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Berkshire Hathaway Inc. Message Board

  • WEB_Copycat WEB_Copycat Nov 1, 2002 4:02 PM Flag

    HRB - down 10%. (ot)

    The news (class action suit and the company admitting that it might have to pay a lot of money) did not seem all that. Stock is dowm more than 10% - I think that it is a good price for entry. Any suggeestions?

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    • Going_to_Hell_in_a_Handbasket Going_to_Hell_in_a_Handbasket Nov 5, 2002 1:39 PM Flag

      Michigan? Now I'm really confused.

    • You said,
      If you don�t believe me I�ll give you an exercise: H&R Block paid $850 million dollars to acquire Olde in 1999. They integrated this into H&R Block Financial Advisors (�investment services�) and started to include it in their earnings effective Dec. 1, 1999. Now go back and add up the quarterly results thru 7/31/02 (10/31/02 won�t be out until the end of this month). Guess what you�ll get? A net loss�

      Very interesting. Why is that? I just checked only for 2002 (full year) and the company reports a loss of $54 million. That is 'impressive!"

      Why is that? Did company explain anything?

    • Heard they are predicting a 65% turnout in Michigan (ripe conditions for a 3rd party upset). I'd like nothing better than to see another independent elected up there. Would serve 'em right for that Wellstone joke they pulled on everyone.

    • "Filing tax returns is what the "middle class" does."

      If you try to tell me these stinking filthy rich folk also pay less than MY <15% composite rate, then I suppose it might tweak me. Until I can "negotiate" a better rate, I'll continue to file the forms, thank you very much.

    • When I worked for HR Block for two seasons in 1986-1987 was before the days of earned income credit. In those days they charged $10 for a short form, now those same clients put up $150 or more for rapid refunds.

      The charge for a trader doing a thousand trades today would be over $1000, which would have been much much rarer now.

      The big thing in 86-87 was the adverse change in real estate taxation then. The average customer was middle class and up(at least in Norther Virginia where over half of all adults have at least a masters degree).

      Here in South Carolina, people are both dumber and less education. When I did a few tax returns in 1997, almost half the clients took the rapid refund, the tax returns were done by computer and even the CPA who ran the service was less experienced than the average preparer in Northern Virginia.

      When I was in the investment management business, I always roughed out a return before my clients went to a CPA.

      Most very wealthy clients had a flat negotiated rate with the irs. They never filed a return, just paid a flat rate of their audited businesses.

      Filing tax returns is what the "middle class" does.

    • This is the mark of a true Democrat ,giving away other peoples money.
      Looks like a GOP landslide in Georgia today its raining cats and dogs,
      Goodbye Max, we hardly got to know you.
      A rainy day in Ga shifts the balance of power in the US Senate just a little water over the dam.
      Sorry Bow

    • I saw a movie and make me think of you,
      (All the Pretty Horses.)
      He called the kid that wanted to go big time a Bleamer
      Bleamer : A 10 lbs of shit in a 5 lb bag.
      I don't know why I thought of you at that moment.
      I think maybe 25 lbs in a 5 lb bag would be more suitable.
      I guess the devil made me say that.
      sorry, but I feel better for having said that.
      Damn gypsies anyway right?

    • I thought your claim that H&R Block prepared half the tax returns in the country while they claim in SEC documents that it is 14.3% was quite the tall tale, but I was wrong.

      This one was even better.

    • Sir:

      It just goes to show how stupid you are!!

      The most innocent looking little old lady I met at HRB had a net worth of $20 million.

      She liked me and I helped her give over $100
      million to her favorite charities over a 15 year period as well as enabling her to take care of her entire family and travel all over the world.

      My commissions on this one HR Block account was over $500,000. How much do you make a year, sir?

      This little old lady is still alive at 92 and everyone in her community loves her.

      What can you say about your shitty little life!

      Have a nice day trading!!!

    • H&R Block does not do half of all the tax returns in the country, not even close. In their own 10-K they claimed to have prepared 14.3% of tax returns filed with the IRS by April 30, 2002. Did you read it?

      As far as the immense potential to get into all aspects of financial planning goes these guys, in my opinion, are predatory bottom fishers. For starters 30% of their customers are in such dire straights that they pay triple digit annual interest rates to get a short term loan against their tax refund less fees. (yup, they can�t even pay their tax preparation fees without an advance). I�d wager that well over half of the rest have and will ever have few if any financial assets. If they have any net worth it is in their homes and H&R Block�s sub prime mortgage operation wants to get that out of them with cash out refinancing equity loans.

      From my observation, this isn�t much of a potential for financial planning.

      If you don�t believe me I�ll give you an exercise: H&R Block paid $850 million dollars to acquire Olde in 1999. They integrated this into H&R Block Financial Advisors (�investment services�) and started to include it in their earnings effective Dec. 1, 1999. Now go back and add up the quarterly results thru 7/31/02 (10/31/02 won�t be out until the end of this month). Guess what you�ll get? A net loss�

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