woltac

Increased my FRFHF starter position.

Sold 1/2 of my BOMN position purchased in March 2020.

I sold the MKL purchased on March 18th for a 13% gain. Pretty sure I will get another shot at MKL at an even lower price. I don’t see this party lasting very long when all the non stimulus news is negative.

Bought DIS @ 85.02 yesterday and sold today for 95.40 Bought MCD for 125.00 yesterday and sold today for 147.30. I don’t usually trade much, but couldn’t pass up the one day gain and wanted to keep more dry powder for the next leg down. I did not think the buy orders would be filled yesterday and put in similar, but lower orders in after selling.

Anyone want to guess what Disney will be selling for after they shut down the US theme parks?

CFG, JPM, GOOGL

A lot of data in one place: Coronavirus COVID-19 Global Cases by Johns Hopkins CSSE https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6

Bought BRK.B, AXP, BAC, WASH Sell to Open BRKB Feb 28 2020 205.0 Put @ 1.26 when the stock was 205.42. Of course the price promptly dropped below 204 after the order was filed.

I also bought more BRK.B. Thought about buying more WFC, but did not pull the trigger.

1. Independence 2. Independence 3. Independence

AAPL & LBRDK, both purchased in late December/early January.

Perhaps the change is for exactly the reasons he cites: First, Berkshire has gradually morphed from a company whose assets are concentrated in marketable stocks into one whose major value resides in operating businesses. Charlie and I expect that reshaping to continue in an irregular manner. Second, while our equity holdings are valued at market prices, accounting rules require our collection of operating companies to be included in book value at an amount far below their current value, a mismark that has grown in recent years. Third, it is likely that – over time – Berkshire will be a significant repurchaser of its shares, transactions that will take place at prices above book value but below our estimate of intrinsic value. The math of such purchases is simple: Each transaction makes per-share intrinsic value go up, while per-share book value goes down. That combination causes the book-value scorecard to become increasingly out of touch with economic reality. Maybe the third reason should have been listed first. Take a look at the equity of a company that buys back stock on a regular basis. Moody’s is an extreme example, at 12/31/17 the MCO had negative equity of $114.9m. I see this as a clear indicator that major stock buybacks are coming soon.

From the 3q report: The Company's exposure to risk from the unconsolidated Funds and the reinsurance company is generally limited to its investment and any earned but uncollected fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. As of September 30, 2018, total investment and insurance assets under management of MCIM for unconsolidated VIEs were $6.6 billion, which includes funds held that will be used to settle claims for incurred losses. At least $2.1 billion of the $6.6 billion was added since June 2017. The investors who put money in recently will be anxiously awaiting the results of the loss reserve investigations.

My takeaway is a question: In light of the following passages from the press release, what is the exposure to Markel of the CATCo mess? My first impression is their exposure may go well beyond the goodwill write off. • the pending governmental inquiries into loss reserves recorded at an entity managed by Markel CATCo in late 2017 and early 2018 (the Markel CATCo Inquiries) may have an adverse impact on the operations of Markel CATCo and may result in adverse findings, reputational damage, the imposition of sanctions, increased costs, litigation and other negative consequences; • the ongoing internal review into loss reserves recorded in late 2017 and early 2018 at an entity managed by Markel CATCo may result in adverse findings; • the Markel CATCo Inquiries and Markel CATCo Departures, as well as certain redemption rights that are now being offered to investors in ILS Funds managed by Markel CATCo, will adversely impact Markel CATCo’s ability to maintain or raise capital.

BAC @ $23.77 LBRDK @ $68.86 TEVA @ $15.25