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SharkRider
SharkRider
·
2021-08-28
Another criminal profile... Quite a good read
Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers
Does crime pay? Among the mightiest of the high-profile corporate executives that dominated the head
Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers
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SharkRider
SharkRider
·
2021-08-28
Ah... Nothing like speculation! [开心]
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SharkRider
SharkRider
·
2021-08-27
Why is Motley Fool touting Robinhood's name? Do they have some sort of agreement?
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SharkRider
SharkRider
·
2021-08-27
Hmmm... May be worth looking at
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SharkRider
SharkRider
·
2021-08-24
Wow! It may be undervalued, but I cannot bring myself to even consider purchasing the stock.
Berkshire Hathaway Remains Undervalued
Summary CEO Warren Buffett has bought back a large number of shares in 2020 in the first half of 20
Berkshire Hathaway Remains Undervalued
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SharkRider
SharkRider
·
2021-08-23
I can't even predict what is going to happen in the next hour much less the next 10 to 20 years. They look like good investments now but do evaluate them periodically to ensure that they remain viable investments
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SharkRider
SharkRider
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2021-08-23
Need to do homework. The way Berkshire invests is not easily replicable as they do have leverage + lots of money
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SharkRider
SharkRider
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2021-08-21
I was a bit disappointed that the S&P did not correct... It would have brought more opportunities
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SharkRider
SharkRider
·
2021-08-21
This is a nightmare of a shitshow... [生气]
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SharkRider
SharkRider
·
2021-08-13
I hope that is is part of a positive recovery for Olam
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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-28 08:45 GMT+8 <a href=https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”","news_type":1,"symbols_score_info":{"HRB":0.9}},"isVote":1,"tweetType":1,"viewCount":2511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813153207,"gmtCreate":1630156843509,"gmtModify":1704956608528,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"Ah... Nothing like speculation! [开心] ","listText":"Ah... Nothing like speculation! [开心] ","text":"Ah... Nothing like speculation! [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813153207","repostId":"2162733980","repostType":4,"isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":819245515,"gmtCreate":1630074496637,"gmtModify":1704955600792,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"Why is Motley Fool touting Robinhood's name? Do they have some sort of agreement?","listText":"Why is Motley Fool touting Robinhood's name? Do they have some sort of agreement?","text":"Why is Motley Fool touting Robinhood's name? Do they have some sort of agreement?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819245515","repostId":"2162028850","repostType":4,"isVote":1,"tweetType":1,"viewCount":1555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810441376,"gmtCreate":1629996827495,"gmtModify":1704954415778,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"Hmmm... May be worth looking at","listText":"Hmmm... May be worth looking at","text":"Hmmm... May be worth looking at","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810441376","repostId":"1158216410","repostType":4,"isVote":1,"tweetType":1,"viewCount":2111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834418927,"gmtCreate":1629818266469,"gmtModify":1631889902523,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"Wow! It may be undervalued, but I cannot bring myself to even consider purchasing the stock.","listText":"Wow! It may be undervalued, but I cannot bring myself to even consider purchasing the stock.","text":"Wow! It may be undervalued, but I cannot bring myself to even consider purchasing the stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834418927","repostId":"1147501136","repostType":4,"repost":{"id":"1147501136","kind":"news","pubTimestamp":1629817852,"share":"https://www.laohu8.com/m/news/1147501136?lang=&edition=full","pubTime":"2021-08-24 23:10","market":"us","language":"en","title":"Berkshire Hathaway Remains Undervalued","url":"https://stock-news.laohu8.com/highlight/detail?id=1147501136","media":"seekingalpha","summary":"Summary\n\nCEO Warren Buffett has bought back a large number of shares in 2020 in the first half of 20","content":"<p><b>Summary</b></p>\n<ul>\n <li>CEO Warren Buffett has bought back a large number of shares in 2020 in the first half of 2021.</li>\n <li>First half 2021 pre-tax operating earnings for manufacturing and service/retailing are up nicely over the first half of 2020.</li>\n <li>The stock portfolio is now in excess of $300 billion!