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Warren Buffett is the second richest person in the world, a self-made billionaire investor that has a very large following. He is well known for turning struggling textile manufacturer Berkshire Hathaway (BRK.B) into a 300 billion dollar conglomerate, through investing in sound companies like Coca-Cola (KO), American Express (AXP), Geico etc. One of his largest holdings is the bank Wells Fargo (WFC). Warren Buffett has been holding on to Wells Fargo for a little under 2 decades. When I first analyzed the company in 2013, I was not overly impressed. I was more impressed with the big five Canadian Banks. However, as I did some thinking and pondering, I realized my original thesis might have missed out on a lot of other concepts, which is why I initiated a small position in the bank a few months later.
Buffett has claimed that investing in Berkshire Hathaway was a big mistake, because the business was destined for poor profits and required constantly new capital in order to keep up and stay competitive. He has mentioned that had he purchased insurance companies outright, he would have been much richer today. His knowledge of insurance business had started accumulating in the 1950s, after purchasing GEICO, and Western Insurance Company that was selling at less 1 times earnings. Back in the late 1960s, Buffett acquired the National Indemnity company through Berkshire Hathaway. He has been investing in insurance companies for the next five decades.
The reason why he liked insurance companies is due to their float. Per Warren Buffett's words, "Insurers receive premiums upfront and pay claims later. ... This collect-now, pay-later model leaves us holding large sums — money we call "float" — that will eventually go to others. Meanwhile, we get to invest this float for Berkshire's benefit. ..."
Insurance companies usually use proceeds acquired through float, and invest it in safe instruments like government or corporate bonds. If an insurance company ends up paying out less in claims than the premiums it receives, it turns an underwriting profit. In other words, it used those premiums paid by policyholders and earned interest income on it, while also earning a profit on the insurance process. In other words, the premium amounts from policy holders serve as a sort of margin loan, which does not cost anything to the insurance company that at least manages to break even. If that insurance company can at least maintain a break-even point on insurance proceeds, and can at least maintain a stable level of premium amounts, it can end up in a pretty nice position for itself. It is a really nice situation to be when you get almost free cost of capital, that you can then deploy at higher rates of return.
Most other insurance companies tend to keep selling insurance, even if they are no longer compensated well for the risk. Berkshire Hathaway however only does this when they expect to at least earn some money on the policies. This is because if you take on a future potential liability, without being properly compensated, you will lose money. In an industry, where you receive money today in order to pay for claims at an unknown time in the future, taking unprofitable business could have devastating effects on shareholder equity in the business. This is where the concept of having able and honest management comes into play.
As I was looking over the annual reports of Wells Fargo, I realized the reason why Buffett really likes the bank so much. It essentially receives cash from depositors, who are not really getting paid that much. In effect then those banks use those almost free capital to make loans to creditworthy borrowers, and profit from the spread, minus their operating costs.
Of course in either bank or insurance operations, you don't want management that takes reckless risks,
The other factors that help in Buffett's investments in Wells Fargo (WFC) and Bank of America (BAC) is the nature of customer relationships. If you bank with your Wells Fargo, you are more likely to consider them when you need a loan for a new car, house, or to start a business. In addition, you are exposed to their cross-selling of investment services, credit card services etc.
Results from insurance operations can be lumpy, and so are earnings from bank operations. Financial crises do happen, which results in dividend cuts in many institutions every so often. However, for the long-term patient accumulator of capital, the holding period of forever should work to their advantage.
Unfortunately, Berkshire Hathaway cannot acquire a bank outright, due to current US regulations. Hence, its ownership in the bank is limited to having a partial ownership interest in financial institutions. However, the lessons should provide an interesting model for investors to have in their minds, as they analyze banks for potential inclusions in their income portfolios.
As I discussed in my previous article on Monday, I recently added to my position in Wells Fargo. In addition, in the past month I also sold some long-dates puts on the bank. I expect to ultimately build this position out slowly over time. I believe that banks like Wells Fargo will continue being a good investment for patient long-term shareholders with a 30 year time horizon. Things could get lumpy, especially during the next crisis. However, I think that banks with prudent management that manage to provide loans to creditworthy borrowers and also manage to earn recurring revenues through their business relationships with clients, will do well over time. After all, while there is obsolescence in many industries, I really doubt that the world would ever work without banks. Therefore, banks like Wells Fargo are the lifeblood of the economy and will keep originating loans, taking deposits and build customer relationships for decades to come.
Relevant Articles:
- Warren Buffett Investing Resource Page
- How to earn $900 in dividend income per minute
- Should you invest in Wells Fargo (WFC)?
- Dividend Stocks make great acquisitions
- Business Relationships Can Deliver Solid Dividends to Shareholders
Friday, August 8, 2014
Why Warren Buffett likes Investing in Bank Stocks
Warren Buffett is the second richest person in the world, a self-made billionaire investor that has a very large following. He is well known for turning struggling textile manufacturer Berkshire Hathaway (BRK.B) into a 300 billion dollar conglomerate, through investing in sound companies like Coca-Cola (KO), American Express (AXP), Geico etc. One of his largest holdings is the bank Wells Fargo (WFC). Warren Buffett has been holding on to Wells Fargo for a little under 2 decades. When I first analyzed the company in 2013, I was not overly impressed. I was more impressed with the big five Canadian Banks. However, as I did some thinking and pondering, I realized my original thesis might have missed out on a lot of other concepts, which is why I initiated a small position in the bank a few months later.
Posted by D at 1:00 AM 10 comments Links to this post
Labels: Warren Buffett
Wednesday, July 16, 2014
Dividend Investors Will Make Money Even if the Stock Market Closed for Ten Years
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years. Warren Buffett
Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years. Warren Buffett
In 1914, the New York Stock Exchange closed for five months. In 2001, the NYSE, Nasdaq and AMEX were closed for a week. Active stock traders did not make any money during those periods. Dividend investors kept receiving their dividend checks, without interruption.
Investors can buy and sell their stock in an instant. This ability to quickly cash out makes stock investing a preferable option for many investors. Compare this to real estate or a private business, where it might take months in order to buy and sell an asset.
Sometimes however this could be a curse as well. While stocks are a very liquid investment, sometimes investors end up being too focused on short-term price fluctuations, while ignoring fundamentals. During bull markets, investors bid up share prices to unsustainable levels. During bear markets, investors who see their portfolio values collapsing panic and sell at the wrong times. Those investors become too emotional, which creates opportunities for the enterprising dividend investors. The emotional investors tend to forget that stocks are not some lottery tickets or numbers blinking on a computer screen, but ownership pieces of real businesses. In a perfectly rational world, the value of business depends on its current and future estimated earnings powers. This is why when entire businesses are sold to a private buyer, the price paid is usually close to the intrinsic value. However, due to the emotional state of Mr Market, the ownership pieces that are exchanged between stock market participants are frequently mispriced.
Dividend investors know that dividend stocks represent ownership stakes in real businesses. As a long-term investor, your success is dependent on the success of the business. If the business manages to grow earnings per share, it would be worth more and would also be able to distribute more in dividend income.
Dividend investors who embrace a buy and hold mentality have an inherently psychological advantage over the average investor. Dividend investors generate a return on investment every time they receive a dividend payment. As a result, many retirees who are living off dividends, concern themselves with the company's ability to grow earnings to pay higher distributions, than the stock price of the stock. Astute dividend investors focus on fundamentals, understanding the company's operations and valuing the business as if it were a privately owned corporation.
Dividend investors are in essence much different than the rest of participants, who rapidly exchange little pieces of ownership between each other, in an effort to outwit each other. Dividend investors see stocks as partial ownership pieces of real businesses. They understand that their ultimate success in investment is based on the price they paid and on the success of the business itself. If you own a restaurant along with 10 other partners, you care about making sure the business succeeds, and stays relevant for as long as possible. The goal is to make sure that repeat business is earned, customers are happy, and profit margins are healthy, while trying to constantly increase profits. The advantage of dividend investors is that they focus on the fundamentals of the business, how it earns money, and whether this business has the potential to earn more money in the future. Then they try to purchase that business at an attractive valuation, which takes into consideration a range of potential outcomes, and provide an entry price range which would generate a satisfactory return on investment. If you are the partial owner of a McDonald's franchise, you earn profits whether the stock market is open or closed. In fact, if you have found the right business at the right price, it is highly likely that you will hold this business forever.
