DOCSLIB.ORG

Printmgr File

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Printmgr File BERKSHIRE HATHAWAY INC. 2011 ANNUAL REPORT Business Activities Berkshire Hathaway Inc. is a holding company owning subsidiaries that engage in a number of diverse business activities including property and casualty insurance and reinsurance, freight rail transportation, utilities and energy, finance, manufacturing, services and retailing. Included in the group of subsidiaries that underwrite property and casualty insurance and reinsurance is GEICO, the third largest private passenger auto insurer in the United States and two of the largest reinsurers in the world, General Re and the Berkshire Hathaway Reinsurance Group. Other subsidiaries that underwrite property and casualty insurance include National Indemnity Company and affiliated insurance entities, Medical Protective Company, Applied Underwriters, U.S. Liability Insurance Company, Central States Indemnity Company, Kansas Bankers Surety, Cypress Insurance Company, BoatU.S. and several other subsidiaries referred to as the “Berkshire Hathaway Homestate Companies.” Burlington Northern Santa Fe (“BNSF”) operates one of the largest railroad systems in North America. In serving the Midwest, Pacific Northwest and the Western, Southwestern and Southeastern regions and ports of the U.S., BNSF transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries. MidAmerican Energy Holdings Company (“MidAmerican”) is an international energy holding company owning a wide variety of operating companies engaged in the generation, transmission and distribution of energy. Among MidAmerican’s operating energy companies are Northern Powergrid; MidAmerican Energy Company; Pacific Power and Rocky Mountain Power; and Kern River Gas Transmission Company and Northern Natural Gas. In addition, MidAmerican owns HomeServices of America, a real estate brokerage firm. Berkshire’s finance and financial products businesses primarily engage in proprietary investing strategies (BH Finance), commercial and consumer lending (Berkshire Hathaway Credit Corporation and Clayton Homes) and transportation equipment and furniture leasing (XTRA and CORT). McLane Company is a wholesale distributor of groceries and nonfood items to discount retailers, convenience stores, quick service restaurants and others. The Marmon Group is an international association of approximately 140 manufacturing and service businesses that operate independently within diverse business sectors. Numerous business activities are conducted through Berkshire’s other manufacturing, services and retailing subsidiaries. Shaw Industries is the world’s largest manufacturer of tufted broadloom carpet. Benjamin Moore is a formulator, manufacturer and retailer of architectural and industrial coatings. Johns Manville is a leading manufacturer of insulation and building products. Acme Building Brands is a manufacturer of face brick and concrete masonry products. MiTek Inc. produces steel connector products and engineering software for the building components market. Fruit of the Loom, Russell, Vanity Fair, Garan, Fechheimer, H.H. Brown Shoe Group, Justin Brands and Brooks Athletic manufacture, license and distribute apparel and footwear under a variety of brand names. FlightSafety International provides training to aircraft operators. NetJets provides fractional ownership programs for general aviation aircraft. Nebraska Furniture Mart, R.C. Willey Home Furnishings, Star Furniture and Jordan’s Furniture are retailers of home furnishings. Borsheims, Helzberg Diamond Shops and Ben Bridge Jeweler are retailers of fine jewelry. In addition, other manufacturing, service and retail businesses include: The Buffalo News and The Omaha World-Herald (acquired by Berkshire on December 23, 2011), publishers of daily and Sunday newspapers; See’s Candies, a manufacturer and seller of boxed chocolates and other confectionery products; Scott Fetzer, a diversified manufacturer and distributor of commercial and industrial products; Larson-Juhl, a designer, manufacturer and distributor of high-quality picture framing products; CTB International, a manufacturer of equipment for the livestock and agricultural industries; International Dairy Queen, a licensor and service provider to about 6,100 stores that offer prepared dairy treats and food; The Pampered Chef, the premier direct seller of kitchen tools in the U.S.; Forest River, a leading manufacturer of leisure vehicles in the U.S.; Business Wire, the leading global distributor of corporate news, multimedia and regulatory filings; Iscar Metalworking Companies, an industry leader in the metal cutting tools business; TTI, Inc., a leading distributor of electronic components and Richline Group, a leading jewelry manufacturer. The Lubrizol Corporation, acquired by Berkshire on September 16, 2011, is a specialty chemical company that produces and supplies chemical products for transportation, industrial and consumer markets. Operating decisions for the various Berkshire businesses are made by managers of the business units. Investment decisions and all other capital allocation decisions are made for Berkshire and its subsidiaries by Warren E. Buffett, in consultation with Charles T. Munger. Mr. Buffett is Chairman and Mr. Munger is Vice Chairman of Berkshire’s Board of Directors. ************ BERKSHIRE HATHAWAY INC. 2011 ANNUAL REPORT TABLE OF CONTENTS Business Activities ....................................... Inside Front Cover Corporate Performance vs. the S&P 500 .................................. 2 Chairman’s Letter* ................................................... 3 Acquisition Criteria ................................................... 