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  • 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). [View news story]
    I wonder if Price has heard of decentralized management, possibly including tax issues, which might be better handled at the company or local geographic level. I suppose it's so seldom that one finds a small corporate headquarters staff that it befuddles those unaccustomed to it. GE is a clear standout with staffing levels, including I suppose it's 1000 person tax team.
    Jun 16, 2013. 01:17 PM | Likes Like |Link to Comment
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