Parsad

Congrats everyone! This one was in the 9-foot hurdle department for us, and we did not touch it, even though we were often tempted. And yes, I think someone could write a book about The Money Masters on Corner of Berkshire & Fairfax! Cheers!

I think our other boardmember Ajinc, who had press credentials this weekend, took a photograph when a mob of people went over there to take photograpahs when Buffett first came in. Not sure if the guests were already seated when he took the picture. Ajinc, did you get the picture of Calonego? Cheers!

The security detail in that area was being a bit of a pushy fella guiding everyone out the side, so I couldn't stop to take a photograph. I did go back and quietly yell out to him "Jordan, Jordan". He turned and said "Hey buddy!" and I gave him the thumbs up. Cheers!

Walking out of Piccolos's and I see our own Calonego having dinner with Buffett! Went from listening in at the original Fairfax Financial Shareholder's Dinner while on his first date with his future wife, to eating dinner with The Oracle himself eight years later. Way to go buddy! Cheers!

Yes, we are in Omaha, but we will be going to one of the pubs after dinner to catch the fight...probably Rock Bottom Brewpub in the Old Market Area. Cheers!

Hi Al, The hedges and investment results aren't exclusive. They've made alot of money on the equity positions they had, and they've taken profits there. If and when things turn, and I'm in the camp that thinks things are going to turn pretty soon, those hedges will regain some of their lost value. I agree, I think they made a mistake in underestimating the interference in asset prices through monetary stimulus, especially since many investments were quite cheap for a long period of time as earnings grew. But being wrong for the last three years doesn't mean they'll be wrong for the next three years. I believe we are right on the cusp of things turning decidedly sour again. I cannot believe the low risk premium investors are willing to accept now considering the upheaval Europe is going through. Yes, if I find something cheap I will buy it, but this rising tide is lifting alot of ships right now and it is getting very uncomfortable. Cheers!

Fairfax comments on TPG's decisions. I still think alot of TPG's decisions have been great. Cheers! http://finance.yahoo.com/news/analysis-tpg-axon-wont-quick-050951703.html;_ylt=AkOefEnQ0T2qO.36a1UOV9eiuYdG;_ylu=X3oDMTNyNWVrZWZnBG1pdANGUCBUb3AgU3RvcnkgTGVmdARwa2cDMzQ0NDYzYzEtMzdjZC0zNDc5LTgxOTAtNzk5ODNlMGJlZDM4BHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyA2YyYTRlZTAwLWIzYWYtMTFlMi1iYmZmLTIxYWY0N2ZhMTk2Mg--;_ylg=X3oDMTFkcW51ZGliBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3BtaA--;_ylv=3

Buffett essay on how America's greatest days are ahead, as women finally enjoy the same opportunities men have enjoyed for the last 250 years. Cheers! http://finance.yahoo.com/news/warren-buffett-is-bullish-----on-women-173646237.html

It sure looks like it. Completely empty in downtown other than the Old Market Area from 6:30pm on. Barely any traffic on the roads. Cheers!

I've never seen the streets or hotels this quiet. Very bizarre. Is this the calm before the storm? See you guys here! Cheers!

I sleep and then I'm up, and then I sleep and then I'm up. ;D Cheers!

Article on a hedge fund manager who has taken a massive short position against the Canadian dollar and banks. Thanks to Alan for the link! Cheers! http://m.theglobeandmail.com/globe-investor/meet-the-man-whos-selling-canada-short/article11585150/?service=mobile

Guys, focus on the company instead of riding each other...otherwise I start deleting posts! Cheers!

Market capitalization versus GDP is getting high again! Cheers! http://www.cnbc.com/id/100695176

True, but the world has been through such plagues. It might be man-made, but the human race will survive and thrive. Unless we get hit by a 3 km long asteroid! ;D Cheers!

Have you looked at what's on TV? Divorce rates? Single and unwed parents? Acceptable drug use? A book that talks a bit about the change in culture is "Quiet: The Power of Introverts in a World that Can't Stop Talking." She goes in some depth about how, at one time, we were a culture of character (Buffett's generation and prior). Doing the "right" thing was championed. Now, we are more of a culture of personality (people like Kim Kardashian). Where we value what gets are attention compared to what's intrinsically motivating. No doubt the world is changing, as it always has. I think we are in pretty good shape if the biggest moral issues you point out are TV shows, Divorce rates, and Drug use. Think about the mass atrocities that have occurred in the past. No doubt they still occur today but I think a lot more is being done to prevent them. Maybe I'm a cynic, but I'm willing to bet that we ain't seen nothing yet with mass atrocities. :P You sure? 12M Russians killed during World War I...Hiroshima...Nagasaki? We've seen some pretty big atrocities. Today, with the internet, drones, tracking devices, etc, there is nowhere to hide for the culprits. Look at Osama...10 years later, they nail him in a house in Pakistan, or the various dictators around the world that have been removed in the last two years through uprisings spread online. Even imagine what would happen if North Korea did something stupid today? Forget the Americans jumping all over them, the Chinese and Russians would be on them too. There is potential for great atrocities to happen, but awareness happens quicker and response time is reduced significantly as well. Cheers!

I agree! Outstanding change to the compensation plan. I wish more companies did this. Cheers!

Number 1 should actually have to pay his salary back. He did a shitty job and the company is on the precipice. Cheers!

I still recommend Andy Kilpatrick's book "Of Permanent Value" for anyone wanting to know about Berkshire. It's not an investing book, but a historical retrospective of Buffett, Berkshire and everything associated with it. For investment reading, there is nothing better than his own annual letters. Hands down the best piece of writing you are going to read, because it is from the man himself. If you read those letters, you will know 80% of what you will ever have to know about business and investing. The other 20% comes from actually doing it, failing and succeeding. Cheers!

