Warren reports 1981 earnings to be $62.60 million compared to earnings of $53.12 million for 1980...Earnings from operations only are $39.42 million for 1981 and $41.92 million for 1980...Warren's great investment selection continues to be the reason for the operating earnings number one category to be Net Investment Income...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 now there are now no Illinois National Bank's earnings...
Warren discusses the high interest rates of the long term bond yielding 16%...The long term tax exempt bond is currently earning 14%...He explains with these less risky fixed income securities and these high rates makes common stocks and businesses worth less...
The largest earnings categories are:
Insurance Group-Includes Insurance Underwriting and Net Investment Income-
Insurance Underwriting was only $.80 million (this ranks underwriting the seventh in this years operating earnings for Berkshire)
Net Investment Income $32.4 million
See's Candies $ 6.2 million
Blue Chip - Parent $2.1 million
Wesco Financial - Parent $1.59 million
Mutual Savings & Loan $ 1.54 million
Mutual Savings & Loan $ 1.54 million
Holdings of $30 million or more by market value of non controlling common stocks:
GEICO, an insurance company $200 million...
R. J. Reynolds Company $83 million...
General Foods $67 million...
General Foods $67 million...
The Washington Post $58 million...
Handy & Harman $36 million...
SAFECO Insurance $31 million...
Handy & Harman $36 million...
SAFECO Insurance $31 million...
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