Warren reports 1980 earnings to be $53.12 million compared to earnings of $42.82 million for 1979...Earnings from operations only are $41.92 million for 1980 and $35.99 million for 1979...
Insurance companies since 1979 must begin reporting their securitites at market value on their balance sheets...In the past the reporting was the lower of either their cost or market value...This would result in a large increase in net worth and book value for Berkshire, because of the large amount of unrealized gains...Warren's great investment selection, of course, was the reason behind these large unrealized gains...
The Illinois National Bank, which Berkshire purchased in 1969 had to be spun off in 1980 (because of the Bank Holding Company Act of 1969)...So in the future this bank's earnings would not be a part of Berskire's earnings...Berskire completed the exchange of 41,086 shares of Rockford Bancorp, which owns 97.7% of Illinois National Bank for a like number of Berkshire Hathaway shares...Warren talks about Gregg Abegg the founder of Illinois National Bank passing away on July 2nd, 1980...Warren tells of him being a great leader, banker, and friend...Warren says Gregg worked harder after Berkshire bought the bank than before Berkshire owned it and Warren said he would miss him...
Insurance companies since 1979 must begin reporting their securitites at market value on their balance sheets...In the past the reporting was the lower of either their cost or market value...This would result in a large increase in net worth and book value for Berkshire, because of the large amount of unrealized gains...Warren's great investment selection, of course, was the reason behind these large unrealized gains...
The Illinois National Bank, which Berkshire purchased in 1969 had to be spun off in 1980 (because of the Bank Holding Company Act of 1969)...So in the future this bank's earnings would not be a part of Berskire's earnings...Berskire completed the exchange of 41,086 shares of Rockford Bancorp, which owns 97.7% of Illinois National Bank for a like number of Berkshire Hathaway shares...Warren talks about Gregg Abegg the founder of Illinois National Bank passing away on July 2nd, 1980...Warren tells of him being a great leader, banker, and friend...Warren says Gregg worked harder after Berkshire bought the bank than before Berkshire owned it and Warren said he would miss him...
Warren discusses a company repurchasing its stock and the advantages the company has, especially if the company is purchasing its shares at a low price...Warren also discusses his ideas on being a long term investor and the importance of being a long term investor...
The largest earnings categories are:
Insurance Group-Includes Insurance Underwriting and Net Investment Income-
Insurance Underwriting $3.6 million
Net Investment Income $20.1 million
Illinois National Bank $4.7 million
See's Candies $ 4.2 million
Blue Chip - Parent $3.1 million
Mutual Savings & Loan $ 2.0 million
Holdings of $40 million or more by market value:
GEICO, an insurance company...
General Foods, a food company and food processor...
Handy & Harman, a specialized metals company...
SAFECO, an insurance company...
The Washington Post, a large newpaper organization...
The Washington Post, a large newpaper organization...
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