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2022/02/14

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  • 2024/02/19の名言

    2024/02/19の名言は、 - 年 バークシャーハサウェイ株主への手紙より

  • 2024/02/18の名言

    2024/02/18の名言は、 - 年 バークシャーハサウェイ株主への手紙より

  • 2024/02/17の名言

    2024/02/17の名言は、 - 年 バークシャーハサウェイ株主への手紙より

  • 2024/02/16の名言

    2024/02/16の名言は、 - 年 バークシャーハサウェイ株主への手紙より

  • 2024/02/15の名言

    2024/02/15の名言は、 - 年 バークシャーハサウェイ株主への手紙より

  • 2024/02/14の名言

    2024/02/14の名言は、 - 年 バークシャーハサウェイ株主への手紙より

  • 2024/02/13の名言

    2024/02/13の名言は、 Be fearful when others are greedy, and be greedy when others are fearful. - 2006年 バークシャーハサウェイ株主への手紙より

  • 2024/02/12の名言

    2024/02/12の名言は、 Investing in arbitrage situations, per se, is no better a strategy than selecting a portfolio by throwing darts. - 1988年 バークシャーハサウェイ株主への手紙より

  • 2024/02/11の名言

    2024/02/11の名言は、 Investors should be skeptical of history-based models. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2024/02/10の名言

    2024/02/10の名言は、 Not knowing your costs will cause problems in any business. - 2001年 バークシャーハサウェイ株主への手紙より

  • 2024/02/09の名言

    2024/02/09の名言は、 Unless derivatives contracts are collateralized or guaranteed, their ultimate value also depends on the creditworthiness of the counterparties to them. - 2002年 バークシャーハサウェイ株主への手紙より

  • 2024/02/08の名言

    2024/02/08の名言は、 Berkshire probably ranks number one among large American corporations in the percentage of its shares held by owners with a long-term view. - 1996年 バークシャーハサウェイ株主への手紙より

  • 2024/02/07の名言

    2024/02/07の名言は、 Charlie and I always have preferred a lumpy 15% return to a smooth 12%. - 1990年 バークシャーハサウェイ株主への手紙より

  • 2024/02/06の名言

    2024/02/06の名言は、 The difference between GEICO’s costs and those of its competitors is a kind of moat that protects a valuable and much-sought-after business castle. - 1986年 バークシャーハサウェイ株主への手紙より

  • 2024/02/05の名言

    2024/02/05の名言は、 Were I to die tomorrow, you could be sure of three things: (1) None of my stock would have to be sold; (2) Both a controlling shareholder and a manager with philosophies similar to mine would follow me; and (3) Berkshire's earnings would increase by $1 million annually, since Charlie would immediately sell our corporate jet, The Indefensible (ignoring my wish that it be bur…

  • 2024/02/05の名言

    2024/02/05の名言は、 Were I to die tomorrow, you could be sure of three things: (1) None of my stock would have to be sold; (2) Both a controlling shareholder and a manager with philosophies similar to mine would follow me; and (3) Berkshire's earnings would increase by $1 million annually, since Charlie would immediately sell our corporate jet, The Indefensible (ignoring my wish that it be bur…

  • 2024/02/04の名言

    2024/02/04の名言は、 CEOs understandably do not find it easy to reject auditor-blessed strategies that lead to increased future “earnings.” - 1998年 バークシャーハサウェイ株主への手紙より

  • 2024/02/03の名言

    2024/02/03の名言は、 Appropriate prices don’t guarantee profits in any given year, but inappropriate prices most certainly guarantee eventual losses. - 2006年 バークシャーハサウェイ株主への手紙より

  • 2024/02/02の名言

    2024/02/02の名言は、 Whatever pension-cost surprises are in store for shareholders down the road, these jolts will be surpassed many times over by those experienced by taxpayers. - 2007年 バークシャーハサウェイ株主への手紙より

  • 2024/02/01の名言

    2024/02/01の名言は、 Mr. Market will offer us opportunities - you can be sure of that - and, when he does, we will be willing and able to participate. - 1987年 バークシャーハサウェイ株主への手紙より

