da The intelligent investor

[gioia23]

Sapete quali erano alcuni dei pochi titoli che il 15/11 hanno raggiunto nuovo massimo su New York?....

BRKA, KO, PG...
gioia23

 

[locco68]

ultimissime mosse dell'oracolo... Berkshire increases its stake in home lenders
Bloomberg News
Berkshire Hathaway Inc., run by billionaire Warren Buffett, boosted its stake in home lenders U.S. Bancorp and Wells Fargo & Co., betting on the recovery of stocks that fell amid the worst housing slump in 16 years.

Berkshire reduced its investment in two railroads, Union Pacific Corp. and Norfolk Southern Corp., the Omaha company said in a regulatory filing disclosing holdings as of Sept. 30. The company reported no stake in Western Union Co. after saying it held 3.2 million shares on June 30.

Berkshire became the largest shareholder in U.S. Bancorp, the sixth-largest U.S. bank, and remains the top investor in Wells Fargo, the second-largest home lender. Both have fallen this year as foreclosures set a record in the second quarter and overdue payments on subprime loans reached a five-year high.

Berkshire also increased holdings in Johnson & Johnson, the world’s largest health products company, and the two largest U.S. health insurers, UnitedHealth Group Inc. and WellPoint Inc.

Buffett’s interest in large health care concerns makes sense “given the operating cash flow characteristics of the companies,” said Brian Wright, an analyst with Jefferies & Co. in New York.

 

[Leite]

BRKA, KO, PG...

per vedere l'effetto euro su BRK sono andato a calcolare i ritoni annui composti della quotazione di Parigi da ottobre 2000 a ottobre 2007 (dati medi mensili, date scelte solo perchè non potevo andare più indietro nel tempo):
BRK a Parigi 2,64%
BRK in $ 18,87%
S&P500 in $ 1,16%
DAX (che non dà dividendi come BRK) 1,8%

 

[Leite]

sembra che seguire pedissequamente gli investimenti renda:
http://www.cnbc.com/id/21834492

 

[gioia23]

Carmax è un acquisto di Lou SImpson di Geico, si può vedere dai codici degli acquisti che sono alla SEC, l'acquirente è Geico, anche perchè i 200 milioni di invstimenti sono "noccioline" per WB, sulla bontà dell'acquisto...vedremo...
gioia23

 

[Leite]

Buffett su KO:

"In ogni business ci possono essere mille cose che possono accadere la prossima settimana, il prossimo mese, il prossimo anno, ecc. Ma la cose veramente importante è essere nel business giusto. Il caso classico è Coca-Cola che venne quotata nel 1919.
L'azione inizialmente era a 40 $, l'anno dopo scese a 19 $. Il prezzo dello zucchero era cambiato in modo drammatico dopo la prima guerra mondiale. Avresti perso metà dei tuoi soldi; ma se avessi tenuto l'azione fino a oggi - reinvestendo tutti i dividendi - adesso varebbe circa 1.8 milioni. Abbiamo avuto depressioni, guerre, i prezzi dello zucchero sono saliti e scesi, sono successe un milione di cose.
E' più fruttuoso per noi pensare se il prodotto è in grado di sostenere se stesso e i suoi fondamentali economici o chiederci se saltare dentro o fuori da un'azione?"

 

[Leite]

è un po' OT, un italiano ai vertici di PepsiCo:
http://www.ilsole24ore.com/art/Sole...d5-11dc-adc1-00000e251029&DocRulesView=Libero

 

[zero zero beppe]

Buffett su KO:

"In ogni business ci possono essere mille cose che possono accadere la prossima settimana, il prossimo mese, il prossimo anno, ecc. Ma la cose veramente importante è essere nel business giusto. Il caso classico è Coca-Cola che venne quotata nel 1919.
L'azione inizialmente era a 40 $, l'anno dopo scese a 19 $. Il prezzo dello zucchero era cambiato in modo drammatico dopo la prima guerra mondiale. Avresti perso metà dei tuoi soldi; ma se avessi tenuto l'azione fino a oggi - reinvestendo tutti i dividendi - adesso varebbe circa 1.8 milioni. Abbiamo avuto depressioni, guerre, i prezzi dello zucchero sono saliti e scesi, sono successe un milione di cose.
E' più fruttuoso per noi pensare se il prodotto è in grado di sostenere se stesso e i suoi fondamentali economici o chiederci se saltare dentro o fuori da un'azione?"