23 Management’s Report on Internal Control Over Financial Reporting ............ 23 Selected Financial Data for the Past Five Years ............................. 24 Report of Independent Registered Public Accounting Firm .................... 25 Consolidated Financial Statements ....................................... 26 Management’s Discussion .............................................. 62 Owner’s Manual ..................................................... 93 Intrinsic Value ....................................................... 99 Common Stock Data .................................................. 100 Operating Companies ................................................. 101 Directors and Officers of the Company ....................... Inside Back Cover *Copyright© 2012 By Warren E. Buffett All Rights Reserved Berkshire’s Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share in S&P 500 Book Value of with Dividends Relative Berkshire Included Results Year (1) (2) (1)-(2) 1965 ..................................................... 23.8 10.0 13.8 1966 ..................................................... 20.3 (11.7) 32.0 1967 ..................................................... 11.0 30.9 (19.9) 1968 ..................................................... 19.0 11.0 8.0 1969 ..................................................... 16.2 (8.4) 24.6 1970 ..................................................... 12.0 3.9 8.1 1971 ..................................................... 16.4 14.6 1.8 1972 ..................................................... 21.7 18.9 2.8 1973 ..................................................... 4.7 (14.8) 19.5 1974 ..................................................... 5.5 (26.4) 31.9 1975 ..................................................... 21.9 37.2 (15.3) 1976 ..................................................... 59.3 23.6 35.7 1977 ..................................................... 31.9 (7.4) 39.3 1978 ..................................................... 24.0 6.4 17.6 1979 ..................................................... 35.7 18.2 17.5 1980 ..................................................... 19.3 32.3 (13.0) 1981 ..................................................... 31.4 (5.0) 36.4 1982 ..................................................... 40.0 21.4 18.6 1983 ..................................................... 32.3 22.4 9.9 1984 ..................................................... 13.6 6.1 7.5 1985 ..................................................... 48.2 31.6 16.6 1986 ..................................................... 26.1 18.6 7.5 1987 ..................................................... 19.5 5.1 14.4 1988 ..................................................... 20.1 16.6 3.5 1989 ..................................................... 44.4 31.7 12.7 1990 ..................................................... 7.4 (3.1) 10.5 1991 ..................................................... 39.6 30.5 9.1 1992 ..................................................... 20.3 7.6 12.7 1993 ..................................................... 14.3 10.1 4.2 1994 ..................................................... 13.9 1.3 12.6 1995 ..................................................... 43.1 37.6 5.5 1996 ..................................................... 31.8 23.0 8.8 1997 ..................................................... 34.1 33.4 .7 1998 ..................................................... 48.3 28.6 19.7 1999 ..................................................... .5 21.0 (20.5) 2000 ..................................................... 6.5 (9.1) 15.6 2001 ..................................................... (6.2) (11.9) 5.7 2002 ..................................................... 10.0 (22.1) 32.1 2003 ..................................................... 21.0 28.7 (7.7)
Load more

Recommended publications
  • May 24, 2018 VIA ELECTRONIC FILING Public Service Commission
    1407 W. North Temple, Suite 310 Salt Lake City, Utah 84116 May 24, 2018 VIA ELECTRONIC FILING Public Service Commission Heber M. Wells Building, Fourth Floor P. O. Box 45585 Salt Lake City, Utah 84145 Attention: Gary Widerburg Commission Secretary RE: Docket No. 18-999-01 FERC Form No. 1 PacifiCorp (d.b.a. Rocky Mountain Power) submits for electronic filing PacifiCorp’s annual FERC Form No. 1 report for the year ended December 31, 2017. PacifiCorp respectfully requests that all data requests regarding this matter be addressed to: By email (preferred): [email protected] [email protected] By regular mail: Data Request Response Center PacifiCorp 825 NE Multnomah, Suite 2000 Portland, OR 97232 Please direct any informal questions to Jana Saba, Regulatory Manager, at (801) 220-2823. Sincerely, Joelle Steward Vice President, Regulation Enclosure CERTIFICATE OF SERVICE I hereby certify that on May 24, 2018, a true and correct copy of the foregoing was served by electronic mail and overnight delivery to the following: Utah Office of Consumer Services Cheryl Murray Utah Office of Consumer Services 160 East 300 South, 2nd Floor Salt Lake City, UT 84111 [email protected] Division of Public Utilities Erika Tedder Division of Public Utilities 160 East 300 South, 4th Floor Salt Lake City, UT 84111 [email protected] _____________________________ Jennifer Angell Supervisor, Regulatory Operations 1 THIS FILING IS Form 1 Approved OMB No.1902-0021 Item 1:X An Initial (Original) OR Resubmission No. ____ (Expires 12/31/2019) Submission Form 1-F Approved OMB No.1902-0029 (Expires 12/31/2019) Form 3-Q Approved OMB No.1902-0205 (Expires 12/31/2019) FERC FINANCIAL REPORT FERC FORM No.
