- Vuodesta 1965 vuoteen 2009 Berkshire Hathawayn kirja-arvo on kasvanut 19 dollarista 84 487 dollariin eli keskimäärin 20,3% vuosittain.
- Vuosien 1965-2009 välillä ei ole ollut yhtään viiden vuoden jaksoa, jolloin Berkshire Hathaway ei olisi päihittänyt S&P 500 indeksiä.
- Berkshire on lyönyt S&P 500 indeksin jokaisena niinä 11 vuotena, jolloin S&P 500 indeksi on ollut negatiivinen. Tämä kertoo Buffetin mukaan siitä, että BH:n puolustus on vielä parempi kuin hyökkäys.
- Vuonna 2009 BH:n osakkeen kirja-arvo kasvoi 19,8%
"We tend to let our many subsidiaries operate on their own, without our supervising and monitoring them to any degree. That means we are sometimes late in spotting management problems and that both operating and capital decisions are occasionally made with which Charlie and I would have disagreed had we been consulted. Most of our managers, however, use the independence we grant them magnificently, rewarding our confidence by maintaining an owner- oriented attitude that is invaluable and too seldom found in huge organizations. We would rather suffer the visible costs of a few bad decisions than incur the many invisible costs that come from decisions made too slowly – or not at all – because of a stifling bureaucracy"
Berkshire Hathawayn roolista
"We now have about 257,000 employees and literally hundreds of different operating units. We hope to have many more of each. But we will never allow Berkshire to become some monolith that is overrun with committees, budget presentations and multiple layers of management. Instead, we plan to operate as a collection of separately-managed medium-sized and large businesses, most of whose decision-making occurs at the operating level. Charlie and I will limit ourselves to allocating capital, controlling enterprise risk, choosing managers and setting their compensation."
"In earlier days, Charlie and I shunned capital-intensive businesses such as public utilities. Indeed, the best businesses by far for owners continue to be those that have high returns on capital and that require little incremental investment to grow. We are fortunate to own a number of such businesses, and we would love to buy more. Anticipating, however, that Berkshire will generate ever-increasing amounts of cash, we are today quite willing to enter businesses that regularly require large capital expenditures. We expect only that these businesses have reasonable expectations of earning decent returns on the incremental sums they invest. If our expectations are met – and we believe that they will be – Berkshire’s ever-growing collection of good to great businesses should produce above-average, though certainly not spectacular, returns in the decades ahead."
Avioliitto omistajien ja johdon välillä
"We make no attempt to woo Wall Street. Investors who buy and sell based upon media or analyst commentary are not for us. Instead we want partners who join us at Berkshire because they wish to make a long-term investment in a business they themselves understand and because it’s one that follows policies with which they concur. If Charlie and I were to go into a small venture with a few partners, we would seek individuals in sync with us, knowing that common goals and a shared destiny make for a happy business “marriage” between owners and managers. Scaling up to giant size doesn’t change that truth."
Älä kysy parturilta tarvitseeko hiuksesi leikata
"I have been in dozens of board meetings in which acquisitions have been deliberated, often with the directors being instructed by high-priced investment bankers (are there any other kind?). Invariably, the bankers give the board a detailed assessment of the value of the company being purchased, with emphasis on why it is worth far more than its market price. In more than fifty years of board memberships, however, never have I heard the investment bankers (or management!) discuss the true value of what is being given. When a deal involved the issuance of the acquirer’s stock, they simply used market value to measure the cost. They did this even though they would have argued that the acquirer’s stock price was woefully inadequate – absolutely no indicator of its real value – had a takeover bid for the acquirer instead been the subject up for discussion.
When stock is the currency being contemplated in an acquisition and when directors are hearing from an advisor, it appears to me that there is only one way to get a rational and balanced discussion. Directors should hire a second advisor to make the case against the proposed acquisition, with its fee contingent on the deal not going through. Absent this drastic remedy, our recommendation in respect to the use of advisors remains: “Don’t ask the barber whether you need a haircut.”
Tyypilliseen tapaansa Buffet kertoo myös Wall Street-aiheisen vitsin. Se kuuluu näin:
Customer: Thanks for putting me in XYZ stock at 5. I hear it’s up to 18.
Broker: Yes, and that’s just the beginning. In fact, the company is doing so well now, that it’s an even better buy at 18 than it was when you made your purchase.
Customer: Damn, I knew I should have waited.
Berkshire Hathawayn liiketoiminnot voidaan jakaa neljään liiketoiminta-alueeseen.
Vakuutusbisneksessä yhtiön omistuksessa ovat mm. GEICO, National Indemnity sekä General Re.
Säänneltyä yleistä palvelua tarjoavassa segmentissä yhtiön omistuksessa ovat mm. MidAmerican Energy Holdings ja HomeServices of America.
Valmistus, palvelut ja vähittäiskauppa-segmentissä Berkshiren omistamia yhtiöitä ovat mm. Benjamin Moore, Borsheims (jalokivien vähittäiskauppa), H.H. Brown (kenkien valmistus ja myynti), CTB (maatalouslaitteet), Dairy Queen, Nebraska Furniture Mart (huonekalukauppa), Pampered Chef (keittiötarvikkeet), See's (karkkien valmistus ja myynti), Star Furniture (huonekalujen vähittäiskauppa), Iscar (pienten leikkuuvälineiden valmistaja) ja NetJets (lentoliikenneyhtiö).
Rahoitus ja rahoitustuotteet-segmentissä yhtiön toimivia yhtiöitä ovat mm. Clayton Homes (talojen valmistaja) ja Berkadia Commercial Mortage (asuntoluotottaja).
Näiden liiketoiminta-alueiden lisäksi yhtiöllä on yli 60 miljardin dollarin sijoitussalkku, jonka sisällöstä löytyvät mm.
- American Express Company
- BYD Company
- The Coca-Cola Company
- Johnson & Johnson
- Kraft Foods Inc
- The Procter & Gamble Company
- Tesco plc
- U.S. Bankcorp
- Wal-Mart Stores Inc
- Wells Fargo & Company
- Dow Chemical
- General Electric
- Goldman Sachs
- Swiss Re