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THE CLEVELAND MUSEUM of ART ANNUAL REPORT 2002 1 0-Cover.P65 the CLEVELAND MUSEUM of ART
ANNUAL REPORT 2002 THE CLEVELAND MUSEUM OF ART THE CLEVELAND MUSEUM OF ART REPORT 2002 ANNUAL 0-Cover.p65 1 6/10/2003, 4:08 PM THE CLEVELAND MUSEUM OF ART ANNUAL REPORT 2002 1-Welcome-A.p65 1 6/10/2003, 4:16 PM Feathered Panel. Peru, The Cleveland Narrative: Gregory Photography credits: Brichford: pp. 7 (left, Far South Coast, Pampa Museum of Art M. Donley Works of art in the both), 9 (top), 11 Ocoña; AD 600–900; 11150 East Boulevard Editing: Barbara J. collection were photo- (bottom), 34 (left), 39 Cleveland, Ohio Bradley and graphed by museum (top), 61, 63, 64, 68, Papagayo macaw feathers 44106–1797 photographers 79, 88 (left), 92; knotted onto string and Kathleen Mills Copyright © 2003 Howard Agriesti and Rodney L. Brown: p. stitched to cotton plain- Design: Thomas H. Gary Kirchenbauer 82 (left) © 2002; Philip The Cleveland Barnard III weave cloth, camelid fiber Museum of Art and are copyright Brutz: pp. 9 (left), 88 Production: Charles by the Cleveland (top), 89 (all), 96; plain-weave upper tape; All rights reserved. 81.3 x 223.5 cm; Andrew R. Szabla Museum of Art. The Gregory M. Donley: No portion of this works of art them- front cover, pp. 4, 6 and Martha Holden Jennings publication may be Printing: Great Lakes Lithograph selves may also be (both), 7 (bottom), 8 Fund 2002.93 reproduced in any protected by copy- (bottom), 13 (both), form whatsoever The type is Adobe Front cover and frontispiece: right in the United 31, 32, 34 (bottom), 36 without the prior Palatino and States of America or (bottom), 41, 45 (top), As the sun went down, the written permission Bitstream Futura abroad and may not 60, 62, 71, 77, 83 (left), lights came up: on of the Cleveland adapted for this be reproduced in any 85 (right, center), 91; September 11, the facade Museum of Art. -
Uber Technologies Inc.: Managing Opportunities and Challenges
Center for Ethical Organizational Cultures Auburn University http://harbert.auburn.edu Uber Technologies Inc.: Managing Opportunities and Challenges INTRODUCTION Uber Technologies Inc. (Uber) is a tech startup that provides ride sharing services by facilitating a connection between independent contractors (drivers) and riders with the use of an app. Uber has expanded its operations to 58 countries around the world and is valued at around $41 billion. Because its services costs less than taking a traditional taxi, in the few years it has been in business Uber and similar ride sharing services have upended the taxi industry. The company has experienced resounding success and is looking toward expansion both internationally and within the United States. However, Uber’s rapid success is creating challenges in the form of legal and regulatory, social , and technical obstacles. The taxi industry, for instance, is arguing that Uber has an unfair advantage because it does not face the same licensing requirements as they do. Others accuse Uber of not vetting their drivers, creating potentially unsafe situations. An accusation of rape in India has brought this issue of safety to the forefront. Some major cities are banning ride sharing services like Uber because of these various concerns. Additionally, Uber has faced various lawsuits, including a lawsuit filed against them by its independent contractors. Its presence in the market has influenced lawmakers to draft new re gulations to govern this “app-driven” ride sharing system. Legislation can often hinder a company’s expansion opportunities because of the resources it must expend to comply with regulatory requirements. Uber has been highly praised for giving independent contractors an opportunity to earn money as long as they have a car while also offering convenient ways for consumers to get around at lower costs. -
