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Tren Griffin
@trengriffin
, 3 tweets, 1 min read Read on Twitter
"I didn't want to go bankrupt like my dad had gone bankrupt, and I always associated his business bankruptcy with having expanded. Expansion itself is not the reason you go bankrupt, and I didn't know enough about business to understand." Danny Meyer cnbc.com/2019/02/15/sha…
"No matter what the industry, the way you make people feel is the most telling factor in who's going to want to work for you. And who wants to work for you is the most telling factor in how good is your business."
"Shake Shack only happened because we fell in love with parks. We had fallen in love with Union Square Park, and we'd fallen in love with Madison Square Park. ...I think Shake Shack took about five years for us to figure it out."
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Tren Griffin
@trengriffin
"Berkshire held $112B at year end in U.S. Treasury bills and other cash equivalents, and another $20B in miscellaneous fixed-income instruments. We … always hold at least $20B in cash equivalents to guard against external calamities." Warren Buffett today berkshirehathaway.com/letters/2018lt…
Berkshire reported a 71% gain in fourth-quarter operating profits (operating profits rose to $5.7B). Why not invest more of the cash in existing business in the BRK portfolio like Precision Castparts? Because incremental investments to not exceeed the opportunity cost of capital.
"The bulk of Berkshire’s stock buybacks in the fourth quarter occurred between Dec. 13 and Dec. 24." Do you recall what was happening during that period? Berkshire repurchased $418M during the quarter. For example, 790 class A shares at average price of around $296K per share.
Read 4 tweets
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Tren Griffin
@trengriffin
John Malone famously once said: "I used to go to shareholder meetings and someone would ask about earnings, and I’d say, ‘I think you’re in the wrong meeting.’ "It’s not about earnings, it’s about wealth creation and levered cash-flow growth."
If a Berkshire shareholder expects Buffett, Munger and the <30 people at headquarters in Omaha will manage all the businesses in their portfolio, they are similarly "in the wrong meeting." That isn't how the Berkshire system works. If you don't like it, then sell the stock.
Charlie Munger: “We have extreme centralization at headquarters where a single person makes all the capital allocation decisions, and we have decentralization among our operations without a big bureaucracy. That’s the Berkshire Hathaway model.” They value the trade off.
Read 3 tweets
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Tren Griffin
@trengriffin
"Our holdings [are] an assembly of companies that we partly own and that, on a weighted basis, are earning about 20% on the net tangible equity capital required to run their businesses... without employing excessive levels of debt." 2019 BTK Letter sc.cnbcfm.com/applications/c…
"Viewed as a group, these [Berkshire] businesses earned pre-tax income in 2018 of $20.8 billion, a 24% increase over 2017. Acquisitions we made in 2018 delivered only a trivial amount of that gain." "Our job is to put the money retained to good use..." google.com/amp/s/25iq.com…
The size of the Berkshire portfolio is massive. Perfection is never possible nor is it necessary. "When you get a seamless web of deserved trust, you get enormous efficiencies. … Every once in a while, it doesn’t work..." But gains greatly outweigh costs. google.com/amp/s/25iq.com…
Read 3 tweets

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Having to watch Notting Hill for tonight's gig. Haven't seen it in at least 15 years...guys....I'm 9 minutes in and I think Notting Hill might be.......terrible?
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Good evening my tweet fam, it's been a while here. We are sorry for the break in our broadcast, it's nothing strategic or technical, it's actually a personal stuff, but thank God we are back now.
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Know what people don't realize? The consequences that come with labeling someone, something they're not. Even if #Kavanaugh is proven innocent, the label itself will stick with him the rest of his life.

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Dr. Dena Grayson
@DrDenaGrayson
🔥WHOA🔥

THREAD: a #bankruptcy case in Los Angeles may lead to MORE charges against #Manafort, including BANKRUPTCY FRAUD‼️

Mueller is focusing on Jeffrey Yohai, Manafort’s fmr son-in-law & partner, as a potentially valuable witness.🤣😂🤣 1/

reuters.com/article/us-usa…
Manafort failed to disclose a loan for a NY property from a lender that was also the main creditor in the California bankruptcy case👉🏼may represent an ILLEGAL concealment of material information = BANKRUPTCY FRAUD‼️🤨 2/
This is bit confusing, so I will try to break it down.🤓

In early 2017, Manafort’s company got a loan against a NY home from Genesis Capital LLC. Genesis ALSO was the top secured creditor (gave biggest loan) in the bankruptcies of the 4 houses in LA partnered w/Yohai.🤔 3/
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