I personally don't see a problem with that bit of smoke on startup when cold.
These machines are staring up fine. They may puff for a few seconds when cold, but they clear right up and run fine.
Where's the problem??
When mine was new in the winter of 2011/2012 it didn't do it. It started happening halfway through the winter of 2012/2013.
Chilly807 seems to think it's excessive, wmonroe is the only other person I've found who says their tractor does the same thing and provides video that looks pretty comparable. Given the number of Kubota Grand L's here if they all did it I think we'd know that by now.
As Chilly807 says, "I don't understand what's so different about these engines [...]". Why do mine and wmonroe's smoke and others don't? Why does The Fred's L3940 exhibit behavior so different from the other L3940's here? How can everyone be so sure The Fred's tractor's behavior is because it's somehow broken but mine and wmonroe's smoke is fine?
Overall I like my tractor. I've had it two years and it has been trouble-free other than this smoke. I'd like to know why it smokes at startup or that they all do it.