Hidden Value Gems
🔟Today's market: “Today’s active participants are neither more emotionally stable nor better taught than when I was in school. For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young. The casino now resides in many homes and daily tempts the occupants.”
9/16
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🔟Today's market: “Today’s active participants are neither more emotionally stable nor better taught than when I was in school. For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young. The casino now resides in many homes and daily tempts the occupants.”
9/16
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Hidden Value Gems
9⃣Reasons to own $BRK: “The company now owns either a portion or 100% of various businesses that, on a weighted basis, have somewhat better prospects than exist at most large American companies.”
“Berkshire’s strength comes from its Niagara of diverse earnings delivered after interest costs, taxes and substantial charges for depreciation and amortization (“EBITDA” is a banned measurement at Berkshire). We also operate with minimal requirements for cash, even if the country encounters a prolonged period of global economic weakness, fear and near-paralysis.”
“With that focus, and with our present mix of businesses, Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital. Anything beyond “slightly better,” though, is wishful thinking.”
8/16
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9⃣Reasons to own $BRK: “The company now owns either a portion or 100% of various businesses that, on a weighted basis, have somewhat better prospects than exist at most large American companies.”
“Berkshire’s strength comes from its Niagara of diverse earnings delivered after interest costs, taxes and substantial charges for depreciation and amortization (“EBITDA” is a banned measurement at Berkshire). We also operate with minimal requirements for cash, even if the country encounters a prolonged period of global economic weakness, fear and near-paralysis.”
“With that focus, and with our present mix of businesses, Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital. Anything beyond “slightly better,” though, is wishful thinking.”
8/16
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Hidden Value Gems
7⃣Do not expect 15% annual growth in the future: “Doubling our huge base is simply not possible within, say, a five-year period.”
8⃣Size is the enemy of returns: “There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others. Some we can value; some we can’t. And, if we can, they have to be attractively priced. Outside the U.S., there are essentially no candidates that are meaningful options for capital deployment at Berkshire. All in all, we have no possibility of eye-popping performance.”
7/16
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7⃣Do not expect 15% annual growth in the future: “Doubling our huge base is simply not possible within, say, a five-year period.”
8⃣Size is the enemy of returns: “There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others. Some we can value; some we can’t. And, if we can, they have to be attractively priced. Outside the U.S., there are essentially no candidates that are meaningful options for capital deployment at Berkshire. All in all, we have no possibility of eye-popping performance.”
7/16
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Hidden Value Gems
6⃣Two things $BRK looks for: “At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies – and simply sitting tight – can deliver wealth almost beyond measure.”
“We also hope these favored businesses are run by able and trustworthy managers, though that is a more difficult judgment to make.”
6/16
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6⃣Two things $BRK looks for: “At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies – and simply sitting tight – can deliver wealth almost beyond measure.”
“We also hope these favored businesses are run by able and trustworthy managers, though that is a more difficult judgment to make.”
6/16
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Hidden Value Gems
5⃣$BRK goal: “We want to own either all or a portion of businesses that enjoy good economics that are fundamental and enduring. t’s harder than you would think to predict which will be the winners and losers. And those who tell you they know the answer are usually either self-delusional or snake-oil salesmen.”
5/16
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5⃣$BRK goal: “We want to own either all or a portion of businesses that enjoy good economics that are fundamental and enduring. t’s harder than you would think to predict which will be the winners and losers. And those who tell you they know the answer are usually either self-delusional or snake-oil salesmen.”
5/16
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Hidden Value Gems
4⃣Investing in equities: “I can’t remember a period since March 11, 1942 – the date of my first stock purchase – that I have not had a majority of my net worth in equities, U.S.-based equities. America has been a terrific country for investors. All they have needed to do is sit quietly, listening to no one.”
4/16
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4⃣Investing in equities: “I can’t remember a period since March 11, 1942 – the date of my first stock purchase – that I have not had a majority of my net worth in equities, U.S.-based equities. America has been a terrific country for investors. All they have needed to do is sit quietly, listening to no one.”
4/16
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BizToc
4) Waymo and Stellantis Still on the Road —
Stellantis CEO confirms the Waymo partnership for self-driving delivery vans is alive, charting a course in the rapidly advancing autonomous vehicle space. #WaymoStellantis
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4) Waymo and Stellantis Still on the Road —
Stellantis CEO confirms the Waymo partnership for self-driving delivery vans is alive, charting a course in the rapidly advancing autonomous vehicle space. #WaymoStellantis
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BizToc
3) French Farmers Heckle Macron —
President Macron faces boos from disgruntled French farmers accusing him of insufficient agricultural support amid rising challenges. #MacronProtest
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3) French Farmers Heckle Macron —
President Macron faces boos from disgruntled French farmers accusing him of insufficient agricultural support amid rising challenges. #MacronProtest
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BizToc
2) Switzerland Targets Ukraine Peace Talks —
Switzerland aims to host Ukraine peace talks by summer, potentially marking a significant step toward resolving the ongoing conflict in Eastern Europe. #UkraineTalks
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2) Switzerland Targets Ukraine Peace Talks —
Switzerland aims to host Ukraine peace talks by summer, potentially marking a significant step toward resolving the ongoing conflict in Eastern Europe. #UkraineTalks
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Offshore
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BizToc
📰 BizToc.com Hourly News Flash
1) Berkshire's Earnings Soar as Cash Pile Hits New Heights —
Berkshire Hathaway's Q4 operating earnings jumped 28%, with their cash reserves topping $167 billion, signaling Buffett's difficulty in finding large investments.…
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📰 BizToc.com Hourly News Flash
1) Berkshire's Earnings Soar as Cash Pile Hits New Heights —
Berkshire Hathaway's Q4 operating earnings jumped 28%, with their cash reserves topping $167 billion, signaling Buffett's difficulty in finding large investments.…
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BizToc
3) China-India Debt Revamp Deal —
Zambian President announces a significant debt-restructuring deal with China and India, marking progress in managing debt challenges. #DebtRestructuring
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3) China-India Debt Revamp Deal —
Zambian President announces a significant debt-restructuring deal with China and India, marking progress in managing debt challenges. #DebtRestructuring
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BizToc
2) Residency Sparks Vegas Strip Frenzy —
A superstar singer's high-demand Las Vegas residency reopens, signaling a larger entertainment industry rebound. #Entertainment
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2) Residency Sparks Vegas Strip Frenzy —
A superstar singer's high-demand Las Vegas residency reopens, signaling a larger entertainment industry rebound. #Entertainment
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Offshore
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BizToc
📰 BizToc.com Hourly News Flash
1) Berkshire Hathaway's Record Profits —
Berkshire Hathaway's operating profits surged, hitting new records, and its cash hoard swelled significantly. #Berkshire
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📰 BizToc.com Hourly News Flash
1) Berkshire Hathaway's Record Profits —
Berkshire Hathaway's operating profits surged, hitting new records, and its cash hoard swelled significantly. #Berkshire
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