This is how I view ownership of high quality companies such as Coca-Cola (KO), Johnson & Johnson (JNJ) and Kinder Morgan Inc (KMI). Those are real businesses, that provide real goods or services to clients, and which generate profits to be distributed to me as the partial share-owner. I expect to hold those businesses forever, and expect to earn ever increasing dividends over time from those ownership stakes. I see the rapid trading as pure madness, which actually doesn't really affect me. Whether I pay $37 for Coca-Cola shares or $37.10/share is irrelevant to me. Let the high-frequency computers make that money. The real money is made by identifying a quality company, buying it at an attractive price, and then sitting on it for decades. In the meantime, the business will be earning more and more in profits almost every year, and pay you an amount of dividends that will likely exceed the purchase price paid by a factor of a few times the purchase price. Time is the ally of the long-term, buy and hold dividend investor. The initial results are slow, but eventually, the compounding ends up snowballing into mind-boggling yields on cost and capital appreciation returns.
This is why I spend so much time screening the list of dividend champions and dividend achievers, and then researching companies one at a time. I am looking for companies with strong competitive advantages, strong brands, that would allow those companies to have the potential to be around in 20 years, and still earn more per share over time. For example, if you are a part owner of the local water utility, you know that this business will be around in the next 20 - 30 years, because it would be impossible for someone else to compete with you, due to regulation and cost to set-up and maintain the system. If you are a part owner in a company that provides a unique product or serves, which is largely unregulated, it essentially has a monopoly that could mint profits to the shareholder for decades. A prime example of that is Coca-Cola, which has a strong distribution network throughout the world, is associated in consumers' minds with positive emotions, has over 500 brands globally that quench the thirst of people in 200 countries to the tune of 1.9 billion servings per day. If you believe this business has the staying power to be around in 20 years, then you can make projections on earnings, revenues and dividends with a much larger degree of comfort. You want a business which will not change too rapidly. People will get thirsty 30 years from now. If you have the distribution scale that covers 200 countries, and a portfolio of 500 branded drinks, chances are that consumers will use your products. This is why Buffett invests in quality companies with durable competitive advantages, operated by honest and able managers, which have attractive returns on capital and which are available at attractive prices. If you find such a company, the goal of the dividend investor is to hold on to it for decades, and let the power of compounding do the heavy lifting for them.
In contrast, while I might know that Apple will be around in 20 years, I am not so sure how much profitable the enterprise will be, due to the rapid changes in technology. Sony was another great consumer technology franchise, which has not done so well as of the past decade. Will Apple follow the steps of Sony? I don't know, and chances are that few investors really have the necessary knowledge to make an educated bet today. This is why I am sticking to companies I understand, and focus on their fundamentals for the next 20 - 30 years. As a long term buy and hold dividend investor, my goal is to live off the dividends from my collection of quality enterprises. Therefore, my success will be determined on the success of the businesses I invest in, not on stock price fluctuations. The stock market is only helpful to me as a tool where I find sellers of quality businesses, not as a place to instruct me on how to make my investments.
Full Disclosure: Long KMI, JNJ, KO. One share of BRK.B
Relevant Articles:
- Coca-Cola: A wide-moat dividend growth stock to buy and hold
- Maintaining Moats in times of Technological Changes
- Seven Sleep Well at Night Dividend Stocks
- How to analyze investment opportunities?
- Let dividends do the heavy lifting for your retirement
Posted by D at 1:00 AM 5 comments Links to this post
Labels: strategy, Warren Buffett
Thursday, July 3, 2014
How Warren Buffett earns $900 in dividend income per minute
On July 1, Buffett's Berkshire Hathaway (BRK.B) received $122 million dollars in dividend income from their 400 million shares of Coca-Cola (KO). This comes out to roughly $928 dollars in dividend income for Berkshire Hathaway every minute, or almost $15.47 every single second. Those shares have a cost basis of $1.29 billion dollars, and were acquired between 1988 – 1994. The annual dividend payment produces an yield on cost of over 37.50%. This doesn't assume dividend reinvestment and is 4 – 5 times higher than what investors in 30 year US Treasuries would be earning. This is why I believe that Warren Buffett is a closet dividend investor.
This is a testament to the power of long-term dividend investing, where time in market is the investors best ally, not timing the market. If you can select a business which is run by able and honest management, which has solid competitive advantages, and which is available at a good price today, one needs to only sit and let the power of compounding do the heavy lifting for them. As Buffett likes to say, time is a great ally for the good business. In the case of Coca-Cola, the past 26 years have been a great time to buy and hold the stock. The company has been able to tap emerging markets in Eastern Europe, Asia, Africa and Latin America like never before. As a result, it has been able to receive a higher share of the worldwide drinks market, which has also been expanding as well. If you add in strategic acquisitions, new product development, cost containment initiatives and streamlining of operations, you have a very powerful force for delivering solid shareholder returns. With dividend investing your are rewarded for smart decisions you have made years before.
If they closed the stock market for a period of 10 years, Coca-Cola would be one of the companies I would be willing to hold on to. This is because ten years from now, the company would likely be earning double what it is earning today, and would likely be distributing twice as much in dividend income than it is paying to shareholders today. Check my analysis of Coca-Cola for more information.
At the end of the day, if you identify a solid business, that has lasting power for the next 20 – 30 years, the job of the investor is to purchase shares at attractive values, and hold on to it. This slow and steady approach might seem unexciting initially, but just like with the story of the slow-moving tortoise beating the fast moving hare, the power of compounding would work miracles for the patient dividend investor.
Currently, Coca-Cola is selling for 20.20 times forward earnings and yields 2.90%. This dividend champion has managed to increase dividends for 52 years in a row. Over the past decade, Coca-Cola has managed to increase dividends by 9.80%/year, equivalent to dividend payments doubling every seven years. This is much better than the raises I have received at work over the past decade, despite the fact that I have routinely spent 55 - 60 hour weeks at the office.
Full Disclosure: Long KO and one share of BRK.B
Relevant Articles:
- Coca-Cola: A wide-moat dividend growth stock to buy and hold
- Warren Buffett Investing Resource Page
- Seven wide-moat dividends stocks to consider
- Warren Buffett's Dividend Stock Strategy
- The importance of yield on cost
Posted by D at 1:00 AM 3 comments Links to this post
Labels: Warren Buffett
Wednesday, March 12, 2014
I admire Investors with Skin in the Game
Anytime I study companies for a potential investment, I always try to do plenty of research on the company, reading annual reports, analyst reports and articles on the firm. Many times I end up reading very positive articles where owning company's shares is mentioned as a no-brainer decision. After reading the articles however, I am always surprised when authors are not owning shares in this otherwise slam-dunk investment.
That being said there are valid reasons for not owning a company's stock, such as waiting for a pullback or due to conflict of interest. Either way however, I prefer to listen to an investor who has skin in the game. Authors who are good at writing articles, have very little to teach me about investing, where the major part of success is based on investor psychology, rather than neatly organized content. I believe in learning from those who practice their skills, not those who claim to have knowledge of it. After all, if you went for a surgery, would you go for the person that has all the theoretical knowledge, or would you go for the person who has actually practiced their skill?
I do not trust financial advisers whose goal is to sell you products you do not need. I cannot trust a college kid with a degree who has never dealt with psychological dilemmas of investing decisions. I enjoy reading articles written by authors who talk about their own experiences as investors.
