bizaro86

I think it's quite possible that the economics of an annuity in this situation end up very closely approximating the following: She gets the principal back, while the seller of the annuity gets 100% of the returns. The OP should definitely price it out, but I'd be surprised if it's a no-brainer given the low life expectancy here.

I'd leave it in cash equivalents

Clients reducing headcounts isn't good for you when your product is priced as $-per-seat

Haircuts are getting more expensive because wages are going up. Wages are going up because otherwise employees can't afford their rent, so they're pushing harder for increases.

I think it's unlikely that they will need to be directly registered. They estimated they'll buy back 31% of outstanding, and there's no way that % of stock is held directly.

You might have bought my shares! I bought this in the fall, mostly of the VIC thesis which I liked. But I think lower natural gas prices put a bit of a cap on the upside here so I took the profits. The federal minimum price of nuclear really limits the downside, so I think it's probably fine here, but if nat gas stays low I think that will limit upside. Uplisting and index add catalysts still to come though, so I certainly could have sold too early.

I think MLB needs gambling money more than they need Shohei Ohtani. MLB is probably the sport that has the most to lose from the bundle/RSN model breaking. I think ultimately MLB needs gambling and wants Ohtani. I think even if it was him it gets swept under the rug. May be he takes a year off as a soft suspension - this year is good as he can't pitch anyway.

I'm not an American and have no political affiliation in that country. I avoid their politics whenever anyone talks about them. But as a shareholder, my strong preference is that Berkshire not consider politics when writing insurance contracts, only premium and risk. I think that's reasonable and relevant to the conversation here. If you've been appointed moderator of the board without me being aware of it then I apologize.

Republicans buy insurance to. Charging high fees for bespoke insurance that no one else can write is what I want Berkshire to do. If they didn't feel his collateral was good then fine, but I hope they aren't giving up lucrative opportunities for political/optics reasons.

I think this is likely to end up happening at some point, especially if buyers commission is removed. On a $1MM house $500 + 15% over 900k provides more incentive to get a good price than 1.5% of total, even though the expected commission is the same.

Yeah. Buyers will be way more price sensitive than sellers, imo, on offering their agents commissions. Sellers feel they need to offer the full amount to attract buyers, while buyers paying their own way will want a deal. Sellers also have a big influx of funds at closing so never really see the commission, while buyers will have to either add to their mortgage or pay cash.

Airlines are often not great for float, because their credit card processors often either keep the money, or require large amounts of restricted cash. AirBNB has tons of float along those lines. For your example, if they have $20 MM of cash from some sort of licensing deal (no ongoing costs) I'd value it at $20 MM. That's exactly like having $20 MM in cash from some other source, except the GAAP shows over many years which doesn't matter, imo. What they do with it is a capital allocation question, but it isn't different than what would they do with $20MM of cash balances.

This. I didn't start investing until late 2008. My results have been better than if I bought and held BRK at that time. That would have probably been lower risk though (and a lot less work).

Since he complained about railroad wages in the letter, I think he wanted to make it clear that while he respects the front line workers he has issues with the politicians. Otherwise "billionaire rail baron complains about front line worker wages in letter to millionaire investors" is a bad look.

I think SIRI will get added to a variety of smaller indices once the Liberty shares are spun off into the float.