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February 16, 2020

RSS Aswath Damodaran’s Musings on Markets

  • Data Update 3 for 2020: The Price of Risk! February 11, 2020
    When investing, risk is a given and if you choose to avoid it, at any cost, you will and in the last decade, you have borne a staggering cost in terms of returns unearned. At the other extreme, seeking out risk for the sake of taking risk is more suited to casinos than to financial […]
  • A Do-it-yourself (DIY) Valuation of Tesla: Of Investment Regrets and Disagreements! February 7, 2020
    I was hoping to move on from Tesla to my data update posts, but my last post on Tesla drew some attention, in good and bad ways, partly because of its timing. Right after I sold my shares for $640, last week (January 30), the stock took off, climbing to more than $900/share in the […]
  • An Ode to Luck: Revisiting my Tesla Valuation January 30, 2020
    When investing, I am often my own biggest adversary, handicapped by the preconceptions and priors that I bring into analysis and decision making, and no company epitomizes the dangers of bias more than Tesla. It is a company where there is no middle ground, with the optimists believing that there is no limit to its […]
  • Data Update 2 for 2020: Retrospective on a Disruptive Decade January 27, 2020
    My data updates usually look at the data for the most recent year and what I learn from them, but 2020 also marks the end of a decade. In this post, I look back at markets over the period, a testing period for many active investors, and particularly so for value investors, who found that […]
  • Data Update 1 for 2020: Setting the table January 13, 2020
    Starting in the early 1990s, I have spent the first week or two of every new year playing my version of Moneyball, downloading raw market and accounting data on publicly traded companies and using that data to compute operating, pricing and risk metrics for them. This year, I got a later start than usual on […]
  • The Market is Huge! Revisiting the Big Market Delusion December 30, 2019
    For the high-profile IPOs that have reached the market in 2019, with apologies to Charles Dickens for stealing and mangling his words, it has been the best and the worst of years. On the one hand, you have seen companies like Uber and Slack, each less than a decade old, trading at market capitalizations in […]
  • A Teaching Manifesto: An Invitation to my Spring 2020 classes December 19, 2019
    If you have been reading my blog for long enough, you should have seen this post coming. Every semester that I teach, and it has only been in the spring in the last few years, I issue an invitation to anyone interested to attend my classes online. While I cannot offer you credit for taking […]
  • Regime Change and Value: A Follow up Post on Aramco November 19, 2019
    In my post from a couple of days ago, I valued Aramco at about $1.65 trillion, but I qualified that valuation by noting that this was the value before adjusting for regime change concerns. That comment seems to have been lost in the reading, and it is perhaps because (a) I made it at the […]
  • A coming out party for the world's most valuable company: Aramco's long awaited IPO! November 18, 2019
    In a year full of interesting initial public offerings, many of which I have looked at in this blog, it is fitting that the last IPO I value this year will be the most unique, a company that after its offering is likely to be the most valuable company in the world, the instant it […]

RSS Dr David Kass commentary

  • Major Changes to Berkshire Hathaway’s Portfolio in Q4 2019 February 14, 2020
    In Its SEC Form 13F filing released after the market closed on February 14, Berkshire Hathaway reported major changes to its portfolio during the fourth quarter of 2019.  The largest changes were:   New Stakes Kroger (KR) + $550 million Biogen (BIIB) + $200 million   Increased Stakes Occidental Petroleum (OXY) + $500 million RH […]
  • Berkshire Hathaway’s Common Stock Portfolio Substantially Outperformed the S&P 500 in Past Year February 10, 2020
    The 10 largest common stock investments in Berkshire Hathaway’s portfolio had a one year weighted return of 44% through February 7, 2020. This was almost double the 23% return from the S&P 500 over this time period. The top 10 stocks represent approximately 80% of the total value of Berkshire’s common stock investments. 8 out […]
  • 1 Year Rate of Return on Berkshire’s Top 10 Stocks (February 7, 2020) February 9, 2020
    The one year rate of return on Berkshire’s top 10 stock holdings as of February 7, 2020: (1) Apple ($80 billion) + 87% (2) Bank of America ($33 billion) +23% (3) Coca-Cola ($24 billion) +20% (4) American Express ($20 billion) +26% (5) Wells Fargo ($18 billion) – 1% (6) Kraft Heinz ($10 billion)  – 37% […]
  • 1 Year Rate of Return on Berkshire’s Top 10 Stock Holdings February 2, 2020
    The one year rate of return on Berkshire’s top 10 stock holdings as of January 31, 2020: (1) Apple ($77 billion) + 86% (2) Bank of America ($31 billion) +15% (3) Coca-Cola ($23 billion) +21% (4) American Express ($20 billion) +26% (5) Wells Fargo ($18 billion) – 4% (6) Kraft Heinz ($10 billion)  – 39% […]
  • Berkshire Hathaway’s Top 10 Stock Holdings February 2, 2020
    From CNBC Warren Buffett Watch: Berkshire’s top stock holdings by market value, based on closing prices on January 31. 2020. The number of shares held is as of September 30, 2019.  
  • Berkshire Hathaway’s Tim Kenesey (CEO of MedPro) Joins Kraft Heinz Board of Directors Replacing Tracy Britt Cool January 29, 2020
    Tim Kenesey President & Chief Executive Officer Timothy J. Kenesey has spent a significant part of his career helping businesses define their strategy, improve their market position and grow profitably. Since early 2001, Tim has been the President & CEO of MedPro Group Corporation. During the summer of 2005, in connection with GE’s publicly announced […]
  • Warren Buffett is Largest Contributor to Charities January 25, 2020
    From CNBC “Warren Buffett Watch”: Buffett tops 5-year list of most generous billionaires Warren Buffett gave away $14.7 billion worth of Berkshire Hathaway stock over five years, putting him in the number one slot of Forbes’ list of the “Top 25 Billionaire Givers (2014-2018).” (Buffett also topped the magazine’s list of the top givers in 2018.)   His […]
  • Larry Culp’s Positive Impact on General Electric January 23, 2020
    I am quoted in InvestorPlace on General Electric: Is JPMorgan Right to Call the General Electric Stock Price “Wrong?” With GE’s earnings report right around the corner, Culp’s positive influence simply cannot be underestimated. As University of Maryland’s Robert H. Smith School of Business Clinical Professor of Finance, David Kass, explained in an e-mail to InvestorPlace: “CEO Larry Culp is […]
  • One Year Percentage Change in Price for 6 Largest Market Capitalizations vs. S&P 500 January 15, 2020
    (1) Apple – $1.39 trillion — +108% (2) Microsoft – $1.24 trillion — +59% (3) Google – $987 billion — +36% (4) Amazon – $927 billion — +15% (5) Facebook – $625 billion — +50% (6) Berkshire Hathaway – $555 billion — + 17% S&P 500 — +30%  