  • 2024/01/31の名言

    2024/01/31の名言は、 At Berkshire we told you of our own problems with underestimation in 1984 and 1986. Generally, however, our reserving has been conservative. - 2001年 バークシャーハサウェイ株主への手紙より

  • 2024/01/30の名言

    2024/01/30の名言は、 Dave Sokol and Greg Abel are going to run any businesses with which they are associated in a first-class manner. They don’t know of any other way to operate. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2024/01/29の名言

    2024/01/29の名言は、 When there is a huge and unusual risk to be insured, Ajit is almost certain to be called. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2024/01/28の名言

    2024/01/28の名言は、 Charlie Munger, Berkshire's Vice Chairman and my partner, and I make few predictions. One we will confidently offer, however, is that the future performance of Berkshire won't come close to matching the performance of the past. - 1994年 バークシャーハサウェイ株主への手紙より

  • 2024/01/27の名言

    2024/01/27の名言は、 True, each committee is required by the SEC to state its reasoning about pay in the proxy. But the words are usually boilerplate written by the company’s lawyers or its human-relations department. - 2002年 バークシャーハサウェイ株主への手紙より

  • 2024/01/26の名言

    2024/01/26の名言は、 Knowing they are forever going to be buyers of food, they welcome falling prices and deplore price increases. (It's the seller of food who doesn't like declining prices.) - 1990年 バークシャーハサウェイ株主への手紙より

  • 2024/01/25の名言

    2024/01/25の名言は、 We are willing to look foolish as long as we don't feel we have acted foolishly. - 1989年 バークシャーハサウェイ株主への手紙より

  • 2024/01/24の名言

    2024/01/24の名言は、 In the past, we've criticized the managerial practice of shooting the arrow of performance and then painting the target, centering it on whatever point the arrow happened to hit. We will instead risk embarrassment by painting first and shooting later. - 1993年 バークシャーハサウェイ株主への手紙より

  • 2024/01/23の名言

    2024/01/23の名言は、 Still, I believe that the behavior of managements has been even worse when it comes to restructurings and merger accounting. Here, many managements purposefully work at manipulating numbers and deceiving investors. And, as Michael Kinsley has said about Washington: “The scandal isn’t in what’s done that’s illegal but rather in what’s legal.” - 1998年 バークシャーハ…

  • 2024/01/22の名言

    2024/01/22の名言は、 Some years back, a good $10 million idea could do wonders for us (witness our investment in Washington Post in 1973 or GEICO in 1976). - 2001年 バークシャーハサウェイ株主への手紙より

  • 2024/01/21の名言

    2024/01/21の名言は、 The type of fallacy involved in projecting loss experience from a universe of non-insured bonds onto a deceptively-similar universe in which many bonds are insured pops up in other areas of finance. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2024/01/20の名言

    2024/01/20の名言は、 The price and availability of businesses and the need for insurance capital determine any given year’s capital allocation. - 1983年 バークシャーハサウェイ株主への手紙より

  • 2024/01/19の名言

    2024/01/19の名言は、 Of course, we ourselves will periodically have a terrible year in insurance. But, overall, I expect us to average an underwriting profit. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2024/01/18の名言

    2024/01/18の名言は、 Our gain in net worth during 2007 was $12.3 billion, which increased the per-share book value of both our Class A and Class B stock by 11%. Over the last 43 years (that is, since present management took over) book value has grown from $19 to $78,008, a rate of 21.1% compounded annually. - 2007年 バークシャーハサウェイ株主への手紙より

  • 2024/01/17の名言

    2024/01/17の名言は、 You can’t be all things to all men, simultaneously seeking different owners whose primary interests run from high current yield to long-term capital growth to stock market pyrotechnics, etc. - 1979年 バークシャーハサウェイ株主への手紙より

  • 2024/01/16の名言

    2024/01/16の名言は、 Unlike most businesses, Berkshire did not finance because of any specific immediate needs. - 1980年 バークシャーハサウェイ株主への手紙より

