Warren starts copyrighting his annual reports in 1977...There is a demand for his current and past annual reports...Berkshire would bind his annual reports and sell them...
Earnings for Berkshire Hathaway was 21.9 million...EPS were 22.54...The Illinois National Bank earned $3.6 million...The textile division had a poor year...The insurance underwriting grew substantially...Blue Chip Stamps had large capital gains that help increase earnings for 1977...In Warren's investment portfolio, the insurance division's investment income was $12.3 million in 1977...The realized capital gains were $6.9 million...In the total portfolio in 1977 the unrealized gain in stocks was $74 million...
Warren talks about the importance of owning good businesses...For instance, the textile company may be ran well, but is it a good business...The insurance business is a good business, where you can make a mistake and recover, while the textile company when you make a mistake you suffer longer...Warren tries to buy businesses he understands...He wants companies with strong futures...He looks for good management...And he wants to buy low or at least at the right price...All these concepts, still apply today...Of all his past holdings, most of them had been sold...Warren would retain his 100% subsidiaries, such as See's Candies, National Indemnity, but he many time sold off his stock holdings that he did not 100% own...In 1976 the holdings of Capital Cities, Washington Post (purchased in 1973-4 ), and GEICO would be long term holdings...Capital Cities would later be bought out by Disney, and Warren would liquidate that position...GEICO would be purchased in its entirety in 1996...As of 2008, Berkshire retains its Washington Post position, despite the internet and the immediate publishing of news and the new internet media, pushing all newspaper stocks lower and lower...
Earnings for Berkshire Hathaway was 21.9 million...EPS were 22.54...The Illinois National Bank earned $3.6 million...The textile division had a poor year...The insurance underwriting grew substantially...Blue Chip Stamps had large capital gains that help increase earnings for 1977...In Warren's investment portfolio, the insurance division's investment income was $12.3 million in 1977...The realized capital gains were $6.9 million...In the total portfolio in 1977 the unrealized gain in stocks was $74 million...
Warren talks about the importance of owning good businesses...For instance, the textile company may be ran well, but is it a good business...The insurance business is a good business, where you can make a mistake and recover, while the textile company when you make a mistake you suffer longer...Warren tries to buy businesses he understands...He wants companies with strong futures...He looks for good management...And he wants to buy low or at least at the right price...All these concepts, still apply today...Of all his past holdings, most of them had been sold...Warren would retain his 100% subsidiaries, such as See's Candies, National Indemnity, but he many time sold off his stock holdings that he did not 100% own...In 1976 the holdings of Capital Cities, Washington Post (purchased in 1973-4 ), and GEICO would be long term holdings...Capital Cities would later be bought out by Disney, and Warren would liquidate that position...GEICO would be purchased in its entirety in 1996...As of 2008, Berkshire retains its Washington Post position, despite the internet and the immediate publishing of news and the new internet media, pushing all newspaper stocks lower and lower...
The earnings top five divisions in -millions- were:
Net Investment Income $11.4
Illinois National Bank $3.3
Insurance Underwriting $3.0
See's Candies $3.0
Mutual Savings & Loan $1.9
Holdings of $5 million or more:
Capital Cities, A television network and radio stations, This company would be sold and not be included in Berkshire's 1978 totals...
GEICO preferred shares, An insurance company...
GEICO common shares, An insurance company...
Interpublic Group of Companies, The largest advertising agency in the world...
Kaiser Aluminum & Chemical, An aluminum and chemical company...
Kaiser Industries, Holding company of Kaiser Aluminum & Chemical...This company would be sold and not be included on Berkshire's totals in 1978...
Ogilvy & Mather, A large advertising agency....This company would be sold and not be included in the 1978 Berkshire's totals in 1978...
Knight-Ridder Newspapers, Inc, A large newspaper company...
The Washington Post, Class B, A large newspaper which covers Washington D. C.
No comments:
Post a Comment