Not much to discuss. The lowly S&P up around 18 percent YTD and Berkshire flattish. What else do you need to know?
“Anybody home?”You worried about your Berkshire investment, Professor?Tell us about it.
...I know, I know. Hell, GE is up 40% this year. We should switch maybe.
Hey, you're supposed to be thinking long term. Warren surely is. He thinks Berkshire shareholders will win over time.Be patient.
Knock-KnockAnybody home?Anybody home who?Jim
Anybody home who?Elon here. Let's go shape the future.
45 year owner with 21 annual meetings attended. Does that qualify as long term?dealraker
"45 year owner with 21 annual meetings attended. Does that qualify as long term?"It sure does. Congratulations.
45 year owner with 21 annual meetings attended. Does that qualify as long term?A guy has to ask.What was the first price you paid?45 year would put it in 1974, which was a terrible year for the price, so I hope it was late in the year : )Something in the $45-75 per A range?I guess at this remove, it just. doesn't. matter.Jim
45 year owner with 21 annual meetings attended. Does that qualify as long term?I suppose a really long-term owner bought a little before Warren Buffett bought his first shares.I am only a 23-year owner and got my first shares in about the middle of August. The commissions in those days were very high. I never went to one of those annual meetings. I have a certificate for each of those shares in my safe deposit box at my bank. I wish I had the nerve to frame one and hang it on my living room wall. But I do not.
Owner for 24 years and 20 annual meetings. Must say this board has been almost as much fun as owning. Thanks
I have a certificate for each of those shares in my safe deposit box at my bank.You must be one of the few who took Buffett seriously on the 20-punch-card advice :)Seriously, looking back over the past 23 years investing, I do think I would have been better off doing what you did--taking ownership of the certificate...and thereby the business. And not just with Berkshire. I've made the mistake of "taking a profit" far too many times, when I would have been much better served locking the certificate away in a vault. Moreover, knowing that was the game, I would not have been tempted by some of the less-than-wonderful businesses.The certificate-in-the-bank is not quite so rigid as a 20-punch-card approach, but the friction of trading is probably just about right to prevent stupid behavior on both ends of the transaction.
You edge me out, Betthepig. 20 meetings but only 23 years as a shareholder.
Jim wrote:"A guy has to ask.What was the first price you paid?45 year would put it in 1974, which was a terrible year for the price, so I hope it was late in the year : )Something in the $45-75 per A range?I guess at this remove, it just. doesn't. matter."JimJim, I'd like to claim a wise purchase of Berkshire. Unfortunately I can't! I inherited it from my Father, the owner of our small town city newspaper- which was in-the-family for well over 50 years and sold to the NY Times when I was still in college (dad's death). Dad had a stockbroker named Marshall Johnson who was the primary owner of McDaniel Lewis and Company out of Greensboro. McDaniel Lewis was Marshall's father-in-law.After getting out of grad school I worked for McDaniel Lewis and Co under Marshall. The firm made a market in southeast community bank stocks and regional small insurance companies. None of these companies were listed, we either were the entire market maker or one of the primary ones.I'm a rounding type guy, dad actually died Jan 10, 1975 so my ownership dates to then which is I guess more like 44-point-something years. In any event Marshall Johnson was quite the follower of Warren Buffett - and that following was directly related to Buffett's purhases of some amount of various entities that McDaniel Lewis/Markshall Johnson were covering. As I have posted here earlier, when Buffett bought a significant amount of stock in First Citizens Bank (majority ownership was by the Holding family) in the late 1970's a 50% of book value Marshall basically had all the firms clients in the stock within a week. Buffett bought that stock from the trust department of High Point Bank and Trust in High Point, NC. And to be perfectly obvious I was oblvious of Warren Buffett until the First Citizens purchase comment from Marshall that I have written about here before--- even owning Berkshire stock (my brother and sister also were owners). It was just a small amount of stock in some obscure thing to me until going to work for Marshall. Marshall's comment in 1977-78 (I was doing the legal sized pages on an electric typewriter for the firm): "Update the First Citizens NC (there was First Citizens SC also controlled by the Holdings) report...that cracker-jack Buffett has just bought a bunch at 50% of book" rings hilariously in my mind still. I became aware of Warren Buffett!
