market folly

Warren Buffett's Berkshire Hathaway filed an amended 13D with the SEC recently on USG (USG).  Per the filing, they note that the company has issued a notice of redemption on the outstanding aggregate principal amount of notes on April 17th, 2014.

Berkshire's notes are convertible into 87.7193 shares of common stock per $1,000 principal amount of notes owned (based on a conversion price of $11.40 per share).  Berkshire will elect to convert all of the outstanding notes held by them into over 4.9 million shares of USG common stock (the aggregate principal amount of just over $56.1 million).

After this conversion, Berkshire will own over 39 million shares of USG, up from their holdings of 34.8 million at the end of 2013.

You can view additional recent portfolio activity by Berkshire Hathaway here.

Per Google Finance, USG is "a manufacturer and distributor of building materials. The Company produces a range of products for use in new residential, new nonresidential, and residential and nonresidential repair and remodel construction, as well as products used in certain industrial processes. The Company operates in three segments: North American Gypsum, Building Products Distribution and Worldwide Ceilings. The Company’s North American Gypsum manufactures and markets gypsum and related products in the United States, Canada and Mexico. The Building Products Distribution segment consists of L&W Supply. The Worldwide Ceilings segment manufactures and markets interior systems products worldwide."