rclosch

Richard Losch

rclosch’s Activity

Fri Aug 11

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 1:08 AM

Re: Mr. Market Says

Thus Tech's share of intrinsic value is perhaps very much higher than its percentage of trailing operating earnings. As an extreme view, the firm might be worth only half as much without the Technology division in terms of future owner [more]

Thu Aug 10

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 12:08 PM

Mr. Market Says

Mr. Market says that CBI is worth $1.1 Billion. Yet management thinks they can sell tech for $2 billion. Tech for the last 3 years has generated somewhere between 4% and 8%. Of CBI’s total revenue. In 2014 the last year wit out big adjustments the [more]

Wed Jun 21

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 2:36 PM

Lubrizol

Lubrizol was the cover story for the June 12 Issue of “Chemical Week a trade magazine for the chemical business. The CEO was positive about the Berkshire acquisition.

”The company has made more than a dozen acquisitions since the deal [more]

Thu Jun 8

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 9:09 PM

Re: Active vs Passive

Popularity of passive and active investing have been cyclic in the past (see fig. 2 in the link below). When will this cyclic pattern re-emerge, or are we at a permanently high plateau?

[more]

Wed Jun 7

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Boards Post

rclosch posted to the Berkshire Hathaway board. 4:43 PM

The Fiduciary Rule

In discussing the quality of investment advice available today. I not mean to support the wide spread bad behavior in the investment community. I can see how there is enough abusive practice that it leads people disrespect of financial advisors. A [more]

Tue Jun 6

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 8:09 PM

Re: Active vs Passive

Could you please clarify what you mean by "fee only manager"?,

Fee only means that the advisor gets no compensation from commissions or soft money payments paid from custodians or any product that your clients money is [more]

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Boards Post

rclosch replied to the Berkshire Hathaway board. 7:27 PM

Re: Active vs Passive

My friend refused to play the game, and wouldn't manage other people's money under those constraints.

Nor would I.

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Boards Post

rclosch replied to the Berkshire Hathaway board. 7:23 PM

Re: Active vs Passive

But an actively managed fund offers no protection for that.

This is true of course. But then passive funds offer little protection from late buying and panic selling.


A good independent active manager should be able to [more]

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Boards Post

rclosch replied to the Berkshire Hathaway board. 6:45 PM

Re: Active vs Passive

If the "fee only manager" uses all low-coast, tax efficient index funds you may be correct. (Not many do! Where's the money in that?)

If you are fee only asset manager you make as much money doing that as anything. Of [more]

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 6:21 PM

Re: Active vs Passive

Most active managers aren't rational beings with ice flowing through their veins either. Active managers marketing the need for paternal hand holding should take a long hard look in the mirror (@rclosch - I am condemning active managers as a [more]

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Boards Post

rclosch posted to the Berkshire Hathaway board. 12:11 PM

Active vs Passive

I write this as an active money manager, so the content here should be interpreted with that in mind.

In the debate about active versus passive money management the focus is on the statistics that compare passive management (index Funds) [more]

Sun Jun 4

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 1:18 AM

Re: OT: Grantham on valuations

I don't know what the future range of multiples will be, but it's clear that higher multiples (even within the newer high-multiple era) still mean lower forward returns.


I do not think that there is any question about [more]

Tue May 30

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 11:34 AM

The "<I>University of Berkshire Hathaway</I>”

This book may have been mentioned here before but if so, I missed it. The book is a nice compilation of notes from the Berkshire Annual meetings from 1986 to 2015. The book is written by two partners of Pecaut and Company a RIA from Sioux City [more]

Mon May 22

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 11:38 PM

Peak Passive

Peak Passive
To some degree CBI and many other companies of this size that are not in the S&P are victims of passive investing. With all the money flowing to large cap stock liquidity for this kind of stock is drying up, and bad news has a [more]

Sun May 7

NL

Boards Post

rclosch posted to the Berkshire Hathaway board. 8:07 PM

$10.6 Billion in Equities

10Q shows $10.6 billion in Equity purchases in first Qtr. Down a little from $11.3 billion in fourth Qtr. 2016. About $8.6 Billion of that is Apple, but still leaves $2 billion that we do not know about yet. Could be Todd and Ted, or could [more]

Tue Feb 28

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 2:52 PM

Re: Buffett Interview on CNBC

Berkshire now has 133 million shares. One of our investors had previously bought 10 million shares. I have added 123 million shares.

133,000,000 x $137 puts the Berkshire position at $18.2 Billion (!) and makes it number 2 or 3 [more]

Sat Feb 25

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 11:59 AM

Re: Secular Stagnation in Japan and elsewhere

I will give Warren the final word on the genius of America, from today’s letter;

“Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any [more]

Mon Feb 20

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 10:51 PM

Re: Secular Stagnation in Japan and elsewhere

Actually, I think the most obvious way to solve the quandary of a shrinking population (especially working age population) would be immigration.

Ruchir Shama in “The Rise and Fall of Nations” agrees that the only way Japan can restore [more]

Sat Feb 18

NL

Boards Post

rclosch replied to the Berkshire Hathaway board. 1:46 PM

Re: OT: BRK lending another helping hand

With Warrants of course.

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Boards Post

rclosch replied to the Berkshire Hathaway board. 1:43 PM

Re: OT: BRK lending another helping hand

Heinz needs $90 billion for cash portion of deal they have $30 billion from Financing they did in 2016. But will need some equity to keep debt at acceptable level. How about a nice 9% preferred for $30 to $40 Billion to juice up the cash Flow?

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Big red star, 1000 posts Old School Fool
Board Posts 1273
Recs Received 16216
People who have rec'd these posts 1879
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Threads Started 543
Threads Started Percentage 42.66 %
Most Frequent Board Berkshire Hathaway
Very First Post Re: 4% Annual Return (11/8/1999)
Percentage of Posts Rec'd 82.95 %
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