Chairman's Letter - 1984 - Deepstash
Chairman's Letter - 1984

Chairman's Letter - 1984

Curated from: berkshirehathaway.com

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WARREN BUFFETT

We regard any annual figure for realized capital gains or losses as meaningless, but we regard the aggregate realized and unrealized capital gains over a period of years as very important.

WARREN BUFFETT

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When companies with outstanding businesses and comfortable financial positions find their shares selling far below intrinsic value in the marketplace, no alternative action can benefit shareholders as surely as repurchases (buybacks).

WARREN BUFFETT

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In GEICO’s case, as in all of our investments, we look to business performance, not market performance. If we are correct in expectations regarding the business, the market eventually will follow along.

WARREN BUFFETT

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Most managers have very little incentive to make the intelligent-but-with-some-chance-of-looking-like-an-idiot decision. Their personal gain/loss ratio is all too obvious: if an unconventional decision works out well, they get a pat on the back and, if it works out poorly, they get a pink slip. (Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press.)

WARREN BUFFETT

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With 47% of Berkshire’s stock, Charlie and I don’t worry about being fired, and we receive our rewards as owners, not managers. Thus we behave with Berkshire’s money as we would with our own.

WARREN BUFFETT

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Billy Rose described the problem of over-diversification: “If you have a harem of forty women, you never get to know any of them very well.”

WARREN BUFFETT

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...over time distributable earnings that have been withheld by managers should earn their keep. If earnings have been unwisely retained, it is likely that managers, too, have been unwisely retained.

WARREN BUFFETT

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3 reads

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