If Buffett bought IBM at it's intrinsic value, I know he generally likes to buy at a discount to intrinsic value, and it has not gone up or down materially since 2011, what is the intrinsic value of a share of IBM today?
Anyone think that IBM bought back shares in 2012, at ~$200/share, at a material discount to the company's intrinsic value? I do.
Charlie [Warren Buffett's partner] and I favor repurchases when two conditions are met: first, a company has ample funds to take care of the operational and liquidity needs of its business; second, its stock is selling at a material discount to the company’s intrinsic business value, conservatively calculated.
"don't hold your breath bud."
Did you see that Winters sold 2/3 of his KO holdings? Why not 100%? I figure that you are the best person to answer my question...
"didn't the SEC, FORCE, FORCE him to mark to market our public company holdings and DISCLOSE them ?"
I remember a week or two after that, the buy turned positive.
I like that you hold Buffett responsible for TESCO's accounting fraud. You are a class act.
Why are you still here?
It is very SAD that your kids own stock in a business run by such a joker. You can't make this sheet up.
"This cheery prediction comes, however, with an important caution: If an investor’s entry point into
Berkshire stock is unusually high – at a price, say, approaching double book value, which Berkshire shares
have occasionally reached – it may well be many years before the investor can realize a profit. In other
words, a sound investment can morph into a rash speculation if it is bought at an elevated price. Berkshire
is not exempt from this truth."
So, somewhere between 1.2 and 2. Hmmm...
He finally gets it, or you finally get it? I estimated the IV/BV was ~1.48 in 2013, and now estimate it to be ~1.54 in 2014.