rclosch

Richard Losch

rclosch’s Activity

Mon May 23

NL

Watercooler Post

rclosch wrote 8:41 AM

Do you have good sized, established book? RIA with 20 year record of value investing and annual returns in excess of S&P 500 have offer for you! My contacts at http://www.loschmanagement.com

Fri May 13

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 1:23 PM

Re: 1st Qtr Cash Flow $7.5 billion

What would be ideal is to come up with not only that, but also a rule of thumb to estimate how much capex is really maintenance versus growth.
With those two, a guy could take a stab at estimating owner earnings.


This is a really [more]

Thu May 12

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Boards Post

rclosch posted to the Berkshire Hathaway board. 1:13 PM

1st Qtr Cash Flow $7.5 billion

The best way to estimate cash flow for the quarter is to take the amount spent on investing ($32.5 billion) and subtract the amount of new borrowings $11.6 billion) and the decrease in the cash balance ($13.4 billion) =$7.5 billion. This is up from [more]

Mon Apr 25

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 2:42 PM

Re: Berkshire’s Cash Flow Machine

let's say from 2006 to 2016 in 10 years, BRK acquired about $136B worth of operating companies, or about $14B per year (based on rclosch's figures.) At a P/E of 14, they would contribute $1B in 2006, $2B in 2007 and so on till $10B in 2015. That [more]

Sun Apr 24

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Boards Post

rclosch replied to the Berkshire Hathaway board. 9:02 PM

Re: Berkshire’s Cash Flow Machine

This is not to say the rate of growth is actually picking up and trending upwards. (if only!). It's merely to say that as yet there is no particular sign of its slowing down,
despite the markedly slower real growth rate in the world economy in
[more]

Fri Apr 22

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 3:05 PM

Berkshire’s Cash Flow Machine

This is the intro to our Quarterly Letter it is not as long as Semper Augustus but it is a lot prettier. To read the whole thing, and see all the charts click on the link.

[more]

Mon Mar 28

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 5:43 PM

Re: Is BRK 35% Undervalued?

Of course, Berkshire tends not to trade at the value that this approach suggests.

In the 28 years that I have followed Berkshire it has traded at intrinsic value for maybe about 45 minutes. Always passing by hurrying in one direction [more]

Wed Mar 23

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 4:09 PM

Re: Berkshire's Cash Flow

Neither of those represents earnings in any meaningful way.
Deferred payment is good and useful, but not permanent.


Of course they are not earnings, but they generate tax free cash that Buffett uses to buy stocks any companies. [more]

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 12:30 PM

Berkshire's Cash Flow

Buffett has identified three sources of cash free cash flow at Berkshire Hathaway, the first and most well-known is of course, the float generated by Berkshire’s various insurance operations. In addition in his annual letter he identified [more]

Tue Mar 8

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 12:57 AM

Re: OT: S&P500 TTM P/E > 23

I assume your math is correct but the PE of 23 for the market as a whole certainly does not reflect the companies that I follow. The market has become highly bifurcated will a few very large cap stocks getting a lot of attention, and distorting the [more]

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Boards Stats & Trivia

Big red star, 1000 posts Old School Fool
Board Posts 1187
Recs Received 15161
People who have rec'd these posts 1792
Recs to Posts Ratio (last 30 days) N/A
Threads Started 515
Threads Started Percentage 43.39 %
Most Frequent Board Berkshire Hathaway
Very First Post Re: 4% Annual Return (11/8/1999)
Percentage of Posts Rec'd 82.06 %
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