the least bad of your options. That frequently happens in human decision making. The Mungers have Berkshire stock, Costco stock, Chinese stocks through Li Lu, a little bit of Daily Journal stock, and a bunch of apartment houses. Do I think that’s perfect? No. Do I think it’s okay? Yes. I think the great lesson from the Mungers is that you don’t need all this damn diversification. You’re lucky if you got four good assets. If you’re trying to do better than average, you’re lucky if you have four things to buy. To ask for 20 is really asking for egg in your beer. Very few people have enough brains to get 20 good investments.
 
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zakzakit

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OMAHA, NE—Berkshire Hathaway Inc.’s 2021 Annual Report to the shareholders will be posted on the Internet on Saturday, February 26, 2022, at approximately 8:00 a.m. eastern time where it can be accessed at ???????????. Concurrent with the posting of the Annual Report, Berkshire will also issue an earnings release.
The Annual Report will include Warren Buffett’s annual letter to shareholders as well as information about Berkshire’s financial position and results of operations.
 

zakzakit

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https://www.berkshirehathaway.com/2021ar/2021ar.pdf

Buona lettura a tutti.

(Io mi sono andato immediatamente a vedere i dati dei buyback. A dicembre Berkshire ha continuato i riacquisti grosso modo al volume dei mesi precedenti, arrivando ad un prezzo medio mensile di 287.62$. Sfortunatamente il prezzo di chiusura di ieri, 319.24$, è superiore dell'11%, per cui non ho idea se quest'ultimo valore possa ancora venire considerato "below Berkshire’s intrinsic value, conservatively determined").
 

zakzakit

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Nel 2022 c'è stata una diminuzione del volume dei riacquisti:
"I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent."
Per cui probabilmente intorno ai 320$ siamo al fair value o quasi, o comunque siamo ad un margine di sicurezza ridotto.
 
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RaginamentiFin

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00:00 intro
00:31 +3 milioni%
1:22 la filosofia di investimento di BRK
2:06 primi in America nelle infrastrutture
2:26 Genesi di Berkshire e tassazione giornaliera
3:11 Land of the Free
3:30 L'Assicurazione BRK
5:15 I 4 Giganti
5:50 Apple, in crescita
6:58 BNSF, le ferrovie
7:29 BHE, multiutlity
7:58 Il portafoglio di Aziende quotate
9:19 il loro futuro acquisto del 2023
9:52 tra i più grandi finanziatori del Governo USA
10:02 perché detenere tanto cash?
11:15 3 metodi per creare valore per gli azionisti
11:50 il monito di Warren Buffett sui Tassi
12:40 Acquisto azioni Proprie
14:06 Warren Ama i suoi Azionisti
14:46 TTI, l'imprenditore virtuoso
16:33 perché scrivere le lettere
16:57 consigli agli universitari

 

marudino

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00:00 intro
00:31 +3 milioni%
1:22 la filosofia di investimento di BRK
2:06 primi in America nelle infrastrutture
2:26 Genesi di Berkshire e tassazione giornaliera
3:11 Land of the Free
3:30 L'Assicurazione BRK
5:15 I 4 Giganti
5:50 Apple, in crescita
6:58 BNSF, le ferrovie
7:29 BHE, multiutlity
7:58 Il portafoglio di Aziende quotate
9:19 il loro futuro acquisto del 2023
9:52 tra i più grandi finanziatori del Governo USA
10:02 perché detenere tanto cash?
11:15 3 metodi per creare valore per gli azionisti
11:50 il monito di Warren Buffett sui Tassi
12:40 Acquisto azioni Proprie
14:06 Warren Ama i suoi Azionisti
14:46 TTI, l'imprenditore virtuoso
16:33 perché scrivere le lettere
16:57 consigli agli universitari


Puoi mettere un link del video ? Grz . questo non si riesce a vedere
 
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