バークシャーハサウェイ株主への手紙

2023/09/30の名言

2023/09/30の名言は、 We proceed with two advantages: First, our operating managers are outstanding and, in most cases, have an unusually strong attachment to Berkshire. Second, Charlie and I have had considerable experience in allocating capital and try to go at that job rationally and objectively. - 1995年 バークシャーハサウェイ株主への手紙より

2023/09/30 11:01

2023/09/29の名言

2023/09/29の名言は、 Charlie and I are limited only by our ability to understand the likely future of a possible acquisition. - 1990年 バークシャーハサウェイ株主への手紙より

2023/09/29 11:01

2023/09/28の名言

2023/09/28の名言は、 options should be structured carefully. Absent special factors, they should have built into them a retained-earnings or carrying-cost factor. Equally important, they should be priced realistically. - 1985年 バークシャーハサウェイ株主への手紙より

2023/09/28 11:01

2023/09/27の名言

2023/09/27の名言は、 In the case of a low-return business requiring incremental funds, growth hurts the investor. - 1992年 バークシャーハサウェイ株主への手紙より

2023/09/27 11:01

2023/09/26の名言

2023/09/26の名言は、 Our future rates of gain will fall far short of those achieved in the past. Berkshire’s capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics (bearing in mind that there are really only three kinds of people in the world: those who can count and those who…

2023/09/26 11:01

2023/09/25の名言

2023/09/25の名言は、 As Berkshire grows, the universe of opportunities that can significantly influence the company's performance constantly shrinks. - 1991年 バークシャーハサウェイ株主への手紙より

2023/09/25 11:31

2023/09/24の名言

2023/09/24の名言は、 Over time, the behavior of our currency will be determined by the behavior of our legislators. This relationship poses a continuing threat to currency stability - and a corresponding threat to the owners of long-term bonds. - 1986年 バークシャーハサウェイ株主への手紙より

2023/09/24 11:01

2023/09/23の名言

2023/09/23の名言は、 Charlie and I love the idea of shareholders thinking and behaving like owners. Sometimes that requires them to be pro-active. And in this arena large institutional owners should lead the way. - 2004年 バークシャーハサウェイ株主への手紙より

2023/09/23 11:34

2023/09/22の名言

2023/09/22の名言は、 We have expanded our float at a cost that on the average is reasonable, and we have further prospered because we have earned good returns on these low-cost funds. - 1990年 バークシャーハサウェイ株主への手紙より

2023/09/22 11:01

2023/09/21の名言

2023/09/21の名言は、 A hyperactive stock market is the pickpocket of enterprise. - 1983年 バークシャーハサウェイ株主への手紙より

2023/09/21 11:01

2023/09/20の名言

2023/09/20の名言は、 We hope the U.S. adopts policies that will quickly and substantially reduce the current-account deficit. - 2004年 バークシャーハサウェイ株主への手紙より

2023/09/20 11:01

2023/09/19の名言

2023/09/19の名言は、 Reinsurance is characterized by extreme ease of entry, large premium payments in advance, and much-delayed loss reports and loss payments. - 1980年 バークシャーハサウェイ株主への手紙より

2023/09/19 11:01

2023/09/18の名言

2023/09/18の名言は、 The dynamics of capitalism guarantee that competitors will repeatedly assault any business “castle” that is earning high returns. Therefore a formidable barrier such as a company’s being the low-cost producer (GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American Express) is essential for sustained success. - 2007年 バークシャーハサウ…

2023/09/18 11:01

2023/09/17の名言

2023/09/17の名言は、 Expect no miracles from our equity portfolio. Though we own major interests in a number of strong, highly-profitable businesses, they are not selling at anything like bargain prices. - 2005年 バークシャーハサウェイ株主への手紙より

2023/09/17 11:00

2023/09/16の名言

2023/09/16の名言は、 After another year of observing their remarkable talents and character, I can honestly say that I never have seen a managerial group that either functions or behaves better than the Blumkin family. - 1984年 バークシャーハサウェイ株主への手紙より

2023/09/16 11:01

2023/09/15の名言

2023/09/15の名言は、 Businesses meeting our standards are not easy to find. (Each year we read of hundreds of corporate acquisitions; only a handful would have been of interest to us.) - 1980年 バークシャーハサウェイ株主への手紙より

