Liberty

Where do you get no capex? They spend huge amounts and I don't think they would ever spend less than they need. Despite that, cash keeps piling up quickly. Makes total sense to return it if you can't spend it. It was a joke. If Apple decided to spend most of the cash pile on iCar, for example, would you complain as shareholder? If they spent over 150bn (growing every quarter) on a car, yeah, because I don't think they could get a good ROIC on that amount. Might just as well buy Tesla for 45bn ;)

Where do you get no capex? They spend huge amounts and I don't think they would ever spend less than they need. Despite that, cash keeps piling up quickly. Makes total sense to return it if you can't spend it.

Yes, thank you.

The devil's always in the details. I don't think Buffett necessarily loves the KO compensation, but he can also not like what Winters has been doing. Same with the PE industry and 3G. He can dislike most PE, but like how 3G operates (they seem to be long-term investors who actually make businesses stronger, rather than just load them up with debt, put lipstick on them, and flip them quickly).

SIRI hitting post recession high.

I don't know much about this one, so forgive me if the question has an obvious answer.. Don Graham is 68 (afaik). Why does he all of a sudden wants to create his own mini-Berkshire? He's been close to Buffett all these years. What changed now? Was it just that the WaPo was taking all of his time, so he wanted to do it before, but couldn't?

http://www.greaterfool.ca/wp-content/uploads/2015/02/VIC-BUYERS-CHART.png?8f4c78

Will definitely be interesting to see if Charter picks this up. Maybe Liberty Broadband can be more directly part of that deal, with CHTR managing the asset? (Like Great Land)

https://glennchan.wordpress.com/2015/03/03/ocn-asps-nsm-and-inflated-fees/

Interesting, thanks ni-co.

I don't think that blogger knows anything that Valeant didn't when they bought.

Thank you!

I've been trying to find the videos of Buffett speaking on the CNBC site and only could find a short clip about IBM. If anyone knows where all the videos are, could you please post them here? I'll do the same if I find them. Thanks in advance.

Live Nation results: http://investors.livenationentertainment.com/files/doc_financials/2014/4Q/LYV-Q4-FY-2014-Earnings-Press-Release-FINAL_v001_p6t8oq.pdf

thank you for your invaluable contribution to this discussion. Your sarcasm aside, I was just pointing out that 1) there's a whole sub-section of this forum dedicated to dicsussing Berkshire, and discussion of Berkshire should probably go there, and 2) there's already a multi-page thread where people are discussing the new letter, and fragmenting that by creating new threads probably isn't the best way to do things.

New Samsung Galaxy S6 has been unveiled: https://twitter.com/dcseifert/status/572099883668275200 http://daringfireball.net/linked/2015/03/01/galaxy-love-child

http://www.cornerofberkshireandfairfax.ca/forum/berkshire-hathaway/annual-letter-out/

Haven't had a chance to read it yet, but looking forward to it!

Thanks!

Good point. He had insider access for his DD, so if he bought and then something happened (big M&A, etc), he could be accused of having had non-public info, etc. After some time has passed, the appearance of conflict should go away. Not sure if there are formal rules on this.

SkelCap on twitter had some interesting comments after a meeting with Actavis management. ACT is likely to divest some assets from AGN. Of course they won't sell the crown jewels, but probably stuff where they aren't leaders, or stuff that isn't the most profitable. VRX could be a good buyer (they still have their model and tax advantage over most other buyers), so some value could be created there. We'll see.

basically this is such an amoral business (wall street) that your enemies become your friends if they can make you a buck. examples are everywhere. third point and BID. and just look how quickly and easily pershing square embraced the agn/act merger. notice as much as he praised vrx he never invested. he was paid to say good things about it. although ceo of vrx would say he didn't say enough of them. True. I think Ackman was genuine, though. He tried to put 30% of his fund (or something like that) in VRX and staked his credibility very publicly defending their model and management after spending months doing due diligence and having daily calls with VRX. I don't think he was just talking his book for a quick hit like so many others are. I wouldn't be surprised if the next time there's a bump in the road and VRX stock drops significantly we learn in the next 13F that Ackman took a big position.

Sad news. He seemed like such a smart and decent man, and he did great things for AIG and it's employees, customers, and shareholders. I'll be so happy when we can finally defeat all types of cancers...

Down over 32%.

Oh no!