As for Sino-US energy, we also enjoy similar Matt Ross (MattRose) in North Burlington Railway Corporation and David Sokol and Gray Gee Bell (GregAbel) in the Sino-US energy in the social contribution made by the proud, and I have them for the Berkshire the contributions made by shareholders are proud and grateful, for.
Clayton last year built 23,343 housing units, of the total industry output of 50,046 sets of 47% of the industry in 1998 most prosperous years, when the total construction of prefabricated houses reached 372,843 sets, we only account for 8% of the share. last year's poor sales performance this on, and I report in 2009 mentioned in increasing our financing of the pressure. Specifically: the U.S. government's policy preferences of ordinary residential housing loans, so the price advantage of prefabricated housing weakened.
years, insurance premiums is insufficient to pay damages and expenses. Thus, for decades the insurance industry, total receipts of physical capital is far below the average earnings of other sectors, performance inadequate. Berkshire Hathaway company has strong economic strength, because of our excellent managers in the business with unusual business . In addition to the insurance company can cover (GEICO), we also have two large insurance companies and several small companies.
Buffett recalled a few in the manufacturing, retail services and the most profitable companies standings, they are Mamun Holdings (Marmon), Iraq Sika Corporation (Iscar) and McLean Company (McLane). good news in the list after the end, Buffett introduced in furniture, building materials Berkshire difficulties encountered, and listed four companies. But he said:
on these contracts, I We disclose the following: In the second half of 2010, we lifted the eight scheduled to expire between 2021 to 2028 contract, so pay 4.25 billion dollars, while the original charge for the cost of these contracts is $ 647,000,000. This means We received a net profit of 222 million, while non-interest bearing in three years, unlimited use of 6.47 billion dollars.
If we charge premiums in excess of expenses and compensation, we access to the insurance profits, combined with our liquidity brought about by investment income. in fact fierce competition over the years has been to the property insurance industry suffered a huge insurance losses. The loss is the insurance industry, the cost of holding liquidity. For example said that the nation's largest insurance company StateFarm, the company well managed, but in the past decade have seven years to bear the insurance losses. During this period, the company's loss amounted to more than 20 billion U.S. dollars.
in the past 60 years, GEICO has a lot of things, but its core purpose - to save American flower buy car insurance on the money - has not changed. And around this goal, GEICO has become America's third largest auto insurance companies, which hold 8.8% of the market.
1985 years, 阿吉特杰恩 to the insurance business of 300 billion dollars to bring liquidity and a huge amount of insurance profits other insurance company CEO can not be standing shoulder to shoulder with him. He has added a Berkshire Hathaway company billions of dollars in assets.
We Bo Hill is committed, will always remain at least 100 billion dollars in cash reserves, for which we usually hold at least 200 million in cash. so we can either take the insurance payment ever (by far the biggest sum of the insurance payment is due Hurricane Katrina, up to 30 billion U.S. dollars, for the insurance industry is one of the most expensive disasters), but also to seize the acquisition or investment opportunities, even if the financial crisis will not affect us.
Now let me tell you a true s
tory, which will help you understand the intrinsic value of a business far more than its book value, and this s
tory can also review the way I look at those wonderful memories.
as long as I serve as CEO, I will continue to manage Berkshire Erhasawei most of the company's assets, including bonds and stocks. Todd will be the initial management 30 billion in funds each year to re-arrange the scope of management. He is responsible for stocks, but not limited to forms of investment. other funds may be sub-consultants for the find a suitable human nature, we will increase one or two investment managers. Each investment manager's performance pay, 80% from his portfolio management, 20% from other portfolio managers. We Every successful people want to set up a pay system, promotion of their cooperation rather than competition.
No doubt, some people become wealthy through borrowed money, but this type of operation also may make you penniless. lever when the operation is successful your income multiplied, the spouse that you are smart, neighbors would envy. but it is addictive, once you benefit from it is hard to go back to the old path of caution. and we in third grade (some in the 2008 financial crisis) have learned, no matter how big the number is multiplied by 0 will vanish once. His
tory shows that no matter how smart operators, financial leverage is likely to bring p> For business, financial leverage may be fatal. many heavily indebted companies that continue to maturity of the debt financing can be resolved by this assumption is usually normal. But once the enterprise itself or global credit crisis, debt due to be settled, such as about, when the only reliable cash only.