    [Show full text]
  • 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.
    [Show full text]
  • BRK AGM 2016.Pub
    May 2016 Berkshire Hathaway 2016 AGM Omaha, Nebraska Extraordinary Management, The Internet and Energy I had the privilege of travelling for the fourth time to the 2016 Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska last week. The 2015 event was the 50th anniversary of the Warren Buffett / Charlie Munger “Profitable Partnership” at Berkshire Hathaway and the crowd at an estimated 44,000 was out of control. So this year the company invited Yahoo Finance to live-stream the meeting for the first time. Despite this, there was still a great sense of adventure and celebration at the meeting… without the unnecessary large crowds. We’d all come too far to miss out on a good seat, so the day started at 4 a.m. Standing second from the front of the line with friends and like minded investors from Australia, and out of the rain, we were ready for the doors to open. When they did and the chaos subsided, we’d managed to get front row seats, and we knew we were set for another great day! The live-stream, I’m guessing, would have reached out to millions of supporters, shareholders and students, eager to learn from two of the world’s greatest investors, Warren Buffet (WB) now 85 and Charlie Munger (CM), an amazing 92 years of age. WB: “We arranged the online version so more shareholders could see Charlie and I at work and so business owners in other countries could become more familiar with Berkshire”. Despite the live-stream, the format remained the same: three hours of questions, a one hour break and then another three hours of questions, followed by the AGM.
    [Show full text]
  • 2019 SEC Form 10-K (PDF File)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14905 BERKSHIRE HATHAWAY INC. (Exact name of Registrant as specified in its charter) Delaware 47-0813844 State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 3555 Farnam Street, Omaha, Nebraska 68131 (Address of principal executive office) (Zip Code) Registrant’s telephone number, including area code (402) 346-1400 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols Name of each exchange on which registered Class A Common Stock BRK.A New York Stock Exchange Class B Common Stock BRK.B New York Stock Exchange 0.750% Senior Notes due 2023 BRK23 New York Stock Exchange 1.125% Senior Notes due 2027 BRK27 New York Stock Exchange 1.625% Senior Notes due 2035 BRK35 New York Stock Exchange 0.500% Senior Notes due 2020 BRK20 New York Stock Exchange 1.300% Senior Notes due 2024 BRK24 New York Stock Exchange 2.150% Senior Notes due 2028 BRK28 New York Stock Exchange 0.250% Senior Notes due 2021 BRK21 New York Stock Exchange 0.625% Senior Notes due 2023 BRK23A New York Stock Exchange 2.375% Senior Notes due 2039 BRK39 New York Stock Exchange 2.625% Senior Notes due 2059 BRK59 New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Berkshire Hathaway Valuation
    Berkshire Hathaway Business Analysis and Valuation April 2010 Vinod Palikala [email protected] Business Analysis and Valuation by Vinod Palikala Contents 1. Company Overview ............................................................................................................................... 3 2. Valuation Approach .............................................................................................................................. 4 3. Valuation ............................................................................................................................................... 6 3.1. Insurance ....................................................................................................................................... 7 3.2. Utilities and Energy ..................................................................................................................... 12 3.3. Manufacturing, Service and Retail .............................................................................................. 13 3.4. Finance and Financial Products ................................................................................................... 14 3.5. Total Company Valuation ............................................................................................................ 15 4. Alternative Valuation Methods ........................................................................................................... 15 4.1. Book Value Growth ....................................................................................................................
