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The 10 Most Recent Messages By TransverseSlice

Take me back to where I was.
  • Date: 12/28/14 7:04 PM
  • Number: 410656
  • Recommendations: 0

I also don't follow the math in your `thought exercise'. Here's a quick back of the envelope calculation:

Assuming GDP grows at 5%, then in 15 years GDP will have approximately doubled. If earnings are 6.5% of
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  • Date: 12/28/14 4:23 PM
  • Number: 410655
  • Recommendations: 0

I am a bit late to this party, but I just noticed your blog. I don't really disagree with anything that has been said above. However, I would like to point out that there is one big factor that influences valuation that has not
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  • Date: 5/8/14 5:28 PM
  • Number: 407122
  • Recommendations: 0

Rich,

 `a portion of that "special" dividend is in a sense really a partial return of capital as it is coming out of the municipal bond holdings'

 Are you sure about
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  • Date: 6/30/18 10:39 PM
  • Number: 237004
  • Recommendations: 5
I find this post rather ironic.

Regardless, I think people might be better served by the original article (at least the one that
popularized, and in many settings bastardized, this analogy in the investment world):

"The
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  • Date: 6/30/18 11:35 AM
  • Number: 236989
  • Recommendations: 2
Yahoo Finance's calculation for VRSN is all sorts of screwed up - basically their calculation seems
to be outdated (it doesn't seem to account for the recent settlement of converts).

After the converts settled there are about
(Continued...)
  • Date: 6/29/18 5:51 PM
  • Number: 236987
  • Recommendations: 7
It seems as if the first interpretation is the more correct:
of the 9.9bn in fixed income, fully 43% is term over ten years, and another 17% is five to ten years.
Another 23% is in mortgage backed securities.
This is the sort of

(Continued...)
  • Date: 6/29/18 5:03 PM
  • Number: 236984
  • Recommendations: 8
The following contrast in Berkshire's year end financials is worth pondering for a moment:

1994

Shareholder's equity: $10.8B
Equity securities held: $17.6B



Maybe it is also worth pointing out a
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  • Date: 6/29/18 4:09 PM
  • Number: 236983
  • Recommendations: 12
The problem today is size.

It might be worth pointing out an additional side effect of size that I think is not appreciated
enough.

The following contrast in Berkshire's year end financials is worth pondering for a
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  • Date: 6/28/18 2:52 PM
  • Number: 236966
  • Recommendations: 0
The CEO change is a single biggest uncertainty which can destroy the value. We have no idea about succession plan and what direction new CEO will take.

Bear market doesn't necessarily increase the value. For all we know, Buffett can

(Continued...)
  • Date: 6/28/18 1:01 PM
  • Number: 236964
  • Recommendations: 1
OK, why you think intrinsic value cannot go down? or rather under what conditions it may go down?

I didn't say that. I made no comment about my thoughts around what may or may not cause
book/intrinsic value to go down (or
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Take me back to where I was.
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