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  • Even For Berkshire, Getting Earnings Right Is An Investor's Number One Job [View article]
    Heinz replaces things that have gone away or morphed, Wrigley, GE & GS.
    As for Heinz's "profits", they're losses due to the interest it pays to BRK.
    Mar 7 04:19 PM | Likes Like |Link to Comment
  • U.S. Silica Holdings Management Discusses Q4 2013 Results - Earnings Call Transcript [View article]
    Quarterly O&G revs doubled but qtrly O&G profits are dead flat. The explanation really doesn't make much sense. Yet, the stock goes up. I'll wait til it gets back to mid-$20s.

    What are they doing? Sifting out 100 mesh & throwing the rest away? How else could prices be up & margins plunge?
    Mar 6 12:55 PM | 1 Like Like |Link to Comment
  • Warren Buffett's Portfolios Don't Reward Investors For The Added Risks [View article]
    Clickbait. REALLY BAD clickbait. You really don't know anything and thinking that a couple of price charts will tell you what occurred at various points in time is completely amateurish.

    I find it ALMOST impossible to believe you were ever a "portfolio manager". It would be impossible, except that I have met some really bad PMS. Did you manage daddy's money?

    Seeking Alpha should be ashamed to publish such uneducated clickbait.
    Mar 6 11:18 AM | 7 Likes Like |Link to Comment
  • Even For Berkshire, Getting Earnings Right Is An Investor's Number One Job [View article]
    Yes Virginia, many investors buy & sell BRK based on earnings &, yes, earnings surprises. See today's upgrade:
    "Berkshire Hathaway has been witnessing rising earnings estimates on the back of a strong fourth-quarter 2013. Moreover, this conglomerate with over 80 businesses, delivered positive earnings surprises in 3 of the last 4 quarters with an average beat of 20.4%."

    Not that I agree with this one, esp since they're obviously using the wrong definition of earnings. "average beat of 20.4%"? Oh boy.
    Mar 6 10:56 AM | Likes Like |Link to Comment
  • Berkshire Estimates Were Cut For Bad Reasons. Expect A Good Q4 [View article]
    Berkshire's Q4 beat was almost exactly as I predicted and, contrary to the "opinions" of investors who think silly little things like quarterly earnings and earnings estimates do not matter, BRK has begun to outperform.
    Live & Learn:
    "We think analysts over-reacted and a Q4 earnings beat will help Berkshire make up lost ground against the market, maybe even getting back to its 2013 high valuation of 1.40x Book Value."

    BRK was at 1.28x BV an hour before the Friday close. THen, people like myself began front-running the earnings report by buying more BRK. It closed Friday at about 1.285x BV. On Tuesday afternoon, it is 1.31x BV.
    Getting all the way back to 1.40x BV probably depends on crude-by-rail regulations and whether large caps or small caps lead the market from here.
    Mar 4 02:24 PM | Likes Like |Link to Comment
  • Berkshire Invests $600M For Its Reputation [View article]
    The article implies no such thing. Your concept of a "cash injection" is an incorrect inference. BNSF is a subsidiary of BRK. When BNSF iinvests money, that is BRK investing money.

    It really is as simple as that. And it is as simple as that whether BNSF invests from a net positive FCF or whether BNSF's capex exceeds its FCF in a given year.
    Feb 25 04:19 PM | Likes Like |Link to Comment
  • Berkshire Invests $600M For Its Reputation [View article]
    Every discussion of Berkshire gets hijacked by 2 opposing forces:

    1. The "Buffett is a Demonic Democrat" crowd who let politics blind them to anything else.

    2. The "Buffett is a God" crowd who consider it ridiculous to spend time on anything less galactic than that notion.
    Feb 24 10:32 AM | 1 Like Like |Link to Comment
  • Weight Of Crude Oil Explosions May Be Lifting From Berkshire [View article]
    You own "Birkshire". Right.
    Feb 24 10:24 AM | 1 Like Like |Link to Comment
  • Berkshire Invests $600M For Its Reputation [View article]
    The rail capacity I refer to in 2014 & 2015 does not require new RAILS.
    Feb 21 03:45 PM | Likes Like |Link to Comment
  • Berkshire Invests $600M For Its Reputation [View article]
    Bruce, you're way ahead of yourself.
    Speaking of ND crude exports specifically, rail will add more absolute capacity than pipelines do in 2014.
    Speaking of ND crude exports specifically, rail will add more absolute capacity than pipelines do in 2015.
    In % terms, pipelines have little chance to take more than a tiny amount of market share until sometime in 2016.

