Manlobbi’s Activity

Sat Jul 21

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 6:07 PM

Re: Rational Walk: Thoughts on Share Repurchases

If it's not a return of capital, what is it?

It is a conversion of capital. (Before the buyback you had X total capital and Y cash. So you had X-Y in non-cash equity. After the buyback, shareholders still have X total capital [more]

Tue Jul 17

NL

Boards Post

Manlobbi posted to the Manlobbi's Descent board. 9:12 PM

New Berkshire buy-back policy

Omaha, NE (BRK.A and BRK.B) – The Board of Directors of Berkshire
Hathaway Inc. has today authorized an amendment to Berkshire’s share
repurchase program. The earlier share repurchase program provided
that the price paid for
[more]

Tue Jun 19

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 11:22 AM

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

Berkshire produced its own value 3 times, versus the S&P500 producing its
own value 2 times over the last decade (50% more additional value) as I
wrote, however I reported the after inflation values incorrectly.

Inflation over [more]

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 4:14 AM

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

I don't think most people realise how much Berkshire has outperformed
the S&P500, because of the psychological emphasis on looking at the
change in quotes. This is understandable emotionally, as 20 years is a
long time, but it [more]

Thu Jun 14

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 4:17 PM

Re: Investing in BAM Partnerships

Thinking about BAM, are the sub-funds, BEP, BIP etc, worth
investing in alongside BAM? Or is it all the same thing in the end?


In a nutshell, I think it is best to hold the parent
company BAM and receive the aggregate value [more]

Tue Jun 12

NL

Boards Post

Manlobbi posted to the Manlobbi's Descent board. 2:52 PM

Chinese projects

Whilst the growth in China is often reported as slowing, that doesn't mean the
growth isn't large - if we go from 7% to 4% per year per capita over 20
years there is vastly more growth (200% higher income) than moving
from 2% to [more]

Mon Jun 11

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 3:36 PM

Re: Time-tested Memo from WEB !

The other reason why a perpetually lower stock market leads to more wealth creation is that the dividends paid out (and the earnings produced) are higher for each each dollar invested. You get an ongoing higher dividend yield and earnings yield. [more]

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 12:09 PM

Re: Time-tested Memo from WEB !

He’s quite precise in saying “net buyer.”
...
That's the problem. First of all most people can reasonably know whether they are going to be net buyer or net sellers, but not in absolute terms.


True - you might need to [more]

Fri Jun 8

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 12:20 PM

Re: BlackRock

You already know a lot about Brookfield Asset Management so I'll
use them in my description of BlackRock to act as a contrast. I'm starting
to appreciate the 'boringness' of the non-trademark-like word [more]

Thu Jun 7

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 1:00 PM

Re: MKL

Hi Manlobbi, I noticed that MKL was conspicuosly absent when you listed
investment alternatives in your recent "Blossoming Brookfield" post. Last
quarters BV was down for MKL, as for BRK, and they are currently trading
[more]

Sat Jun 2

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 6:48 AM

Re: OT: Is this a good thing?

So, you spent $11.7B to retire SOME shares over a DECADE
and the WHOLE company is worth $12B now. How is that a good
use of capital? What am I missing?


As I understand the main question was how can allocate
more capital [more]

Fri Jun 1

NL

Boards Post

Manlobbi posted to the Manlobbi's Descent board. 10:05 AM

Berkshire's back

A few people might hold both of the superb companies Berkshire Hathaway
and Berkley Corporation together, so I thought I'd report a recent action
which the Manlobbi Method calls for so seldomly. I seem to be lucky
if I trade twice a [more]

Thu May 17

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 7:40 PM

Re: Tilson's BRK analysis

>In this light, and given that there are numerous “experts” who like to periodically
>analysis and value Berkshire, why would anyone rational give any heed to Whitney Tilson?

I think this is an important, and also rather deep [more]

Sun May 13

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 8:20 PM

Re: Blossoming Brookfield

Hi Cubsfan, the chart uses 20 x fee earnings plus 1.4 x book.

The fee earnings does not include carried interest, and over
the last three years the fee earnings were:

$519 million
$700 million
$1070 million

This [more]

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 4:08 PM

Re: Blossoming Brookfield

Of the private emails I got asking for this chart, note that I tried
to reply to a couple and the emails bounced - so if you didn't get
something from me, that was the only reason.

The chart accumulates only book value per share [more]

Thu May 10

NL

Boards Post

Manlobbi posted to the Manlobbi's Descent board. 7:39 PM

Blossoming Brookfield

As it has been in the past, the Supplimentary Information published is very
useful for owners:
[more]

Fri May 4

NL

Boards Post

Manlobbi posted to the Manlobbi's Descent board. 2:40 PM

Another Flatt interview

Nice to have another interview by Bruce Flatt - he has historically
given interviews so rarely (once every two years or so) but the
frequency is perhaps going up marginally over time. One of his
early interviews (in 2008 distinctly before [more]

Thu Mar 22

NL

Boards Post

Manlobbi replied to the Berkshire Hathaway board. 6:09 AM

Re: OT: Mind-blowing expectations

Amazon and Google and Apple and Facebook are outrageously successful.

These four, as well as nearly every technology firm, are successful because of state funded work, with all of the most difficult, high risk and time [more]

Sun Mar 11

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 11:28 AM

Re: Manlobbi Vs Taleb

>However, if you look at the usual suspects (BAM, BRK, MKL, WRB, etc.), they
>are all Anti Fragile.

You are right that Steadfastness sets the stage for extraordinary robustness.
But the secret is in the combination of [more]

Mon Feb 19

NL

Boards Post

Manlobbi replied to the Manlobbi's Descent board. 2:21 AM

Re: BAM reports

>Some of the assumptions may be too aggressive.
>Average annual dividend over 10 years: $0.90 per share: $0.90
>2017 dividends were only 0.56 per share. They have been raising it at
>4 cents per year. If this trend continues, [more]

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CAPS Stats & Trivia

CAPS Player Rating 89.95
Player Rank 7016 out of 69784
Score 1466.47
Score Change Today +0.15
Accuracy 90.00%
Active Picks 8
Total Picks 11
Best Pick AAPL (+1055.13)
Worst Pick BAM (-12.03)
Average Score per Pick 133.32
Charms Earned 8
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Boards Stats & Trivia

Big red star, 1000 posts
Board Posts 1390
Recs Received 9622
People who have rec'd these posts 1659
Recs to Posts Ratio (last 30 days) N/A
Threads Started 318
Threads Started Percentage 22.88 %
Most Frequent Board Mechanical Investing
Very First Post View individual year's backtesting (11/13/1999)
Percentage of Posts Rec'd 77.34 %
Show Manlobbi’s 10 Latest Posts