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Whitney Tilson Update on Berkshire Hathaway
Posted by: CanadianValue (IP Logged)
Date: December 12, 2012 06:04PM
Mr. Tilson sent the following note to his followers this morning on the news of the Berkshire share repurchase and updated his Berkshire Hathaway presentation slides, now pegging intrinsic value at $180,000 per Class A share.
Big news from Berkshire this morning – it raised the share repurchase limit from 1.1x book to 1.2x and made a $1.2 BILLION repurchase in ONE transaction!
FOR IMMEDIATE RELEASE December 12, 2012
Omaha, NE (NYSE: BRK.A; BRK.B)—Berkshire Hathaway has purchased 9,200 of its Class A
shares at $131,000 per share from the estate of a long-time shareholder. The Board of Directors
authorized this purchase coincident with raising the price limit for repurchases to 120% of book
value. Berkshire may purchase additional shares in the market or through direct offerings at no
more than 120% of book value.
Buffett just put a floor on the stock of $134,000 (1.2x end of Q3 book value of $111,718 is $134,062) – yet right now it’s trading for $134,000. Go figure. Needless to say, I’m even happier having this as my largest position – and added to it this morning the moment I saw the news.
Berkshire Hathaway Presentation-T2 Partners-12!12!12 (1)