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RSS The Business Times – Companies & Markets

  • ComfortDelGro's profit falls 12.6%; CEO warns of fallout from virus outbreak February 14, 2020
    COMFORTDELGRO Corp managing director and group CEO, Yang Ban Seng, has warned that the group is facing new challenges brought on by the 2019 novel coronavirus (Covid-19) outbreak, just shortly after it had emerged from a year of consolidation and reorganisation.
  • STI adds 1.2% on the week despite Covid-19 fears February 14, 2020
    INVESTMENT sentiment in Asia ebbed and flowed across the week on the changing outlook of Covid-19 outbreak. The virus has now infected more individuals and led to more deaths than 2003's severe acute respiratory syndrome (Sars) epidemic.
  • First Russian SGX-listed firm Don Agro makes decent debut February 14, 2020
    IT wasn't quite the sharp pop of a bottle of Shampanskoye but Russian agri and dairy firm Don Agro International pulled off a decent debut on the Singapore Exchange's Catalist on Friday.
  • ThaiBev's Q1 profit improves 14% February 14, 2020
    A MORE spirited showing in the non-alcoholic beverage and spirits segments helped boost Thai Beverage Public Co's first quarter net profit to 8.4 billion baht (S$380 million), a 14 per cent improvement from 7.4 billion baht a year ago.
  • FCOT unit holders advised to vote for FLT merger February 14, 2020
    THE offer by Frasers Logistics & Industrial Trust (FLT) to acquire all units of Frasers Commercial Trust (FCOT) is fair and reasonable, the independent financial advisor to FCOT unit holders said on Friday.

RSS The Business Times – Stocks

  • STI adds 1.2% on the week despite Covid-19 fears February 14, 2020
    INVESTMENT sentiment in Asia ebbed and flowed across the week on the changing outlook of Covid-19 outbreak. The virus has now infected more individuals and led to more deaths than 2003's severe acute respiratory syndrome (Sars) epidemic.
  • First Russian SGX-listed firm Don Agro makes decent debut February 14, 2020
    IT wasn't quite the sharp pop of a bottle of Shampanskoye but Russian agri and dairy firm Don Agro International pulled off a decent debut on the Singapore Exchange's Catalist on Friday.
  • Thai Bev's Q1 net profit jumps 14% February 14, 2020
    THAI Beverage Public Co (ThaiBev) reported a 14 per cent jump in net profit to 8.4 billion baht (S$380 million) from 7.4 billion baht a year ago, led by improvements in the spirits business and a turnaround in the non-alcoholic beverage (NAB) business.
  • STI ends flat on Friday, up 1.2% on the week February 14, 2020
    INVESTMENT sentiment in Asia ebbed and flowed across the week on the changing outlook of Covid-19 outbreak. The virus has now infected more individuals and led to more deaths than 2003's severe acute respiratory syndrome (Sars) epidemic.
  • Brokers' take: Analysts cut target prices for DBS on expectations of weaker FY20 February 14, 2020
    ANALYSTS this week lowered their price targets on DBS Group, which may signal similar cuts in target prices for Singapore's other two banks after they report financial results next week.

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Archives for December 9, 2014

Berkshire Hathaway equity-investing strategy

December 9, 2014

In his letter to Berkshire Hathaway dated March 1, 1993, for FY1992, Warren Buffett said: “Our equity-investing strategy remains little changed from what it was fifteen years ago, when we said in the 1977 annual report: “We select our marketable equity securities in much the way we would evaluate a business for acquisition in its entirety.

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