I also prefer books from authors who have made it in the investing game, or at least discuss a particular topic from their own experiences. If they failed that is fine with me as well. Sometimes you increase your chances of success and gain more knowledge on a given topic when you learn what not to do, rather than what you should be doing. If you narrow down investing books to only those based on personal experience, rather than the academic ones describing your hypothetical returns, you are only left with a handful.
The reason why I prefer following investors with skin in the game is because you view situations differently when money is on the line, rather than using statistics and pie in the sky models. That is why I respect individuals with stake in the game. Warren Buffett for example, the world's most renowned investor and the chairman of Berkshire Hathaway (BRK.B) is the epitome of an individual with a stake in the game, who have always treated investors that have trusted him with their money as partners, and looked after their best interests. He made a lot of money for himself in the process as well.
Richard Kinder, the CEO of Kinder Morgan Inc. (KMI) is another individual that I greatly admire. His interests are aligned with the interests of Kinder Morgan (KMI) shareholders and Kinder Morgan Energy (KMP) limited partners. The higher the distributions that Kinder Morgan Energy Partners achieves, the higher the dividends that this CEO with the sky-high salary of $1/year will receive. Compared to Richard Kinder, even Buffett's $100,000/year salary looks excessive.
Compare this to the typical CEO compensation however, which runs into the millions of dollars, no matter what the financial performance of the company they are heading. Some CEO's spend more time gaming the system, and wasting shareholders' money on ill-timed ego boosting acquisitions or share buybacks, while collecting big paychecks. For example, in 2009 I posted a chart of the CEO's that collected enormous bonuses, while their companies were struggling and had to cut distributions to shareholders.
Full Disclosure: Long KMI and KMR
Relevant Articles:
- Complete List of Articles on Dividend Growth Investor Website
- Highest paid CEO's in 2008 didn't perform that well as a group
- The Importance of Corporate Governance for Successful Dividend Investing
- Warren Buffett Investing Resource Page
- The work required to have an opinion
Posted by D at 1:00 AM 6 comments Links to this post
Labels: dividend strategy, Warren Buffett
Saturday, February 8, 2014
Warren Buffett is now working for me
I recently initiated a position in Berkshire Hathaway (BRK.B), which is the holding company of billionaire investor and philanthropist Warren Buffett. Over the past year, I have studied almost everything publicly available on Warren Buffett and how he accumulated his sizeable fortune. This included his early years where he was obsessed with numbers and businesses, his Buffett partnership years, and his latest investments at the helm of Berkshire Hathaway over the past 50 years.
The reason behind my purchase of Berkshire Hathaway is because I want to be able to go to the 2014 Berkshire Hathaway meeting of shareholders in May.There is a 50/50 chance that I will be able to attend the meeting. I actually purchased just one "B" share with the Loyal3 brokerage service, so technically the amount I invested is immaterial to my net worth. I am a big fan of Warren, and have learned a tremendous amount from his teachings on how to view stocks as ownership pieces of real tangible businesses, not just some abstract concept to speculate on. Incidentally, I have found specific evidence that he is a closet dividend investor, as he is focusing on extracting and deploying excess cashflows from companies he owns into more income generating businesses.
I believe that the Berkshire Hathaway that Warren built from the remains of the old textile mill is a collection of high quality businesses run by good managers. I believe that Berkshire will endure for decades after Warren stops running it. It is very likely that it would be able to at least match the returns of the S&P 500 over the next few decades. However, I would never put a material portion of my portfolio in Berkshire Hathaway. The main appeal behind the company for me would be the man itself, Warren Buffett. Unfortunately, I am not so sure that he would be around for the next 30 years, which is my long-term investing horizon. In addition to that, Berkshire does not pay a dividend, although it might initiate it once the Gates Foundation receives most of it.
That being said, I am writing this post in order to alleviate any potential concerns that I am all of a sudden switching strategies. I am not, and this one share of Berkshire Hathaway is as inconsequential as the silver coin collection that my grandfather gave me several years ago, or the 40 or so euro's I have left after my trip to Europe last summer. I am also typing this up, because I am slowly trying to be more open on this site, by posting things like recent personal investments for example and my dividend portfolio holdings.
Relevant Articles:
- Warren Buffett Investing Resource Page
- Warren Buffett – A Closet Dividend Investor
- Warren Buffett on Dividends: Ideas from his 2013 Letter to Shareholders
- My Dividend Portfolio Holdings
Posted by D at 1:00 AM 8 comments Links to this post
Labels: Warren Buffett
Wednesday, December 4, 2013
Warren Buffet's Favorite Exercise
I like learning from super investors of the world. When I think about super investors, the first thought that comes to mind is Warren Buffett.
Buffett's favorite exercise is going to a certain year, looking at the top 10 - 20 companies by market capitalization, and then determining whether they are still around or not. This fits in perfectly with the long-term investment strategy of the Oracle of Omaha, where he tries to select companies that are still going to be around and doing well 15 – 20 years into the future.
For example, using the Standard & Poor's, I looked at the top ten companies in the index as of 1983:
Int'l Bus. Machines (IBM)
Exxon Corp (XOM)
General Electric (GE)
General Motors (GM)
American Tel & Tel (T) (new)
Stand'd Oil,Indiana
Schlumberger, Ltd (SLB)
Sears, Roebuck
Eastman Kodak
Thirty years later, only two of these companies went bankrupt (Eastman Kodak and General Motors), while the rest did well for their shareholders. The past 30 years were a tumultuous period for all of the companies however, as it was characterized by a flurry of mergers, acquisitions, reorganizations and changing of business focus. For example, at one point in 1993, International Business Machines (IBM) was very close to falling on the wrong path. In another example, Sears had acquired and then spun-off a handful of companies before merging with Kmart in 2004 to form Sears Holdings (SHLD). An investor who put $1000 equally in each of those ten leading blue chips at the time, did very well 30 years later if they held patiently all the stock they received and reinvested their dividends.
The AT&T you see listed is the long-distance operations of the original Ma Bell, after the split of the 7 regional baby bells. The company was acquired by SBC (one of the 7 baby bells that were split from Ma Bell in 1984) in 2005. Subsequently, SBC changed its name to the AT&T (T) we know today.
Exxon managed to merge with Mobil in 1999, and formed Exxon Mobil (XOM). This was quite interesting, because both companies originated from the break-up of Standard Oil Trust in 1911. You might notice Standard Oil of Indiana in the list, which was also a descendant of the Standard Oil Trust, and was later renamed Amoco. The company was acquired by BP in 1998.
In my investing, I look at the dividend kings, not as a list of recommendation per se, but for learning perspective. It is always a good idea to try and understand how some companies managed to boost earnings, so that they could increase dividends to shareholders for over 50 years in a row. For example, companies like Procter & Gamble (PG) were able to use their scale to their advantage in the new medium of television starting in the 1950s. Then the company managed to ride the wave of prosperity after the fall of the Soviet Union in the 1990s.
Full Disclosure: Long IBM, XOM, PG,
Relevant Articles:
- Why Warren Buffett purchased Exxon Mobil stock?
- Warren Buffett Investing Resource Page
- How Warren Buffett made his fortune
- Check the Complete Article Archive
Posted by D at 1:00 AM 5 comments Links to this post
Labels: Warren Buffett
Tuesday, November 26, 2013
Why Warren Buffett purchased Exxon Mobil stock?
I have spent the last year, learning as much as possible about Warren Buffett and his right hand man Charlie Munger. There is plenty of information from both super investors to keep you occupied full-time for months if not years.
The most interesting insight is that if you pay attention to these two investment legends, you can gain a lot of insight about what is going on inside their heads. In addition, by many of their statements, Buffett and Munger can sometimes inadvertently divulge or give away what they think about certain companies, and what they are looking to buy or sell.
For example Charlie discussed US energy independence in a 2013 conference, and some of his statements were widely quoted. While I found his comments to be very weird at the time, I believe Charlie Munger was probably instrumental in the purchase of Exxon Mobil stock in 2013.