For more entertainment - from the inheritance guy: My first Berkshire purchase in a long time was from selling Boeing at $430 (based on valuation not incidents). I bought $1.1 million of Berkshire just this year over about 3 months, average price is about $201 per share. I have never sold a share; I have given away shares to charity regularly.
Chompin,I love reading your posts!!!Rock
that cracker-jack Buffett has just bought a bunch at 50% of book" rings hilariously in my mind still. I became aware of Warren Buffett! Well, the important ting is that you ended the adventure having bought some BRK, and most importantly, didn't sell it.I like BRK very much for its steadiness, but I missed out on the years it was a rocket ship. I also overpaid a pinch.I bought in 2001. Most of my orders were suspended while the market was closed for a few days.Jim
And to think brk.b today at 206 compounding at 11% for 45 yrs results in 22k per share.
Jim,It is nice to have a model on one stock- Berkshire- often displayed here on this board that if followed nearly assures some amount of success----- vs chances of plain failure often offered by many emotional or egotistical posters on various securities. Your model is what I am writing about of course.I just basically invest not to lose and that's really all I know how to do with some degree of advantage over most others. I did buy Amazon but that was out of curiosity because I did believe years and years ago that online was the way to go retail.By the way I did the same thinking (online is the way to go) with a small Chinese firm called Fanhua (FANH) that is selling insurance online. It sold for years at net cash value with small earnings and no debt, earnings that are now rapidly escalating. My investment was insignificant to my net worth, but has quadrupled in a little over a year.I am waiting for that business model in the US. Yes, I absolutely think direct online insurance brokerage is coming big time in the US. Having sold my business to AJ Gallagher 20 years ago, I think I know this business well. 12% commissions? Oh my, there's a cheaper delivery. A new young JEFF BEZOS where are you?!Just rambling. One more thing, that Fanhua business? Hell, I don't even know if it really exists...I have absolutely no proof. I do see some pro women's golfers wearing Fanhua hats. LOL.
One more thing...I have never understood the Amazon valuation. I just bought such a small amount of stock it was plain silly to sell it out of financial concerns, I held it for entertainment.
Insurance is regulated by states, and it is a significant deterrent to selling online. The insurance companies do all other stuff, like taking payments, claims etc online.
As usual Kingran, we disagree. State regulation can be overcome just as all other obstacles with as I said the Jeff Bezos drivetrain.
State regulation can be overcome I am merely telling what an insurance company CTO told me. He said it is not in their roadmap for the next 3 years.
This business is so profitable! It simply seems to me, given the very nature of it in every/all ways, that it should be under attack in a major way- the disruptor via lower costs/online....something. I sit in meetings with men and women in town, the insurace agents/brokers are doing well and do well in up/down all-around markets.As Buffett said, "The insurance brokerage business is a toll booth on the world's economy."
I have never understood the Amazon valuation. I just bought such a small amount of stock it was plain silly to sell it out of financial concerns, I held it for entertainment. That is why I bought some shares of TNZ: for amusement and entertainment. 1000 shares cost about $750 altogether. Didn't you ever want to own a goldmine (literally)? I do not believe they have even started mining yet, but the geologists have done a lot of work.
State regulation can be overcomeI am merely telling what an insurance company CTO told me. He said it is not in their roadmap for the next 3 years. I wonder if Berkshire-Hathaway have any experience selling insurance nationwide over the Internet. Because if they have any experience doing that, perhaps they could apply it again, n'est ce pas?
Goosehead (GSHD) is the current disruptor to the insurance brokerage business in the US. I'm having a hard time with the valuation and its quality seems a tad problematic. Reading about them often though.
Online has not disrupted the real-estate brokerage business meaningfully, still those agents charge fat commission, and considering houses are high ticket items, it is almost criminal, but ...
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