Manlobbi’s Activity

Mon Jul 27

NL

Boards Post

Manlobbi replied to the Brookfield Asset Management board. 12:33 PM

Re: More distressed buying

One way to do this, which is reasonably easy to work out because
they supply the earnings from the investment fees which has a current
run rate of $1.2 billion, is to think of the business as "book value"
plus
[more]

Sun Jul 26

NL

Boards Post

Manlobbi posted to the Berkshire Hathaway board. 11:08 AM

OT: Other Snowballs

There is a conversation seed over at Brookfield Asset Management
board that includes up-to-date IV10/price scores for Berkshire
Hathaway, Markel and Brookfield:
[more]

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 10:43 AM

Re: Buffett Discount

>I welcome your thoughts on this and what are the potential downfalls,
>if any, of this move?

It is not a terrible idea, but better to announce it when
the next person really is taking over decisions. That is [more]

NL

Boards Post

Manlobbi replied to the Brookfield Asset Management board. 3:29 AM

Re: More distressed buying

IIRC, BAM started reporting IFRS in 2010. Hence, book value was immediately pushed up to fair value in 2010. Prior to 2010, book value was reported via GAAP at historical cost.
..
Price to historical book was 1.5X using GAAP, and 1.0X
[more]

Sat Jul 25

NL

Boards Post

Manlobbi replied to the Brookfield Asset Management board. 9:00 AM

Re: More distressed buying

http://www.robertbremner.com/BAM%20and%20Intrinsic%20Value.p...
Thanks for the chart. Considering that management expects BV to grow at
13%, 1.8*BV is a
[more]

Fri Jul 24

NL

Boards Post

Manlobbi posted to the Brookfield Asset Management board. 8:53 AM

More distressed buying

Good news - another asset likely coming onto our books in which
the sell was 'forced' to sell. In other words, we are highly
likely to be getting a lower price (higher rental yield). To
put into context, though, $1.5b is just a 0.75% of [more]

Mon Jul 13

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 8:58 PM

Re: Food for thought - S&P 500 earnings growth

>Growth = (1 - payout ratio) * RoE.

This is just expressing the idea that growth comes from
what is left out of earnings after paying out the dividend.

However the model only approximates the real world,
and only then [more]

Tue Jul 7

NL

Boards Post

Manlobbi replied to the Markel Corporation board. 7:42 PM

Re: OK, I'm out at $827. I figured I'd hold for

>I've been contemplating selling Markel to buy more Brookfield. I've
>done very well on Markel and have no great desire to sell it. I would
>only sell it to buy something much more compelling, and I think that
>Brookfield [more]

Fri Jul 3

NL

Boards Post

Manlobbi replied to the Markel Corporation board. 4:25 PM

Re: OK, I'm out at $827. I figured I'd hold for

Indeed the attractiveness of Markel as an investment has decreased
significantly over the last year. It has been the bulk of my
portfolio as a single holding, I felt so lucky to be able to
own it a year ago and it is amazing how quickly [more]

Tue Jun 30

NL

Boards Post

Manlobbi posted to the Brookfield Asset Management board. 5:55 PM

Letter to investor relations

Dear Sir / Madam,

I am a co-owner of Brookfield Asset Management. Typically I am to find companies that I can hold forever and so clearly I deeply believe in your future.

However I was disappointed to read your view of institutional [more]

Tue May 12

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 1:18 PM

Re: OT: L

What does that mean? When growth stocks make oodles of money, that's the sign of market peak?

The idea of a bubble is that people become interested in price
gains for the sake of price gains. The price gains fuel [more]

Mon May 11

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 7:14 AM

Re: Brookfield Snowball

Brookfield Asset Management (BAM) IV10/price summary:

BAM book value per share, 2005 to 2014
6.70 9.28 11.38 8.58 11.18 20.50 27.04 29.03 28.89 32.57
9 year average: Growth of 19% per year

BAM price to book, 2005 to [more]

Sun May 10

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 7:13 PM

Re: Brookfield Snowball

Thanks for expressing appreciation, but don't take the iv10/price
score seriously yet as I am still working through it as a draft.

I have various concerns before purchasing a large amount of
the company, not so much with their [more]

Sun Apr 26

NL

Boards Post

Manlobbi posted to the Brookfield Asset Management board. 9:32 AM

Recent $4.4b raising - video interview

http://www.bloomberg.com/news/videos/b/50e9ed0d-276b-4cce-b1...

Brookfield's management rarely give interviews and there was not much detail about [more]

Sat Apr 18

NL

Boards Post

Manlobbi replied to the Markel Corporation board. 11:45 AM

Re: Valuation based on investments per share

>Adding the two gives 1335 + 68 = 1403. This is well above the current
>price of less than 800.
>The combined ratio for MKL has been consistently below 100. So if
>Berkshire's investments per share are assigned face value, [more]

Mon Feb 16

NL

Boards Post

Manlobbi replied to the Markel Corporation board. 4:22 PM

Re: Book value and price history

>Are you saying you think 1.7 times book is the "proper" price?

I think 1.7 is about right, in the sense that I expect book value
per share to grow over 15 years quite ahead of the S&P500, so
a 70% premium is not a [more]

NL

Boards Post

Manlobbi posted to the Markel Corporation board. 3:48 PM

Book value and price history

I have produced this chart that shows a fixed multiple of the book
value per share and the price over the last last 22 years for Markel:

[more]

Fri Feb 13

NL

Boards Post

Manlobbi replied to the Markel Corporation board. 11:39 PM

Re: Markel Ventures

>Have you looked at why Net Income is so small compared to the EBITDA?

This was one-off write-down which does not relate to cash actually
being generated. The sustainable EBITDA is the figure that
we care about as that is the [more]

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Big red star, 1000 posts CAPS All Star
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