  • 2024/01/15の名言

    2024/01/15の名言は、 GEICO was a fine insurance company when Tony Nicely took over as CEO in 1992. Now it is a great one. - 2003年 バークシャーハサウェイ株主への手紙より

  • 2024/01/14の名言

    2024/01/14の名言は、 Our long-avowed goal is to be the “buyer of choice” for businesses – particularly those built and owned by families. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2024/01/13の名言

    2024/01/13の名言は、 The job of CEOs is now to regain America’s trust – and for the country’s sake it’s important that they do so. - 2002年 バークシャーハサウェイ株主への手紙より

  • 2024/01/12の名言

    2024/01/12の名言は、 Our approach makes an active trading market useful, since it periodically presents us with mouth-watering opportunities. - 1987年 バークシャーハサウェイ株主への手紙より

  • 2024/01/11の名言

    2024/01/11の名言は、 Though no single figure can be perfect, we believe that the look-through number more accurately portrays the earnings of Berkshire than does the GAAP number. - 1992年 バークシャーハサウェイ株主への手紙より

  • 2024/01/10の名言

    2024/01/10の名言は、 No other insurer we know of - even those with much larger gross assets - has our financial strength. - 1983年 バークシャーハサウェイ株主への手紙より

  • 2024/01/09の名言

    2024/01/09の名言は、 I’m sure I could have saved you $100 million or so, pre-tax, if I had acted more promptly to shut down Gen Re Securities. - 2003年 バークシャーハサウェイ株主への手紙より

  • 2024/01/08の名言

    2024/01/08の名言は、 We believe that $16.9 billion is a record for a one-year gain in net worth – more than has ever been booked by any American business, leaving aside boosts that have occurred because of mergers (e.g., AOL’s purchase of Time Warner). - 2006年 バークシャーハサウェイ株主への手紙より

  • 2024/01/07の名言

    2024/01/07の名言は、 Airlines were then protected from competition by regulation, and carriers could absorb high costs because they could pass them along by way of fares that were also high. - 1994年 バークシャーハサウェイ株主への手紙より

  • 2024/01/06の名言

    2024/01/06の名言は、 when a company is selling a product with commodity-like economic characteristics, being the low-cost producer is all-important. - 2000年 バークシャーハサウェイ株主への手紙より

  • 2024/01/05の名言

    2024/01/05の名言は、 Long ago, Mark Twain said: “A man who tries to carry a cat home by its tail will learn a lesson that can be learned in no other way.” - 2005年 バークシャーハサウェイ株主への手紙より

  • 2024/01/04の名言

    2024/01/04の名言は、 If shares of a prospective acquirer are selling below their intrinsic value, it’s impossible for that buyer to make a sensible deal in an all-stock deal. - 2009年 バークシャーハサウェイ株主への手紙より

  • 2024/01/03の名言

    2024/01/03の名言は、 Our approach, rather, has been to follow Wayne Gretzky's advice: "Go to where the puck is going to be, not to where it is." As a result, our shareholders are now many billions of dollars richer than they would have been if we had used the standard catechism. - 1994年 バークシャーハサウェイ株主への手紙より

  • 2024/01/02の名言

    2024/01/02の名言は、 A tolerance for short-term swings improves our long-term prospects. - 1992年 バークシャーハサウェイ株主への手紙より

  • 2024/01/01の名言

    2024/01/01の名言は、 though we have lagged the S&P in some years that were positive for the market, we have consistently done better than the S&P in the eleven years during which it delivered negative results. - 2009年 バークシャーハサウェイ株主への手紙より

  • 2023/12/31の名言

    2023/12/31の名言は、 A great many funds have been run well and conscientiously despite the opportunities for malfeasance that exist. The shareholders of these funds have benefited, and their managers have earned their pay. - 2003年 バークシャーハサウェイ株主への手紙より

  • 2023/12/30の名言

    2023/12/30の名言は、 Last year See’s sales were $383 million, and pre-tax profits were $82 million. The capital now required to run the business is $40 million. - 2007年 バークシャーハサウェイ株主への手紙より