</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b1ec40867d5f48e0522635854570624\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>RiverNorthPhotography/iStock Unreleased via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>My thesis is that Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)is undervalued. CEO Warren Buffett has been taking advantage of this by buying back shares. He repurchased the equivalent of 80,998 “A” shares in 2020 which increased the ownership for existing shareholders by 5.2%. In the first half of this year, the 2Q2110-Qcash flow statement shows $12.6 billion in buybacks which is more than the $6.7 billion they spent in the first half of 2020. In some ways CEO Buffett can be reticent in terms of vocalizing things when the stock is cheap; his buyback actions speak louder than his words.</p>\n<p>Looking at the 2Q21 10-Q balance sheet, the first 5 lines are a big part of our valuation estimate:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a8aafe372259b0d3a4c58271edd28993\" tg-width=\"600\" tg-height=\"772\" width=\"100%\" height=\"auto\"><span>Image Source: 2Q21 10-Q</span></p>\n<p><b>BNSF $115 Billion</b></p>\n<p>BNSF has many similarities to Union Pacific(NYSE:UNP)including the approximate level of debt to enterprise value. The 2Q21 Union Pacific10-Qshows 652,122,933 shares outstanding as of July 16, 2021. Their share price for June 30, 2021 was $219.93 implying a June 30th market cap of $143.4 billion. I believe the market cap of BNSF is at least 80% of Union Pacific’s or $115 billion.</p>\n<p><b>Berkshire Hathaway Energy (“BHE”) $48.6 Billion</b></p>\n<p>We can use the prices at which BHE was repurchased for a valuation estimate but that information is getting dated. Per the BHE 2Q2110-Q, the last batch was during the first half of 2020 when 180,358 shares were repurchased for $126 million implying a share price of $698.61. The BHE 2Q21 10-Q shows 76,368,874 shares outstanding as of August 5, 2021, implying a market cap of $53.4 billion if the price from the first half of 2020 is still sound.</p>\n<p>Berkshire’s 2Q21 10-Q says they own 91.1% meaning non-controlling interests own the rest. In other words, Berkshire owns $48.6 billion and non-controlling interests own $4.8 billion.</p>\n<p><b>Other Non-Insurance Subsidiaries $195 Billion</b></p>\n<p>The 2Q21 10-Q breaks down revenue and pre-tax earnings under Note 23, Business segment data:</p>\n<p><i>Image Source: 2Q21 10-Q</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f01f33ed3856e8b1eff604acc2ebe65\" tg-width=\"600\" tg-height=\"522\" width=\"100%\" height=\"auto\"><span>Image Source: 2Q21 10-Q</span></p>\n<p>I like to use a pre-tax earnings multiple of 13 times for manufacturing, McLane and service/retailing. Their 1H21 pre-tax earnings were $5.2 billion, $0.2 billion and $2.1 billion, respectively. These numbers are a huge improvement over the first half of 2020! Summing them up and annualizing gives us $15 billion. Applying a multiple of 13 times brings us to $195 billion.</p>\n<p>Cash, T-bills & Fixed Maturities $161.2 Billion</p>\n<p>This is the sum of the first 3 lines on the balance sheet which are $38.9 billion in cash and equivalents plus $101.8 billion in T-bills plus $20.5 billion in fixed maturities.</p>\n<p><b>Stocks $307.9 Billion</b></p>\n<p>Per the 4th line in the balance sheet, we have $307.9 billion in stocks. Apple(NASDAQ:AAPL)is by far the biggest part of this portfolio. The13Fthrough June 2021 shows $121.5 billion in Apple stock.</p>\n<p><b>Equity Method Investments $16.5 Billion</b></p>\n<p>The 5th line of the balance sheet shows $16.5 billion here. Note 5, Equity method investments, on the 2020 10-K showed that the carrying value of $13.3 billion for Kraft Heinz(NASDAQ:KHC)on the balance sheet was $2 billion higher than the fair value of $11.3 billion. However note 5 on the 2Q21 10-Q shows that the fair value went up to the same range as the carrying value so we don’t need to make any adjustments here.</p>\n<p><b>Deferred Tax Liability $(27) Billion</b></p>\n<p>Note 18, Income taxes, isn’t as detailed on the 10-Qs as on the 10-Ks. I’m sticking with the $27 billion net investment tax liability estimate used in my February 2021article.</p>\n<p><b>Non-Controlling Interests $(3.6) Billion</b></p>\n<p>The balance sheet shows $8.4 billion in non-controlling interests but we attributed $4.8 billion to BHE investors. As such, there is another $3.6 billion or so of non-controlling interests outside of BHE.</p>\n<p><b>Other Considerations $0</b></p>\n<p>I treat the insurance operations and the float liability as a wash. I can see why fastidious accountants aren’t crazy about this but I don’t think it makes a huge difference to the overall valuation whether or not these are broken out separately.</p>\n<p><b>Valuation Chart</b></p>\n<p>The 2Q21 says that on an equivalent Class A common stock basis, there were 1,511,229 shares outstanding as of June 30, 2021:</p>\n<img src=\"https://static.tigerbbs.com/81717a4c648c5027fde69b68d33cf46f\" tg-width=\"814\" tg-height=\"695\" width=\"100%\" height=\"auto\">\n<img src=\"https://static.tigerbbs.com/c490184d538a90c0980d497e3b964523\" tg-width=\"813\" tg-height=\"584\" width=\"100%\" height=\"auto\">\n<table>\n <tbody>\n <tr></tr>\n </tbody>\n</table>\n<p>Here is a more visual interpretation:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0183d76b73ebb2503f940ca5c3eec85\" tg-width=\"600\" tg-height=\"558\" width=\"100%\" height=\"auto\"><span>Image Source: Author’s spreadsheet</span></p>\n<p>Of course the above chart is somewhere near the middle of my range. Rather than thinking about a valuation of $814 billion exactly, I think it could be approximately $50 billion higher or lower such that my range with round numbers to the nearest $5 billion is about $765 billion to $865 billion.