Even I succumbed to the frenzy, and dedicated a whole article on the topic. I did not agree with some of his ideas, but concluded that maybe his ideas mean that he is interested in oil as an investment. It seems now that the speech by Munger was definitely inspired by all the research he and Warren had done on the topic of investing in oil. If they spent months researching investments in the oil and gas space, it is not surprise that Munger had oil in his head to talk about. As usual, hindsight is always 20/20 however.
I also previously discussed why the so called peak oil is nonsense. This is because technology is improving, and the ability to discover and tap oil reserves is also improving. Furthermore, as the price of oil and gas increases over time, energy companies would have a higher incentive to explore for energy in areas that are more expensive. In my article I discussed how the estimated reserves of oil and gas left on earth have been increasing over the past several decades.
Another fact that could have shown Berkshire's intentions that it is researching Exxon Mobil for possible accumulation, is Warren Buffett's discussion on gold and how he could buy 16 Exxon Mobils and all farmland if he were to own and subsequently sell all the gold in the world. This discussion was listed in the 2011 Letters to Shareholders.
Some of Buffett's largest buys like Wells Fargo (WFC), Burlington Northern Santa Fe, International Business Machines (IBM), Heinz and now Exxon Mobil (XOM) are truly long-term buy and hold selections. These are core positions, which would likely not be sold for many decades. These are blue chip companies, who will produce an increasing stream of dividends for decades to come to Berkshire Hathaway shareholders. These are the slow and steady type of companies, whose customers repeatedly use their products or services. If you believe the US economy and the World economy are going to be larger 20 -30 years from now, these would be the companies to buy and forget. Once you acquire a shares in a great company at attractive valuations, you can simply afford to sit back and enjoy the dividend checks coming your way for decades. I believe that investing in those companies is one way for Buffett to invest Berkshire's money for the next generation after him. It is similar to your grandfather leaving his grandson/granddaughter a pile of stock certificates, that would pay for great granddaughters/grandsons college educations. I have analyzed Exxon Mobil before, and have also concluded that it was a sound long-term investment. This is why I have been adding it to my Roth IRA this year.
Essentially, the central idea for buying Exxon Mobil is that oil is a finite resource, which cannot be recovered once it is used up. The easiest oil has already been discovered, leaving oil and gas deposits that are more costly to produce. The world is likely to keep needing carbon energy like oil and gas for several decades, even if renewable energy sources from the sun, wind and water can eventually satisfy worldwide energy demand. This could likely occur in a few decades. Even if that were to happen however, humanity would still need substances like oil, because it is used up in everything that our modern civilization is based upon – plastics, pharmaceuticals, chemicals, etc. Unlike gold however, which is mined and could be reused, once you have used up oil, it is gone forever. You could recycle some of the plastics and other compounds from oil however, but not everything.
Prices for oil and gas will likely increase over time. However, this won't be a linear and straightforward increase. This would make existing reserves of oil companies like Exxon Mobil more valuable, and its technical know-how of how to successfully explore for and tap reserves, provide it with a competitive advantage in the field. Mostly large companies will be able to succeed in major exploration and production developments in difficult to explore for regions. Their massive scale, access to cheap capital, and experience, will help them overcome the challenges of drilling in inhospitable terrains such as deep seas, and places in the North that have been frozen for millions of years.
Rising prices will likely result in higher profits over time, which would surely result in higher stock prices and higher dividends per share. The company has proven that it is a steward of shareholder capital, as it has managed to increase dividends for 31 years in a row. Over the past decade, Exxon Mobil has managed to also raise dividends at a rate of 9%/year, while also repurchased one third of outstanding shares. As I have mentioned before, Charlie Munger likes carnivores, which are companies that consistently repurchase their shares. IBM and Exxon Mobil are companies with some of the most consistent share repurchases, which didn't stop even during the financial crisis.
If you compare Exxon to the other major energy companies in the world, it is not the cheapest one on the list.
Interestingly enough, I sold Exxon in late 2012 and replaced it with ConocoPhillips (COP). I guess COP does not have the scale of Exxon, and does not have any Refining & Marketing operations, which were spun-off in 2012. However, it seems to have a very shareholder friendly management, despite the fact that it doesn't have a lengthy history of dividend increases like Exxon.
As for Chevron, it is one of my largest portfolio positions ( top 3), and I am not sure why Buffett would pick Exxon over it. However, I realize that I am biased on that issue. It could be due to the trial in Ecuador, where Chevron has been ordered to pay billions of dollars in fines for damages. However, I have some doubts about the integrity of the trial against Chevron. Check my analysis of Chevron.
I think Buffett likes the valuation, the economics of the business, and the massive scale of the company. In addition, he likes the high amount of cash flows generated, which allow it to return so much in the form of dividends and share buybacks to shareholders. Furthermore, the company is one of the largest in the world, and therefore, further buying by the Oracle of Omaha is not going to materially impact the stock price. The company is also US based, and therefore all earnings and dividends are not going to be subject to foreign withholding taxes, or add increased uncertainty over foreign governments. Last but not least, the company has proven that it can boost dividends to shareholders, consistently buy back stock, and also effectively deploy cash to replace reserves used. With a shareholder friendly management culture like that, it is no wonder the Oracle of Omaha chose the stock.
Full Disclosure: Long XOM, IBM, WFC, CVX, BP, RDS.B, COP
Relevant Articles:
- Check the Complete Article Archive
- Dividends versus Share Buybacks/Stock repurchases
- Warren Buffett Investing Resource Page
- Charles Munger: A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management and Business
- How to Generate Energy Dividends Despite the Peak Oil Non Sense
Posted by D at 1:00 AM 9 comments Links to this post
Labels: dividend stock analysis, Warren Buffett
Saturday, November 16, 2013
Warren Buffett Investing Resource Page
I am a big fan of Warren Buffett, who is the best investor who ever lived. I have studied everything about the Oracle of Omaha that I could get my hands on over the past few years. I also wanted to share the resources I have used to gain knowledge about the investing habits of Warren Buffett. I have organized them into articles I have written about him, books about him, resources such as letters to shareholders, speeches by this super investor, as well as articles from him.
Dividend Growth Investor Articles on Warren Buffett
- How Warren Buffett made his fortune
- Warren Buffett on Dividends: Ideas from his 2013 Letter to Shareholders
- What does Buffett see in Heinz (HNZ)?
- Warren Buffett's Dividend Stock Strategy
- Build your own Berkshire with dividend paying stocks
- Should you follow Buffett's latest investments?
- Warren Buffett – A Closet Dividend Investor
- Seven dividend aristocrats that Buffett owns
- Buffett the dividend investor
- Berkshire Hathaway's portfolio changes for 2Q 2009
- Buffett Partnership Letters
- Myths about Warren Buffett
- Warren Buffett's Berkshire Hathaway Portfolio Changes
- What I learned from Warren Buffett's Most Recent Letter to Shareholders
- Should you follow Warren Buffett's latest moves?
