During their recent episode, Taylor, Carlisle, and Alex Morris discussed Berkshire’s Capital Charge Philosophy. Here’s an excerpt from the episode: Tobias: It’s so different to the way that Berkshire does it, where, the $40 billion went to Apple, some of it goes to buybacks. Jake: I think more importantly than … Read More
Warren Buffett: Why Opportunities Abound In This Changing World
In the 2023 Berkshire Hathaway Annual Meeting, Warren Buffett argues that opportunities in investing remain abundant, driven by others making poor decisions. He reflects on how the world has changed since 1942, noting that new technologies don’t eliminate opportunities. Over the 58 years of running Berkshire Hathaway, he has observed … Read More
Warren Buffett on Knowing Your Strengths and Avoiding the Spotlight
In his 2019 Berkshire Hathaway Annual Letter, Warren Buffett reflects on his experience with corporate directors, acknowledging their decency, likability, and intelligence, though many lacked the aptitude for handling money or business matters. He humorously notes that everyone has areas of incompetence saying, if I were ever scheduled to appear … Read More
Warren Buffett: When Economic Downpours Rain Gold: Be Ready with a Washtub
In his 2016 Berkshire Hathaway Annual Letter, Warren Buffett discusses Berkshire Hathaway’s commitment to long-term growth in earning power per share, acknowledging that actual earnings may occasionally decline due to economic downturns or industry-specific events. Berkshire retains all earnings, reinvesting significantly more than competitors, to achieve sustainable growth. While gains … Read More
Warren Buffett: Avoid The Preening Duck Error In Bull Markets
In his 1997 Berkshire Hathaway Annual Letter, Warren Buffett reports an $8 billion increase in Berkshire Hathaway’s net worth, reflecting a 34.1% rise in per-share book value. While acknowledging strong performance, Buffett tempers enthusiasm, noting the broader market’s exceptional gains in 1997. He humorously warns against overconfidence, likening it to … Read More
Warren Buffett: Just One Company Can Deliver Unmatched Wealth
In his 2023 Berkshire Hathaway Annual Letter, Warren Buffett highlights Berkshire Hathaway’s strategy of acquiring businesses with strong, enduring economics and capable management. He emphasizes the challenge of predicting winners and the importance of rare companies that can reinvest capital at high returns. Buffett reflects on past acquisition opportunities and … Read More
Warren Buffett: You Only Need One Opportunity Each Year
During this interview at the 25th Anniversary of The Economic Club of Washington, D.C, Warren Buffett reflects on his early investment in Berkshire Hathaway, describing it as a poor decision based on buying undervalued but mediocre companies, which he likened to “cigar butts” with one puff left. He explains that … Read More
Warren Buffett: Why Market Drops Are Good for Investors
In his 1997 Berskshire Hathaway Chairman’s Letter, Warren Buffett highlights the advantages of stock repurchase programs, particularly when prices are low, as they increase ownership stakes more effectively. He notes that Berkshire Hathaway benefits significantly from long-term shareholders, with 97% retaining their shares year-over-year. Market declines, contrary to popular belief, … Read More
Why REITs Can’t Compound Like Berkshire
During their recent episode, Taylor, Carlisle, and Bill Lenehan discussed Why REITs Can’t Compound Like Berkshire. Here’s an excerpt from the episode: Jake: Yeah. Do you have any– Is there any reticence or– I don’t want to say regret, that’s not the right word. But the fact that the REIT … Read More
Warren Buffett: One of My Most Significant Investing Mistakes
In his 2020 Berkshire Hathaway Shareholder Letter, Warren Buffett reflects on an $11 billion write-down related to Berkshire’s 2016 acquisition of Precision Castparts (PCC), admitting he overpaid due to overly optimistic profit projections. Buffett emphasizes that no one misled him and praises PCC as a fine company with an exceptional … Read More
Warren Buffett – Top 10 Holdings – Latest 13F
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More
Warren Buffett’s Auto Racing Analogy for Business Survival
In his 2010 Berkshire Hathaway Annual Letter, Warren Buffett discussed the importance of financial stability, drawing a parallel between auto racing and business: to succeed, you must first survive. He warns against the risks of leverage, which amplifies gains but can lead to ruin when losses occur, as seen in … Read More
Berkshire Hathaway’s Share Buyback Summary Q1 2021
In his latest Q1 2021 Berkshire Hathaway Letter, Warren Buffett discusses all of the company’s share buybacks in Q1 2021. Here’s an excerpt from the letter: Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of … Read More
Warren Buffett: Why We Didn’t Repurchase Our Shares When They Were Relatively Cheap In March
Here’s the entire video of the 2020 Berkshire Hathaway Annual Meeting. One of the questions Buffett was asked was why he didn’t repurchase Berkshire shares in March when they were 30% cheaper than the price he purchased them at earlier in the year. Here’s an excerpt from the meeting: Becky … Read More
BRK 2019 Annual Report – The Power Of Retained Earnings
Warren Buffett recently released his Berkshire Hathaway Annual Report 2019. One of the key take-aways from the letter is Berkshire’s ongoing focus on the power of retained earnings from the companies in which Berkshire invests. Here’s an excerpt from the letter: At Berkshire, Charlie and I have long focused on … Read More
Berkshire Hathaway (Warren Buffett) – Top 10 Holdings Q1 2019
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More
Berkshire Hathaway: 10 Books That Every Investor Should Read
We recently started a series called – Superinvestors: Books That Every Investor Should Read. So far we’ve provided the book recommendations from: Charles Munger: 32 Books That Every Investor Should Read Seth Klarman: 32 Books That Every Investor Should Read Warren Buffett: 35 Books That Every Investor Should Read Bill … Read More
Whitney Tilson: Analysis of Berkshire Hathaway’s Blowout Earnings
Over the weekend Whitney Tilson tweeted on Berkshire Hathaway’s blowout earnings saying: Berkshire reported blowout earnings this morning, with pretax operating earnings soaring 67%! We’ve posted our take here: https://t.co/VqfX6y4qIj. Our estimate of intrinsic value is now $348,000 for the A shares, meaning that BRK is trading at a 12% … Read More
Buffett Nears a Milestone He Doesn’t Want: $100 Billion in Cash
One of our favorite investors here at The Acquirer’s Multiple is of course Warren Buffett. This week Bloomberg reported that Buffett’s Berkshire Hathaway is sitting on $100 Billion at the end of its second quarter. The question is, what he is going to do with it? Here’s an excerpt from … Read More
Warren Buffett: Berkshire’s Earnings Aided By America’s Economic Dynamism
One our favorite investors here at The Acquirer’s Multiple – Stock Screener is of course Warren Buffett. One of the best resources for investors is Berkshire Hathaway’s Annual Reports and the associated Chairman’s Letters which are are full of investing nuggets. Berkshire’s recently released 2016 Annual Report provides lots of great … Read More