Precision Punting by Buffett Rules: Repent You selfish Kapitalists

THREE PROOFS THAT JESUS WAS A WOMAN
He had to feed a crowd, at a moment's notice, when there was no food.
He kept trying to get the message across to a bunch of men who just didn't get it.
Even when he was dead, he had to get up because there was more work to do.

MEdia and Investment Dragon Warren Buffett is 85 on 30 August but he does not miss a beat

There will never be another Warren Buffett... or Media Dragon ;-)
Warren Buffett Will Turn 85: What He Wants in a Successor 

Oracle of Ohama: Why Warren Buffett- oves IBM declining stock price

When a lieutenant to Warren E. Buffett first invested in Precision Castpartsthree years ago, the billionaire had hardly heard of the metal parts manufacturer.

Now Mr. Buffett has bought the company in his biggest takeover ever.

Berkshire Hathaway, his $354 billion industrial empire, said on Monday that it would buy Precision Castparts for $32 billion. The move will help move Mr. Buffett’s company — which includes earlier acquisitions ranging from the Burlington Northern Santa Fe railroad to Fruit of the Loom underwear — further into the industrial sector. Including debt, the transaction is worth $37.2 billion.
Precision castparts

The fund has made one other investment since buying into Precision – an investment in its customer, auto and engine maker Rolls Royce. Peters MacGregor joins celebrated activist fund ValueAct and Bondi Junction corporate neighbour Bronte Capital on the share register.  "About two thirds of its business is aerospace and its business has been hit by hard by its non aerospace businesses, but the forward order books in the airline space look phenomenal."

Warren Buffett's play for precision castparts a steal

Buffett sheds light on CNBC on precision deal - very high multiple

MEdia Dragon former neighbour and coffee shop observer in Bronte is the financial son of the Punter Warren (no abbott bishop puns):
"I am just back from my summer holidays on the New South Wales South Coast.  To my (mostly) Northern Hemisphere readers I should boast about warm water, perfect waves, beaches in national parks with only one or two pairs of footprints on them and no people, fish that seem to suicide on your lines, etc – but that would just be boring.
In the middle of every day – when the heat became too much and the surf had waterlogged me I read.  On my kindle of course.  And some books which I had never read I read happily made easy mostly by the kindle’s large font options.  One of those books was Alice Schroder’s too long but otherwise excellent biography of Warren Buffett.  There was plenty there – I just want to share a single throw-away observation.
Bronte Punter JH

The Richest Imriches and People in Tech via Forbes, 2015.

 
Buffett rule would force 31000 families to pay more tax / even drug dealers with asset betterment tests

Joseph Henchman, Ten Years of the North Carolina Lottery (and Why It’s In Part a Tax) (Tax Policy Blog):

The Lottery was set up ten years ago as a state enterprise to generate revenue for education programs. 50 percent of gross sales are paid out as prizes, 7 percent paid to retailers as a commission, 8 percent to pay for operations (including advertising, which cannot exceed 1 percent of total revenues), and 35 percent to the state for education funding. Additionally, winners pay income tax on their prizes. The odds are not great – table games in casinos have much better odds – but the Lottery has no real competition as it is state-sanctioned.

Think of it as a tax on people who are bad at math.

“China’s firms have borrowed a trillion dollars of USD denominated debt. That makes it risky to devalue the RMB more”  And David Beckworth on China’s peg and the impossible trinity.  Here is Izabella Kaminska.


Capitalists, Arise: We Need To Deal With Income Inequality
I’m scared. The billionaire hedge funder Paul Tudor Jones is scared [video below]. My friend Ken Langone, a founder of the Home Depot, is scared [video below]. So are many other chief executives. Not of Al Qaeda, or the vicious Islamic State or some other evolving radical group from the Middle East, Africa or Asia. We are afraid where income inequality will lead.

For the top 20 percent of Americans, life is pretty good...