DTBoojum

John Q Smith

DTBoojum’s Activity

Yesterday

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 5:12 PM

Re: From the General to the Specific

I'm reminded of Great Northern Iron Ore (GNI), also a terminal trust, and how it was so misunderstood (until it was too late) by investors who were hypnotized by its double digit “dividend.”


Yes, somthing can seem reasonably [more]

Sat Jul 21

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 7:43 PM

Re: Rational Walk: Thoughts on Share Repurchases

Issuing stock or taking on partners is a means of bringing capital into a firm.
When one buys back stock or buys out partners, one is returning capital to them.



Issuing shares is clearly the converse of repurchasing them, so [more]

Fri Jul 20

NL

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DTBoojum replied to the Berkshire Hathaway board. 5:41 PM

Re: Rational Walk: Thoughts on Share Repurchases

Perhaps this is sophistry, but buybacks are definitely a return of capital, from the company, to the community of shareholders as a whole.
In case of dividends, 100% of the shareholder get (say) 3% of the company's stock price which (in
[more]

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 2:35 PM

Re: Rational Walk: Thoughts on Share Repurchases

since buybacks are just a reallocation of capital and not a boon to shareholders, why the huge run up? Seems like one could argue that since Berkshire has admitted they can’t find high return opportunities for the cash they are forced to do [more]

Thu Jul 19

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 1:39 PM

Re: Gearing

And it's two years, not one, so it's 48 months not 24.

I think you are subconsciously trying to make the cash accumulation reasonable, but let’s face it, it’s not. (Not that there’s anything wrong with that...)

dtb

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 12:18 PM

Re: Gearing

the cash balance has ballooned from $58bn to $106bn in just two years, but they also paid off $7bn in recourse debt in that time, so cash has been stacking up at over $1.1bn a month).

Umm, $48B - $7B = $41B/24 months seems to be ~
[more]

Wed Jul 18

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 9:03 AM

Re: repurchase amendment

I like the change that Berkshire made to the repurchase program but how does this change square with
what we have heard for years about not wanting to take advantage of selling shareholders. If they can purchase when they want without
[more]

Tue Jul 17

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 11:08 PM

Re: BRK Amends Share Repurchase Program

3) On both WEB and charlie's approval, because there could be CEO change coming and one of them may not be also
around and wanted to make sure CEO is constrained from buying without the approval of WEB & Charlie or the
[more]

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 7:05 PM

Re: BRK Amends Share Repurchase Program

Sorry, ceiling.


It was called a floor because the thinking was that it prevented the share price from going significantly lower than 120% of book, since Berkshire's billions would drive the price back up over the floor quite [more]

NL

Boards Post

DTBoojum replied to the Falling Knives board. 7:32 AM

Re: KMX.....

As far as the Morgan Stanley call of increases to B2B in the overall auto industry, could they mean sales to Uber, Lyft, Google, etc., of potentially driver-less cars?


That would make sense, but it's hard to see how it would [more]

Fri Jul 13

NL

Boards Post

DTBoojum replied to the Falling Knives board. 9:08 AM

Re: KMX.....

I don't get it - how does a switch from B2C to B2B benefit CarMax - do they do a lot of business selling fleets to other businesses? I thought they were a B2C used car retailer.

Regards, dtb

Tue Jul 10

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 9:37 AM

Re: What a fun season it has been...

At this point there is a very real statistical chance that Buffett could retire in any future 90 day period.


How about being more precise about what that chance is? You are suggesting it is not, say, 1/100, as it might plausibly [more]

Mon Jun 25

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 4:12 PM

Re: OT: Capital gain for stocks acquired in a se

I think you real question is what to do when the cost basis is different for each lot. In that case most of the time you can specify a lot to sell and use the cost basis for that in the calculation.


...

Most brokers have a
[more]

Sat Jun 23

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 8:01 AM

Re: Excuses

What else makes sense? This is an incredible company, performing very strongly, why has its valuation lagged? The risk/reward should be very very appealing to pension funds, etc. There seems to be a pretty low risk of a substantial share price [more]

Tue Jun 19

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 2:37 PM

Re: 20-year return vs S&P downright shocking

- Ted and Todd's variable compensation is based primarily on their portfolio's excess return over the S&P, not on some other notion of intrinsic value of their public securities. You can read the structure here : [more]

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 12:47 PM

Re: 20-year return vs S&P downright shocking

No. of Recommendations: 2
Do you think when Buffett assesses the performance of Todd and Ted, he is OK with an explanation of "despite lagging the S&P over the last 5 years, my portfolio has increased underlying value more than the
[more]

Sat Jun 16

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 6:49 PM

Re: Preparing Berkshire for a Future Without Buf

He makes eight key points.

1. Hold an Investor Day
-who cares?
2. Share the Annual Letter Writing
-this is a "key point" because, ... why?
3. Buy Back BRK stock
-I guess I can't disagree on this one
[more]

Thu Jun 7

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 12:26 PM

Re: Short-termism is harming the economy


Nice cherry picking. I would recommend you to check out the companies that went bankrupt in energy sector. All of them posted significant profits in years before they went bankrupt.

You are still drawing wrong lessons that GAAP
[more]

Wed Jun 6

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 5:19 PM

Re: OT: Is this a good thing?

I don't understand how based on this data one can flat out say that AZO would have been better off
buying a S&P500 index fund.


That's why I didn't say 'flat out' that AZO would have been better off, [more]

Tue Jun 5

NL

Boards Post

DTBoojum replied to the Berkshire Hathaway board. 2:50 PM

Re: BRK's equity holdings since 3/31

oh yes, quite right

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Big gold star, 5000 posts Old School Fool
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