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Berkshire Hathaway / Re: Buffett/Berkshire - general news
« Last post by globalfinancepartners on Today at 02:37:33 PM »
I don't know the answer to your question - since most of the shares end up sitting in the Gates foundation for quite a while they might not consider them to be much of an increase in free float right away.  Over time, though, Berkshire will get higher and higher weighting in the index.  It already is a big contributor to most days' price moves since many BRK shares outside of indices just sit there with capital gains nobody wants to realize.

You do have to appreciate what the timing of the two announcements says about Warren, though...  He could have easily made the announcements in the reverse order.  His charitable gifts would have been larger.  But he would never do that and it doesn't really matter.  He can't use the deductions anyway
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General Discussion / Re: What are you buying today?
« Last post by Og on Today at 02:35:00 PM »
Purchased 110,00 shares of HAUP. 1 million dollar market cap. Got the idea from NoNameStocks.com
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Wouldn’t they just pay with common priced at $2 in that scenario? Lots of new shares issued but cash is saved and no default.

I wasn't sure of the answer so I asked my CFA tutor, who seemed to think that the preference shares would likely just be converted to common at maturity. So no bankruptcy fears.
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which is why Cooper referred to the NWS as "antithetical" to a conservator's duty, understood in the 8th circuit by reference to CedarMinn.  the claim is that ex ante there is no way a conservator could think it was conserving/preserving with the NWS, so this isn't ex post 20/20 hindsight of a business judgment. 

there was talk early on about may/shall, but it didn't seem to have much legs.   and I loved the judge who wondered about HERA's provision re fhfa not being subject to another agency...a triable fact conveniently ignored by every other circuit.
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Berkshire Hathaway / Re: Buffett/Berkshire - general news
« Last post by bizaro86 on Today at 02:22:53 PM »
Berkshire press release about Mr. Buffett's yearly gifts to the five foundations.

Now ~USD 31 B in total, in this year ~USD 3.4 B, and counting.

This kind of got lost in the news about the repurchases. Does anyone know how long it takes before the S&P recalculates the free float shares and increases BRK weighting in the index?
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I just heard the Saxton oral argument from May for the 1st time. I kind of gave up on litigations but Willet's dissent was a bit of fresh air and thanks to Merkhet I found Saxton. Judge Kelley really sounded like painfully aware of the dilemma looking for some way out of the inevitable. Hopefully, Willet's dissent gives the three judges some food for thought and feel encouraged to take a stand. I am glad I listened to Saxton's. In case someone missed it http://media-oa.ca8.uscourts.gov/OAaudio/2018/5/171727.MP3

But then, we have been disappointed before.
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Berkshire Hathaway / Re: berkshire - cheap?
« Last post by karthikpm on Today at 02:12:03 PM »
Inside my head, I still have the B share at USD 250 intrinsic value, based on the last three Semper Augustus Letters, plus about ~30 B of discount to the float, based considerations made here on CoBF by rb, not included in the Semper Augustus Letters.

So, pretty brutal run-up today, but still cheap to me.

+1.. not a brutal run up at all given how wide the discount is
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Berkshire Hathaway / Re: berkshire - cheap?
« Last post by John Hjorth on Today at 02:10:41 PM »
Inside my head, I still have the B share at USD 250 intrinsic value, based on the last three Semper Augustus Letters, plus about ~USD 30 B of discount to the float, based on considerations made here on CoBF by rb, not included in the Semper Augustus Letters.

So, pretty brutal run-up today, but still cheap to me.
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Berkshire Hathaway / Re: berkshire - cheap?
« Last post by nickenumbers on Today at 01:58:34 PM »
You guys nailed the calculations.  In the words of Charlie Munger- "I have nothing more to add."
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Wouldn’t they just pay with common priced at $2 in that scenario? Lots of new shares issued but cash is saved and no default.

Right now value of their holdings in Dundee Precious Metals = $109 million while Series 5 prefs liability = $90mm. Kind of premature to be discussing default but then again with DC's luck & general competence there is always need to worry about mine catastrophes, nationalization or anything else that can sink a junior gold miner.


Latest article I can find on TaurX of which I believe Dumbdee has a 4% stake (hopefully they have not put any more in on subsequent financings)....

Casino-Backed Startup Eyes Alzheimer's Cure Worth $2.5 Billion

By Joyce Koh  and Livia Yap

March 1, 2018, 8:24 PM EST

 *TauRx will look at options including IPO if trial successful

 *Big pharmaceutical companies have exited or failed in field


It hasn’t found a cure for Alzheimer’s disease and doesn’t have any drugs on the market. Yet, TauRx Pharmaceuticals Ltd. says the company’s worth about $2.5 billion as it embarks on its latest trial funded by shareholders including casino operator Genting Bhd.

If the trial proves successful, the Singapore-based company plans to apply to European and U.S. regulators for conditional or accelerated approval of its drug, TauRx Deputy Chairman Tay Siew Choon said in an interview in the city-state last month. It will also need to raise about $150 million to conduct a more comprehensive phase III trial, though at that point, it would evaluate options including an initial public offering or sale.


TauRx is pressing ahead in a field that has seen many of the largest pharmaceutical players from Pfizer Inc. to Axovant Sciences Ltd. exit or fail. Just last month, Merck & Co. said it will end a trial of its most advanced Alzheimer’s drug while Biogen Inc.’s shares tumbled after saying it was making changes to its trial. TauRx disappointed investors in 2016 when it said its LMTX drug failed to meet a primary goal of slowing the rate of disease progression when taken in combination with other Alzheimer’s drugs.

“We have consistently seen that our theory works, and there’s no reason to give it up,” said Tay. “Shareholders’ support and faith in us has not weakened.”

On top of a $71 million rights issue in October to fund the current trial, TauRx had already raised more than $500 million since 2002, according to Tay. The last financing round in 2016 valued the company at about $2.5 billion, he said. Billionaire Lim Kok Thay’s Genting invested $112 million in TauRx in 2012, becoming its biggest shareholder with about a 20 percent stake.

TauRx has been recruiting patients since November for the current trial, where it plans to test its drug on 200 patients with mild Alzheimer’s disease who aren’t taking any other medication. The results are expected in early 2019.

https://www.bloomberg.com/news/articles/2018-03-02/casino-backed-startup-eyeing-alzheimer-s-cure-worth-2-5-billion
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