end of last year, the Company's common stock investments over the market value of $ 1,000,000,000.
control and capital-intensive business field
we have this flexibility because the net income figure included realized investment gains or losses, excluding unrealized gains (and In most cases the loss). For example, if Berkshire unrealized gains in a particular year is 100 billion dollars, while the actual loss of 10 billion U.S. dollars, so we report only the net profit will be lower than the calculated loss of revenue. Also, if we realized gains the previous year, news feeds could be announced in our earnings decreased X%, and in fact our business may have been greatly improved.
on the part and the GEICO insurance company
In the Berkshire Hathaway company, we get the insurance profits for eight consecutive years, during which a total profit of 170 billion dollars. I believe the insurance business in the next few years could continue to profit . If you pay other companies to hold to our liquidity, we will benefit from the investment.
finance and financial products
We issued a notice to join Todd, some commentators pointed out that Todd is a nobody, for we did not find prominent manager said confused. I want to know how many people heard of in 1979 over Luxin Simpson, in 1985 recognized 阿吉特杰恩, in 1959 heard of Charlie Munger. Our goal is to find a junior manager, rather than battle-hardened veteran.
then we experienced a financial panic and severe economic downturn, some companies failed to pay off the debt on schedule, and we Peifu 25 billion. However, because the risk the higher the basic contract has expired, the risks we face has largely passed. So we will almost certainly receive insurance proceeds as planned. In these contracts, we were also able to use the average of 20 billion dollars in non-interest bearing liquidity. In short, we charge the appropriate fees, which in the worst economic environment over the past three years to protect us.
However, if the eyes of buyers than its economic capacity, and the bank contributed to his vision, and that housing may become a disaster. our national social objectives should not be a family to enjoy the dream house, but admitted that commitment to housing.
in public and in private I hope that NetJets has remained the top company to outstanding performance, my family and I have traveled in the company's aircraft flew 5,000 hours (equivalent to seven months will until one day in heaven), will still have to fly thousands of hours. We never ask for special treatment, and the best in private aviation pilots flying in the sky are common, that is, the best of our hospitality.
financial derivatives
today, although the company's premium income was 143 million U.S. dollars, but we are only given the credibility of the value of the 1.4 billion, this value will not change because of GEICO changes in revenue. In addition, under the leadership of Tony, GEICO has become the nation's largest private insurance agencies, last year the company sold a total of 769,898 copies of individual insurance contracts, representing the previous year by 34%.
; we fully reflect the book value of realized and unrealized gains and losses. you should pay attention to the process metrics and revenue changes.
Todd Montrose abide by the four criteria, the General Re insurance company Under his leadership, has a huge liquidity, we expect that the company is still able to maintain the scale of such funds.
four years ago, I said then,
supra vaiders black Lu-yu gang robbed three women bargain less bold to 1,000 yua, when I and Charlie Munger, Lu Xin Simpson is retired,
asics kayano walker, the company needs to hire a young investment manager. on the CEO position, we now have a number of outstanding candidates, but in the investment field, we have not the right person .
adjust the focus on the negative factors first. Last year we discussed the five-stroke sustainable access to large fixed-income investment income, including Swiss Re ( SwissRe) will be held in early 2011 buy back our shares, Goldman Sachs and General Electric Company may be held before the end of our preferred stock repurchase. General Electric agreed to buy back in October, Goldman Sachs Group also agreed to return 30 days in advance purchase, but was against the Fed, the Fed may soon repurchase program approved by Goldman Sachs.
end of last year, we have 39 put options, these contracts we charge a total of 4.2 billion U.S. dollars. the specific benefits their future course is uncertain, but I can from the following point: If the contract expires, it relates to the share price index and the 2010 December 31 at the same, and foreign exchange rates remain unchanged, we need to pay between 2018 to 2026 3.8 billion.
Berkshire Chairman Warren Buffett (WarrenBuffett) 2 月 26 released by a 27-page letter to shareholders, in which he spoke about the Berkshire Seoul's business model and direction, and his successor, taking, including Goldman Sachs and General Electric said it will buy back this year, Berkshire's preferred stock held, the following is the text of Warren Buffett letter to shareholders.
