21st Century Value Investing

$STNE reduced share count by 20% between 12/31/23 and 12/31/25

@ohcapideas I’m also surprised that Ted’s role hasn’t grown

Have to admit I’d be a little insulted to be Weschler, the only remaining portfolio manager, and to only have responsibility for 6% of the investment portfolio. I’m sure he plays a broader consulting role, but Berkshire probably needs to institutionalize the investment portfolio a little bit more in the future and have a handful of managers for the non semi perm holdings.

A very good letter - one you can tell was written by an operator. Things could work out ok for some time optimizing operations and buying back shares. But, that only works if the share price moves lower. With year book value, P/B ~1.52x.

Fairfax looks really cheap. $FFH.TO $FRFHF

@andrewcoye @SteveWps Agreed, at this size I believe shareholders would much better off if they followed a “consistently repurchase at any price” strategy like Apple

At ~1.5x Book and the business so well positioned, my opinion is also that they should be buying back stock in size and continue even if valuation runs up modestly. Where else will they find such a well run and valuable sink for that ongoing cash flow?

The fact that $brk isn't using their $300 billion in cash to buy back their shares right now is criminal.

@ValleyFallsRI I don’t know. I think another contributor is that they’ve opened a lot of new locations and year 2 sales at a new location are typically lower than the year 1 “honeymoon” period.

@21stCentValue Ok but if their customers aren’t as price driven and are more brand loyal why are SSS down so much?

$CHA Market cap: $1.9B Net cash: $1.1B Enterprise value: $830M LTM EBIT: $290M EV/LTM EBIT: ~3 Dirt cheap stock unless earnings continues to collapse (which Mr. Market seems to expect).

@21stCentValue Is that what they are explicitly saying?

@ValleyFallsRI Terrible for sure, but partially because they’ve refused to participate in the delivery subsidy war. Is it possible that earnings are near a trough? If so, stock is trading at 3x EV / trough EBIT with more than half of today’s market cap in cash as downside protection.

@21stCentValue And what was last Q same store sales?? Answer - 28% in China Big no no

$MSTR FY25 loss per share was $15, a bit below their EPS “guidance” of $80

Alphabet guided for $175B to $185B of CapEx in 2026 🤯 $GOOGL $GOOG

One of the best capital allocation moves I’ve seen. $GM repurchased 16% of shares outstanding at $31.60 in December 2023. Stock is now $87.

@ArmsGarrett No idea!

@21stCentValue What's with the jump over past two months? Love to see the filing to issue $500M in stock at 1.05x book after years of insisting intrinsic value was far above book.

I owned $BH briefly in 2021 but sold out after concluding that agency costs were too high. I was wrong - stock has nearly tripled since!

@HettyGreen2020 Most of my lifetime gains came from these two stocks

I’ll tell my grandkids about: 1) Warren Buffett $BRK 2) Rick Wayne $NBN investor.northeastbank.com/news-releases/…

Warren Buffett retires today, most likely in his mind at the closing bell, just minutes from now. Congratulations to the greatest investor the world will ever know. The returns speak for themselves - Berkshire earned 6,118,651% or 19.9% annually over his 60 years running the company. The S&P 500 returned 46,491%, or 10.4%. Berkshire’s shares could decline by 99.2% and still have outperformed the market. The record is even greater when including the partnerships he ran through 1969. However, it is not the returns but the way Warren did it that matters most; with integrity and morality - and with humility and humor. He didn’t have to teach, but he did. On behalf of so many of us, thank you, sir.

Remember when $MSTR issued FY25 EPS guidance of $80 based on the assumption that Bitcoin would finish the year at $150K?

Berkshire Hathaway’s Charlie Munger was making gutsy investments, forging unlikely friendships and facing new challenges to the end. 🔗: on.wsj.com/4rvXbHO

$BZH I realize it’s a shitco but 50% of tangible BV seems too cheap

Berkshire Hathaway cash pile: $350,000,000,000 -> $350,000,000,018 $BRK.A $BRK.B