</p>\n<p>Given the August 23rd (BRK.A) share price of $425,000, and the 1,511,229 class A share equivalents, the implied market cap is $642 billion. Seeing as the market cap is well below my valuation range, I think the stock is priced very reasonably for long-term investors.</p>\n<p>Some think it will be calamitous when CEO Buffett retires but he has built the company with a stable architecture that should hold up well for years to come.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Remains Undervalued</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Remains Undervalued\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-24 23:10 GMT+8 <a href=https://seekingalpha.com/article/4451491-berkshire-hathaway-remains-undervalued><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nCEO Warren Buffett has bought back a large number of shares in 2020 in the first half of 2021.\nFirst half 2021 pre-tax operating earnings for manufacturing and service/retailing are up nicely...</p>\n\n<a href=\"https://seekingalpha.com/article/4451491-berkshire-hathaway-remains-undervalued\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://seekingalpha.com/article/4451491-berkshire-hathaway-remains-undervalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147501136","content_text":"Summary\n\nCEO Warren Buffett has bought back a large number of shares in 2020 in the first half of 2021.\nFirst half 2021 pre-tax operating earnings for manufacturing and service/retailing are up nicely over the first half of 2020.\nThe stock portfolio is now in excess of $300 billion!\n\nRiverNorthPhotography/iStock Unreleased via Getty Images\nIntroduction\nMy thesis is that Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)is undervalued. CEO Warren Buffett has been taking advantage of this by buying back shares. He repurchased the equivalent of 80,998 “A” shares in 2020 which increased the ownership for existing shareholders by 5.2%. In the first half of this year, the 2Q2110-Qcash flow statement shows $12.6 billion in buybacks which is more than the $6.7 billion they spent in the first half of 2020. In some ways CEO Buffett can be reticent in terms of vocalizing things when the stock is cheap; his buyback actions speak louder than his words.\nLooking at the 2Q21 10-Q balance sheet, the first 5 lines are a big part of our valuation estimate:\nImage Source: 2Q21 10-Q\nBNSF $115 Billion\nBNSF has many similarities to Union Pacific(NYSE:UNP)including the approximate level of debt to enterprise value. The 2Q21 Union Pacific10-Qshows 652,122,933 shares outstanding as of July 16, 2021. Their share price for June 30, 2021 was $219.93 implying a June 30th market cap of $143.4 billion. I believe the market cap of BNSF is at least 80% of Union Pacific’s or $115 billion.\nBerkshire Hathaway Energy (“BHE”) $48.6 Billion\nWe can use the prices at which BHE was repurchased for a valuation estimate but that information is getting dated. Per the BHE 2Q2110-Q, the last batch was during the first half of 2020 when 180,358 shares were repurchased for $126 million implying a share price of $698.61. The BHE 2Q21 10-Q shows 76,368,874 shares outstanding as of August 5, 2021, implying a market cap of $53.4 billion if the price from the first half of 2020 is still sound.\nBerkshire’s 2Q21 10-Q says they own 91.1% meaning non-controlling interests own the rest. In other words, Berkshire owns $48.6 billion and non-controlling interests own $4.8 billion.\nOther Non-Insurance Subsidiaries $195 Billion\nThe 2Q21 10-Q breaks down revenue and pre-tax earnings under Note 23, Business segment data:\nImage Source: 2Q21 10-Q\nImage Source: 2Q21 10-Q\nI like to use a pre-tax earnings multiple of 13 times for manufacturing, McLane and service/retailing. Their 1H21 pre-tax earnings were $5.2 billion, $0.2 billion and $2.1 billion, respectively. These numbers are a huge improvement over the first half of 2020! Summing them up and annualizing gives us $15 billion. Applying a multiple of 13 times brings us to $195 billion.\nCash, T-bills & Fixed Maturities $161.2 Billion\nThis is the sum of the first 3 lines on the balance sheet which are $38.9 billion in cash and equivalents plus $101.8 billion in T-bills plus $20.5 billion in fixed maturities.\nStocks $307.9 Billion\nPer the 4th line in the balance sheet, we have $307.9 billion in stocks. Apple(NASDAQ:AAPL)is by far the biggest part of this portfolio. The13Fthrough June 2021 shows $121.5 billion in Apple stock.\nEquity Method Investments $16.5 Billion\nThe 5th line of the balance sheet shows $16.5 billion here. Note 5, Equity method investments, on the 2020 10-K showed that the carrying value of $13.3 billion for Kraft Heinz(NASDAQ:KHC)on the balance sheet was $2 billion higher than the fair value of $11.3 billion. However note 5 on the 2Q21 10-Q shows that the fair value went up to the same range as the carrying value so we don’t need to make any adjustments here.