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The Rational Walk Profile picture
@rationalwalk
May 6 • 5 tweets • 2 min read Twitter logo Read on Twitter
Good morning to those in Omaha waiting in line at the Berkshire Hathaway annual meeting. I plan to tweet about the Q&A during the meeting so feel free to follow along.

$BRKA $BRKB #Berkshire2023
If you're looking for some reading material while in line, check out this list of articles I wrote about Berkshire related topics over the past year:

rationalwalk.substack.com/p/berkshire-ha…
I recently posted a book review about Buffett's partnership years that might be of interest:

rationalwalk.substack.com/p/warren-buffe…
And yesterday I wrote about Progressive and GEICO $PGR

rationalwalk.substack.com/p/progressive-…
Protip: It is easier to find a seat in the upper deck and the views are better as well! I will be watching the meeting via webcast this year. Have a great day!

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More from @rationalwalk

The Rational Walk Profile picture
May 7
If Berkshire posted the Q1 10-Q on the Friday evening before the meeting, important news like $OXY starting to pay off the preferred and the partial sale of $CVX could be fully digested by shareholders and media and better questions could be asked during the Q&A.
Buffett does the right thing by posting results over a weekend so people can review it before Monday morning.

Posting on Friday night would give even more time. It doesn't matter for Q2, Q3, and Q4 to have it on Friday vs. Saturday, but for Q1 it does b/c of the meeting Q&A.
Also, for the real Berkshire nerds, posting BNSF and BHE Qs on Friday evening (or even on Saturday concurrent with Berkshire's release) would also help since otherwise we have to wait until Monday for those filings.
Read 6 tweets
The Rational Walk Profile picture
May 6
23) Buffett mentions Berkshire Hathaway specialty as a big "startup" success created by four people. Took on the whole industry and now they have 1500 people worldwide. Only Berkshire could supply the capabilities to do this. Didn't cost a dime to enter. Unmatched by IPOs.
24) Q4: As AI/Robotics advance, what are the positive and negatives on both stock market and society as a whole. Companies that will be most impacted?

Charlie: If you go to BYD's factories in China, you'll see a lot of robotics. He's skeptical of some of the AI hype.
25) Buffett: There won't be anything in AI that replaces Ajit. AI can do amazing things. Bill Gates showed Buffett some things but AI can't tell jokes. AI can do all kinds of things, and Buffett gets worried because we can't "un-invent it". Mentions atom bomb as example.
Read 166 tweets
The Rational Walk Profile picture
May 6
1) In this thread, I will comment on Berkshire's Q&A Session which starts at 9:15 am central time which I am watching via CNBC's webcast.

$BRKA $BRKB #Berkshire2023 Image
2) CNBC's "pre-game" coverage has started and is available at cnbc.com/brklive/
3) The meeting begins with Buffett going over Q1 earnings which were released this morning. My thread on Q1 earnings is here based on a (very) quick review.

Read 61 tweets
The Rational Walk Profile picture
May 6
1) Berkshire Hathaway's Q1 2023 Press Release and 10-Q have been released. I will post some thoughts on this thread after I spend some time reviewing results.

$BRKA $BRKB #Berkshire2023
2) The news release is here:

berkshirehathaway.com/news/may0623.p…

And the 10-Q is here:

berkshirehathaway.com/qtrly/1stqtr23…
3) Berkshire used $4.4 billion to repurchase stock during the first quarter and ended with 1,450,152 $BRKA equivalents outstanding.

The 10-Q indicates that 323 $BRKA equivalents were purchased between 3/31 and 4/25, amounting to $150-160 million of additional repurchases. Image
Read 38 tweets
The Rational Walk Profile picture
May 6
1) The avg cost of auto insurance is now >$2K/year. Median earnings of full time workers is $1,100/week. It's a big expense.

GEICO and Progressive have been fierce competitors for decades and are now tied in the #2 position behind State Farm.

$BRKA $BRKB $PGR #Berkshire2023 Image
2) Progressive has recently picked up market share and was 2nd in terms of written premiums while GEICO was 2nd in earned premiums in 2022 according to the National Association of Insurance Commissioners. Image
3) Both Progressive and GEICO have posted excellent long term financial results, with GEICO only posting two years of underwriting losses since 2001 and Progressive never posting an annual loss over 22 years. Impressive to say the least. Image
Read 13 tweets
The Rational Walk Profile picture
May 6
CNBC is reporting that Berkshire’s formal business meeting at 4:30 pm will NOT be broadcast. Berkshire now holds the formal meeting after the Q&A.

The move is probably to deny publicity to the activists on ESG issues. While I understand this likely motivation, I don’t like the… twitter.com/i/web/status/1…
These people irritate Buffett and I understand why but this looks very bad. My comments on the vapid “ESG” proposals are in my article on the proxy: rationalwalk.substack.com/p/berkshire-ha…
The ESG scolds have an agenda. Lowenstein explains it well.
rogerlowenstein.substack.com/p/the-oracle-o…
Read 4 tweets

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