In addition, Buffett has referred to a year focused on the most improved company - NetJets company, which in 2010 ranked second in market share the company's five. In fact, since the acquisition of the company since 1998, NetJets has been losing money, but David Saco Seoul (DaveSokol) has reorganized its management, and the company's procurement and expenditures made rational planning, since later, NetJets was embarked on the road off. Buffett wrote last, not without humor:
Our holdings of other companies may also raise dividend In 1995, Coca-Cola Company to the dividend we paid 88 million yuan, the next time we bought Coca-Cola shares. Since then, Coca-Cola Company dividend of .2011 per year are to improve, we will Coca-Cola Company received 376 million revenue, $ 24,000,000 higher than last year. the next decade, I expect the dividend income than the 376 million to double. Ten years later, if we own shares of Coca-Cola to bring the annual income , higher than 100% of our investment, I would not be surprised.
our loan customers may lose their jobs, have health problems facing the difficulties of divorce and other reasons, but they hope to keep their housing, but the amount of their loans are usually commensurate with income. If home buyers across the country are like our customers to that, and the United States will not face a credit crisis . Our success rule of thumb is: charge a reasonable down payment and monthly repayment amount and monthly income of the fixed link. The policy of Clayton will not be bankrupt, but also help customers to keep the house.
the help of the audit and regulators in part because of the pricing formula is that it can provide precise figures. Charlie and I believe that our contracts well below the actual liabilities calculated by the formula value, but we could not really an accurate figure - we can not provide the number of insurance companies than for government employees (GEICO), Burlington Northern Santa Fe Railway Company (BNSF) or the value of Berkshire Hathaway provides a more accurate. In this regard, we're not worried, because the approximation is better than precisely wrong right.
In addition, Berkshire has never been over the past 40 years, dividends or buy back stock, we will all profits are used to enhance business Now monthly profit is more than one billion U.S. dollars. in the past 40 years, our net assets increased from $ 48,000,000 to $ 157,000,000,000, no other U.S. companies such as ours emphasis on financial strength.
but when I arrived at the company headquarters, when the door is shut. then I began to take the trouble to knock on the door , a porter took me only one company was in front - Lorimer Davidson (LorimerDavidson). the next 4 hours is my time, Davidson was detailed to the insurance industry and GEICO I explained again, this is our beginning of a beautiful friendship. Shortly thereafter, I graduated from Columbia University and became in Omaha (Omaha), a stock salesman. Of course, I get a lot of recommendations GEICO so I started to have dozens of customers. Davidson in and meet, I invested $ 9,800 75% also achieved profitability.
reports and false: which numbers count in the earnings report?
credit is like oxygen, supplies are plentiful, people will not even be addressed. and when oxygen or credit crunch, and that has become paramount crisis. even the short corporate credit crisis may crash, in fact, in September 2008 swept many sectors of the economy overnight, the credit crisis throughout the United States are close to collapse.
Finally, we have many small insurance companies, most companies have the exclusive management range. Their earnings sustained profitability, to provide us with a lot of liquidity. Charlie and I put great value on these companies and their managers.
Clayton to the prefabricated housing loans for buyers than any Other companies are more committed to reform of our experience on the U.S. housing loan policy learned by all parties. In Clayton, loans, customers are divided into 648 average FICO credit, of which 47% of customers with low credit points at 640, usually the credit banks that these customers have problems. Nevertheless, even during the financial crisis, performance of our loan portfolio continued to perform well.
In addition, I must point out that reported net profit unpredictable. If the termination date of selling shares in June 30, 2010, that day, we have to pay 6.4 billion transactions each. equity prices generally rise next quarter, the corresponding figures in September Kusakabe 30 to 58 billion U.S. dollars. However, we evaluate these contracts for the Black - Scholes option pricing formula requires us to increase during this period on the balance sheet liabilities of 8.9 billion to 96 billion U.S. dollars, this change after the commencement of the reduced taxable 455 million net profit for the quarter.
60 years ago last month, GEICO walked into my life, and this has completely changed my life. when I was a graduate student at Columbia University, was my mentor in this - Graham recommended the past.
reflects the earnings of our investment in various enterprises to create income, These are invested enterprises last year's undistributed profit of over 20 billion dollars. Based on our years of investment experience, these undistributed earnings is equal to or exceeds the market gains. We expect that the future of the company's market shares and the proceeds will be invested enterprises retained earnings were flat.
find many excellent investment manager performance is a breeze. But the past outstanding performance, while important, is not to judge future performance. critical is how to get results, how managers understand and perceived risk. in the risk assessment standards, we hope to find it difficult to estimate the ability of candidates: can predict the impact of the economic situation unprecedented. Finally, we need to wholeheartedly for the Berkshire Hathaway candidate for the job, not just this as a job.
