バークシャーハサウェイ株主への手紙

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

2023/12/31 11:01

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

2023/12/30 11:01

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

2023/12/29 11:00

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

2023/12/28 11:01

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

2023/12/27 11:01

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…

2023/12/26 11:01

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

2023/12/25 11:00

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

2023/12/24 11:18

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

2023/12/23 11:01

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

2023/12/22 11:25

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

2023/12/21 11:00

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

2023/12/20 11:16

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

2023/12/19 11:17

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

2023/12/18 11:01

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

2023/12/17 11:20

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

2023/12/16 11:01

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

2023/12/15 11:28

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

2023/12/14 11:28

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

2023/12/13 11:00

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

2023/12/12 11:00

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

2023/12/11 11:32

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

2023/12/10 11:01

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

2023/12/09 11:00

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

2023/12/08 11:31

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 …

2023/12/07 11:34

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

2023/12/06 11:33

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

2023/12/05 11:00

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

2023/12/04 11:01

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

2023/12/03 11:00

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

2023/12/02 11:01

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

2023/12/01 11:01