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- Manlobbi
Halls of Shrewd'm / US Policy
No. of Recommendations: 3
I think so. Will be interesting to see if the "mystery financial stock" is revealed and if more Apple sales.
No. of Recommendations: 1
Will be interesting to see if the "mystery financial stock" is revealed and if more Apple sales.The 13-F will definitely show more Apple sales, since Berkshire's quarterly report already revealed that Berkshire sold Apple shares in the first quarter. See
https://www.cnbc.com/2024/05/04/warren-buffetts-be....
No. of Recommendations: 0
The 13-F is for positions/trades up to the end of Q1, ie. March 31. So trades in Apple since March 31 won’t be reported.
BRK share repurchases, if any, since March 31, will become known as total BRK shares outstanding will be disclosed.
No. of Recommendations: 0
agreed... I'm referring to the magnitude.
No. of Recommendations: 2
BRK share repurchases, if any, since March 31, will become known as total BRK shares outstanding will be disclosed.
The 13-F does not contain shares outstanding information so it will not be possible to work out repurchases from this filing.
I think the next time this information will be accessible via a public filing will be when Buffett makes his annual donation of 5% of outstanding shares on the 1st of July.
No. of Recommendations: 8
Will be interesting to see if the "mystery financial stock" is revealed and if more Apple sales.
According to the SEC, 13F filings are "due 45 days following the end of each fiscal quarter from institutional investment managers". That would mean it is tonight, and is for the 1st quarter, so we shouldn't find out anything new about the Apple sales - we should expect them to report holding 789.6 million shares at the end of the quarter already revealed on p.9 of Q1 report: Apple stake $135.4 billion (closing price March 31st: $171.48; 135,400m/$171.48=789.596m)
As for the mystery stock, at quarter end, the cost basis of the equity securities was $103,753m, down from $109,416m at year end. We know that Berkshire sold about 118m shares of Apple with a cost basis of about $35, so that would account for a drop of about $4.1b in the cost basis. And at the end of 2022, ther cost basis of the equity securities was $131,610, so it's hard to see how there could be any big new equity acquisition hiding in there. For some reason, Berkshire wants to keep the new acquisition secret, but it can't be very big, at least not in the first quarter, and that's what the 13F will be reporting.
Sorry to be such a wet blanket!
dtb
No. of Recommendations: 2
“We know that Berkshire sold about 118m shares of Apple with a cost basis of about $35, so that would account for a drop of about $4.1b in the cost basis.”
Funny, after the news of the 13% Q1 trim of Apple, we still own a position priced at $150B! Imagine Tim is buying shares despite the valuation. Earlier in the week, I trimmed 8% of my longstanding personal Apple position & 25% of the position in my elderly mothers account. Warren’s recent noteworthy trim facilitated my sell decision, for better or worse.
No. of Recommendations: 2
Funny, after the news of the 13% Q1 trim of Apple, we still own a position priced at $150B! Imagine Tim is buying shares despite the valuation. Earlier in the week, I trimmed 8% of my longstanding personal Apple position & 25% of the position in my elderly mothers account.
I think that makes a lot of sense, for Buffett and probably for you too.
Dec 31st 2023: Apple Inc. $174.3 billion, closing price $192.53, so 905.313m shares,
March 31st 2024: Apple Inc. $135.4 billion, closing price $171.48, so 789.596m shares,
so 115.717m shares sold. It's true that the total value of the stake has increased back to $150b, because shares are now back to $190, so 789.596m*$190 = $150.0b, as you say.
I would love to see Buffett selling more: he has said it will remain the #1 position, but that still gives him a lot of room between $150b and the number 2 stake which was BAC, worth $39b at quarter end, probably about $40b now.
dtb
No. of Recommendations: 6
No. of Recommendations: 1
I like it! Per CNBC:
“His conglomerate Berkshire Hathaway has acquired nearly 26 million shares of Chubb for a stake worth $6.7 billion. The property and casualty insurer became Berkshire’s ninth biggest holding at the end of March.”
No. of Recommendations: 0
CB up 6 percent after hours. 🎈
No. of Recommendations: 10
Chubb.
https://www.dataroma.com/m/holdings.php?m=BRK
Yes! Here is the timeline:
Berkshire filed 2 13F HR/A reports, A for amendment, with the number of shares shown being the accumulated total. Chubb is the last entry in the regular 13F for the period ending 2024-03-31
For the period ending 2023-09-30: 8,143,530 shares (shares traded between about $188 and $213)
For the period ending 2023-12-31: 20,100,000 shares (shares traded between about $208 and $229)
For the period ending 2024-03-31: 25,923,840 shares (shares traded between about $228 and $259)
Shares are currently at $252.97 at today's close, which would give them a current market value of $6.56b if they haven't bought more since March 31st. Chubb shares up 5% after hours, so the market value would be closer to $6.9b now.
dtb
No. of Recommendations: 6
They bought 26m shares over 9 months, or about 180 trading days, so about 144,000 shares a day. Average volume of Chubb is about 1.6m, so they were involved in a little less than 10% of the trades. Even for a $100b market cap company like Chubb, it's tough to build a meaningful stake.
Berkshire's sales of Apple was about $21b in one quarter, so this purchase doesn't do much to sop up the excess cash.
I wonder whether Buffett has finished buying Chubb or whether the SEC just refused to allow him to keep delaying the announcement.
dtb
No. of Recommendations: 6
WEBspired: "I like it!"
So do I.
From the annual report...
"Since 2013, we have tripled our market cap, reflecting our scale and income generating power.
When I became CEO, our market cap was about $12 billion. We have grown market cap by more than 11% per year.
We achieved this not simply by getting larger, but, more importantly, by delivering value to shareholders.
Our total return to shareholders over the same period, measured on a per-share basis and including dividends,
grew similarly at 11.4% per year, outpacing the S&P 500 at 9.9% and the S&P 500 P&C Index at 10.2%."
https://s201.q4cdn.com/471466897/files/doc_financi...
No. of Recommendations: 0
I thought that once someone goes over 5% it must be disclosed at that time…I guess not in this case
No. of Recommendations: 9
I thought that once someone goes over 5% it must be disclosed at that time…I guess not in this case
The requirement is to disclose ownership and control to the feds, which they did. Always remember that the purpose of these filings is so that the regulator can know who is controlling what US listed companies, not so that individual investors can have "transparency" and copy their moves. That's why non-US stocks are not included, and why there is so much detail on the specific managers with voting control of each sub-block of shares.
Jim