- Warren Buffett – The Ultimate Dividend Investor
- Berkshire Hathaway Historical Total Return Performance
- Warren Buffet - The richest investor in the World
Books About Warren Buffett
The Snowball: Warren Buffett and the Business of Life
Of Permanent Value: The Story of Warren Buffett/A Trilogy/2010 Edition/Three-volume set
Buffett: The Making of an American Capitalist
Berkshire Hathaway Letters to Shareholders
Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012: A Fortune Magazine Book
Berkshire Hathaway Resources
Berkshire Hathaway Letters to Shareholders since 1977
Buffett Partnership Letters
2013 Berkshire Hathaway Meeting Notes (CSInvesting)
2012 Berkshire Hathaway Meeting Notes (Cove Street Capital)
2011 Berkshire Hathaway Meeting Notes (Innoculated Investor)
2010 Berkshire Hathaway Meeting Notes (Innoculated Investor)
2009 Berkshire Hathaway Meeting Notes (J.V. Bruni & Co)
2008 Berkshire Hathaway Meeting Notes (Max Capital)
2007 Berkshire Hathaway Meeting Notes (Tilson Funds)
2006 Berkshire Hathaway Meeting Notes (Value Investor Insight)
2005 Berkshire Hathaway Meeting Notes (Tilson Funds)
2004 Berkshire Hathaway Meeting Notes (Graham & Doddsville)
2003 Berkshire Hathaway Meeting Notes (Tilson Funds)
2002 Berkshire Hathaway Meeting Notes (Tilson Funds)
2001 Berkshire Hathaway Meeting Notes (Tilson Funds)
2000 Berkshire Hathaway Meeting Notes (The Street)
1999 Berkshire Hathaway Meeting Notes (Motley Fool)
1998 Berkshire Hathaway Meeting Notes (Geocities)
1996 Berkshire Hathaway Meeting Notes ( Burgundy Asset Management)
1994 Berkshire Hathaway Meeting Notes ( Burgundy Asset Management)
Speeches by Warren Buffett
Buffett's Lecture at Notre Dame in 1991 (source)
Buffett's Lecture at the University of Nebraska in 1994
Buffett's Talk with University of Florida Students in 1998
Buffett's Speech at Columbia University in 2002
Lecture with Wharton Students in 2003 and in 2004
Buffett's Lecture with Vanderbilt Students in 2005
The source of those lectures was Tilson Funds.
Posted by D at 1:00 AM 0 comments Links to this post
Labels: Warren Buffett
Monday, October 7, 2013
Price is what you pay, value is what you get
In my dividend investing, I typically try to focus on the big picture. This means that in most cases I tend to ignore short-term fluctuation in stock prices. This is because short-term prices are usually driven by fear and greed, and might be totally out of line with the underlying fundamentals of a business for extended periods of time.
For example, during the global financial crisis, shares of Coca-Cola (KO) fell from a high of $32 in early 2008 to a low of $19 by early 2009. Nothing had changed fundamentally in the business however, as it earned $1.29/share in 2007 and $1.25 in 2008. Not surprisingly, people still wanted to have a few of their favorite drinks, even during a recession. Therefore, the underlying earnings power was still intact for this global franchise, and the company managed to keep increasing earnings to $1.47/share in 2009 all the way up to $1.97/share in 2012. Investors who focused on the underlying fundamentals of the business, should not have been worried about the stock price declines in 2008 - 2009. The lower prices should actually be viewed as good entry opportunities.
This is why I focus my attention to understanding the fundamentals of the business I am monitoring. In general, I focus on businesses that sell a product or service that has a loyal customer base. As a result, I try to gain confidence in purchasing a business, whose products/services have lower chances of being obsolete in 10 – 20 years. This is very difficult to achieve, because there could be factors that are unknown today and would not be in my thought model, but which could derail my plan completely. For example, few investors would have expected that asbestos is so bad for people in the 1950s. However, it was bad for people, which led to poor performance by asbestos companies and a several bankruptcies in the US for companies in the industry.
However, if you find a collection of stable businesses you understand, which have durable competitive advantages, and you believe they will still be around in 20 years, you can add the shares if they are attractively valued. Monitoring such enterprises would involve reading annual reports, checking the financial figures there, and even quarterly filings to keep track of major developments throughout the year. Tracking every press release or analyst comment on a company you own however might result in information overload, which would actually be detrimental to your investment results. The thing that will make you the most money is rising earnings per share, which is why you need to focus on areas that could aid the company in achieving that.
In other words, I focus on the real earnings power and underlying assets per share of the company I am purchasing. Over time, this piece of information can provide much more value and wealth to me, than watching the stock price oscillate between a high and a low on a given year.
For example, I firmly believe that people would keep brushing their teeth with the brand of toothpaste they have been using in the past. If you monitor the toothpaste aisle on Wal-Mart (WMT), you can see plenty of consumers pulling their carts to the aisle, looking for their desired brand of toothpaste, and then proceeding on to the next item on the list. Since people are creatures of habit, chances are they would stick with a similar brand of toothpaste for years if not decades. People care about their teeth, and brush them even when there is a recession. Companies like Colgate-Palmolive (CL) sell millions of tubes of toothpaste to consumers throughout the highs and lows of the economic cycle. These millions of repeat purchases result in stable revenues and earnings streams for Colgate. The only problem is that the stock has been slightly overvalued in 2013.
The fact that I ignore short term price fluctuations does not mean that I ignore prices all the time. I only focus on them in relation to what I believe the value of a business should be. I usually achieve that by looking at price in relation to normalized earnings, after evaluating the earnings per share trends over the preceding decade. I then look at trends in returns on equity, revenues, dividends, payout ratios in this order. I use all of this information to estimate whether I have a good chance of receiving higher earnings and dividends over the next 20 years. I add all of this information to make a reasonable estimate of whether the value I am receiving is higher than the price of the company.
To paraphrase what famous investor Warren Buffett says "Price is what you pay, value is what you get". My investment strategy is inspired by the Oracle of Omaha. Hopefully, this post serves to show that in order to be successful, you need to be able to pay a reasonable price for a sound business with attractive future prospects.
Full Disclosure: Long CL, KO, WMT
Relevant Articles:
- Buy and Hold means Buy and Monitor
- Seven wide-moat dividends stocks to consider
- Warren Buffett on Dividends: Ideas from his 2013 Letter to Shareholders
- Warren Buffett's Dividend Stock Strategy
Posted by D at 1:00 AM 5 comments Links to this post
Labels: dividend strategy, Warren Buffett
Tuesday, August 13, 2013
Has Charlie Munger gone senile on US Energy Independence?
Charlie Munger is the long-term business partner of Warren Buffett, the legendary chairman and CEO of Berkshire Hathaway (BRK.A) (BRK.B). Munger is the deep thinker who has managed an impressive record with his investment partnership, at Wesco Financial and Daily Journal (DJCO). Munger overcame huge obstacles in his life, including death of his son and divorce to make billions of dollars. Munger is the one who changed Buffett's perspective on business and investing from cigar butt type investments to buying quality companies trading at fair prices. Munger is a genius and has achieved a lot of wealth in the process.
However, sometimes even accomplished people such as Charlie Munger venture outside their level of expertise, and start making statements that sound weird.
I am referring to his comments on energy independence (source: Morgan Housel & this video)
"Oil is absolutely certain to become incredibly short in supply and very high priced .. The imported oil is not your enemy, it's your friend. Every barrel that you use up that comes from somebody else is a barrel of your precious oil which you're going to need to feed your people and maintain your civilization. And what responsible people do with a Confucian ethos is suffer now to benefit themselves and their families and their countrymen later. The way to do that is to go very slow in producing domestic oil and not mind at all if we pay prices that look ruinous for foreign oil. It's going to get way worse later ...
The oil in the ground that you're not producing is a national treasure ... It's not at all clear that there's any substitute [for hydrocarbons]. When the hydrocarbons are gone, I don't think the chemists are going to be able to just mix up a vat and create more hydrocarbons. It's conceivable that they could, I suppose, but it's not the way to bet. We should spend no attention to these silly economists and these silly politicians that tell us to become energy independent.
Let me pose a question for you. It's 1930. Oil in the United States is in glut. We have cartels to get the price up to $0.50 a barrel. Everywhere we drill we find more oil in our own country; everywhere we drill in Arabia we find even more.
What would the correct policy of the United States have been in that time? Well, the correct policy would have been to issue $150 billion of very long-term bonds and cart 150 billion barrels of Middle Eastern oil into the United States and throw it into our salt caverns and leave it there untouched until the current age.
It's easy to see that in retrospect, but who do you see who ever points this out? Zero. We have a brain-block on this issue. We should behave now to do on purpose what we did on accident then."
I read this statement, and I understand his idea in theory. In reality, it seems very stupid. Of course the risk is that maybe i am so simple minded, that i do not understand the wisdom of those words.
