Berkshire Hathaway (Seite 73)

[soleil1504]

Antwort auf Beitrag Nr.: 41.905.905 von jerobeam am 06.08.11 15:25:27

Dazu kommt:
Buffett in unsicheren Zeiten am Steuerrad!

[jerobeam]

http://www.berkshirehathaway.com/qtrly/2ndqtr11.pdf

macht freude zu lesen (bis auf das negative underwriting in diesem Jahr).

$65.81 Buchwert pro B-Aktie
$19.33 Cash pro B-Aktie
fast $10 Mrd ($4.03 pro B-Aktie) operativer Cashflow allein aus den Unternehmen im ersten Halbjahr!

Eine der besten Aktien die man derzeit halten/kaufen kann.

[soleil1504]

Analyst Comments on Berkshire Should Encourage Value Investors
Aug. 04, 2011

I think many value investors follow Berkshire Hathaway (BRK.A)(BKR.B) closely but don’t actually own very much of the company relative to the portfolios they manage. The reason simply being that Berkshire is a giant company that has a lot of eyes on it which means the likelihood of it selling for a significant discount to intrinsic value is small. Many value investors are looking to buy 50 cents on the dollar which usually requires hunting smaller-sized companies.

At least that is usually the case. This morning Berkshire is now trading at just over $109,000 per class A share. And that is starting to look awfully appealing to me.

I’m sure that if you follow Berkshire closely you have seen the Whitney Tilson valuation model that takes investments per share and assigns a multiple to the operating businesses to reach a total value for the company.

Rather than do that, I like to reverse engineer what the market is saying today. And it is pretty interesting.

Investments per share at the end of Q1 - $97,000

Stock price - $109,000

Implied value of the operating businesses - $12,000 per share

2010 pre tax earnings per share from the operating businesses - $7,200

Stock market implied multiple on the operating businesses $12,000/$7,200 = 1.66

That is pretty compelling considering these businesses were put together by the greatest investor the world has ever seen and are attached to a balance sheet made to withstand the most epic crisis.

The undervaluation almost feels too obvious when you consider how closely Berkshire is studied.

Too obvious I thought until I read this article:

http://www.businessweek.com/news/2011-08-04/buffett-can-t-ge…

There are some valid concerns raised in the article about Berkshire. Those include:

- The age of Buffett (80) and Munger (87)

- The loss of Sokol who was a key manager and potential successor

- Weak American economy

But when you are almost getting a collection of fine businesses for free does the lack of a specific name of a successor really merit enough concern to not be interesting in buying Berkshire?

I think the succession issue is ridiculously overblown. Buffett has made it clear that succession is the number-one discussion at every single board of directors meeting that Berkshire has. They have their eye on the ball — it isn’t like Berkshire management is going to be turned over to a ham sandwich after Buffett is gone.

And the operating businesses are run completely independent of Buffett already. Buffett has created a company that can run itself because he didn’t want to be involved on a daily basis. The cash flow machine will continue running no matter who is in charge.

The one area that Buffett will need to be replaced is with respect to the allocation of all of that free cash flow that the operating businesses create. Buffett’s replacement won’t be as good as him for sure, but you can bet your last dollar that Mr. Replacement will be no slouch either. And that replacement will be will schooled in the art of capital preservation.

The best part of the linked article is the following quote:

“It’s the cheapest that I’ve seen it in a while,” said Tom Lewandowski, an analyst with Edward Jones & Co., who has a “hold” rating on Berkshire shares. “It’s hard for me to get really positive on that.”

Yes, why would you ever want to get positive when the shares are cheap? When I see things like this I’m encouraged that there is still plenty of opportunity for value investors. Stick to what Buffett has taught us for decades. Focus on the value of the business, buy if you understand it and it is cheap, and then act like an adult and have the patience to wait more than five minutes for the stock market to figure out what you know.