  • 2023/12/29の名言

    2023/12/29の名言は、 irrational behavior at the parent may well encourage imitative behavior at subsidiaries - 1994年 バークシャーハサウェイ株主への手紙より

  • 2023/12/28の名言

    2023/12/28の名言は、 The combination of new business gains and an improvement in the renewal rate on existing business has moved GEICO into the number three position among auto insurers. - 2008年 バークシャーハサウェイ株主への手紙より

  • 2023/12/27の名言

    2023/12/27の名言は、 When we force-feed $2 billion daily to the rest of the world, they must invest in something here. Why should we complain when they choose stocks over bonds? - 2007年 バークシャーハサウェイ株主への手紙より

  • 2023/12/26の名言

    2023/12/26の名言は、 We will never make purchases with the intention of stemming a decline in Berkshire’s price. Rather we will make them if and when we believe that they represent an attractive use of the Company’s money. 私たちは、バークシャーの価格下落を食い止める目的で買付を行うことは決してありません。むしろ、当社の資金を魅力的に使うことができると判断した場合に、買付を行うことにしていま…

  • 2023/12/25の名言

    2023/12/25の名言は、 Our partial-ownership approach can be continued soundly only as long as portions of attractive businesses can be acquired at attractive prices. - 1982年 バークシャーハサウェイ株主への手紙より

  • 2023/12/24の名言

    2023/12/24の名言は、 Despite the enthusiasm for activity that has swept business and financial America, we will stick with our ‘til-death-do-us-part policy. - 1986年 バークシャーハサウェイ株主への手紙より

  • 2023/12/23の名言

    2023/12/23の名言は、 The hard fact is that I have cost you a lot of money by not moving immediately to close down Gen Re’s trading operation. - 2005年 バークシャーハサウェイ株主への手紙より

  • 2023/12/22の名言

    2023/12/22の名言は、 The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks. - 1990年 バークシャーハサウェイ株主への手紙より

  • 2023/12/21の名言

    2023/12/21の名言は、 Lou Simpson manages about $2½ billion of equities that are held by GEICO, and it is his transactions that Berkshire is usually reporting. - 2004年 バークシャーハサウェイ株主への手紙より

  • 2023/12/20の名言

    2023/12/20の名言は、 It’s naïve to think of Katrina as anything close to a worst-case event. - 2006年 バークシャーハサウェイ株主への手紙より

  • 2023/12/19の名言

    2023/12/19の名言は、 At most large companies, the truly talented divisional managers seldom have the job they really want. - 2000年 バークシャーハサウェイ株主への手紙より

  • 2023/12/18の名言

    2023/12/18の名言は、 we can write policies for amounts that no one else can even consider. - 1994年 バークシャーハサウェイ株主への手紙より

  • 2023/12/17の名言

    2023/12/17の名言は、 Our pre-tax losses from credit-card operations came to about $6.3 million before I finally woke up. We then sold our $98 million portfolio of troubled receivables for 55¢ on the dollar, losing an additional $44 million. - 2009年 バークシャーハサウェイ株主への手紙より

  • 2023/12/16の名言

    2023/12/16の名言は、 When property/casualty companies are judged by their cost of float, very few stack up as satisfactory businesses. And interestingly - unlike the situation prevailing in many other industries - neither size nor brand name determines an insurer's profitability. - 2001年 バークシャーハサウェイ株主への手紙より

  • 2023/12/15の名言

    2023/12/15の名言は、 Money will always flow toward opportunity, and there is an abundance of that in America. - 2010年 バークシャーハサウェイ株主への手紙より

  • 2023/12/14の名言

    2023/12/14の名言は、 At some point - probably after a few catastrophe-scarce years - innocents will reappear and prices for super-cat policies will plunge to silly levels. - 1991年 バークシャーハサウェイ株主への手紙より