    In the long run, the flexibility of rail will keep it a major player in the game. The cost disadvantage of rail would have to get exorbitant to fully trump flexibility. Remember, the refiners decide based on the price differentials between Bakken vs WTIC vs Brent crude. Those differentials are very volatile. And, if rails cost disadvantage increases, and someone decides to build a new pipe, there is a multi-yr lead-time to get the new pipe built.

    Adding supplier capacity to the rail system is easier than for pipes.
    Adjusting capacity geographically for buyers is easier using the rails than for pipes.
    Adjusting capacity temporally for buyers is easier using the rails than for pipes.
    Feb 21 02:41 PM | 1 Like Like |Link to Comment
  • Weight Of Crude Oil Explosions May Be Lifting From Berkshire [View article]
    jj, I wonder if you & Ted Nugent are related.
    Feb 21 10:26 AM | Likes Like |Link to Comment
  • Berkshire Hathaway Is Undervalued By 15% [View article]
    Speaking of ossified ... Thanks for throwing around dogma with no evidence, never mind any proof. Oh, and thanks for mentioning Twitter. Gee. THAT was a big surprise.

    Why is it that people who live on dogma also love to play with strawmen?
    Dec 27 12:09 AM | Likes Like |Link to Comment
  • Berkshire Estimates Were Cut For Bad Reasons. Expect A Good Q4 [View article]
    People who think this is the same Berkshire as 10 or 15 yrs ago are a complete joke. Each year, Buffett donates a massive amount of shares, such as ... July 8th; Buffett distributed an aggregate of 22,870,529 Class B shares as follows:
    Bill and Melinda Gates Foundation 17,458,431
    Susan Thompson Buffett Foundation 1,745,843
    Howard G. Buffett Foundation 1,222,085
    NoVo Foundation 1,222,085
    Sherwood Foundation 1,222,085
    And each year, those shares get sold on the open market. And each year, those shares get bought by people who know that earnings &, yes, earnings estimates are key to stock returns. Keep pretending otherwise.

    The difference between you & I? I learned all the "basic lessons" and I know how to supplement those with "advanced theory". Well, advanced for you anyway.
    Dec 11 01:12 PM | 1 Like Like |Link to Comment
  • Berkshire Hathaway Is Undervalued By 15% [View article]
    "it has already bought up many of the most desirable investment opportunities in the marketplace."

    Are you serious? The "most desirable investment opportunities in the marketplace" change as the world changes. You should try it.
    Dec 11 11:34 AM | Likes Like |Link to Comment
  • Berkshire Estimates Were Cut For Bad Reasons. Expect A Good Q4 [View article]
    This is always the funny thing about owning BRK; most of your fellow shareholders try to pretend things like earnings don't really matter.

    As for you specific comments;
    1. How can analysts possibly give estimates for Berkshire when Buffett gives no guidance
    Well, that is exactly the point. Only a bad analyst/investor relies on mgmt guidance.

    2. and the company has so many moving parts?
    Here, you are exactly wrong. The funny thing about all those moving parts; they tend to even things out. When one thing is a little better than expected, another is a little worse. BRK's diversification is exactly what makes it difficult to be really wrong on forecasting its "Operating earnings". That is why Q4 may be an exception. There are a few unusual things going on that all point in the same direction.

    3. They can't, of course, and should be ignored.
    Yes, ignoring what is going on in the market is always a good idea. glwt

    4. If we get a 4th quarter "surprise" it will also be BS.
    There is truth in that, but it is better to have the BS work in your favor rather than against you.
    Dec 4 10:04 AM | 2 Likes Like |Link to Comment
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