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
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
2023/11/12の名言は、 Ben Graham taught me 45 years ago that in investing it is not necessary to do extraordinary things to get extraordinary results. In later life, I have been surprised to find that this statement holds true in business management as well. - 1994年 バークシャーハサウェイ株主への手紙より
2023/11/11の名言は、 We immediately put Ajit in charge of National Indemnity’s small and struggling reinsurance operation. Over the years, he has built this business into a one-of-a-kind giant in the insurance world. - 2009年 バークシャーハサウェイ株主への手紙より
2023/11/10の名言は、 Over time, we will find out how smart our pricing has been, but that will not be quickly. - 1996年 バークシャーハサウェイ株主への手紙より
2023/11/09の名言は、 what could be more advantageous in an intellectual contest - whether it be bridge, chess, or stock selection than to have opponents who have been taught that thinking is a waste of energy? - 1985年 バークシャーハサウェイ株主への手紙より
2023/11/08の名言は、 Berkshire’s arbitrage activities differ from those of many arbitrageurs. - 1988年 バークシャーハサウェイ株主への手紙より
2023/11/07の名言は、 The News, See's and Scott Fetzer have alone paid us $1.8 billion, which we have gainfully employed elsewhere. - 1997年 バークシャーハサウェイ株主への手紙より
2023/11/06の名言は、 For the debtor government, the weapon of inflation is the economic equivalent of the "H" bomb, and that is why very few countries have been allowed to swamp the world with debt denominated in their own currency. Our past, relatively good record for fiscal integrity has let us break this rule, but the generosity accorded us is likely to intensify, rather than relieve, the ev…
2023/11/05の名言は、 CEOs and, in many cases, directors have long benefitted from oversized financial carrots; some meaningful sticks now need to be part of their employment picture as well. - 2009年 バークシャーハサウェイ株主への手紙より
2023/11/04の名言は、 When capital invested in an operation is significant, we also both charge managers a high rate for incremental capital they employ and credit them at an equally high rate for capital they release. - 1994年 バークシャーハサウェイ株主への手紙より
2023/11/03の名言は、 After all, if you are in the shipping business, it’s helpful to have all of your potential competitors be taught that the earth is flat. - 2006年 バークシャーハサウェイ株主への手紙より
2023/11/02の名言は、 Once a company moves earnings from one period to another, operating shortfalls that occur thereafter require it to engage in further accounting maneuvers that must be even more “heroic.” - 2000年 バークシャーハサウェイ株主への手紙より
2023/11/01の名言は、 I've told you that over time look-through earnings must increase at about 15% annually if our intrinsic business value is to grow at that rate. - 1991年 バークシャーハサウェイ株主への手紙より
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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
2024/02/19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