Questo pensiero del grande W.B. non lo conoscevo ......molto bello

 

[gioia23]

http://www.amazon.com/Snowball-Warr...=sr_1_1?ie=UTF8&s=books&qid=1197993855&sr=8-1

preparatevi


gioia23

 

[locco68]

Un articolo di oggi sul portafoglio Buffettiano:

Top-Yielding Warren Buffett Stocks


By James Altucher


One of the 10 most viewed portfolios at Stockpickr and the most viewed income-oriented portfolio is the High-Yield Warren Buffett Stocks. This portfolio, which was developed last June, has been updated with current yields and takes into account that Buffett sold his position in PetroChina


Warren Buffett, chief of Berkshire Hathaway (BRKA - Cramer's Take - Stockpickr), is one of the most recognized names in the investment world, providing investors with an outstanding return. For investors looking for income and growth, the dividend-paying stocks within the Berkshire portfolio may be a good place to start.

One of the highest-yielding stocks on the list is US Bancorp (USB - Cramer's Take - Stockpickr - Rating), a Minneapolis-based holding company that yields 5.2%. The stock, which on Monday was downgraded by Citigroup from hold to sell, has a price-to-earnings (P/E) ratio of 12 and a P/E-to-growth (PEG) ratio of 1.5.

USB is part of the portfolio of RiverSource Dividend Opportunity (INUTX), a fund that has generated a three-year average annual return of 13.8%. RiverSource also has positions in Chevron (CVX - Cramer's Take - Stockpickr - Rating), which yields 2.5%, and BP (BP - Cramer's Take - Stockpickr - Rating), which yields 3.5%.



Another high-yield stock that Buffett likes is health care products company Johnson & Johnson (JNJ - Cramer's Take - Stockpickr - Rating), which offers a yield of 2.5%. A J&J subsidiary just won a $226 million patent infringement lawsuit against Medtronic (MDT - Cramer's Take - Stockpickr - Rating). J&J stock offers a P/E ratio of 19 and a PEG of 1.7.

Johnson & Johnson also appears in the portfolio of the Pioneer Cullen Value A Fund (CVFCX). This fund, which has a Morningstar rating of four stars, has generated an average annual return of 17.9% over the last five years. Pioneer Cullen also owns positions in Bunge (BG - Cramer's Take - Stockpickr - Rating) and Devon Energy (DVN - Cramer's Take - Stockpickr - Rating), both of which yield 0.6%.

Yet another high-yield Buffett play is General Electric (GE - Cramer's Take - Stockpickr - Rating), which pays out 3%. In its most recent quarterly report, the giant conglomerate posted a 13.8% increase in earnings on revenue growth of 13%. It offers a P/E of 17, and its PEG is a reasonable 1.5.

The stock was recently added to the portfolio of Appaloosa Management, a hedge fund that has generated an average annual return of more than 30% since 1993. Appaloosa also owns Applied Materials (AMAT - Cramer's Take - Stockpickr - Rating), which yields 1.4%, and United Technologies (UTX - Cramer's Take - Stockpickr - Rating), which offers a yield of 1.7%.

 

[Seven Of Nine]

GE fa di tutto, costante nella crescita degli utili, da cassettista, dopo la correzione la valutazione si fa interessante, la cosa che non mi convince è la sua divisione finanziaria non vorrei trovare brutte sorprese lì, oggi stacca il suo dividendo nuovo di 31 cents

 

[locco68]

GE fa di tutto, costante nella crescita degli utili, da cassettista, dopo la correzione la valutazione si fa interessante, la cosa che non mi convince è la sua divisione finanziaria non vorrei trovare brutte sorprese lì, oggi stacca il suo dividendo nuovo di 31 cents

Noi gli abbiamo regalato il Nuovo Pignone. Ci stavo pensando anch'io a questo titolo, ma sono incerto sul dollaro...

 

[nemo17]

Noi gli abbiamo regalato il Nuovo Pignone. Ci stavo pensando anch'io a questo titolo, ma sono incerto sul dollaro...

E' praticamente ormai come un fondo...talmente tanti sono i settori che attraversa GE con il suo business...media,finanza,apparecchiature medicali,industria,energia,motori per aerei,infrastrutture,ecc.
Ogni anno compie circa 150 acquisizioni in tutto il mondo.
Il suo sito internet è bellissimo e ricchissimo di informazioni. Se vi capita leggete l'articolo di Barron's che dice che GE potrebbe valere molto di più e di come i suoi multipli siano storicamente bassi.