First Berkshire Hathaway Reinsurance Group ( Berkshire Hathaway ReinsuranceGroup), responsible for the 阿吉特杰恩. His business combines power, speed and determination, more importantly, the insurance industry has a unique style of thinking. He never let Berkshire Hathaway company takes the risk out of date. We in the industry other than the more conservative companies. Over the past year, 阿吉特杰恩 significantly increased the life insurance business, bringing over 20 billion dollars in premiums over the next few In this situation will continue to be staged.
; the company is currently CEO Tony Leslie (TonyNicely) 1993 when he took office, compared to 2%, when the data has been maintained for over a decade. But under the leadership of Tony, GEICO has undergone enormous changes,
jordan shoes for sale, and found can maintain the coverage rate of growth, but also cut costs In 1996, our 2.3 billion purchase price of the stock 50% of GEICO Corporation, the investment into a 4.6 billion followed, the yield reached 100%! and tangible net asset value of GEICO was also reached 19 billion U.S. dollars. and which also implies the intangible value of 2.7 billion (after our calculations, GEICO companies have such a high prestige value of the total) In 1995, corporate customers to pay a total of 28 billion dollars in insurance payments, and that 97% of which can be used as the company's revenue. If in accordance with industry standards, this figure is relatively high, but for GEICO is entirely achievable, because the company's operating costs low, sustained strong profitability, customer loyalty is also high.
This is our smallest departments, including the two leasing companies, namely the trailer rental business operating companies and business XTRA Cote furniture furniture rental (CORT), and the nation's largest prefabricated home builders and finance companies Clayton (Clayton Homes).
many insurance companies through the first three criteria test,
new nike air, but hit a wall in the fourth. Wall Street's profit-oriented, institutions and agents of the stress or the CEO would not let the ambitious scale of business has shrunk, leading many insurance companies at a low price contract business.
Original Address: [Reserved] Warren Buffett letter to shareholders of Berkshire (2011 Chinese Edition) Author: Buffett Club
last two leasing companies have improved performance, despite the poor foundation. XTRA company's equipment utilization from 2009 to 63% to 75% last year, pretax profit was increased to $ 17,000,000 from $ 35,000,000; Kurt furniture business has gradually recovering, while strictly controlling operating expenses, the two combined to achieve profitability before tax profit of $ 18,000,000.
first derivatives are mainly between the conclusion of the 2004-2008 contract, they asked: If some of the high interest rates, issuance of corporate debt maturity can not be liquidated Berkshire will give Peifu. from these contracts, we collected a total cost of 3.4 billion, in the 2007 annual report, I said that to get from the costs.
investment and successors
; manufacturing, service and retail
insurance property insurance companies usually in advance, after the payment of compensation. In individual cases,
nike free run 2+,
asics gel foundation 美国29岁男子有21名子女 拖欠供养费被传讯, for example, some workers claim accident compensation is Payment may be delayed for decades. This pattern of money-losing money after the first let us hold a lot of liquidity, we can put them to the interests of the company's working capital for investment. Despite the changing policyholders and accident claims, but we The amount of liquidity held steady. Therefore, our business volume growth, liquidity will increase.
housing market will begin to recover within a year may be carried out at a breakthrough point in time. These companies are strong in the strength of the economic downturn, when encountered, until end of the recession they will become more powerful. Berkshire's investment period is endless.
in control and capital-intensive business world, Buffett's emphasis referred to the two largest companies: North Bo Linton Railway (BNSF) and MidAmerican Energy (MidAmericanEnergy), the two companies operating conditions are not satisfac
tory. In introducing the Burlington Northern railroad company, Buffett stressed: I have previously emphasized the railway for the country The importance of the future. In view of the westward trend of the U.S. population, we Burlington Northern Railway Company's shares will further expand. shouldering heavy tasks, we are circulation system in the U.S. economy accounted for the bulk of the basic components, an obligation to keep to improve the rail line. In order to complete the duties, we not only respond to the passive, but also to anticipate the needs of society. our growing huge investment will be rewarded, and I am confident. wise and sensible regulation investment sides of the same coin.
one day I read in the library, The chairman of the board. At that time I knew nothing about the insurance industry, but also not heard of this company. Later, the librarian showed me some materials about the compilation of the insurance company before I have a basic understanding of GEICO , after this I decided to visit Washington next firms.