\nDeferred Tax Liability $(27) Billion\nNote 18, Income taxes, isn’t as detailed on the 10-Qs as on the 10-Ks. I’m sticking with the $27 billion net investment tax liability estimate used in my February 2021article.\nNon-Controlling Interests $(3.6) Billion\nThe balance sheet shows $8.4 billion in non-controlling interests but we attributed $4.8 billion to BHE investors. As such, there is another $3.6 billion or so of non-controlling interests outside of BHE.\nOther Considerations $0\nI treat the insurance operations and the float liability as a wash. I can see why fastidious accountants aren’t crazy about this but I don’t think it makes a huge difference to the overall valuation whether or not these are broken out separately.\nValuation Chart\nThe 2Q21 says that on an equivalent Class A common stock basis, there were 1,511,229 shares outstanding as of June 30, 2021:\n\n\n\n\n\n\n\nHere is a more visual interpretation:\nImage Source: Author’s spreadsheet\nOf course the above chart is somewhere near the middle of my range. Rather than thinking about a valuation of $814 billion exactly, I think it could be approximately $50 billion higher or lower such that my range with round numbers to the nearest $5 billion is about $765 billion to $865 billion.\nGiven the August 23rd (BRK.A) share price of $425,000, and the 1,511,229 class A share equivalents, the implied market cap is $642 billion. Seeing as the market cap is well below my valuation range, I think the stock is priced very reasonably for long-term investors.\nSome think it will be calamitous when CEO Buffett retires but he has built the company with a stable architecture that should hold up well for years to come.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835120627,"gmtCreate":1629695220469,"gmtModify":1631889902527,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"I can't even predict what is going to happen in the next hour much less the next 10 to 20 years. They look like good investments now but do evaluate them periodically to ensure that they remain viable investments","listText":"I can't even predict what is going to happen in the next hour much less the next 10 to 20 years. They look like good investments now but do evaluate them periodically to ensure that they remain viable investments","text":"I can't even predict what is going to happen in the next hour much less the next 10 to 20 years. They look like good investments now but do evaluate them periodically to ensure that they remain viable investments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835120627","repostId":"2161742695","repostType":4,"isVote":1,"tweetType":1,"viewCount":886,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835164054,"gmtCreate":1629695032778,"gmtModify":1631889902526,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"Need to do homework. The way Berkshire invests is not easily replicable as they do have leverage + lots of money","listText":"Need to do homework. The way Berkshire invests is not easily replicable as they do have leverage + lots of money","text":"Need to do homework. The way Berkshire invests is not easily replicable as they do have leverage + lots of money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835164054","repostId":"2161272742","repostType":4,"isVote":1,"tweetType":1,"viewCount":2241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836763572,"gmtCreate":1629525538496,"gmtModify":1631889902536,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"I was a bit disappointed that the S&P did not correct... It would have brought more opportunities","listText":"I was a bit disappointed that the S&P did not correct... It would have brought more opportunities","text":"I was a bit disappointed that the S&P did not correct... It would have brought more opportunities","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836763572","repostId":"2161745814","repostType":4,"isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836760108,"gmtCreate":1629525206704,"gmtModify":1631889902533,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"This is a nightmare of a shitshow... [生气] ","listText":"This is a nightmare of a shitshow... [生气] ","text":"This is a nightmare of a shitshow... [生气]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836760108","repostId":"1114812009","repostType":4,"isVote":1,"tweetType":1,"viewCount":2942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":894513302,"gmtCreate":1628838194206,"gmtModify":1631889902539,"author":{"id":"3587037754746901","authorId":"3587037754746901","name":"SharkRider","avatar":"https://static.tigerbbs.com/de2adeb4ae77e489f87ea6b1daebff81","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587037754746901","authorIdStr":"3587037754746901"},"themes":[],"htmlText":"I hope that is is part of a positive recovery for Olam","listText":"I hope that is is part of a positive recovery for Olam","text":"I hope that is is part of a positive recovery for Olam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894513302","repostId":"1166024136","repostType":4,"isVote":1,"tweetType":1,"viewCount":2135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}