    [Show full text]
  • Federal Register/Vol. 81, No. 122/Friday, June 24
    Federal Register / Vol. 81, No. 122 / Friday, June 24, 2016 / Notices 41303 Applications and Enforcement) 101 FlightSafety International Inc. (12 U.S.C. 1843). Unless otherwise Market Street, San Francisco, California Retirement Income Plan, Fruit of the noted, nonbanking activities will be 94105–1579: Loom Pension Trust, GEICO Corporation conducted throughout the United States. 1. Berkshire Hathaway Inc., and its Pension Plan Trust, Johns Manville Unless otherwise noted, comments subsidiary National Indemnity Corporation Master Pension Trust, regarding each of these applications Company, together with National Fire & Justin Brands Inc. Union Pension Plan must be received at the Reserve Bank Marine Insurance Company, Columbia & Justin Brands Inc. Pension Plan & indicated or the offices of the Board of Insurance Company, National Liability Trust, Acme Brick Company Pension Governors not later than July 22, 2016. & Fire Insurance Company, Cypress Trust and Scott Fetzer Company A. Federal Reserve Bank of Atlanta Insurance Company, National Collective Investment Trust, all in (Chapelle Davis, Assistant Vice Indemnity Company of the South, Omaha, Nebraska; Warren Buffett, President), 1000 Peachtree Street NE., Redwood Fire and Casualty Company, Omaha, Nebraska; Charles Munger, Los Atlanta, Georgia 30309. Comments can Government Employees Insurance Angeles, California; and certain also be sent electronically to Company, General Reinsurance immediate family members of Warren [email protected]: Corporation, General Re Life Buffett and Charles Munger, to retain 1. Peach State Bancshares, Inc., to Corporation, General Star Indemnity and acquire additional voting shares of become a bank holding company by Company, Mount Vernon Fire Insurance Wells Fargo & Company, San Francisco, acquiring 100 percent of the voting Company, U.S.
    [Show full text]
  • 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 ...
    [Show full text]
  • Unione Italiana Reinsurance Company of America, Inc
    REPORT ON EXAMINATION OF THE UNIONE ITALIANA REINSURANCE COMPANY OF AMERICA, INC. AS OF DECEMBER 31, 2009 DATE OF REPORT FEBRUARY 8, 2011 EXAMINER RYAN HAVICK TABLE OF CONTENTS ITEM NO. PAGE NO. 1. Scope of examination 2 2. Description of Company 3 A. Management 3 B. Territory and plan of operation 5 C. Reinsurance 6 D. Holding company system 6 E. Significant operating ratios 8 F. Accounts and records 8 G. Risk management and internal controls 9 3. Financial statements 10 A. Balance sheet 10 B. Underwriting and investment exhibit 12 4. Losses and loss adjustment expenses 13 5. Compliance with prior report on examination 14 6. Summary of comments and recommendations 16 Appendix A STATE OF NEW YORK INSURANCE DEPARTMENT 25 BEAVER STREET NEW YORK, NEW YORK 10004 February 9, 2011 Honorable James J. Wrynn Superintendent of Insurance Albany, New York 12257 Sir: Pursuant to the requirements of the New York Insurance Law, and in compliance with the instructions contained in Appointment Number 30525 dated May 18, 2010 attached hereto, I have made an examination into the condition and affairs of Unione Italiana Reinsurance Company of America, Inc. as of December 31, 2009, and submit the following report thereon. Wherever the designations “the Company” or “UIRCA” appears herein without qualifications, they should be understood to indicate Unione Italiana Reinsurance Company of America, Inc. Wherever the term “Department” appears herein without qualification, it should be understood to mean the New York Insurance Department. The examination was conducted at the Company’s main administrative office located at 3024 Harney Street, Omaha, Nebraska 68131.
    [Show full text]
  • Iac-2015-3103
    MidAmerican Energy Company 401 Douglas Street P.O. Box 778 Sioux City, Iowa 51102 (712) 277-7587 Telephone (712) 252-7396 Fax E-mail: [email protected] Suzan M. Stewart Managing Senior Attorney March 19, 2015 Ms. Joan Conrad FILED ELECTRONICALLY Executive Secretary Iowa Utilities Board 1375 East Court Avenue, Room 69 Des Moines, IA 50319-0069 Re: 199 I.A.C. § 31.3(4) - Compliance Filing Dear Ms. Conrad: Pursuant to 199 IAC § 31.3(4), MidAmerican Energy Company (“MidAmerican”) advises the Board of the following affiliate changes: Additions AHP Housing Fund 91, LLC AHP Housing Fund 92, LLC AHP Housing Fund 93, LLC AHP Housing Fund 94, LLC AHP Housing Fund 95, LLC Brooks Sports S.A.R.L. Brooks Sports S.R.L. Campbell Hausfeld Holdings, Inc. CBL Trading, LLC Charter Brokerage Canada Corporation Charter Brokerage Holdings Corp. Charter Brokerage Holdings, LLC Charter Brokerage LLC Clearwater International, L.L.C. DG-SB Project Holdings, LLC DL Trading Holdings I, Inc. DL Trading, Ltd. Downers Grove Supportive Living Facility, LLC eVolution Systems Ltd. (10%) Farmyard Five Limited Farmyard Four Limited Försäkringsaktiebolaget Bostadsgaranti Iowa Utilities Board Page 2 March 19, 2015 Gen Re Support Services Mumbai Heinz Africa FZE IES Holding II, LLC Integrity Delaware, LLC Loretta Hall, LP Lubrizol Europe, LLC M & M Manufacturing Company Marmon Energy Services Company Marmon Engineered Components Company Marmon Product Development Center Pte Ltd. Marmon Retail Products, Inc. Marmon Retail Store Equipment LLC Marmon Retail Technologies Company MidAmerican Energy Services, LLC Mouser Japan Godo Kaisha MPP Co., Inc. NetJets Strategic Holdings (Asia) Limited Old United Casualty Company P Chem, Inc.