Have you looked at what's on TV? Divorce rates? Single and unwed parents? Acceptable drug use? A book that talks a bit about the change in culture is "Quiet: The Power of Introverts in a World that Can't Stop Talking." She goes in some depth about how, at one time, we were a culture of character (Buffett's generation and prior). Doing the "right" thing was championed. Now, we are more of a culture of personality (people like Kim Kardashian). Where we value what gets are attention compared to what's intrinsically motivating. I don't see a lot of value in unhappy marriages. Divorce rates in the past would have been much higher if it weren't for two things: 1) a huge stigma against it, and 2) marriage having far different purposes than it does now (i.e. economic rather than a relationship). Single and unwed parents have much the same cause. TV may in fact be a moral decline, but a different one than you may think; I think it's the willingness of the corporations and producers to make whatever crap that sells to make money. The almighty dollar rules above all. In our recent past, the evils were simply different; let's not whitewash things. It wasn't that long ago, historically, that women were nothing but accessories to men, with few rights as people. Do I need to go into slavery, racism, and so on? Look back at chicken and dog fighting being much more common. Not that these things are gone now, but the areas, the emphasis was different. The main reason people think things are so awful is sensationalism, and a rose-tinted glasses look at the past. Drug use--depends on the drug. Alcohol has always been a hugely popular drug in this country, and it has much more harm than does something like cannabis. We tried prohibition before and it failed, we were just a bit slower this time since it isn't *quite* as huge a section of the country that uses weed. Harder drugs do have bigger negative effects, but we have gone about solving the problem with guns and prisons rather than trying to rehabilitate and remove the need for the drug. Guess which one would be cheaper and more effective? Overall though, crime is in a multi-decade downtrend, though you wouldn't think that if you watched the news. There are real problems in this country, but we *have* come a long way, in fits and starts. Thanks for the thoughtful response, rmitz. You bring up valid points. I will respectfully disagree about marriages though. I feel that people give up way easier now. Perhaps it's my rose tinted glass (and perhaps because I didn't live in the time), but it seems to me that people use to try a lot harder to keep their marriages intact. Happiness is a choice. It takes sacrifice from both parties. Now, it's so socially acceptable that people, many times, aren't willing to sacrifice when they can simply trade in their spouse for a new one...kind of like a car. Paul, I think you are just getting old! ;D They were saying the same thing in the 70's with free love and all that...you had gritty shows on tv like "The Streets of San Francisco" or "Hawaii Five-0" and movies like "Taxi Driver" and "The Godfather". Heck, the Stones put out an album called "Sympathy For The Devil!" The previous generation thought the world was going to hell in a handbasket. But guess what? That free-love generation ended up creating the likes of Bill Gates, Steve Jobs, Jeff Bezos, etc. Some of the people who have changed this world for the better...not worse! Morals aren't in decline. They have always been the same...with some ebbs and flows. Culture is fluid and changes with the times, as does what is acceptable and what isn't. The world for all of its flaws is getting better, not worse. As Buffett says, your children will live better and longer than you, and their children better than them. Just think about how much in capital will flow to the world through "The Giving Pledge" alone? I'm an optimist...it will always be easier to blow ourselves up, but humanity will somehow manage to triumph...and capitalism will not only pave the way, but will be the ONLY way to get there. Cheers!

Can't predict market prices, but I think with the buyback and dividend increase, the stock will move back closer to intrinsic value...$500-525. We'll see though...markets do crazy things. Cheers!

I think Buffett should make Gates the Chairman and Vice-chairman for Howard Buffett, when he and Charlie are gone. I think that would give more comfort to shareholders and management. Cheers!

I don't think Berkshire shareholders would have a problem with that either. Also, you won't get any dissension from management about who takes over as CEO as well. I have a hard time seeing Gates accepting that responsibility though, as he is so busy with his foundation. Gates would have made a more appropriate Chairman than Howard Buffett. Cheers!

I remember that Buffett said... if Charlie, Warren and Ajit are ever in a sinking boat – and someone can only save one of them – swim to Ajit (Jain). That's true - his reason was that Ajit has added the most value to Berkshire out of the 3 of them. I would disagree with him there :) I agree with you that the quote is just Buffett being humble, but Ajit is also 20 years younger than Buffett. So part of Buffett reason might be because Ajit has a longer time period to impact the results at Berkshire. He was also prepping shareholders, because Ajit was/is on the shortlist to take over. He also praised David Sokol in the past in similar ways, as well as Tony Nicely. That way, when the time came, shareholders would understand his choice. With Tony aging, Sokol gone, I can't see anyone else at Berkshire being the first choice now. He would be great! Cheers!

You know this question is now going to come up at the AGM, since they got these AIG executives. http://blogs.wsj.com/moneybeat/2013/04/26/new-ajit-jain-signals-in-the-berkshire-hathaway-tea-leaves/?mod=yahoo_hs I've met Ajit on two separate occasions...both times he was incredibly polite and genuine. The first time, he bit off the head of a suit standing next to me when I was talking to Ajit about Prem...it was back in 2004. The fella said "Isn't he the guy who is in alot of trouble now?" Ajit snapped at the guy..."Is he IN trouble, or is he OUT of trouble?!" The guy went quiet! The second time was outside of the Omaha Marriott as he was leaving, and he took several minutes to talk to me, and then asked for my card. I was a bit surprised. I very much believe he should be the guy to take over after Buffett. Cheers!