  • 2023/12/13の名言

    2023/12/13の名言は、 In past reports, I have told you that Berkshire’s strong capital position - the best in the industry - should one day allow us to claim a distinct competitive advantage in the insurance market. With the tightening of the market, that day arrived. - 1985年 バークシャーハサウェイ株主への手紙より

  • 2023/12/12の名言

    2023/12/12の名言は、 Our main business - though we have others of great importance - is insurance. To understand Berkshire, therefore, it is necessary that you understand how to evaluate an insurance company. - 2001年 バークシャーハサウェイ株主への手紙より

  • 2023/12/11の名言

    2023/12/11の名言は、 Our look-through earnings in 1992 were $604 million, and they will need to grow to more than $1.8 billion by the year 2000 if we are to meet that 15% goal. - 1992年 バークシャーハサウェイ株主への手紙より

  • 2023/12/10の名言

    2023/12/10の名言は、 Berkshire would be more valuable today if I had put in a whistleblower line decades ago. - 2004年 バークシャーハサウェイ株主への手紙より

  • 2023/12/09の名言

    2023/12/09の名言は、 When a reinsurer goes broke, staggering losses almost always strike the primary companies it has dealt with. - 2004年 バークシャーハサウェイ株主への手紙より

  • 2023/12/08の名言

    2023/12/08の名言は、 Though there are as many good businesses as ever, it is useless for us to make purchases that are inconsequential in relation to Berkshire's capital. - 1994年 バークシャーハサウェイ株主への手紙より

  • 2023/12/07の名言

    2023/12/07の名言は、 Indeed, we have a major competitive advantage because of our tolerance for huge losses. Berkshire has massive liquid resources, substantial non-insurance earnings, a favorable tax position and a knowledgeable shareholder constituency willing to accept volatility in earnings. This unique combination enables us to assume risks that far exceed the appetite of even our largest …

  • 2023/12/06の名言

    2023/12/06の名言は、 Lou has consistently invested in undervalued common stocks that, individually, were unlikely to present him with a permanent loss and that, collectively, were close to risk-free. - 1986年 バークシャーハサウェイ株主への手紙より

  • 2023/12/05の名言

    2023/12/05の名言は、 We sometimes encounter accounting footnotes about important transactions that leave us baffled, and we go away suspicious that the reporting company wished it that way. (For example, try comprehending transactions “described” in the old 10-Ks of Enron, even after you know how the movie ended.) - 2006年 バークシャーハサウェイ株主への手紙より

  • 2023/12/04の名言

    2023/12/04の名言は、 We need all of the talent we can find, and we have learned that able and trustworthy managers, employees and suppliers come from a very wide spectrum of humanity. - 2001年 バークシャーハサウェイ株主への手紙より

  • 2023/12/03の名言

    2023/12/03の名言は、 No financial instrument is evil per se; it's just that some variations have far more potential for mischief than others. - 1989年 バークシャーハサウェイ株主への手紙より

  • 2023/12/02の名言

    2023/12/02の名言は、 Volatility caused by money managers who speculate irrationally with huge sums will offer the true investor more chances to make intelligent investment moves. - 1987年 バークシャーハサウェイ株主への手紙より

  • 2023/12/01の名言

    2023/12/01の名言は、 Having managers who love their businesses is no small advantage. - 2010年 バークシャーハサウェイ株主への手紙より

  • 2023/11/30の名言

    2023/11/30の名言は、 At Berkshire, we try to be as logical about compensation as about capital allocation. For example, we compensate Ralph Schey based upon the results of Scott Fetzer rather than those of Berkshire. - 1994年 バークシャーハサウェイ株主への手紙より

  • 2023/11/29の名言

    2023/11/29の名言は、 Our property-casualty (P/C) insurance business has been the engine behind Berkshire’s growth and will continue to be. - 2009年 バークシャーハサウェイ株主への手紙より

  • 2023/11/28の名言

    2023/11/28の名言は、 We will not diversify by purchasing entire businesses at control prices that ignore long-term economic consequences to our shareholders. - 1983年 バークシャーハサウェイ株主への手紙より

