Warren reports 1982 earnings to be $46.37 million compared to earnings of $62.60 million for 1981...Earnings from operations only are $31.50 million for 1982 and $39.42 million for 1981...Warren's great investment selection continues to be the reason for the operating earnings number one category to be Net Investment Income...
Warren discusses the percentage of earnings as a percent of net worth...He talks about the percentage of earnings to net worth and how it has dropped...Warren also discusses the accounting issues of owning partial companies...Berkshire has stock holdings of many companies that are not wholly owned...Warren discusses the imperfections of the accounting system, when you own less than a majority of a company or a wholly owned company...He gives his view on when you own twenty percent or more of a company (and when you own less) and how that impacts earnings...
Warren has a table in the annual report that shows the last three years of insurance underwriting...Insurance underwriting has grown no more than six percent (in any of the last three years)...
The largest earnings categories are:
Insurance Group-Includes Insurance Underwriting and Net Investment Income-Insurance
Underwriting lost money in 1982...The loss was $11.35 million...
Net Investment Income $ 35.7 million
See's Candies $ 6.9 million
Blue Chip - Parent $ 2.5 million
Wesco Financial - Parent $ 2.2 million
Wesco Financial - Parent $ 2.2 million
Mutual Savings & Loan $ 1.52 million
Holdings of $45 million or more by market value of non controlling common stocks:
GEICO, an insurance company $309 million...
R. J. Reynolds Company $159 million...
General Foods $84 million...
The Washington Post $103 million...
The Washington Post $103 million...
Time, Inc $80 million...
Crum & Foster $49 million...
Handy & Harman $47 million...
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