>>>Interesting that many of the businesses overlap, which may or may not explain Buffett's lack of interest:<<<
Larry Tisch was one of the original partners that put money up with Warren Buffett at the beginning of his partership days. Larry was smart way way back, and I'm sure he learned from "Warren The Kid" and he taught his own kids very very well. In case no one is paying attention DO went x div today so an additional $140 M will be sent shortly to Loews. Also BWP went X-div today so another $64 M will be sent shortly to Loews. Also Loews will be receiving another big chunk of money from BWP for the override distribution for the IDR's(Incentive distribution rights) that is owned by the BWP GP that is 100% owned by Loews.
Thats probably a total of almost a quarter of a Billion Dollars being mailed to Loews for the quarter.
Also don't forget Loews is buying back Loews shares on the open market at the rate of 64,600 per day based on the figures just announced.
”dbraem09: I was wondering if Buffett would ever make a play on these cheap Loews assets. Not likely, but interesting conversation.”
I agree, it’s interesting to consider, why he has never invested in Loews. Few legitimate reasons come to mind. Many decades major part of Loews profit was generated by tobacco industry and that is something what Buffet saw too unethical to invest, even he liked business characteristics.
Even Buffett would agree Tisches nice investing track record, there is no reason to give money for other if you are best in this industry, we cannot compare their results. Buffett is decade ahead; Even Tisches have been business longer period of time and already second generation on the charge.
To be clear, When I said that, I’m not comparing today’s valuations, which would be better investment L or BRK, I just spoke, why we haven’t seen Buffets position in L.