Buffett cited the four record company sales records in their respective industries, they are distributors of electronic components TTI, car and ship manufacturer Forest River (ForestRiver), agricultural equipment company CTB and shoe company HHBrown.
of the current U.S. housing prices and interest rates are very low, purchase a home for most Americans is a wise choice. I'll buy a home as my third successful investment, just spend $ 31,500, my family and I gained the memories of 52 years, and the future will continue to benefit. (the former two successful investing is to buy a pair of wedding rings.)
last summer, Lu Xin Simpson expressed interest in retirement, when he was only 74 years old, Charlie Munger and I think that this age Berkshire is still young, he asked surprised us .1979, the Luxin Simpson as a cover to the insurance company (GEICO) the investment manager's earnings in 2004, his outstanding performance made me feel shame. Luxin Simpson never show off their talents, I think he is the greatest investment, we will miss him.
In fact, the healthy development of the insurance business requires four criteria: 1. understand that all exposures can cause loss; 2. a conservative estimate the actual risk exposure to any potential losses; 3. to determine the amount of premium to ensure profits, including the loss of future costs and operating expenses, including; 4. If you can not get a reasonable premium to give up this business.
Here we focus on the overlooked a number: net, the role of the media than any other figure. This figure is very important for most companies,
womens nike running, but Berkshire is often meaningless. No matter how the business operations, Charlie and I can always at any given time to create the desired net profit legally.
In addition, we hold common stock dividend will be increasingly increase. the highest income group may be from Wells Fargo. Federal Reserve Bank over the past two years, without considering the results of good and bad, banks limit the dividend. Wells Fargo Bank Group sustainable development during the recession, now has strong economic strength and profitability capacity, but was forced to maintain a low level of expenditure (not our intention to blame the Fed's decision, for multiple reasons, the comprehensive restrictions on bank dividends during the crisis, reasonable).
second derivatives is the so-called Put Option 2004 to 2008, we have concluded 47 such agreements, receive a cost of 4.8 billion, most of these contract period of 15 years.
Charlie and I wait until after retirement, our investment manager will be responsible for CEO and the Board authorized all of the portfolio. good investors have a good business vision, we expect they will provide advice on mergers and acquisitions and experience in intelligence. Of course, the Board will make a major acquisition decisions.
two years ago, in the 2008 annual report, Berkshire disclosed to you I hold 251 derivatives contracts (including those for the company's contract operations, such as Sino-US energy companies), and now that number is 203, we added some new investment, and some of the old contract has expired or discharge.
the three companies must pay dividends to us to achieve buy-back, the amount total of 14 billion U.S. dollars, but all of the repurchase program are welcome from investors. buyback of shares, our profitability will be significantly reduced, this is bad news.
John Kenneth was cute to comment, save most economists point of view: they can learn the views of Academy life. the last century, the seventies and eighties, almost all of the University of Finance and stubbornly insist on efficient market theory, disparagingly called the facts refute this theory as a powerful like this interpretation: University teachers to look at the Black - Scholes formula as the disclosure of the truth of the current Professor Fang Falai, university teachers have to re-examine the details of the tendency of option pricing. even without the slightest ability to evaluate options, like you can become a very successful investor . Students should learn is how to evaluate a business, that is all investment-related.
Charlie and I believe that, in assessing the long-term options, the Black - Scholes option pricing formula had a very disproportionate number. Two years ago, we signed a stock contract of sale by implication, declared that our counterparties or customers using the Black - Scholes option pricing formula computation and disadvantages.
; Charlie Munger and I will not engage in any possible to bring the slightest threat of Berkshire activities. (we both have 167 combined years of age, do not want to : you,
2010 jordans shoes 双手被反铐毒贩背身取枪击毙警察(, that is, our partners tend to invest a large part of their life savings to the company, trust our prudent management. In addition, a number of important charities also rely on our prudent decision. Finally, many disabled due to accident victim depends on our insurance services. If the point in pursuit of additional profits leaving so many people at risk, it would be irresponsible.