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BERKSHIRE HATHAWAY INC. 2019 ANNUAL REPORT BERKSHIRE HATHAWAY INC. 2019 ANNUAL REPORT TABLE OF CONTENTS Berkshire’s Performance vs. the S&P 500 ................................................. 2 Chairman’s Letter* ................................................................... 3-14 Form 10-K – Business Description ............................................................. K-1 Risk Factors ................................................................... K-21 Description of Properties ......................................................... K-25 Selected Financial Data .......................................................... K-31 Management’s Discussion ........................................................ K-32 Management’s Report on Internal Controls ........................................... K-62 Independent Auditor’s Report ..................................................... K-63 Consolidated Financial Statements .................................................. K-66 Notes to Consolidated Financial Statements .......................................... K-71 Appendices – Operating Companies ............................................................ A-1 Annual Meeting Information ...................................................... A-2/A-3 Stock Transfer Agent ............................................................ A-3 Directors and Officers of the Company ........................................... Inside Back Cover *Copyright© 2020 By Warren E. Buffett All Rights Reserved 1 Berkshire’s Performance vs. the -
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BERKSHIRE HATHAWAY INC. 3555 Farnam Street Omaha, Nebraska 68131 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS May 1, 2021 TO THE SHAREHOLDERS: Notice is hereby given that the Annual Meeting of the Shareholders of Berkshire Hathaway Inc. will be held on May 1, 2021 at 5:00 p.m. Eastern time. Due to the COVID-19 pandemic, the Annual Meeting will be held in a virtual format only to provide a safe experience for our shareholders and employees. Items of Business: 1. To elect directors. 2. To act on two shareholder proposals if properly presented at the meeting. 3. To consider and act upon any other matters that may properly come before the meeting or any adjournment thereof. The Board of Directors has fixed the close of business on March 3, 2021 as the record date for determining the shareholders having the right to vote at the meeting or any adjournment thereof. A list of such shareholders will be available for examination by a shareholder for any purpose germane to the meeting during ordinary business hours, during the ten days prior to the meeting. You are requested to date, sign and return the enclosed proxy which is solicited by the Board of Directors of the Corporation and will be voted as indicated in the accompanying proxy statement and proxy. A return envelope is provided which requires no postage if mailed in the United States. If mailed elsewhere, foreign postage must be affixed. At 1:30 p.m. Eastern time, a Question and Answer period will commence. The Question and Answer period will last until 5:00 p.m. -
The Competitive Advantages of Buffett & Munger Businesses by Bud
