RogerScott

http://www.scottvalueinvesting.com

6 Comments

    • Share Buybacks: The Anti-Buffett [view article]
      Buffett, as a board member, has encouraged several corporations to buy back shares, including Washington Post and CocaCola. It should only be done when the price is well below intrinsic value and there is still plenty of cash available to weather a downturn. Of course, many companies have violated both rules. Aug 14 12:32 PM
    • Some Consequences if Oil Prices Stay High [view article]
      The market is already reacting. PCAR is down about 30% and BNI is up about 10% YTD. Jul 03 11:42 AM
    • Tempting Buffett [view article]
      I think he is buying more of 2 or 3 of his big four. I think AXP is one of them. We will know soon.
      Jul 03 11:30 AM
    • Is Warren Buffett Missing Something? [view article]
      The last I read was that the price BRK was to buy Wrigley was less than that paid by Mars and the BRK was not disclosed. Also, I have no news about the interest rate BRK is receiving. So, I think the deal needs to be considered as a package. Since we know neither the price of the debt nor the equity, I don't know enough to make a judgment. I don't know how someone else can unless he know the terms.
      Wrigleys is an excellent company and is probably worth 30P/E.       May 07 11:54 PM
    • Why I am Selling Thornburg Mortgage [view article]
      I sold for two reasons.
      1. Management was not giving the public enough information to make a fair estimate of what the balance sheet looked like after selling assets at a discount, e.g. they did not tell me how much discount from their basis they sold assets.
      2. After the big fall last summer, TMA increased repos instead of substituting long term liabilities. Contrast TMA with Redwood Trust which has almost no short term debt and has deleveraged for the last several years.
      Looks like poor management.
      Roger Scott       Apr 11 10:38 AM
    • Berkshire Hathaway Appears Undervalued [view article]
      I think Philip is missing an important point. Buffett is giving only B shares to the Gates foundation. He converts his A shares to B shares before gifting. I only logical explanation for this practice is that he wants to not dilute family and close friend voting powers. While the economic value of a B share is 1/30 of an A share, the voting power is 1/200 of an A share. See note 17 in the 2006 annual report. Mar 04 12:21 PM
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