So Apple has fallen below $400 and it seems like most people still talk about how cheap it is. Yes, it does look really cheap. But others have pointed out that Apple is only cheap if they can maintain their sky-high margins. I decided to take a quick look at this since I sort of…
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Wells Fargo History Website
OK, so maybe I’m the last person on the planet to notice this, but I just found this website by accident (trying to find the WFC 2012 annual report). It looks like it was put up recently (?). So Loews puts up a comic book, JPM puts up a nice promotional video, but WFC tops…
JPM 2012 Annual Report
So the JPM annual report was put up yesterday. There is not much new here but as usual I’ll just make some simple comments and highlight things that struck me. One thing, though, is that at the front of the annual report (and at the end of Dimon’s letter to shareholders), they mentioned that they…
Loews 2012 Annual Report
So the 2012 annual report is up on the website. They revamped it and Loews even has a new logo. Here is the new logo: I’m not an art major or anything like that so I don’t know anything about it but my first impression was that this looks a little retro, even Art Deco-ish. …
Markel 2012 Annual Report
The Markel (MKL) results have been out, but I just noticed that the annual report is out too (I don’t check so it may have been out for a while). The MKL annual report is a very good read of you have the time to check it out. We know this from the earnings release, but…
More Adjustment to Loews Book Value
So I made a post about the adjusted book value per share of Loews (L) and someone kindly responded that there are publicly listed MLP general partnership (GP) interests that I can use to value L’s GP interest and IDR (incentive distribution rights) in Boardwalk Pipeline (BWP). The thing to do, of course, would be to calculate the…
Value of Investments per Share (Berkshire Hathaway)
So I explained in my most recent post (Buffett Letter 2012) on Berkshire Hathaway (BRK) why investments per share is not worth investment per share to me. I know this makes no sense to many, and even Buffett would say it makes no sense. Cash is worth what it’s worth. No more, no less. I don’t have…
Loews Adjusted Book Value Update
I may be jumping the gun here as Loews (L) annual report hasn’t come out yet, but since the 10-K is out I figured I would just update some numbers. Last year I made a post about adjusting L’s book value by adding or subtracting the difference between the market value of publicly listed holdings…
Buffett Letter 2012
OK, so there are a lot of comments about the Berkshire Hathaway letter to shareholders all over the place and I really don’t have too much to add, but I thought I’d post some comments for the people I tell to read these every year (and I know they don’t). So consider this just a…
JPM Investor Day 2013
So I listened to the JPM investor day via the internet today. My internet connection, or the PC or something somewhere kept dropping out so I missed a lot, but that’s OK. Anyway, I know I do talk an awful lot about financials and banks. That’s partly because I do tend to have a sort of comfort level…