Moats The Competitive Advantages Of Buffett & Munger Businesses By Bud Labitan Copyright © 2011 All rights reserved. Printed in the United States of America. No part of this book may be used or reproduced in any manner without permission. Chapters 1-5 / 70 Abridged version. A truly great business must have an enduring “moat” that protects excellent returns on invested capital. ~ Warren Buffett How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it. ~ Charlie Munger Here is a 5 chapter preview of the new book called Moats. From: Bud Labitan and the Moats research team http://www.frips.com/book.htm Table of Contents INTRODUCTION CHAPTER 1: ACME BRICK COMPANY CHAPTER 2: AMERICAN EXPRESS CO. (AXP) CHAPTER 3: APPLIED UNDERWRITERS CHAPTER 4: BEN BRIDGE JEWELER CHAPTER 5: BENJAMIN MOORE & CO. CHAPTER 6: BERKSHIRE HATHAWAY GROUP CHAPTER 7: BERKSHIRE HATHAWAY HOMESTATE COMPANIES CHAPTER 8: BOATU.S. CHAPTER 9: BORSHEIMS FINE JEWELRY CHAPTER 10: BUFFALO NEWS CHAPTER 11: BURLINGTON NORTHERN SANTA FE CORP. CHAPTER 12: BUSINESS WIRE CHAPTER 13: BYD CHAPTER 14: CENTRAL STATES INDEMNITY COMPANY CHAPTER 15: CLAYTON HOMES CHAPTER 16: COCA COLA (KO) CHAPTER 17: CONOCOPHILLIPS (COP) CHAPTER 18: CORT BUSINESS SERVICES CHAPTER 19: COSTCO WHOLESALE (COST) CHAPTER 20: CTB INC. CHAPTER 21: FECHHEIMER BROTHERS COMPANY CHAPTER 22: FLIGHTSAFETY CHAPTER 23: FOREST RIVER CHAPTER 24: FRUIT OF THE LOOM® CHAPTER 25: GARAN INCORPORATED CHAPTER 26: GATEWAY UNDERWRITERS AGENCY CHAPTER 27: GEICO AUTO INSURANCE CHAPTER 28: GENERAL RE CHAPTER 29: H.H. BROWN SHOE GROUP CHAPTER 30: HELZBERG DIAMONDS CHAPTER 31: HOMESERVICES OF AMERICA CHAPTER 32: IBM CHAPTER 33: INTERNATIONAL DAIRY QUEEN, INC. -
1988-Berkshire-10K Click to View
Fl3l5 SIC 633 BERKSHIRE HA"t:HAWAY INC B 40' 86 00 000 10-K l\IY~ ... CARO·~ FOR 12131188 Quick Reference Chart to Contents of SEC Filings Registration Statements c: "'::> .!2 c: 13 '34 Act '33 Cl~ a: >- E" "c. Act c: ·- xS F-10 8-A "S" :;; 0.. < e~ "'E! UJ REPORT CONTENTS 10-K 20-F 10-Q 8-K 10-C 6-K a. en a. 8-B Type ARS ~~ z Auditor D Name A A A A A A D Opinion A A A A D Changes A Compensation Plans D Equity F F A F D Monetary A F A F Company Information D Nature of Business A A A A A D History F A A F A D Organization and Change F F A A F A Debt Structure A A A A Depreciation & Other Schedules A A A A A Dilution Factors A A F A A A Directors, Officers1 Insiders D Identification D Background D Holdings D Compensation Earnings Per Share A Financial Information D Annual Audited D Interim Audited D Interim Unaudited Foreign Operations Labor Contracts Legal Agreements Legal Counsel Loan Agreements Plants and i;>ropertles ' Portfolio Opfratlons D Content,i,Listing of Securities) A D Management A Product-Line Breakout A A A Securities Structure A A Subsidiaries A A Underwriting A Unregistered Securities A Block Movements A Legend A - always included - included - if occurred or significant F - frequently included - special circumstances only TENDER OFFER/ACQUISITION REPORTS 13D 13 G 14D-1 14D-9 13E-3 13E-4 Name of Issuer (Subject Company) A A A A A A Filing Person (or Company) A A A A A A Amount of Shares Owned A A Percent of Class Outstanding A A Financial Statements of Bidders F F F Purpose of Tender Offer A A A A Source and Amount of Funds A A A Identity and Background Information A A A Persons Retained Employed or to be Compensated A A A A Exhibits F F F F F © Copyright 1988<c/;SCLOSVRE® 1NcoRPoRATEo 5161 River Road D 'Bethesda, MD 20816 D 301/951-1300 •_'; BJ+oEt...O""D SECURITIES AND EXCHANGE COMMISSION ... -
Agency Costs in Law-Firm Selection: Are Companies Under-Spending on Counsel?