First, the size of the US economy was about $100 billion in 1930. So it would have been tough to borrow 150 billion, which would have been 1.5 times the size of economy. I am sure that if this were done in 1930, many people would have been unhappy about this debt deal. It would have also been difficult for a country to sell a debt issue of that size, without shaking the markets and raising its interest rates. The backlash from voters would have been ever worse, as it would have been seen that this is effectively enslaving future generations with interest payments on oil that won't be used for years. Remember when everyone proclaimed the end of the US as we know it in 2008, when we had the $700 billion in TARP funds? How would you like it if the US government decided to borrow 15 trillion today and buy oil to be used in 100 years?
Second, this idea is nonsense because it introduces the concept of leverage. Leverage is a dangerous tool, that can lead to total destruction of capital even if you are 100% right. A country that instantly leverages itself by borrowing an amount that is 1.50 times the size of its economy is levering itself, and thus leaving it highly susceptible to short term fluctuations in macroeconomic factors. To put it in simple words, things don't go up or down in a straight fashion. For example, if you were smart enough to recognize the genius of Buffett in 1972, and bought Berkshire Hathaway on margin that very same year, you might have little to show for your forecast. This is because the price of Berkshire stock fell by more than 50% between its 1972 high and 1975 low. An investor on margin would have been forced to sell at the depths of the market crash of 1974, in order to cover margin loans. Munger should have known better, because his friend Rick Guerin did exactly that leveraged experiment, and sold Berkshire at $40/share in 1974.
So back to the thesis on US taking a $150 billion loan to buy oil in 1930. Even if the country somehow managed to convince creditors that it can afford to take this loan, it would have still bankrupted the country. That's because GDP fell by 40% between 1930 and 1933, and recovered by 1937. GDP in current dollars was 103.6 billion in 1929 and 91.20 billion in 1930. In 1933, GDP was 56.40 billion, and in 1937 it was 91.90 billion. A country with a GDP of 100 billion, that takes 150 billion loan, has a Debt to GDP ratio of 1.50. A country with a GDP of 50 billion and a 150 billion loan has a Debt to GDP ratio of 3.
If this deal that Munger proposes had been done, the US would have been bankrupt by the depths of the Great Depression. Then the oil would have probably had to be sold for pennies on the dollar, simply to repay the debt.
Even if US withstood the harsh realities of great depression, and kept paying off the debt, it would have been much more difficult to raise money to fight Hitler. Between the end of 1940 and the end of 1946, Federal Debt as a percentage of GDP increased from 44.20% to 108.70%. The increase was because money was needed to fight the enemy. Without winning World War II, the US could have either ended up as a communist country or simply ended up as a Fascist country.
Further, the oil booms of early 20th century, created a lot of rich people, and developed US economy. The growth in GDP from that, has created a ripple effect that has made all of us richer. This is due to increase in science and technology, and due to providing work for people and lifting them out of poverty.
Munger sounds like a lot of other smart and accomplished people, who say that something cannot be done any more at end of their careers. I am specifically referring to his comment about scientific progress. Let's go through some examples of successful people making predictions:
Ben Graham said one cannot profitably research stocks anymore in 1976. This was false as his prodigy Buffett proved him wrong, as he was picking GEICO at rock bottom prices. Buffett has also bought shares in Washington Post (WPO), Interpublic (IPG) and other companies at rock bottom prices a few years earlier, after analyzing them.
Munger is saying that science and technology cannot help in discovering oil. First of all, the current US energy revolution is helped by improvements in tech. High oil prices will provide companies with incentives to invent technologies to drill for oil in far reaching places. If prices go higher, i can bet scientists will find that you can make oil and gas in a lab.
Oil is important for energy. But also for other items like plastics, pharmaceutical and other everyday life uses. We can use energy from sun, but not to make plastics. However, chances are that the scientific and technological progress will identify ways to deliver cheap energy and everyday items at low prices some time in the future. Thus, I am not at all worried that oil will run out or that we will go back to living in caves.
Saving all oil so US can use it 100 years later is similar to what Buffett says" like saving sex for old age".
Munger is still investing legend, and I would likely never reach same level of wealth as him. However, he might be best suited to stick to doing investments, rather than discuss macroeconomics. Of course, if your goal in life is to make money in investments, you might not be the best person to make long-term predictions. If Munger is not senile, then his idea could be meaning that oil companies could be good long term investments.
I am happy to be owning Chevron (CVX), ConocoPhillips (COP) and Royal Dutch (RDS.B) ( ranked in order of my happiness holding these companies). The companies yield 3.20%, 4.10% and 5.30% respectively. The moral of this story is that as individual investor, you are the one ultimately responsible for allocating capital. You should not rely 100% on judgement of others. Outsourcing your investment decisions to others could be costly. Also, if you are an investing legend, stick to being an investing legend.
It is also important to learn another thing about risk. As you grow older, you might end up doing decisions that could be very costly. By not being flexible, you can stick to your Citigroup (C) stock in 2008, because it paid you dividends for many years prior to that. This is the reason why I have the automatic rule to sell after a dividend cut. If I have diminished mental capacities in 2040, it would be easier for someone managing my otherwise long-term investments to follow a rule based guideline. I am also considering whether a low risk index fund wouldn't be a good situation, given the lack of interest in managing investments on the part of my descendants. This is something that came to me, as I was thinking about this article. I need to do a little more thinking, and would try to share my findings with you.
Of course, given the long-term nature of my dividend paying holdings, I am fairly confident that a fun-loving DGI trust-fund baby that only collects dividend checks and doesn't sell anything, will likely do well for the next 50 years. My dividend portfolio is built so that it can generate healthy amounts of cash, with low upkeep required.
In summary, I believe that Munger should be sticking to doing investments, rather than solve economic issues. I still find him of the best investment minds of the past 100 years, and plan to keep learning about his investment style.
Full Disclousre: Long CVX, COP, RDS.B
Relevant Articles:
- Check Out the complete Archive of Articles
- How Warren Buffett made his fortune
- How to Generate Energy Dividends Despite the Peak Oil Non Sense
- Warren Buffett on Dividends: Ideas from his 2013 Letter to Shareholders
- Warren Buffett's Dividend Stock Strategy
Posted by D at 1:00 AM 10 comments Links to this post
Labels: Charlie Munger, Warren Buffett
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The dedicated musicians at Falls River Music help students create beautiful notes during private weekly music instruction with a brigade of professional instruments. During 30-minute drum, guitar, violin, bass, or trumpet lessons, children or adults work toward personal goals, such as learning how to read music or mastering solos that erase "Freebird" from minds. Falls River Music provides instruments for use during classes, which, though not required, students may rent for home practice at an additional cost.
When not practicing their tuneful arts, musicians can send in their stringed instruments for expert repairs or test out new sounds plucked from the shop's large selection of acoustic and electric guitars, amplifiers, and effects pedals. Falls River Music offers a 14-day trial period after purchase of new equipment, encouraging musicians to fully explore their new sonic possibilities before declaring themselves satisfied.
The musical menagerie also hosts a full coffee bar and lounge area, where parents may relax during children's lessons. Falls River Music also allows intermediate-level students to put their skills to use each Saturday at 1:30 pm at a two-hour jam session ($10/hour), which may include performances or recording with other musicians and note aficionados.
Bob Meyer, who has spent many a tour alongside bands such as Metallica, The Rolling Stones, Phish, and The Allman Brothers, helms Give To Live Guitar Studios, which provides music lessons with a focus on community outreach. He and his staff of experienced, enthusiastic instructors welcome students for lessons in stringed instruments such as guitar, violin, banjo, mandolin, or bass as well as drums, vocals, and keyboards. They teach in all styles, from Bach to rock and roll, and help their students move from basics to live performance, hosting benefit concerts for local charities.