 

[Leite]

http://www.amazon.com/Snowball-Warr...=sr_1_1?ie=UTF8&s=books&qid=1197993855&sr=8-1
preparatevi

grazie per la segnalazione
sto rileggendo quello di Cunnigham (http://snipurl.com/1vrjn) la raccolta di passi dalle lettere agli azionisti: un pozzo infinito di intelligenza, conoscenza profonda, humour

 

[locco68]

Buffett continua a comprare...ad agosto aveva detto: posso spendere piu' velocemente di Imelda Marcos...

Berkshire buys 60% of a Pritzker group for $4.5 bln

By MarketWatch
Last update: 1:57 a.m. EST Dec. 26,
TEL AVIV (MarketWatch) -- Berkshire Hathaway will purchase 60% of Marmon Holdings, an industrial group owned by trusts benefiting members of the Pritzker family of Chicago, for $4.5 billion, the companies said on Tuesday.
Berkshire, the investment firm controlled by the Omaha investor Warren Buffett, also will acquire the rest in stages over five to six years, with payment based on earnings.
Marmon, with annual revenue of around $7 billion, holds more than 125 manufacturing and service businesses worldwide. They include wire and cable, railroad tank cars, flow products for plumbing and construction, construction-equipment leasing, water-treatment equipment and more.
A statement from the companies said Marmon's operating earnings tripled from 2002 to 2007 as operating-profit margin fattened to 12.4% of revenue from 4.9%. The Wall Street Journal reported that Marmon earned $794 million from operations in 2006, twice the $392 million of 2004. Revenue was $7 billion in 2006 against $5 billion two years earlier.
Buffett said the deal is Berkshire's (BRKA:berkshire hathaway inc del cl a
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BRKB 4,540.00, 0.00, 0.0%) largest outside the insurance industry, according to media reports. The Journal said it "reflects his fondness for unflashy businesses that delivery steady and strong cash flow and feature high barriers to entry."
For the Pritzkers' part, the Journal reported that including the Marmon deal, the Pritzkers have raised more the $10 billion by selling assets in the past six years. They still control a number of prominent businesses, including the Hyatt hotel chain.
Berkshire Hathaway has interests in property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services.
Subject to conditions including regulatory clearance, the companies hope to close the deal in the first quarter.

 

[locco68]

Buffett su Marmon:



In a live interview this morning on CNBC's Squawk Box, Warren Buffett called his purchase of a big Marmon stake as a "bet on America over a long time." He also revealed that while he has been approached by financials companies about buying a stake, "we have not seen a deal that causes me to start salivating." A summary appears in the WBW post Warren Buffett tells CNBC He's Been Approached by Financials But Hasn't Seen Anything He Likes So Far.

Here is a video clip and transcript of the complete interview:




Becky: Why Marmon?

Buffett: Well, Marmon is our kind of company, Becky. It's in some very basic businesses, but good businesses. It's got terrific management. It's a chance to do a very big transaction which I like, but there's nothing not to like.

Becky: Well, it's a 125 different businesses. People call that a conglomerate. Add that to Berkshire Hathaway's already huge number of companies out there and people start calling it a conglomerate again. Doesn't that bother you? Because right now the stock market doesn't value conglomerates.

Buffett: That's OK with us. Yeah, you can call us a 'conglomerate-squared' now. (Laughter.)

Becky: 'Conglomerate-squared.' It doesn't bother you what the stock market thinks about it?

Buffett: Well, it's what we are. We think it works pretty well. And the test will not be whether the stock market likes it today or tomorrow. The test will be where the company is in 10 or 20 years.

Becky: You know, Marmon's got operations in China and Europe, but most of all it's a U.S. company. Is it fair to say that this is a bet on American industry?

Buffett: Well, yeah, it's very basic American industry. It's about as basic as it gets. So, it's, ah, it's a bet, it's a very large bet on America over a long period of time.

Becky: You know, you've got 60 percent of the company you're buying right now, but you'll be buying the rest over the next six years. Why did you structure the deal that way?

Buffett: It's the way the Pritzker family wanted the structure. We try to tailor deals to what works best for the seller. In this case, ah, there's a group of sellers, and a number of them certainly want to try to ride on the company over the next six years or so. And that's fine with us. I hope they get paid considerably more for the back end.

Becky: They'll be paid more if the company's earnings increase over the next six years?

Buffett: That's exactly right.

Becky: OK. So jumping into this right now, you've got, again, 125 different businesses that make up the Marmon Group ...

Buffett: Don't give me a quiz on the names, Becky, please.

Becky: I won't quiz you on all 125 names, but it's $7 billion in revenue annually and about 21,500 employees. How does that change the composition of Berkshire?

