Always a good read Buffett Letter

[Intrigued again]

Must say I enjoy his letters I hope others enjoy as well.

 

[Ostraylia]

Must say I enjoy his letters I hope others enjoy as well.

Thanks for uploading the report, very interesting indeed.

You wouldn't happen to have the annual report from 2010 would you? If you do, could you upload that also?

 

[datto]

This fella has a funny way of writing his reports. Reminds me of when we used to write a composition at school. He's made squillions, so he knows what he's doing obviously.

 

[Intrigued again]

Thanks for uploading the report, very interesting indeed.

You wouldn't happen to have the annual report from 2010 would you? If you do, could you upload that also?

Here is there site

http://www.berkshirehathaway.com/

 

[Dazz]

This fella has a funny way of writing his reports.

I love them. It sounds like a human is talking to me. The politically correct **** most CEOs pump out for publication puts you to sleep in 3 minutes flat.

A competent human who knows business. His shareholders are very lucky to have a CEO like him.

He sounds like a very humble CEO, who admits his mistakes straight up. His results speak for themselves, he doesn't need to blow his trumpet.

The best thing about him and Charlie are they are true Owners, not import CEOs there for the big salary who can parachute off with their golden handshake and leave the company in a dire wreck. These guys hang around in the tough times and take the pain (admittedly rarely) with the rest of the shareholders. Of course, 99% of the time they share in the spoils, but are very modest in their habits.

They could buy out the Gordon Geckos of the world 100 times over without breaking a sweat.

They make the "Wolf of Wall Street" seem like a flea on the rump of a mutt.

In one word - respect !! These men are good.

 

[redwing]

They are all here...enjoy

 

[Ostraylia]

They are all here...enjoy

Thank you for the link.

 

[redwing]

See Page 19

My money, I should add, is where my mouth is: What I advise here is essentially identical to certain instructions I?ve laid out in my will. One bequest provides that cash will be delivered to a trustee for my wife?s benefit. (I have to use cash for individual bequests, because all of my Berkshire shares will be fully distributed to certain philanthropic organizations over the ten years following the closing of my estate.) My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard?s.) I believe the trust?s long-term results from this policy will be superior to those attained by most investors ? whether pension funds, institutions or individuals ? who employ high-fee managers.

Could've also been written by John Bogle or a whole host of other investors who subscribe to a similar philosophy

 

[Intrinsic_Value]

fascinating,
look at the variance of movement of bv to S&P500 market performance over the last few years.

Lots of interesting inferences to be gained, especially when one links it to a recent Seth Klarman report (a Buffett protogee who has a 3 decade investment performance of roughly 20% pa investment performance)

http://www.zerohedge.com/news/2014-03-08/seth-klarman-born-bulls-bitcoin-truman-show-market

And for our very own somersoft indicator, just look at the recent shares vs property threads (but the Australian market is relatively tame compared to overseas markets, so likewise the thread is much more tame compared to pre GFC).

 

[Intrinsic_Value]

and for those looking to make excuses for QBE, look at their insurance profits

 

[redwing]

fascinating,
look at the variance of movement of bv to S&P500 market performance over the last few years.

Lots of interesting inferences to be gained, especially when one links it to a recent Seth Klarman report (a Buffett protogee who has a 3 decade investment performance of roughly 20% pa investment performance)

http://www.zerohedge.com/news/2014-03-08/seth-klarman-born-bulls-bitcoin-truman-show-market

And for our very own somersoft indicator, just look at the recent shares vs property threads (but the Australian market is relatively tame compared to overseas markets, so likewise the thread is much more tame compared to pre GFC).

There's an interesting interview here with Seth Klarman

Haven't been able to find a source of all of his letters in one place though

Apparently Klarman lagged the S&P 500 over a 10 year period from 1991 to 2001, his average annual return was 12.83% while the S&P 500 was 15.25%. The out-performance and 20% figure must be overall/annualised over a longer period?