Nothing But Net-Nets @nothingbutnnets
Compounding capital with net-nets, cheap stocks, and special situations. nothingbutnetnets.com Joined April 2019-
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Buffett getting heated: "When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive)."
"I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America"
My favorite part of every $BRK update: In December, Buffett started repurchasing B shares again at an average price of 303.83
$BRK buying $TSM an interesting pick. If Warren, I'd bet owning $AAPL helped him understand the business. And it's 12-13x forward earnings. This writeup from their IR site outlines the bull case. (investor.tsmc.com/english)
For what it's worth, Buffett thinks $BRK is worth buying back in the low $300s and less so at $350.
Over the past 3 days, Buffett bought 61 million shares of $OXY at ~$51 per share, about 30% of the daily volume. No doubt he wanted to get ahead of the 13G, but this is aggressive. Stock was +20% over the 3 days compared to +5% for the $XLE
Happy to see Buffett repurchasing $BRK into Q2 where the B shares were in the $255-270 range
Buffett: "99.7% of my estate will go to philanthropies" The 0.3% would be his PA which would equate to ~$300 million.
Buffett buying back $5 billion of $BRK in Q1 means he thinks the stock is a bargain in the $230-240 range, or about 4-8% lower than current prices.
From $HTG.L call: "Our clients, especially those in North America today, many of them have hedges in place into the periods we're at right now...actual realized price right now is still actually in the high 40s" As those roll off in 2021, oil cash flows should improve.
Now that $SQ has a valuable bank charter, they can get that premium multiple ascribed to US banks.
Now that $SQ has a valuable bank charter, they can get that premium multiple ascribed to US banks.
HF analysts do this into earnings. Munger: "One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. And what he does is he sells about half of them always. That way, whatever happens, he feels smart."
Buffett is taking his talents to Los Angeles.
$BRK repurchased $9 billion worth of shares in Q4, paying an average price of $225.73 in December. Buybacks continued in Q1, at prices generally higher than that.
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@JohnHuber72 Most don’t receive 100% back. The actual recovery is public on the FDIC’s website. I agree. It’s impossible to insure them all. Here is the recovery and timing of recovery dividends: closedbanks.fdic.gov/dividends/
@nothingbutnnets @modestproposal1 The no major mistakes is a huge one. But, also consider if Natl Indemnity, Sees, WaPo, Geico, Coke, BNSF, BHE, Apple didn’t happen…probably no better than an index fund’s performance.
CostCo is selling MSRP ~$70 Banana Republic long-sleeved shirts for $15.99. $COST paid $7-$10/per. BR prob paid ~$15-$30 originally. Not great. This isn’t a “promotional environment”. It’s much worse, at least for $GPS. They’d have been better off letting people steal it.
Net Net Hunter Inner Circle Portfolio performance for 2022: +46% This amounts to 80% outperformance versus the NASDAQ. It pays to buy tiny, cheap, net nets.
Bonne année à tous mes followers ! Santé, bonheur et grosses plus-values pour 2023 ! 💪🍀💰💰 En attendant la mise en ligne sur le forum de mon reporting T4 2022, je vous partage ma performance annuelle et historique depuis 2011 :
Net Net Hunter's official 2023 Market outlook: It will fluctuate.
"[H]e who desires or avoids the things which are not in his power can neither be faithful nor free, but of necessity he must change with them and be tossed about with them as in a tempest..." - Epictetus (Ie. Focus on finding the best bargains possible, not on macro or returns.)
Berkshire was a net purchaser of $4 b in equities during Q3. It purchased $9 b of equities and sold $5 b.
Becoming Trader Joe is one of my favorite business biographies of all time. It's the story of how Joe Coulombe created a shopping experience that turned customers into fanatics. A memoir you can't put down. Here's a thread on the 5 most important lessons from the book ... 🧵
@compound248 But in fairness, he did have to pay the legal bills of both sides....
More and more net-nets are popping up in today's market. Anybody want to share their favorites?
@OtterMarket You've got my attention! I actually track net-nets too. I use the chart below, you can see just how many net-nets there are compared to historical levels. Very important to note though, many of these are biotech stocks, which don't typically fit the classic definition of N/N.
Seems like everyone is tripping over themselves to get into the compounders that they missed over the last decade (myself included). Sooo anybody looking at net nets? Lots in Hong Kong Singapore Japan obviously. Generally has worked as a basket save for the past three years
Warren Buffett’s offer letter to buy National Indemnity in 1967 pic.x.com/bcdcm5ck8j
On what’s more important than money and how stop worrying during a volatile market. My latest: ofdollarsanddata.com/what-the-money…
Berkshire Hathaway Vice Chairman Greg Abel established a $68 million position in Berkshire A shares on September 29 at $405,000 per share. sec.gov/Archives/edgar…
Ming Fai 3828.HK di.hkex.com.hk/di/NSForm3A.as…
I like Walter Schloss the more I understand his style. I'm not a quant (although I start my stock research with screeners) but I really like his focus on investing in a very Ben Graham way. Here are three main reasons why I love him and will keep learning about him:
One of classic value stock from few years back which worked out well
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