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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: WEBspired ✭  😊 😞
Number: of 15062 
Subject: Chris Davis Interview
Date: 10/31/2023 11:46 AM
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What I've Learned From Warren Buffett & Charlie Munger w/ Chris Davis (RWH035)

https://www.youtube.com/watch?v=Oeo66H4lM-g

Enjoyed this quality in-depth Wm. Green interview with Director Chris Davis who seems like a perfect fit for the Board imo. Neat to hear his response to what it is like to be inside of a BRK Board meeting and the heavy focus on managing Risk and importance of Resiliency to WEB to any 'what if' scenario. Appreciated his response to why he desired to be a Board member and his reassurance that that the seasoned culture and shareholders' interests will remain very high priority well beyond WEB and CTM.
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Author: nola622 ✶  😊 😞
Number: of 15062 
Subject: Re: Chris Davis Interview
Date: 10/31/2023 4:40 PM
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Thanks for sharing that. After listening to the interview I'm pretty convinced that his reason for taking BNSF out of National Indemnity was to add resilience / bulkheads to the structure of the enterprise.

Especially considering that National Indemnity is already hugely overcapitalized and BNSF was not being given credit for "market value" in terms of regulatory capital.
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Author: Texirish ✺🐝🐝  😊 😞
Number: of 15062 
Subject: Re: Chris Davis Interview
Date: 10/31/2023 6:08 PM
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. After listening to the interview I'm pretty convinced that his reason for taking BNSF out of National Indemnity was to add resilience / bulkheads to the structure of the enterprise.

I noticed in Note 15 of the 2022 annual report that "Payments of dividends by insurance subsidiaries are restricted by insurance statues and regulations." E.G. "Without prior regulatory, our principal insurance subsidiaries may declare declare up to $35 billion as ordinary dividends during 2023." These kind of statements are always present in the AR.

When I learned of BNSF being moved out of National Indemnity, I wondered if this was to permit better access by BRK HQ to its cash flow without being restricted by the above?

OTOH I don't know how much moving BNSF out might impact the amount of dividends the insurance subs can send to HQ as an offset.

Just a thought.
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