    [Show full text]
  • 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.
    [Show full text]
  • June 2008 Our 30Th Reunion: June 12-15 It’S Not Too Late to Decide to Attend!
    Connect 78 The Dartmouth Class of 1978 Newsletter June 2008 Our 30th Reunion: June 12-15 It’s not too late to decide to attend! To register and pay, go to http://www.dartmouth78.com/ Need to be persuaded? Tom Swartwood: Above (l-r): Dusty McQueen, Check out some of the Flew to historic Duane Peterson, Mark & activities at Easton, Md., for a Karen Frank, Win Craven, groom Dave Speer, and Ginnie occasion: the http://www.dartmouth78.com/ joyful McQueen. (Not pictured: postcards/ wedding of Dave Speer (at bride Renee DeCroes.) long last) to Renee DeCroes. __________________________ Win Craven, Don McQueen and his wife Ginnie, Duane Tom Hopkins: I am planning Peterson (on his way to to attend the 30th Reunion and Welcome to Our New Costa Rica for a sabbatical!), looking forward to catching Class Secretary— Karen & Mark Frank, Hope up with our classmates. David Hov! Dobrow and husband, as well as Frank Hathaway ’79, wife After several years as a Many thanks again to Maggie Lisa, witnessed the blessed lawyer and then over 15 years Fellner Hunt for 11 years of event (touch and go when the in investment banking, I service as our class secretary. minister forgot the readings) started a private equity and Dave Hov has volunteered to and celebrated with advisory firm in 2003 which take over. Let him know reminscencing, dancing and has been an interesting and what’s up with you at lots of laughs. good experience. Our family [email protected]. [email protected] is doing fine: our oldest child, Amanda, just finished 2 Connect 78 her sophomore year at Rich Lougee: Cheers from My wife, Pat, is a sixth- Princeton; Jeff will be a Andy Cutler and me atop the grade teacher here in West freshman at Dartmouth in the Zugspitz, Germany's highest Lebanon.
    [Show full text]
  • Acme Brick Company: 125 Years Across Three Centuries Is One of His Latest
    ACME BRICK COMPANY 125 YEARS ACROSS THREE CENTURIES ACME BRICK COMPANY ACME BRICK COMPANY 125 YEARS ACROSS THREE CENTURIES by Bill Beck Copyright © 2016 by the Acme Brick Company 3024 Acme Brick Plaza Fort Worth, TX 76109 All rights reserved, including the right to reproduce this work in any form whatsoever without permission in writing from the publisher, except for brief passages in connection with a review. For information, please write: The Donning Company Publishers 184 Business Park Drive, Suite 206 Virginia Beach, VA 23462 Lex Cavanah, General Manager Nathan Stufflebean, Production Supervisor Richard A. Horwege, Senior Editor Chad Harper Casey, Graphic Designer Monika Ebertz, Imaging Artist Kathy Snowden Railey, Project Research Coordinator Katie Gardner, Marketing and Production Coordinator James H. Railey, Project Director Library of Congress Cataloging-in-Publication Data Names: Beck, Bill, author. Title: Acme Brick Company : 125 years across three centuries / by Bill Beck. Description: Virginia Beach, VA : The Donning Company Publishers, [2016] | Includes index. Identifiers: LCCN 2016017757 | ISBN 9781681840390 (hard cover : alkaline paper) Subjects: LCSH: Acme Brick Company—History. | Acme Brick Company—Anniversaries, etc. | Brick trade—Texas—Fort Worth—History. | Brickworks—Texas—Fort Worth—History. | Acme Brick Company—Biography. | Fort Worth (Tex.)—Economic conditions. Classification: LCC HD9605.U64 A363 2016 | DDC 338.7/624183609764—dc23 LC record available at https://lccn.loc.gov/2016017757 Printed in the United States
    [Show full text]