Draft of June 30, 2016 AGENCY COSTS IN LAW-FIRM SELECTION: ARE COMPANIES UNDER-SPENDING ON COUNSEL? Elisabeth de Fontenay* __ CAP. MKTS. L. J. __ (forthcoming) ABSTRACT A growing body of literature examines whether corporate clients derive sufficient value from the law firms that they engage. Yet little attention has been paid to whether clients optimally select among law firms in the first place. One entry-point is to identify discrepancies in the quality of counsel selected by different corporate clients for the very same work. Using a large sample of loans, this Article finds that major U.S. public companies select lower-ranked law firms for their financing transactions than do private equity-owned companies, controlling for various deal characteristics. While some of this discrepancy can be attributed to value-maximizing behavior, agency and other information problems within public companies may distort their choice of counsel. Contrary to the thrust of existing commentary, U.S. public companies may well be spending too little on outside counsel. TABLE OF CONTENTS Introduction ............................................................................................................. 2 I. Law Firm Selection in Practice: Private Equity Firms vs. Public Companies ......... 5 A. Description of Data ...................................................................................... 6 B. Model and Results ........................................................................................ 9 II. Interpreting the Results ..................................................................................... -
Insurance Prices May Continue to Decline
Insurance Prices May Continue to Decline by Bloomberg News PASADENA, Calif. (Bloomberg)—Berkshire Hathaway Inc.’s Charles Munger, who has helped Chairman Warren Buffett reduce the firm’s reliance on insurance sales, said declines in policy prices may continue, even as the economy shows signs of recovery. “I would not bet the farm” on price increases, Mr. Munger said Wednesday in Pasadena, Calif., at a shareholders’ meeting of Berkshire’s Wesco Financial Corp. “It’s so easy to underprice and under-reserve.” Mr. Buffett, 79, scaled back coverage of natural disasters in the last two years and invested Berkshire’s cash in bank shares and the $27 billion takeover of railroad Burlington Northern Santa Fe Corp. Mr. Munger, who oversees businesses insuring banks and airlines as Wesco’s chairman, pushed Mr. Buffett to buy a stake in Chinese automaker BYD Co. in 2008. U.S. commercial insurance rates have fallen since 2004 as carriers compete for business. “We’re more tough-minded” than rivals who cut prices, said Mr. Munger. “Berkshire is different.” Mr. Munger, 86, helped Buffett evaluate the takeovers that in the last three decades turned Omaha, Neb.-based Berkshire into a $190 billion firm that sells energy and diamonds, hauls freight and underwrites earthquake insurance. He’s been Berkshire’s vice chairman since 1978 and shares the stage with Mr. Buffett at the company’s annual meeting in Omaha. Messrs. Munger and Buffett drew a crowd of 37,000 people to the May 1 meeting of Berkshire shareholders and they answered questions for five hours on the economy, public policy, business ethics and the company they run. -
2006 Annual Report
BERKSHIRE HATHAWAY INC. 2006 ANNUAL REPORT TABLE OF CONTENTS Business Activities........................................................Inside Front Cover Corporate Performance vs. the S&P 500 ................................................ 2 Chairman’s Letter* ................................................................................. 3 Acquisition Criteria ................................................................................25 Report of Independent Registered Public Accounting Firm...................25 Consolidated Financial Statements.........................................................26 Selected Financial Data For The Past Five Years ..................................................................................53 Management’s Discussion ......................................................................54 Management’s Report on Internal Control Over Financial Reporting ...................................................................73 Owner’s Manual .....................................................................................74 Common Stock Data and Corporate Governance Matters......................79 Operating Companies .............................................................................80 Directors and Officers of the Company.........................Inside Back Cover *Copyright © 2007 By Warren E. Buffett All Rights Reserved Business Activities Berkshire Hathaway Inc. is a holding company owning subsidiaries that engage in a number of diverse business activities including property -
The Complete Financial History of Berkshire Hathaway by Adam
