2023/10/31の名言

2023/10/31の名言は、 We continue to be blessed with an extraordinary group of managers, many of whom haven’t the slightest financial need to work. - 2002年 バークシャーハサウェイ株主への手紙より

2023/10/30の名言

2023/10/30の名言は、 If we calculate the value of a common stock to be only slightly higher than its price, we're not interested in buying. - 1992年 バークシャーハサウェイ株主への手紙より

2023/10/29の名言

2023/10/29の名言は、 If you are right about a business whose value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables. - 1994年 バークシャーハサウェイ株主への手紙より

2023/10/28の名言

2023/10/28の名言は、 To reach our goal we will need to add a few good businesses to Berkshire’s stable each year, have the businesses we own generally gain in value, and avoid any material increase in our outstanding shares. We are confident about meeting the last two objectives; the first will require some luck. - 2000年 バークシャーハサウェイ株主への手紙より

2023/10/27の名言

2023/10/27の名言は、 Our criterion of “enduring” causes us to rule out companies in industries prone to rapid and continuous change. - 2007年 バークシャーハサウェイ株主への手紙より

2023/10/26の名言

2023/10/26の名言は、 In recent years, most arbitrage operations have involved takeovers, friendly and unfriendly. - 1988年 バークシャーハサウェイ株主への手紙より

2023/10/25の名言

2023/10/25の名言は、 If only 625 other U.S. taxpayers had paid the Treasury as much as we and General Re did last year, no one else — neither corporations nor 270 million citizens — would have had to pay federal income taxes or any other kind of federal tax (for example, social security or estate taxes). Our shareholders can truly say that they “gave at the office.” - 1998年 バークシャー…

2023/10/24の名言

2023/10/24の名言は、 Our managers focus on moat-widening – and are brilliant at it. Quite simply, they are passionate about their businesses. - 2005年 バークシャーハサウェイ株主への手紙より

2023/10/23の名言

2023/10/23の名言は、 You will recall that in our catastrophe insurance business, we are always ready to trade increased volatility in reported earnings in the short run for greater gains in net worth in the long run. - 2007年 バークシャーハサウェイ株主への手紙より

2023/10/22の名言

2023/10/22の名言は、 In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years. During that time, the insurer invests the money. - 2001年 バークシャーハサウェイ株主への手紙より

2023/10/21の名言

2023/10/21の名言は、 Should we continue to run current account deficits comparable to those now prevailing, the net ownership of the U.S. by other countries and their citizens a decade from now will amount to roughly $11 trillion. - 2004年 バークシャーハサウェイ株主への手紙より

2023/10/20の名言

2023/10/20の名言は、 we might have seen only a 1% chance that some shock factor, external or internal, would cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default. - 1989年 バークシャーハサウェイ株主への手紙より

2023/10/19の名言

2023/10/19の名言は、 Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals. - 1996年 バークシャーハサウェイ株主への手紙より

2023/10/18の名言

2023/10/18の名言は、 if we contemplate an acquisition, we include in our evaluation the cost of replacing any option plan. Then, if we make a deal, we promptly take that cost out of hiding. - 1998年 バークシャーハサウェイ株主への手紙より

2023/10/17の名言

2023/10/17の名言は、 Just as is the case in investing, insurers produce outstanding long-term results primarily by avoiding dumb decisions, rather than by making brilliant ones. - 2001年 バークシャーハサウェイ株主への手紙より

2023/10/16の名言

2023/10/16の名言は、 like everyone who gets in hock, the U.S. will now experience “reverse compounding” as we pay ever-increasing amounts of interest on interest. - 2006年 バークシャーハサウェイ株主への手紙より

2023/10/15の名言

2023/10/15の名言は、 The balancing item to this one-way pseudo-trade — in economics there is always an offset — is a transfer of wealth from the U.S. to the rest of the world. - 2004年 バークシャーハサウェイ株主への手紙より

2023/10/14の名言

2023/10/14の名言は、 Over time, most insurers experience a substantial underwriting loss, which makes their economics far different from ours. - 2008年 バークシャーハサウェイ株主への手紙より

2023/10/13の名言

2023/10/13の名言は、 Whatever the future holds, I make you one promise: I’ll keep at least 99% of my net worth in Berkshire for as long as I am around. - 1998年 バークシャーハサウェイ株主への手紙より

2023/10/12の名言

2023/10/12の名言は、 For the forty years, our compounded annual gain in pre-tax, non-insurance earnings per share is 21.0%. During the same period, Berkshire’s stock price increased at a rate of 22.1% annually. - 2010年 バークシャーハサウェイ株主への手紙より

2023/10/11の名言

2023/10/11の名言は、 Over the years, however, we have focused more and more on the acquisition of operating businesses. - 2006年 バークシャーハサウェイ株主への手紙より

2023/10/10の名言

2023/10/10の名言は、 For us, fair reporting means getting information to our 300,000 “partners” simultaneously, or as close to that mark as possible. We therefore put our annual and quarterly financials on the Internet between the close of the market on a Friday and the following morning. By our doing that, shareholders and other interested investors have timely access to these important rele…

2023/10/09の名言

2023/10/09の名言は、 We know of many thousands of events and have put a dollar value on each that reflects what we believe we will pay, including the associated costs (such as attorney’s fees) that we will incur in the payment process. - 2007年 バークシャーハサウェイ株主への手紙より

2023/10/08の名言

2023/10/08の名言は、 Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us — say, because we are disabled or unemployed. - 1998年 バークシャーハサウェイ株主への手紙より

2023/10/07の名言

2023/10/07の名言は、 we are making every effort to get our reserving right. If we fail at that, we can’t know our true costs. And any insurer that has no idea what its costs are is heading for big trouble. - 2002年 バークシャーハサウェイ株主への手紙より

2023/10/06の名言

2023/10/06の名言は、 Our acquisition of GEICO will immediately increase our float by nearly $3 billion, with additional growth almost certain. - 1995年 バークシャーハサウェイ株主への手紙より

2023/10/05の名言

2023/10/05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

2023/10/04の名言

2023/10/04の名言は、 It must be noted that your Chairman, always a quick study, required only 20 years to recognize how important it was to buy good businesses. - 1987年 バークシャーハサウェイ株主への手紙より

2023/10/03の名言

2023/10/03の名言は、 Post-mortems prove useful for hospitals and football teams; why not for businesses and investors? - 1991年 バークシャーハサウェイ株主への手紙より

2023/10/02の名言

2023/10/02の名言は、 In a business selling a commodity-type product, it's impossible to be a lot smarter than your dumbest competitor. - 1990年 バークシャーハサウェイ株主への手紙より

2023/10/01の名言

2023/10/01の名言は、 John Maynard Keynes said in his masterful The General Theory: “Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.” (Or, to put it in less elegant terms, lemmings as a class may be derided but never does an individual lemming get criticized.) - 2004年 バークシャーハサウェイ株主への手紙より