  • 2023/11/27の名言

    2023/11/27の名言は、 Obviously, we can never precisely predict the timing of cash flows in and out of a business or their exact amount. We try, therefore, to keep our estimates conservative and to focus on industries where business surprises are unlikely to wreak havoc on owners. - 2000年 バークシャーハサウェイ株主への手紙より

  • 2023/11/26の名言

    2023/11/26の名言は、 To repeat a fact you’ve heard before, well over 99% of my net worth resides in Berkshire. - 1999年 バークシャーハサウェイ株主への手紙より

  • 2023/11/25の名言

    2023/11/25の名言は、 We never take the one-year figure very seriously. After all, why should the time required for a planet to circle the sun synchronize precisely with the time required for business actions to pay off? - 1983年 バークシャーハサウェイ株主への手紙より

  • 2023/11/24の名言

    2023/11/24の名言は、 Rich Santulli, one of the most dynamic managers I’ve ever met, will solve our revenue/expense problem. He won’t do it, however, in a manner that impairs the quality of the NetJets experience. Both he and I are committed to a level of service, security and safety that can’t be matched by others. - 2005年 バークシャーハサウェイ株主への手紙より

  • 2023/11/23の名言

    2023/11/23の名言は、 We have never purchased a newly-issued junk bond, which is the only kind most investors are urged to buy. - 2001年 バークシャーハサウェイ株主への手紙より

  • 2023/11/22の名言

    2023/11/22の名言は、 Volatility caused by money managers who speculate irrationally with huge sums will offer the true investor more chances to make intelligent investment moves. He can be hurt by such volatility only if he is forced, by either financial or psychological pressures, to sell at untoward times. - 1987年 バークシャーハサウェイ株主への手紙より

  • 2023/11/21の名言

    2023/11/21の名言は、 Berkshire’s financial strength (and our record of maintaining unusual strength through thick and thin) is now a major asset for us in securing good business. - 1985年 バークシャーハサウェイ株主への手紙より

  • 2023/11/20の名言

    2023/11/20の名言は、 An article published last year by Kiplinger’s Personal Finance Magazine gives a good picture of where we stand in customer satisfaction: The magazine’s survey of 20 state insurance departments showed that GEICO’s complaint ratio was well below the ratio for most of its major competitors. - 1999年 バークシャーハサウェイ株主への手紙より

  • 2023/11/19の名言

    2023/11/19の名言は、 For most of the 20th Century, newspapers were the primary source of information for the American public. Whether the subject was sports, finance, or politics, newspapers reigned supreme. - 2006年 バークシャーハサウェイ株主への手紙より

  • 2023/11/18の名言

    2023/11/18の名言は、 Managers that always promise to “make the numbers” will at some point be tempted to make up the numbers. - 2002年 バークシャーハサウェイ株主への手紙より

  • 2023/11/17の名言

    2023/11/17の名言は、 You should be aware of an accounting rule that mildly distorts our financial statements in a pain-today, gain-tomorrow manner. - 2004年 バークシャーハサウェイ株主への手紙より

  • 2023/11/16の名言

    2023/11/16の名言は、 We, as well as many other businesses, are likely to retain earnings over the next decade that will equal, or even exceed, the capital we presently employ. Some companies will turn these retained dollars into fifty-cent pieces, others into two-dollar bills. - 2010年 バークシャーハサウェイ株主への手紙より

  • 2023/11/15の名言

    2023/11/15の名言は、 Why scrap an informed decision because of an uninformed guess? - 1994年 バークシャーハサウェイ株主への手紙より

  • 2023/11/14の名言

    2023/11/14の名言は、 A corporation pays a 35% rate on taxable income, whether it comes from capital gains or from ordinary operations. - 1998年 バークシャーハサウェイ株主への手紙より

  • 2023/11/13の名言

    2023/11/13の名言は、 We carry our P/C companies on our books at $15.5 billion more than their net tangible assets, an amount lodged in our “Goodwill” account. - 2009年 バークシャーハサウェイ株主への手紙より

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