Charlie Munger and I found a 托德库姆斯 (ToddCombs), he was in line with our requirements. Todd Simpson and Luxin the same treatment, plus salaries and performance related bonus. We arranged for him to be responsible for deferred income and credit businesses, to prevent the volatile investment has been the impact of improper payments. hedge funds witnessed the ordinary terrible acts of a partner, a profit when they rise in the fall to the previous limited partners lose revenue. Some general partner will immediately open another hedge fund, taking of expected profits, without regard to past losses. the funds entrusted to the fact that managers have become scapegoats for investors, rather than partners.
Overall, our investment income will be normal and our revenues were flat in 2010, although it will reduce our 2011 and 2012 the share of ownership.
the Federal Reserve may soon to cancel the dividend restrictions. Wells Fargo can restore a reasonable dividend policy, that time, we expect dividends received from Wells Fargo Bank will increase the company hundreds of millions of dollars in revenue each year.
We also have a common reinsurance companies, by Todd Montrose (Tad Montross) responsible.
MidAmerican Energy in describes the operation, Buffett same earnestness:
There are two good news to offset the adverse effects of end of last year, we invested in 2011, the accumulation of cash reserves as high as 380 billion dollars. and yields will increase, our investment income will increase by at least $ 500,000,000, specific amount may be more. short-term capital market rate of return can not be quickly increased. But for us, in the normal expected increase profitability rate of return is fitting. before the arrival of the high rate of return, we can grasp the chance, grab living opportunities, using our cash reserves, a reasonable income. For us, that day will not come early.
I and Charlie found in favor of the assessment of Berkshire, the number of measuring their progress has been made available to you in the front.
Do not fantasize leveraged income
from the middle: NetEase
I intensity of competition in some industries and the future direction of miscarriage of justice occurred. I have tried in a decade or two long held for the acquisition, but sometimes inevitably Laoyanhunhua.
We have a large unrealized gains that are available, so if the net is very important indeed that we can add a regular basis in which the realized gains. However, please rest assured that Charlie and I will not sell securities, because we will be selling will affect the report net, and we are all ignore our net profit figures. regulations require that we report to you that figure, but, if the report emphasized that, then they are better than our performance.
our cash primarily the form of U.S. Treasury bills, and avoid holding a few basis points higher interest rates and other short-term securities. bonds and money market funds business vulnerability absolutely shattered in September 2008 is no doubt, but We are here to uphold these principles long before.
later Davidson became GEICO's CEO, but he never dreamed the company would be in the mid 70s of last century (when he retired) faced enormous problems - the stock fell more than 95%! Berkshire (Berkshire) was purchased About one-third of the GEICO stock, then the GEICO stock repurchase measures, these stocks in subsequent years an annual increase of 50% annual growth in Berkshire earned thus pours.
1996 year, Berkshire plans to acquire the remaining 50% stake in GEICO, which makes very pleased 95-year-old Davidson was also specially made a video to tell you how happy he was, and GEICO and Berkshire hope to continue the long-term cooperation.
We had expected a normal profitability of Berkshire Hathaway, the investment based on future profits made three adjustments (not taking into account undistributed earnings of the current factors).
these derivatives are responsible for my own, they are mainly of two types. but they all belong and insurance similar investment activities, which we assume to try to avoid the risk of others charge a fee, in these transactions, we use decision-making mechanism similar to insurance business. In addition, we advance the conclusion of the contract fee, it will not face counterparty risk. This is very important.
However, we continue to use this formula presentation of financial statements, because the Black - Scholes option valuation criteria is recognized, nearly all the top business schools have set up the course. We have to calculate according to it, otherwise will be blamed, but also to bring difficult problems the audit. because our counterparties are also using this formula, if the two sides of the assessment that much difference, the audit can not prove that they and the accuracy of our assessment.
but in our balance sheet, we will balance these securities are recorded as 6.7 billion In other words, if the relevant index remains unchanged, we will expire in the years of these contracts was recorded 2.9 billion in profit, which is 6.7 billion U.S. dollars minus 3.8 billion. I believe the stock is likely to rise, if the this prediction come true, our earnings will be greater, of course, this is not a certainty. sure, in more than 10 years, we will be able to receive interest-free use of 42 billion dollars.
talking about manufacturing, services and retail investment operations, Buffett first explained the reason for some poor return on investment.
tory [ reprint ] [ reprint ] Warren Buffett letter
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