Daily Journal Corporation has been building a securities portfolio over the past several years but the specific securities have been undisclosed until now. A recent 13-F filing with the SEC reveals the holdings which were selected by Daily Journal Chairman Charlie Munger. This article reviews the holdings and speculates on the possible identity of the remaining undisclosed foreign security.
This article provides a brief update to The Rational Walk’s 2011 research report on Platinum Underwriters. More than two years have passed since the report was published in October 2011 which is enough time to evaluate the validity of the investment thesis. Platinum recently released results for 2013 along with a detailed financial supplement and held a conference call for analysts. We take a look back at the situation in late 2011, evaluate the latest financial results, and attempt to determine whether Platinum might represent a solid investment opportunity based on its current market price and future prospects.
The odds of a stock repurchase at Berkshire Hathaway may be increasing as Berkshire’s stock price declines and a return of capital might be mandated due to the five year earnings test. In this article, we look at the likely implications based on Berkshire’s last published book value and an estimate of current book value.
Berkshire Hathaway appears almost certain to fail Warren Buffett’s five year earnings retention test when the 2013 annual report is released in February. We assess the validity of the test as well as the implications for Berkshire Hathaway if Mr. Buffett decides to return capital to shareholders.
Four years have passed since Berkshire Hathaway announced that it would acquire Burlington Northern Santa Fe in a cash and stock transaction. This article looks back at the transaction and attempts to determine whether it was a good deal for Berkshire.