2023/09/15 11:01

2023/09/14の名言

2023/09/14の名言は、 Robert Woodruff, the business genius who built Coca-Cola over many decades and who owned a huge position in the company, was once asked when it might be a good time to sell Coke stock. Woodruff had a simple answer: "I don't know. I've never sold any." - 1996年 バークシャーハサウェイ株主への手紙より

2023/09/14 11:06

2023/09/13の名言

2023/09/13の名言は、 You should be aware that, at certain times in the past, I have erred in not making repurchases. My appraisal of Berkshire’s value was then too conservative or I was too enthused about some alternative use of funds. - 1999年 バークシャーハサウェイ株主への手紙より

2023/09/13 11:01

2023/09/12の名言

2023/09/12の名言は、 Charlie’s sign off after we’ve talked about an arbitrage commitment is usually: “Okay, at least it will keep you out of bars.” - 1988年 バークシャーハサウェイ株主への手紙より

2023/09/12 11:00

2023/09/11の名言

2023/09/11の名言は、 The simple fact is that certain CEOs know their own compensation would be far more rationally determined if options were expensed. - 2004年 バークシャーハサウェイ株主への手紙より

2023/09/11 11:01

2023/09/10の名言

2023/09/10の名言は、 Growth of float is important — but its cost is what’s vital. - 1999年 バークシャーハサウェイ株主への手紙より

2023/09/10 11:50

2023/09/09の名言

2023/09/09の名言は、 In truth, we would have done better if we could have put the money that went into our negotiated transactions into open-market purchases of the type we like. But both our size and the general strength of the markets made that difficult to do. - 1992年 バークシャーハサウェイ株主への手紙より

2023/09/09 11:44

2023/09/08の名言

2023/09/08の名言は、 It’s not only generals that prefer to fight the last war. Most business and investment analysis also comes from the rear-view mirror. - 1982年 バークシャーハサウェイ株主への手紙より

2023/09/08 11:38

2023/09/07の名言

2023/09/07の名言は、 Just as you should be suspicious of managers who pump up short-term earnings by accounting maneuvers, asset sales and the like, so also should you be suspicious of those managers who fail to deliver for extended periods and blame it on their long-term focus. - 1992年 バークシャーハサウェイ株主への手紙より

2023/09/07 11:00

2023/09/06の名言

2023/09/06の名言は、 Unless we face an irreversible cash drain, we will stick with the News, just as we’ve said that we would. - 2006年 バークシャーハサウェイ株主への手紙より

2023/09/06 11:01

2023/09/05の名言

2023/09/05の名言は、 we can write policies for amounts that no one else can even consider. For example, during 1994, a primary insurer wished to buy a short-term policy for $400 million of California earthquake coverage and we wrote the policy immediately. We know of no one else in the world who would take a $400 million risk, or anything close to it, for their own account. - 1994年 バークシ…

2023/09/05 11:01

2023/09/04の名言

2023/09/04の名言は、 Gains in book value are, of course, not the bottom line at Berkshire. What truly counts are gains in per-share intrinsic business value. - 1997年 バークシャーハサウェイ株主への手紙より

2023/09/04 11:00

2023/09/03の名言

2023/09/03の名言は、 Long ago, Ben Graham taught me that “Price is what you pay; value is what you get.” - 2008年 バークシャーハサウェイ株主への手紙より

2023/09/03 11:45

2023/09/02の名言

2023/09/02の名言は、 It’s true that our insurance companies currently hold major positions in companies with exceptional underlying economics and outstanding managements, just as they did in 1974. But current market prices generously appraise these attributes, whereas they were ignored in 1974. - 1985年 バークシャーハサウェイ株主への手紙より

2023/09/02 11:01

2023/09/01の名言

2023/09/01の名言は、 In our view, Berkshire's fundamental earning power is best measured by a "look-through" approach, in which we append our share of the operating earnings retained by our investees to our own reported operating earnings, excluding capital gains in both instances. - 1989年 バークシャーハサウェイ株主への手紙より

2023/09/01 11:27