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  • Goldman Sachs And W2007 Grace Acquisition I: Reputation And Regulatory Risk [View article]
    Excellent article, thanks for sharing.
    May 16 09:01 AM | Likes Like |Link to Comment
  • Amlin - Undervalued Insurer With Better Than Berkshire Track Record And 6% Dividends [View article]
    With emphasis on "fast growing premiums in a soft market." Ajit Jain of Berkshire noted in 2011 that even after the tsunami in Japan pricing still didn't firm up nearly enough. There is a lot reinsurance capital out there which has kept pricing low. The fact that this company has grown its volume and perhaps market share in a soft pricing environment is a red flag.
    Apr 26 01:23 PM | 1 Like Like |Link to Comment
  • A Moat Full Of Immortal Dinosaurs [View article]
    Can you expand on your last statement? So you're saying things like "connectivity" and "facilities" are increasing? But are they necessarily increasing faster than the OS and maintenance components?
    Apr 23 03:23 PM | Likes Like |Link to Comment
  • Historic Annual Reports [View instapost]
    Great idea, a lot of the historical annual reports are either behind a pay-wall via library or with the SEC and they usually require a couple dollars per page to photocopy. Wells Fargo, Wal-Mart and others do post annual report for the past several decades on their website just FYI
    Apr 6 11:16 AM | Likes Like |Link to Comment
  • Amcon Distributing Co: Increasing Shareholder Value In A Conservative Low-Risk Fashion [View article]
    Great article, but in regards to McLane being a low cost distributor that should translate into higher margins not lower right? The distribution business is naturally a low margin, but high asset turnover business and that's how they make up for those margins.
    Apr 6 08:59 AM | Likes Like |Link to Comment
  • Short AmerisourceBergen: There's No Easy Cure For What Ails This Drug Wholesaler [View article]
    Great article, I found it very informative. Regarding the doubtful accounts you wrote that ABC counts some of the more larger PBM's as customers whereas its competitors focus on the smaller and independent ones. It would make sense then that these larger and probably more financially sound pharmacies can be counted on to pay their bills. Less would be the case with the independents though they are charged higher prices. Perhaps I'm missing something, but would that not explain the differential in doubtful accounts?
    Apr 6 08:37 AM | Likes Like |Link to Comment
  • IBM Is Worth At Least $215 [View article]
    How long will these revenues recur and the second question is does the customer re-sign upon expiration of the contract? Warren Buffett likely has answers to these questions and he seems to think IBM is still a buy
    Mar 12 11:33 AM | Likes Like |Link to Comment
  • What Accounts For The Decrease In The Labor Force Participation Rate? [View article]
    Great article
    Jan 19 01:16 PM | Likes Like |Link to Comment
  • Radian: Why I'm Selling [View article]
    Hey Tom I remember reading your articles about Radian and it did pique my interest but the downside seemed too great for me. Instead I leaned towards USG which did well, but not nearly as good as Radian.

    I know you sold early so what would you say you missed or happened in Radian's favor? Were the balance sheet concerns too grave to chance or was the potential earning power missed?
    Oct 19 02:32 PM | Likes Like |Link to Comment
  • Why Wal-Mart Is Losing Market Share in China [View article]
    I don't think their China business is particularly material. Their China stores amount to 7% of all international stores with Mexico making up the largest at 38%. The events and economics of Mexico will have a much greater impact on Wal-Mart's earnings than China's even though China does greater potential.

    I wrote an article below on Wal-Mart's international operations
    Jun 21 09:21 PM | 3 Likes Like |Link to Comment
  • Assessing 'Synergy' Potential Between 2 Berkshire Subsidiaries [View article]
    That's an interesting note, but what synergies do you think would arise? It would seem on the surface that the best deal for MidAmerican would be the cheapest deliverer of coal. Though I do see the value a partnership would have for those two companies.

    Wal-Mart has a partnership of sorts with its suppliers. Though they certainly employ their bargaining power, the company is known for helping suppliers squeeze out costs and it ultimately benefits both parties.
    Feb 28 09:57 PM | Likes Like |Link to Comment
  • BNY Mellon's Massaged Earning Reports [View article]
    The Buffett investment was only about $50 million thus it was likely GEICO's CIO who made the purchase. His investments are pooled with Buffett's in Berkshire's consolidation. Buffett himself said he doesn't make investments less than $500 million. $50 million is certainly small change in his $50 billion stock portfolio.
    Dec 8 12:54 PM | Likes Like |Link to Comment