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Miriam Catron discovered a way to combine her love of music and athleticism—in 1997, she created Infuzion, a family-friendly center dedicated to art in all its aspects that furnishes interactive opportunities in music, theater, dance, and martial arts. Miriam selects enthusiastic and impeccably trained teachers to help students to thrive in their chosen field of study, whether they're wielding a viola, executing a high kick, or performing a monologue on the secret lives of monologists. To round out the center's skill-instilling potential, a fitness studio hones able bodies with its arsenal of workout machines and spacious aerobics rooms that pulsate with a thunderous sound system to give soul shakers a reason to boogie outside one's bedroom confines.
A classically trained pianist and organist with more than 35 years of experience, Fran Brar passes her musical wisdom onto students during individual and group piano lessons. Her sessions take place in her private home studio or can be held at students' own homes, lest their own pianos start to feel abandoned.
Director Mary-Taylor Land has walked the stage in several shoes. From learning as a student and pirouetting as a performer, she went on to judge and teach routines. Away from the theater, she researched dance through different technical lenses, bringing her expertise to seminars for both the artistic and medical communities. The breadth of her knowledge enabled her to find seasoned instructors for her studio, all of whom have received college and professional training.
Today, she and her team strive to instill passion and discipline for the practice of dance in children of all ages. Beginning with preschool classes such as Mommy and Me, they hone a basic understanding of rhythm so that parents don't have to recite a four-count as they rock their cribs. Their older students can choose styles from a wide curriculum, which covers ballet, jazz, tap, hip-hop, and acro as well as combination lessons. Throughout each class, the teachers devote personal attention to their prot?g?s. They can help to prep youngsters before academy recitals and competitive ensemble auditions, or simply foster a deeper appreciation for grace and art.

subset: commoncrawl


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This is a sweet story but is slow to get going. It takes place a few years after Jeager dies and Yossi has left the military and is now a surgeon in a public hospital. Read morePublished 3 months ago by Bruce D. Parker
This was an ok follow up but not as good as the original. It missed the passion and romance from the original.Published 5 months ago by Anthony Anglin
I really liked this movie and thanks to GOD, least A gay movie wasn't about 98% sexuality or having sex. I felt very emotional druing the film. Thanks to Ohad Knoller. Read morePublished 5 months ago by Confessione
This endearing movie far exceeded the content and emotional impact of its predecessor, Yossi & Jagger. Read morePublished 6 months ago by Ed L. BENNETT
A good film and good for Yossi. Good download, no problems. I thought this was a film I had seen some time ago but is a sequel. Read morePublished 7 months ago by Willys
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Spotsy School NewsJune 24th, 2011, 12:39 pm
Jeff Branscome writes about Spotsylvania County schools. You can email him at email@example.com.
Request for lacrosse is on Monday's agenda
The Spotsylvania School Board is expected to hear a report Monday on a local group's proposal to pilot a lacrosse program in the county.
Players have been practicing on the grounds of Massaponax High School this past school year but it doesn't look like the proposal is going to succeed, at least for now.
The board meets at 6:30 p.m. Monday at the administration building, 8020 River Stone Drive in the Massaponax area.
Permalink: http://news.fredericksburg.com/gettingschooled/2011/06/24/request-for-lacrosse-is-on-mondays-agenda/


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Home » News » Public Safety
Manchester man killed in Auburn snowmobile accident
Officials confirmed the victim was Keith Ryan Jr., 41.<br/<br/>
Auburn Fire Chief Bruce Phillips said emergency responders were on the scene within minutes after the accident and performed CPR on the man. He was taken by ambulance to Elliot Hospital, where he was pronounced dead, the chief said.
The boy was seriously injured and also taken to the Manchester hospital.
The man and the boy were both wearing helmets, but sustained serious injuries to other parts of their bodies, according to Fish and Game.
Fish and Game officials said the pair were riding together on a single snowmobile around 3:30 p.m. in Front Park. According to witnesses, the two hit a bump causing the machine to accelerate rapidly. Both were ejected from the machine and thrown onto rocks. The machine also continued into a rock, launching it about 72 feet through the air and into a small brook, authorities said.
The father and son were riding with another friend who was behind them on a separate snowmobile when the accident occurred. The friend called 911. Two nearby fishermen also witnessed the accident and ran over to help and stood by until rescuers arrived on scene.
Auburn police and fire departments, Derry Fire and Rescue, Manchester Water Works and NH Fish and Game Conservation Officers responded.
"This incident serves as a reminder for all riders to use due care and caution at all times when operating snowmobiles and" off highway recreational vehicles, said Conservation Officer Geoffrey Pushee.
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Centerforce II pressure plates provide 60 percent more holding capacity than the pressure plates in factory original-equipment clutch setups. They are recommended for street and strip use on mildly modified vehicles. These pressure plates have also proven themselves to be very capable when used for 4WD vehicles, heavy-duty towing, and commercial and "off-road" applications.
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Leave it to Gwen Stefani to make a hot pink pair of shades look totally neutral. Her $40 Quay Eyeware sunnies are a perfectly punky addition to her flowy beachwear. We want a pair!
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The video begins with a motorcyclist waving a ticket he's just gotten from veteran Miami Beach Police Officer Kenneth MacLeod. "God bless you," the man says. Is there sarcasm in that remark? MacLeod certainly thinks so. "You want to be a sarcastic bitch?" the cop asks, wheeling back around and gett ... More >>
Ricky Atkins, an employee at Florida Keys Children's Shelter in Tavernier, is behind bars after allegedly driving two teenage runaways to Miami where they were forced to work as prostitutes. On September 1, one of the girls called police to report what happened and the investigation soon turned to ... More >>
Former NFL star Darren Sharper will not be charged for allegedly raping a woman in Miami Beach. Prosecutors announced today that they'd drop the charges, in part because the victim did not file charges until three months after the alleged incident. Sharper however still faces similar charges in Ari ... More >>
Three years after it was finally closed, the Arthur G. Dozier School for Boys continues to belch up its foul secrets. The infamous panhandle reform school was shut in 2011 after more than a century of shocking stories, including the deaths of dozens of black youths and the abuse of Miami teens. But ... More >>
Almost an entire year after the initial incident that triggered an investigation into whether or not FSU's superstar QB Jameis Winston sexually assaulted a woman, Tallahassee police have announced that no charges will be filed in the case.
One needs only look at the Marlins player payroll for evidence that owner Jeffrey Loria is cheap, but news that the team is under federal investigation for wage violations have nothing to do with anything on the field. According to FairWarning, a Labor Department spokesman confirmed that along wit ... More >>
The fallout from New Times January investigation into Biogenesis, the Coral Gables anti-aging clinic tied to selling athletes performance enhancing drugs, looks ready to come to a head this week. Last night, USA Today reported that Major League Baseball was "prepared" to suspend eight players, inclu ... More >>
After Trayvon Martin's supporters mourned Saturday's not-guilty verdict, hundreds of thousands have turned to the Department of Justice to urge the feds to make a second attempt to convict George Zimmerman of civil rights violations. The DOJ has confirmed that its inquiry into the case remains open ... More >>
He's been dubbed "Florida's dirtiest cop," and he finally found himself on the other side of the law this weekend after he was arrested for an incident two years ago during which he allegedly kidnapped a man who was trying to file a complaint against him.
