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…
What GLRE is Worth to Einhorn
This post is a sort of footnote to my previous post on GLRE. Think of it as sort of a meditation on the value of incentive fees. I’m just going to think out loud here so I may have some things that may or may not make sense. I don’t claim that anything here is more…
Memo from Brooklyn (OAK’s Preferred Rate)
Howard Marks released another memo the other day talking about the state of the high yield bond market today. This is very relevant as I mentioned it as being a concern for Oaktree Capital (OAK) unitholders. Anyway, here is the memo: High Yield Bonds Today There are some interesting points here, and for OAK unitholders,…
Greenlight 2012 Results
So, Greenlight Capital Re (GLRE) announced a not so good quarter/year. Investment performance came in at +7.1% which is not very good given a +16% stock market last year. In 2011, the return was 2.1%, same as the S&P index, and 2010 was +11% versus the S&P’s +15%. So that’s three years in a row that Einhorn…
Solid Results at Oaktree, But…
Oaktree Capital Group (OAK) announced pretty good earnings for the full year of 2012. The funds, across the board, returned around 15%. For those who don’t know, OAK is co-founded and run by Howard Marks, a legendary Buffett-like figure in the fixed income world. It would be well worth your time to google Howard Marks and…
Create Your Own Apple Stub
Einhorn is unhappy with Apple’s $137 billion cash hoard on the balance sheet and wants Apple to issue perpetual preferred shares to enhance shareholder value. He said in an open letter that every $50 billion of preferred shares it distributes (at 4% rate) will increase value to Apple shareholders by $32/AAPL share. First of all,…