Buffett: Well, it's adds about 10 percent, almost, to the number of employees we have. Although ... we have about 220,000 before this. But, we have 19 at headquarters. It will not add a person to headquarters. We're not going to go crazy around here. And, in non-insurance revenues, this comes, again, as about 10 percent of the non-insurance revenues of Berkshire. It could move the needle at Berkshire.

Becky: OK, it could move the needle at Berkshire. You've got a history with Jay Pritzker of the Pritzker family, being the ones who put together the Marmon group. You met Jay Pritzker over 50 years ago?

Buffett: I met Jay Pritzker, I wrote about it in the 1988 annual report when I was talking about arbitrage. I met Jay Pritzker in 1955 when I was 24 years old, working in New York City. And my bosses sent me over to Brooklyn on the subway to attend a special meeting of the Rockwood Chocolate Company. And Jay Pritzker, I'd never heard of before (until) just before that event, was there and couldn't have been nicer to me. So I've been a, I became an admirer, I followed him. He's a brilliant guy. And I'm doing this deal with his family.

 

[divince71]

i miei piu sinceri auguri da parte mia a tutti voi per un prospero 2008.

 

[gioia23]

in questi momenti di leggero calo e dove molti, troppi, incominciano già a intravvedere "occasioni", vorrei ricordare alcuni concetti espressi da Graham intorno al 1946 (!), proprio sui titoli sottovalutati in un'mercato ai massimi o vicino...

gioia23

"...I am sure that those policies are good policies, and they stand up in the light of experience. Of course, there is one very serious objection to them and that is that “it is a long time between drinks” in many cases. You have to wait too long for recurrent opportunities. You get tired and restless -- especially if you are an analyst on a payroll, for it is pretty hard to justify drawing your salary just by waiting for recurrent low markets to come around. And so obviously you want to do something else besides that.

The thing that you would naturally be led into, if you are value-minded, would be the purchase of individual securities that are undervalued at all stages of the security market. That can be done successfully, and should be done -- with one proviso, which is that it is not wise to buy undervalued securities when the general market seems very high. That is a particularly difficult point to get across: For superficially it would seem that a high market is just the time to buy the undervalued securities, because their undervaluation seems most apparent then. If you could buy Mandel at 13, let us say, with a working capital so much larger when the general market is very high, it seems a better buy than when the general market is average or low. Peculiarly enough, experience shows that is not true. If the general market is very high and is going to have a serious decline, then your purchase of Mandel at 13 is not going to make you very happy or prosperous for the time being. In all probability the stock will also decline sharply in price in a break. Don’t forget that if Mandel or some similar company sells at less than your idea of value, it sells so because it is not popular; and it is not going to get more popular during periods when the market as a whole is declining considerably. Its popularity tends to decrease along with the popularity of stocks generally.

QUESTION: Mr. Graham, isn’t there what you might call a negative kind of popularity, such as the variations of Atchison? I mean, in a falling market, while it is perfectly true that an undervalued security will go down, would it go down as fast as some of the blue chips?

MR. GRAHAM: In terms of percentage I would say yes, on the whole. It will go down about as fast, because the undervalued security tends to be a lower-priced security; and the lower-priced securities tend to lose more percentagewise in any important recessions than the higher ones. Thus you have several technical reasons why it does not become really profitable to buy undervalued securities at statistically high levels of the securities market.

If you are pretty sure that the market is too high, it is a better policy to keep your money in cash or Government bonds than it is to put it in bargain stocks. However, at other times -- and that is most of the time, of course -- the field of undervalued securities is profitable and suitable for analysts’ activities. We are going to talk about that at our next lecture. "...

 

[nemo17]

GE fa di tutto, costante nella crescita degli utili, da cassettista, dopo la correzione la valutazione si fa interessante, la cosa che non mi convince è la sua divisione finanziaria non vorrei trovare brutte sorprese lì, oggi stacca il suo dividendo nuovo di 31 cents

Anche la granitica GE comincia a perdere colpi ed il titolo si è portato sui 33 dollari... oggi mi sembra escano i dati del Q4 e 2007..staremo a vedere.. più che altro come sarà l'outlook 08.
Prezzo interessante..ma come dice Gioia.. attenzione..sembra tutto interessante ma..

 

[locco68]

ore 8,30 east time utili 4 trim. Ge. Attesi 2.19 -2.22 eps(+15% su anno scorso). Il ceo Immelt aveva detto tempo fa di non avere sofferenze nella divisione money. Vedremo stasera. Certo se non ci fossero perdite legate alla divisione finanza potrei effettuare il mio primo acquisto a Wall Street.... Il titolo e' sui minimi delle 52 settimane.