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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (44273)9/8/2011 12:42:55 AM
From: Spekulatius  Read Replies (1) of 78702
 
re BRK.b - most buys are not relevant since they are smaller buys that may be more trading buys than LT holdings. I have recently upped BRK to one of my major holdings - I think it is a cheap insurance stock with an opportunity to invest with a better return than other insurance companies.

I have read the BRK stockholders letter since 1990, a pretty good exercise. it shows that while WEB does make mistakes, his battering average is pretty good and he sure picks good stocks even if he is in the wrong sectors (banks being one example where i owned or owns PCN, M&T, WFC, USB which all have been way above average).

I think Wilson is a little bit optimistic with his valuation, using 12x pre tax earnings. I also criticized his buy of Burlington Nothern in this board (could have done better) but it turned out that the old man did his homework on his napkin - since he paid only 30% stock / 70% cash (including the 25% that he owned already) the BNSF buy turned out to be accreditive to earnings.
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