About the author:
http://valueinvestorcanada.blogspot.com/

http://www.gurufocus.com/news/140692/analyst-comments-on-ber…

[jerobeam]

heute Abend Quartalszahlen.
Bei so vielen Schnäppchen hat Onkel Warren wohl gerade schlaflose Nächte um zu überlegen was er kaufen soll
Oder er fragt sich von wem er als nächstes 10%+ verlangen kann + ein paar gratis-warrants.

[camaro77]

Why Berkshire Hathaway Might Be Cheaper Than It Was in 2000?


Jul. 15, 2011 | Filed Under: BRK.A, BRK.B



A steep 50% dip in Berkshire’s stock price occurred in 2000 when investors were chasing tech stocks to the height of the Internet bubble, creating an appealing buying opportunity for Berkshire stock. Those wishing they could travel back in time to acquire shares of the giant company can probably get a similar or even better deal in the present. The strength of the underlying business compared to its stock price (depressed slightly at 6.5% year to date) reveals a cheaper Berkshire today at $112,500 than at $41,300 in 2000. An evaluation of the fundamentals explains why this is a reasonable argument.

Price to Book

For instance, Berkshire had a total shareholders' equity of $56 billion in 2000, while today it stands at a much greater $164 billion.

The P/B ratio was 1.14 in 2010 and 1.12 in 1999. Therefore the P/B ratio is very close. The price we use for 2000 was the lowest point in 2000. For 2000 valuation, 1999 financial results were used. For current valuation, 2010 results were used.

Fiscal Year

Equity

Market Cap ($B)

P/B



2011

164

187

1.14



2000

56

62.8

1.12


Operating Earnings

The P/E ratio is 23.6 today and 40.3 on March 6, 2000.






Earnings ($B)

Market Cap ($B)

P/E



2011

7.928

187

23.6



2000

1.557

62.8

40.3



Revenue

The P/S ratio was 1.37 today and 2.59 on March 6, 2000.






Revenue ($B)

Market Cap ($B)

P/S



2011

136

187

1.37



2000

24.208

62.8

2.59



Total Investments (Stocks, Bonds & Cash)





Total Investment ($B)



2011

147.6



2000

73.35

Fair Value

The above calculations do indicate that Berkshire is cheaper today than it was in 2000.

Any thoughts?


http://www.gurufocus.com/news/138948/why-berkshire-hathaway-…

[jerobeam]

http://image.exct.net/lib/fef41d7371670c/m/1/Blick+article_J…

[jerobeam]

http://inoculatedinvestor.blogspot.com/2011/07/notes-from-fi…

[soleil1504]

UPSIDE - JUNE 17, 2011, 11:59 A.M. ET
A Bargain in Berkshire Shares
A 52-week low, a long track record, and a modest valuation -- even Buffett would buy, writes Dave Kansas
http://www.smartmoney.com/invest/stocks/are-berkshire-hathaw…

[jerobeam]

Zitat von auris: was sagt unser W.B. eigentlich zur drohenden Zahlungsunfähigkeit der USA? Zu einem derart gravierenden Ereignis müßte das "Orakel" doch eigentlich Stellung beziehen....und sei es nur zur allgemeinen Beruhigung seiner Schäfchen!

S&P drohen USA mit Herabstufung...

Zwischen Herabstufung von triple-A und Zahlungsunfähigkeit liegen ja wohl noch Welten.

Da die USA ohnehin bestimmt quasi nur in USD verschuldet sind können die auch gar nicht wirklich "Zahlungsunfähig" werden, sondern drucken einfach neues Geld. Im Gegensatz zum ebenso stark verschuldeten Japan sitzen die Gläubiger allerdings größtenteils im Ausland, daher die allgemeine 'Besorgnis' um die Werthaltigkeit ...

[auris]

was sagt unser W.B. eigentlich zur drohenden Zahlungsunfähigkeit der USA? Zu einem derart gravierenden Ereignis müßte das "Orakel" doch eigentlich Stellung beziehen....und sei es nur zur allgemeinen Beruhigung seiner Schäfchen!

S&P drohen USA mit Herabstufung...