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BRK.A

Berkshire Hathaway Inc

6/20/2013, 3:57 AM ET

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Sunday, June 16, 10:00 AM My bid for Berkshire (BRK.A, BRK.B) would be about 20% lower than the current price, says Michael Price in an outstanding presentation on the process of value investing. GE has 1K tax lawyers figuring out taxes in 100 different countries, says Price, but Berkshire (also operating in 100 countries) has 20 people in the entire home office ... "I don't know how that works?" Unlike a lot of large companies, Berkshire gives little light on its pension liabilities. "There are lots of questions that will come up in the next 5 years there." The video also sheds a good deal more color on two Price longs: Hospira (HSP) and Hess (HES). 20 Comments [Quick Ideas]
Thursday, June 13, 6:40 PM Berkshire Hathaway's (BRK.A, BRK.B) new commercial property & casualty insurance unit has commenced operations. "It's official: We are moving into commercial insurance in a substantial way," says Warren Buffett. He suggested as much last month, after Berkshire poached 4 P&C insurance execs from AIG. Berkshire says its new business is based out of Boston, and "focused primarily on U.S. excess and surplus lines insurance, due to the growing importance of this market segment." 1 Comment [Financials]
Thursday, June 13, 10:38 AM Under pressure from the SEC, Berkshire Hathaway (BRK.A, BRK.B) agrees "to provide disclosures in future filings of the significant catastrophe losses for our insurance group as a whole and for each of our underwriting units." The SEC asked for the detail "given the magnitude of catastrophe losses to your underwriting results." Comment! [Financials]
Sunday, June 9, 5:24 AM Berkshire Hathaway (BRK.A) is reportedly interested in acquiring assets that Italian insurer Unipol (UGFNY.OB) must sell as part of a rescue of peer company Fondiaria-SAI. Berkshire faces competition for the assets, which have premiums of €1.7B, from Allianz (AZSEY.PK), Axa (AXAHY.PK) and Aviva (AV), among others. Non-binding offers are expected on Friday. Comment! [Financials]
Thursday, June 6, 5:43 AM The Australian Competition and Consumer Commission has blocked Heinz's (HNZ) proposed acquisition of organic baby food supplier Rafferty's Garden due to antitrust concerns. The deal would have resulted in "highly concentrated markets where barriers to entry and expansion are high," the regulator said. 2 Comments [M&A, Consumer]
Tuesday, June 4, 2:08 PM Berkshire Hathaway's (BRK.A, BRK.B) MidAmerican Energy says it won't build new nuclear reactors in Iowa in the near future due to the "uncertainty of carbon regulation and the extensive regulatory review for new nuclear reactor designs." The utility, Iowa's largest, had been collecting a half-percent charge from customers in the state to study the feasibility of building new reactors. Comment! [Energy]
Monday, June 3, 9:23 AM Heinz (HNZ) announces the receipt of all regulatory approvals for its sale to Berkshire Hathaway (BRK.A) and 3G Capital. The transaction is expected to close on or about June 7. (PR) 1 Comment [Consumer, M&A, Financials]
Wednesday, May 29, 4:28 PM NV Energy (NVE) +22.4% AH after agreeing to be acquired by Berkshire Hathaway (BRK.A, BRK.B) subsidiary MidAmerican Energy for $23.75/share, a 23.2% premium to today's closing price. Upon completion of the deal, MidAmerican will have assets of ~$66B and its regulated electric and gas utilities will serve 8.4M customers. 3 Comments [Energy, M&A, On the Move]
Sunday, May 26, 2:45 AM Two freight trains, one run by Union Pacific (UNP) and the other by BNSF Railway (BRK.A), collided at an intersection in Missouri yesterday, causing several cars to derail and injuring seven people. The derailment was the second this year involving a Union Pacific train on the stretch of track where yesterday's incident took place. 2 Comments [Consumer]
Friday, May 24, 5:42 PM Starz (STRZA) +3.2% AH after an SEC filing reveals Berkshire Hathaway (BRK.A, BRK.B) acquired ~5.62M shares, or a 5% stake, in the company. 2 Comments [Consumer, On the Move]
Thursday, May 16, 11:51 AM More on the Berkshire (BRK.A -0.6%) downgrade: The cut may be more about S&P after the agency revised the criteria used to evaluate the creditworthiness of insurers, writes Erik Holm. Ratings cuts aren't a new thing at Berkshire, which lost its AAA at the epic March 2009 bottom. Also not new are succession worries, mentioned by S&P in 2009, and again today. 4 Comments [Financials]
Thursday, May 16, 8:26 AM Berkshire Hathaway's (BRK.A) credit rating is cut to AA with negative outlook from AA+ by S&P. "The lower credit rating ... better reflects our view of BRK's dependence on its core insurance operations for most of its dividend income ... only Burlington Northern has provided a significant portion of the total dividends paid from the operating companies to the holding company." 20 Comments [Financials]
Wednesday, May 15, 4:45 PM Another new position on the Berkshire (BRK.A) 13F is a $630M stake in Liberty Media (LMCA +0.4% AH), already a nice score as the stock's up nearly 15% from its Q1 level. (earlier on Berkshire 13F). 3 Comments
Wednesday, May 15, 4:37 PM Buffett buys Chicago Bridge & Iron (CBI +1.5% AH), the Berkshire (BRK.A) 13F filing showing a new position valued at more than $400M. Missing from the portfolio are previously held positions in General Dynamics (GD no change AH) and Archer Daniels Midland (ADM -1% AH). 4 Comments
Tuesday, May 14, 3:52 PM "Interest rates are to asset prices sort of like gravity to the apple," said Warren Buffett at the Berkshire (BRK.A) annual meeting last week. "When interest rates are low there is little gravitational pull on asset prices ... To buy $85B/month (is) easy. Don't know what would happen if they tried to sell $85B/month." Peter Boodell's comprehensive notes from the Buffett and Munger Q&A. 3 Comments [Financials]
Tuesday, May 14, 8:48 AM Presenting at the London Value Conference, Michael Price pitches Hospira (HSP) - a stock the growth investors have unloaded to the value guys after the FDA shut down one of its largest plants. He expects the company to have completely recovered within 2 years. He's also bullish on HESS, trading at a 50% discount to intrinsic value amid its proxy fight with Elliot - the outcome of which will see 4-5 new directors, and a split or even buyout of the company. A bearish idea: Berkshire Hathaway (BRK.A, BRK.B) is 20% overvalued. 1 Comment [Quick Ideas]

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