Author Topic: Annual Letter 2018  (Read 12193 times)

gfp

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Re: Annual Letter 2018
« Reply #20 on: February 23, 2019, 05:21:06 AM »
Only $417 million in share repurchases in Q4.  Only active from 10/11-10/18 and 12/13-12/24 - so much for figuring out their plan!  Further, they only repurchased class A shares during the fall culminating on Christmas Eve - not what I would have guessed.

page K-29 for those interested. 


nickenumbers

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Re: Annual Letter 2018
« Reply #21 on: February 23, 2019, 05:23:55 AM »
If it is permitted, would someone provide the PDF shareholders letter.  I am having a devil of a time getting it with all of the server demand.

Thanks.
The fastest Cheetah still waits for the lame baby antelope.  ..patience..

gfp

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Re: Annual Letter 2018
« Reply #22 on: February 23, 2019, 05:31:52 AM »
If it is permitted, would someone provide the PDF shareholders letter.  I am having a devil of a time getting it with all of the server demand.

Thanks.

nickenumbers

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Re: Annual Letter 2018
« Reply #23 on: February 23, 2019, 05:44:30 AM »
Thanks GFP.  Really appreciate it.

CoBF is an outstanding community!!
The fastest Cheetah still waits for the lame baby antelope.  ..patience..

Gregmal

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Re: Annual Letter 2018
« Reply #24 on: February 23, 2019, 06:10:04 AM »
Only $417 million in share repurchases in Q4.  Only active from 10/11-10/18 and 12/13-12/24 - so much for figuring out their plan!  Further, they only repurchased class A shares during the fall culminating on Christmas Eve - not what I would have guessed.

page K-29 for those interested.

Yea I initiated a small position in BRK in early January but the more closely I follow, the less impressed I am, within the context of ignoring that it's Warren F**** Buffett's company. Not only has the equity performance been suspect, but many, with KHC being the most recent example, fall victim to the same type of mistakes. Now, to me, the lack of real buybacks is kind of icing on top. The only justification people seemed to have for Warren's lack of a spending spree in December was that maybe he was binging on buybacks... Now it's confirmed he basically just froze up and did nothing, moreso resembling an inexperienced retail investor rather than the old school Oracle of Omaha.

LounginMKL

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Re: Annual Letter 2018
« Reply #25 on: February 23, 2019, 07:09:24 AM »
For those who can't access BRK website at the moment, CNBC has the letter.
https://www.cnbc.com/2019/02/23/full-warren-buffett-annual-hareholder-letter-read-it-here.html

Jurgis

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Re: Annual Letter 2018
« Reply #26 on: February 23, 2019, 07:19:25 AM »
Only $417 million in share repurchases in Q4.  Only active from 10/11-10/18 and 12/13-12/24 - so much for figuring out their plan!  Further, they only repurchased class A shares during the fall culminating on Christmas Eve - not what I would have guessed.

page K-29 for those interested.

Well, I guess the positive is that we now know that the BRK prices are due to market and not Buffett put.  8)
"Before you can be rich, you must be poor." - Nef Anyo
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aws

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Re: Annual Letter 2018
« Reply #27 on: February 23, 2019, 07:36:40 AM »
Such a short letter this year.  Two pages less than last year which was already the shortest in 20 years before that.  And much less useful content.  Kind of disappointing to be honest.

scorpioncapital

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Re: Annual Letter 2018
« Reply #28 on: February 23, 2019, 07:43:55 AM »
short letter, for a non-year. nothing much to say...as for not pulling the trigger in december, less than 2 months ago, what makes people so absolutely certain this was the deal of a lifetime? Even in the 2007 major recession, the purchases didn't come out in force for a while. I think there is seldom a need to hurry in markets. Things will develop in time. There may be a time but a small correction and buying or not buying,  to me isn't necessarily proof of anything one way or the other. He did buy alot before the dip so maybe he was just waiting for the large purchase of 20 billion in 2018 to digest itself. It's a game of time in the game, not pouncing here and there on every correction. That is fine but I don't see it necessary for success.

tooskinneejs

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Re: Annual Letter 2018
« Reply #29 on: February 23, 2019, 08:03:49 AM »
"Third, it is likely that over time Berkshire will be a significant repurchaser of its shares, transactions that will take place at
prices above book value but below our estimate of intrinsic value."

Buybacks rather than dividends.