While the NCAA's investigation into allegations made about the University of Miami athletic department by convicted Ponzi schemer Nevin Shapiro has lagged for about two years, the NCAA's investigation into itself over botching the Miami investigation has come to a relatively swift end.The NCAA's vic ... More >>
University of Miami President Donna Shalala has had about enough of the NCAA's shit. Following today's release of the NCAA findings of its own investigation into itself, Shalala released a strongly worded statement demanding that the NCAA basically stop screwing around, put an end to the two-and-hal ... More >>
For a while it seemed like GOP Rep. David Rivera may as well have been named Teflon Dave. No matter what accusations were flung at him, nothing stuck.Now, it looks like he's running out of luck. The Florida Commission on Ethics has found that Rivera broke state laws by failing to fully disclose his ... More >>
While the Miami Herald wonders where Ana Alliegro - a key witness in a federal criminal probe of Congressman David Rivera - has disappeared to, The Strawbuyer blogger Mike Hatami has dug up her criminal record. And it appears the self-professed "Republican Political Guru and Conservative Bad Girl" l ... More >>
Coral reefs, it's often said, are the rain forests of the ocean. But in reality, reefs around the world are disappearing even faster than the rain forests -- four times faster, in fact. The reasons are many, but not the least of which is stripping by poachers who then ship the coral to the U.S. to f ... More >>
Uncle Luke, the man whose booty-shaking madness once made the U.S. Supreme Court stand up for free speech, gets as nasty as he wants to be for Miami New Times. This week, Luke scoffs at the Justice Department's investigation into the death of Trayvon Martin.Ever since I heard the 911 tapes of 17- ... More >>
This week's profile of Otis Wallace raises serious questions about corruption in Florida City, from accusations of bribery and secret real estate deals to stolen votes. The article also reveals for the first time FBI and Miami-Dade investigations into the mayor and his administration.To help you ... More >>
Family drama and political corruption have collided in Opa-locka this afternoon as three immediate family members of the town's Mayor Myra Taylor were rounded up and arrested for campaign fund fraud.John Taylor, the mayor's husband, Demetrius Taylor, her son, and Elvira Smith, her sister, all now fa ... More >>
With Anthony Wiener's sext scandal and Allen West's ongoing shenanigans, it's easy to forget just how horrible Miami's Rep. David Rivera is. The freshman Republican representative has been under investigation by several state and federal agencies since taking office. Unsurprisingly, he has now be ... More >>
As expected former conman turned pastor turned corporate whistle-blower Barry Minkow has pleaded guilty to commit securities fraud. He was accused of purposefully trying to harm the business of Lennar, a home builder that is one of the largest companies head-quartered in Miami-Dade, by reporting ... More >>
via FacebookOpen or closed, Shock nightclub is now under investigationShock nightclub in South Beach may be a chaotic vortex of revolving promoters, investors, and name-changes, but it finally looks like that cycle might be grinding to a halt.Miami Beach Police now say that they have begun an inv ... More >>
Mayor Tomás Regalado isn't the only powerful enemy Miami Police Chief Miguel Exposito has made in his relatively short run atop the department. Now, national civil rights leader and former presidential candidate Al Sharpton is calling for a federal investigation into the Miami Police Department. ... More >>
Miami-Dade PoliceMore than three years after she went missing, Miami-Dade Police investigators believe Lilly Aramburo was a victim of foul play. At least, that's what an updated missing persons flyer seems to indicate. New Times wrote a cover story about the young single mother's June 1, 2007 dis ... More >>
Police are searching for a man involved in two robberies in the Kendall area who got his hands on more than stolen items. In the two robberies, a man ambushed women as they arrived home. Threatening his victims with a knife he stole their purses, and then proceeded to fondle the women on the brea ... More >>
Police are searching for a new person of interest in the murder of Paula Sladewski, the aspiring model who was found burned to death in a dumpster in North Miami-Dade after traveling to Miami for a Lady Gaga concert New Year's Eve.Surveillance video from that weekend shows Sladewski leavin ... More >>
The investigation into a cop killing in the '70s leads to a law professor who helped launch Barack Obama's political career.
Would you tell your grandson to lie about an essay for a few lousy bucks?
Portrait of Farschian via his websiteIn the wake of his death, nine doctors who have treated Michael Jackson across the United State are under investigation, including Dr. Alimorad "Alex" Farschchian of Miami Beach. Riptide has already discussed the numerous connection between Dr. Farschia ... More >>
Zeta Beta Tau's official song is "My Brother, Here is my Hand." The chapter at the University of Miami might as well amend it with "...it is full of drugs, so many, many drugs." Today, the Coral Gables Police Department Vice Squad raided the historically Jewish fraternity's house on UM's campus as p ... More >>
Donald Rifkin, a former Miami-Dade police major accused of trying to exchange sensitive information about internal affairs cases in exchange for sex from a female cop, is no longer investigating county officers accused of misconduct. He is now assigned to the Strategic Planning and Policing Bureau, ... More >>
The Florida Department of Law Enforcement recently ended an investigation into the onetime commander of the Miami-Dade Police Department's internal affairs unit, concluding Donald Rifkin was hoping to get laid by talking to county cop Carmen Pichardo about sensitive information in the internal affa ... More >>
If you ask Estefano he'll tell you there's another wannabe killer free to roam our streets. If you ask the jury, they'll tell you otherwise. Francisco Oliveira Jr., the man who was charged with Estefano's attempted murder, has been acquitted by a jury, despite the fact Estefano identified Oliveira, ... More >>
Don't show up for work? Don't worry.
In case you missed it in this morning's New York Times, the two guys who own this newspaper -- Jim Larkin and Mike Lacey -- were arrested in Phoenix Thursday. The reason: a story they published in the Phoenix New Times divulged a Grand Jury investigation. That's a misdemeanor. But this, dear reade ... More >>
Maj. Frank Christmas, the Miami Police Department's top in-house investigator, finds himself the subject of a criminal investigation
"Newspaper rewrites paragraph, reveals possible Castro infiltration of U.S. government radio station"
A long-time aide. A few thousand dollars' worth of dubious insurance receipts. A cauldron of allegations. U.S. Attorney Kendall Coffey has been . . . scalded
There's no way to undo the damage to her mangled Sentra, but this car-crash tale has a satisfactory conclusion
One 1973 ragtop Cadillac. One seller. One buyer. One's got the title, the other's got the car. Who owns the Eldorado?


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Oracle kills Sun.com after starvation diet
Oracle is killing Sun.com, the online home of Sun Microsystems and one of the oldest dot-com domain names. An entry on the Oracle's OTN Garage says that sun.com will be decommissioned on June 1. The closure comes after Sun's new owner, Oracle, moved most of the content on BigAdmin, OpenSolaris.com, and some sections of Sun …
I cut my teeth on a Sparc IPC. Still have an Ultra 2 running under the desk. I used to comb all over those Sun pages back in the day. Anyone remember those FE handbooks for referencing part numbers?
Sun Docs
Yay! This was on the OpenSolaris twitter feed...
OTN_Garage List of all #Sundocs migrated to OTN, with part numbers. Google "<part-num> site: oracle.com" to find your doc: http://bit.ly/eePgy5
Makes you wonder about the human race, how we seem determined to take retrograde steps. Betamax vs. VHS, Microsoft vs. {INSERT COIN}, Bazooka Bubblegum vs. Hubba Bubba
Seriously if ZFS isn't around in 10 years I'm going to be seriously pissed off.
Paris - 'cause the SUN still shines out of her arse even when up on consecutive drug charges
Good ridddance
Shower of bums - they set their team of legal beagles on me for my use of a domain with "sun" in the title - good riddance McNealey you f%£$£*g parasite
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Originally written on Total Sports Blog | Last updated 11/16/14
Photo courtesy of AP/Charles Krupa The Chicago Blackhawks have won the Stanley Cup with the most improbable final moments in Stanley Cup history. The Boston Bruins were leading 2-1 with 1:16 left in the third period of game 6, when the improbable happened. Brian Bickel tied the game up for the Blackhawks and then Derek Bolland put them ahead 17 seconds later. What a phenomenal game and series this was. Congrats to the Chicago Blackhawks for winning their second Stanley Cup in the last four years. Check out the videos of the fantastic finish after the jump. And here's the cup clincher…just 17 seconds later I'd like to give a special thank you to the NHL for making this season one of the best I can remember. Maybe it was that condensed schedule, or maybe it was just all of the phenomenal athletes? But whatever it was, keep on doing it. The post Chicago Blackhawks Win The Stanley Cup With Two Goals In 17 Seconds Late In Third Period (VIDEO) appeared first on Total Sports Blog.
Original Story: http://feedproxy.google.com/~r/TotalS...
TEAMS: Chicago Blackhawks, Boston Bruins
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