I get $138,426. per "A" as of March 31, 2014.
Using the 1Qtr2014 Form 10-Q:
From Page 2:
Berkshire Hathaway shareholders’ equity as of March 31, 2014 ... 227,612 M$.
From Page 20:
On an equivalent Class A common stock basis, there were 1,644,289 shares outstanding as of March 31, 2014.
BV per "A" share = 227,612 M$ / 1.644289 million shares as of March 31,2014.
OK, the link under "Headlines" on Yahoo's BRK-B page opens up the full article (on one page) without registration or the need to hit "Next". It really wasn't worth the trouble IMO, there's nothing new there.
Good morning, hc. I have no idea what the author of that article wrote since only the first page (which is, as usual, nothing more than a worthless teaser to get you to click on "Next") is readable without registration and I won't register.
« Insurance companies are bond surrogates, in effect they are compounding book value at a rate that you can compare to a zero coupon bond (assuming they don't pay a dividend). Berkshire also is a bond surrogate although I've rarely heard it described that way. »
Makes sense to me.
« Could you expand on this? »
I'll be happy to.
The "Buffett Put" at 120% of Book Value per share also puts a ceiling on the price per share that a rational investor might pay today for this stock.
IF I can hold this stock for ten years AND I want a real (net of inflation) return of 5.5% on my investment, AND I am convinced that BRK will continue to grow book value per share by a real 7% per year, AND that Buffett or his successor will bail me out at 120% of book value per share ten years from now when I go to sell, THEN I can pay up to, but not more than, 138% of book value per share today and still make my goal, 120%*(1.070/1.055)^10.
So, since you can't document the dates/#shares/prices of WEB's buy backs, I'll just have to assume that you were making that up.
One last question.
What's your favorite koolaid flavor?
« He's bought every time it touched 1.2 times book, which was just briefly. He bought each time it hit 1.1 times book before that as promised which was also briefly. »
Can you document that (date, #shares, price per share), or are you just making that up as you go?
Do bears poop in the woods?
Is the Pope Catholic?
« Buffett's words ... »
Watch what he does, not what he says.
« Warren Buffett Says Corporate Boards Want ‘Cocker Spaniels,’ Not ‘Dobermans’. »
So does his recent action with the KO board make him a Maltese?
Correct me if I'm wrong, but isn't that the cute, little, white, fluffy, puppy dog the French girls like to cradle in their laps at outdoor cafes, while they sip their coffees and pick at their brioches?
Yes. I'm familiar with iluvbabyb, and yes, she was always fair minded. Her favorite phrase, "it is a market of stocks, not just a stock market" is more true today (for me) than ever. I'll have to look for her meeting notes later. BTW, I can't access the CA web site anymore. I voluntarily resigned years ago. But I know where to look for her notes, I once subscribed to her newsletter. Thanks for the heads up, hc.
« what happened in dec 2012 that lead buffett to come to the brilliant conclusion that brkb was a buy below 1.2 xs book vs his 2011 limit of 1.1 xs book ? what changed ? »
So, hc, based on your reading of an excerpt from the 12/12/2012 Press Release (my previous post) what changed?
Here's my take:
WEB was approached by someone big and important (~1.2B$) who wanted to be bought out privately. He did it at a price to book value ratio, 117%, that was ABOVE his "110% or less", stated OFFICIAL position at that time. He then felt obligated to publicly imply (by modifying the buy back) that the same offer or better ("120% or less") was available to everyone else, moving the goal posts. IMO, the change had NOTHING to do with BRK's iV, imaginary Value.
I don't understand why the censors felt the need to replace the ticker symbol for the stock we are discussing (Coca-Cola) and the word "on" with that gibberish in front of the date, but they did!
I took a ~5% of portfolio position in #$%$ 3/4/2014 at $38.27, just in time to collect the $0.305 per share per quarter dividend on 4/1/2014. At a P/D of 31.4, it was a bit on the high side for me, but I was desperate. It was at the bottom of the list of the "Dogs of the Dow" at the time, but has since been replaced by PG. Expected future growth looks good and buy backs are not excessive. I don't love it, but I'm OK with it.
« By ANY calculation you sold at a DEEP discount to IV. »
You folks have no idea of how to even calculate IV, let alone KNOW what it might be.
What a bunch of pathetic posers.
Yeah, yeah, yeah, I love ancient history too.
If you had bought JSDA (Jones Soda) on 4/16/2002 at $0.48 and sold it five years later on 4/16/2007 at $31.54, you would have pulled an annualized total return of 130%.
Here's another one that is nearer and dearer to my heart (I have pretensions of being an amateur automobile historian). Ettore Bugatti died in 1947 leaving the company he founded in 1909 in the hands of his 25 year old son (from his first marriage) and his second (27 year old) wife. By 1963 the company was gone.
hc, I target buys at ~30 times the current annualized dividend or less. Here's: what I currently own: VPU, T, CVX, KO, INTC, MCD, and VZ. T and VZ are special cases, their real growth rates are close to zero, so they naturally, and justifiably, trade around 20X. I'm looking to make one last new buy and an addition to bring my cash position down to 30% (to fund six year's worth of distributions, I don't want to sell equities at a loss). For obvious reasons, I'm not considering BRK at any price. I feel safer with companies that trade at reasonable multiples of something that is real (the dividend) and have paid & raised it annually for many, many years.
Once upon a time, I very much admired Bill Hewlett (the engineer's engineer), his business partner David Packard, and the company they built, but it pretty much lost its way shortly after they were gone. I thought John Young was good, Lew Platt seemed like a nice guy and tried hard, but everyone after that pretty much just drove hp into further into the ground, in my opinion. I have no interest in the company or its products today. I expect BRK to follow a similar pattern after WEB leaves.
« what changed ? »
Press Statement dated 12/12/2012:
"Berkshire Hathaway has purchased 9,200 of its Class A shares at $131,000 per share from the estate of a long-time shareholder. The Board of Directors authorized this purchase coincident with raising the price limit for repurchases to 120% of book value. Berkshire may purchase additional shares in the market or through direct offerings at no more than 120% of book value."
FYI, at the time, most recently (9/30/2012) reported book value per A share was $111,718.
« Buffett: Charlie and I could get within 5% of each other estimating Berkshire's intrinsic value, but we probably wouldn't be within 1% of each other -- intrinsic value is inherently uncertain. »
I'm having a great deal of trouble believing that they're doing their calculations independently of each other.
As an aside, it is my belief that if you put twenty koolaiders in a room with nothing more than a pencil, paper, and the "P4-2C" data, they would all get the same wrong answer to six significant figures. Precision is not a guarantee of accuracy.