The Complete Financial History of Berkshire Hathaway By Adam Mead Audiobook Companion Audiobook Contents (Charts included from the chapters below) Chapter 1: Textile Conglomerate Chapter 2: 1955–1964 Chapter 3: 1965–1974 Chapter 4: 1975–1984 Chapter 5: 1985–1994 Chapter 6: 1995–2004 Chapter 7: 2005–2014 Chapter 8: The First iftyF Years: 1965–2014 Chapter 9: 2015–2019 Chapter 10: World’s Greatest Conglomerate Chapter 11: Afterward—Berkshire After Buffett vii Figure 1.1: Millions of spindles in place by year and location 40 35 30 25 millions) 20 15 Spindles (in 10 5 0 1914 1925 1938 United States New England Massachusetts Southern States Source: The Decline Of A Cotton Textile City (Wolfbein p. 161). 12 Chapter 1: Textile Conglomerate Table 1.1: Comparative operational data for Berkshire Fine Spinning Associates and Hathaway Manufacturing Berkshire Fine Spinning Hathaway Manufacturing 1934 Net revenues ($ millions) $16.3 $3.9 Equity capital ($ millions) $13.8 $2.1 # spindles 900,000 79,000 # looms 20,000 3,200 1939 Net revenues ($ millions) $18.4 $7.3 Equity capital ($ millions) $13.1 $2.2 # spindles 748,000 62,000 # looms 15,000 2,800 1935–1939 (average) Return on equity 0% 6.10% Profit margin 1.40% 2.10% Revenues/average equity1 $1.34 $3.15 Footnote: Revenues/average equity calculation is from 1936–39 because no data is available for 1935 for Hathaway Manufacturing. Note: No data on 1939 for BFS, but spindles/looms same in 1938 and 1940. Sources: Moody’s Industrial Manuals 1934-40 and author’s calculations. 13 Chapter 1: Textile Conglomerate Figure 1.2: Revenues at Berkshire Fine Spinning and Hathaway Manufacturing from 1940–1949 $70 $60 $50 $40 $30 Revenues (millions) $20 $10 $0 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 Berkshire Fine Spinning Hathaway Manufacturing Sources: Moody’s Industrial Reports and Berkshire Hathaway Annual Reports. -
Berkshire Hathaway Annual Meeting May 5, 2012 These Notes Are Recollections Only, Without the Aid of a Recording Device
Berkshire Hathaway Annual Meeting May 5, 2012 These notes are recollections only, without the aid of a recording device. They should not be relied upon. –PB WB: Good morning. I’m Warren and this hyperkinetic fellow is Charlie. We’ll conduct this pretty much as we have in past. We’ll take questions until 3:30, and then begin the regular meeting of shareholders at that time. Feel free to shop. See ‘s Candy has placed a lollipop at every seat, and if you could open the lollipop now we’ll post a picture on Facebook, and for the media. And now you can take off the cover and good part comes. CM and I have fudge and peanut brittle. If we’ve consumed 10k calories each we’ll have to stop early. We released Q1 earnings yesterday. In general, all our companies with the exception of those in residential construction have pretty much shown good earnings. Our five largest non-reinsurance companies all had record earnings last year, $9bil pre-tax. I said that I thought they would earn $10bil pretax this year, and nothing we have seen so far would cause me to backtrack on this. One cost at Geico is an accounting change or deferred policy acquisition cost, dpac. No change on cash, but took earnings down 250m pretax. It is a deferred advertising issue. We had a terrific Q1 at Geico, float grew and we had a 9% margin. The Dpac charges may affect 2Q and a little in 3Q, but underlying figures are somewhat better than what we’ve presented. -
M60879 Annual Report 2002
ourcontributors The FEI Research Foundation extends its gratitude to the contributors to its 2001-2002 annual campaign. Supporters included public and private corporations, FEI chapters and individuals from both the active and retired FEI membership ranks. We consider every donor our partner in providing timely, practical research to enhance the financial management profession. In the listings below, an asterisk (*) indicates that the donor has contributed for at least five consecutive years. Two asterisks (**) indicate at least ten consecutive years of giving. The President’s Circle: Corporations & Individuals Investor Corning Incorporated** Lockheed Martin** CVS Corporation Marsh & McLennan Companies, Inc.** $10,000 or more DaimlerChrysler Corporation** Medtronic, Inc.* Abbott Laboratories** The Dow Chemical Company** Merck & Co., Inc.** American International Group Inc.** Duke Energy Corporation** PepsiCo Incorporated** AT&T** E. I. du Pont de Nemours and Company** Pfizer Inc.** Bristol-Myers Squibb Company** Eli Lilly & Company** David M. Taggart Microsoft Corporation** ExxonMobil Corporation** Tenneco Automotive Inc.** General Electric Company** Verizon Patron General Motors Corporation** Wyeth* (formerly American Home Products) H. J. Heinz Company** Anonymous $5,000- $9,999 Hewlett Packard Company** ALCOA** Household International, Inc.** In-kind Contributor Aquila Energy J.P. Morgan Chase Dell USA Baxter International, Inc.** Johnson & Johnson** Leadership Council: Corporations $2,000 - $4,999 Johnson Controls Inc.** Keyspan Energy