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Berkshire Hathaway Annual Report Pdf Berkshire hathaway annual report pdf Continue American multinational conglomerating company Berkshire Hathaway Inc.Kiewit Tower, location of Berkshire corporate offices in Omaha, NebraskaFormerlyValley Falls Company (1839-1955)TypePublicTrade asNYSE: BRK. A (Class A)NYSE: BRK. Component B (Class B)S&P 100 (BRK. Component B)S&P 500 (BRK. B)ISINUS0846707026IndustryConglomerateFound1839; 181 years ago (1839)Cumberland, Rhode Island , U.S.FounderOliver Chace[1]HeadquartersKiewit Plaza, Omaha, Nebraska, U.S.Area servedWorldKey peopleWarren E. Buffett(President & CEO)Charles T. Munger(Vice President)Ajit Jain(Vice President of Insurance Operations)ProductsDiversified investments, Property & casual insurancewide, Utilities, Restaurants, Food Processing, Aerospace, Toys, Media, Automotive, Sports Articles, Consumer Products, Internet, Real EstateCome $254.62 billion (2019)Operating income $103.75 billion (2019)Net income 81.42 billion USD (2019)Total assets 817.73 billion USD (2019)Total capital 81.42 billion USD 428.56 billion (2019)OwnerWarren Buffett (30.71% of total voting power and 16.4 5% of economic interest)[2]Number of employees391,500 (2019)Subsidiary ListingWebsiteberkshirehatway.comFootnotes/references[3] Berkshire Hathaway (/))))It is a company of US multinational conglomerates based in Omaha , Nebraska, UsA. The company wholly owns GEICO, Duracell, Dairy Queen, BNSF, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, PampersEd Chef, Forest River and NetJets and also owns 38.6% of Pilot Flying J; [4] and significant minority stakes in public companies Kraft Heinz Company (26.7%), American Express (17.6%), Wells Fargo (9.9%), Coca-Cola Company (9.32%), Bank of America (11.5%), Apple (5.4%)[5] and Barrick Gold.[6] Since 2016, the company has acquired major stakes in major U.S. airlines, namely United Airlines, Delta Air Lines, Southwest Airlines and American Airlines[7], but sold all of its air holdings in early 2020. [8] Berkshire Hathaway recorded an annual increase in book value of 19.0% for its shareholders in 1965 (compared to 9.7% of the S&P 500 with dividends included for the same period), while incurred large amounts of capital and minimum liabilities. [9] The company is known for its control and leadership by Warren Buffett, who serves as president and chief executive, and Charlie Munger, one of the company's vice presidents. In the early part of his berkshire career, Buffett focused on long-term investments in listed companies, but more recently bought entire companies more frequently. Berkshire now owns a diverse range of businesses, including confectionery, retail, railways, furniture encyclopedias, vacuum cleaners, jewelry sales, manufacture and distribution of uniforms, and several regional electric gas utilities. According to the Forbes Global 2000 list and formula, Berkshire Hathaway is the eighth largest public company in the world, the 10th largest conglomerate by revenue and the largest financial services company in the world. [10] [11] As of August 2020, Berkshire Class B shares are the seventh largest component of the S&P 500 Index (which is based on free-float market capitalisation), and the company is renowned for having the highest share price in history, with Class A shares costing around $300,000 each. This is because there has never been a division of its Class A shares[12] and Buffett stated in a 1984 letter to shareholders that it did not intend to split the shares. [13] History Oliver Chace (1769–1852) founder of Valley Falls Company in 1839 Berkshire Cotton Mills, Adams, Mass. Hathaway Mills, New Bedford, Mass. Berkshire Hathaway is rooted in a textile company founded by Oliver Chace in 1839 as Valley Falls Company in Valley Falls, Rhode Island. Chace previously worked for Samuel Slater, founder of America's first successful textile factory. Chace founded his first textile factory in 1806. In 1929, The Valley Falls Company merged with the Berkshire Cotton Manufacturing Company, established in 1889, in Adams, Massachusetts. The combined company was known as Berkshire Fine Spinning Associates. [14] In 1955, Berkshire Fine Spinning Associates merged with the Hathaway Manufacturing Company, which had been founded in 1888 in New Bedford, Massachusetts by Horatio Hathaway, with profits from whaling and China Trade. Hathaway was successful in the first few decades, but suffered during a general decline in the textile industry after World War I. At this point, Hathaway was led by Seabury Stanton, whose investment efforts were rewarded with renewed profitability after the Great Depression. After the merger, Berkshire Hathaway had 15 factories employing more than 12,000 workers with revenues of more than $120 million and based in New Bedford. However, seven of these locations were closed by the end of the decade, accompanied by large layoffs. In 1962, Warren Buffett began buying shares in Berkshire Hathaway after noticing a pattern in the direction of his share price whenever the company closed a mill. Finally, Buffett acknowledged that the textile industry was shrinking and the company's financial situation would not improve. [vague] In 1964, Stanton made an oral bid of $11 1/2 per share for the company to twist Buffett shares. Buffett agreed to the deal. A few weeks later, Warren Buffett received the offer in writing, but the offer was only $11 3/8. Buffett later admitted that this inferior, undercutting offer infuriated him. [16] Instead of selling at a slightly lower price, Buffett decided to buy more of the shares to of the company and Stanton fire (which he did). However, this put Buffett in a situation where he was now the majority owner of a textile business that was failing. Buffett initially maintained basic textile activity in Berkshire, but by 1967 it had expanded into the insurance and other investment industries. Berkshire first ventured into the insurance business with the acquisition of the National Compensation Company. In the late 1970s, Berkshire acquired a stake in the Government Employees Insurance Company (GEICO), which forms the core of its insurance operations today (and is a major source of capital for Berkshire Hathaway's other investments). In 1985, the last textile operations (the historic centre of Hathaway) were closed. [citation required] In 2010, Buffett claimed that the acquisition of Berkshire Hathaway was the biggest investment mistake he had ever made and claimed to have turned down his investment income of about $200 billion over the next 45 years. [16] Buffett argued that if he had invested this money directly in insurance instead of buying Berkshire Hathaway (because of what he perceived as an easy one person), these investments would have paid a few hundred times. [17] Berkshire's Class A shares sold for $339,188 as of January 8, 2020, making them the highest-priced shares on the New York Stock Exchange, in part because they had never had a share split and paid a dividend only once since Warren Buffett took over. , keeping corporate earnings on the balance sheet in a way that is inadmissible to mutual funds. Shares closed over $100,000 for the first time on October 23, 2006. Despite its size, Berkshire has not for several years been included in broad stock indexes, would be the S&P 500 due to lack of liquidity in its shares; however, following a 50-to-1 division of Berkshire Class B shares in January 2010, and announced to Berkshire that it would acquire Burlington Northern Santa Fe Corporation, the parent of the BNSF Railway, Berkshire replaced the BNSF in the S&P 500 on 16 February 2010. [18] [19] Buffett's annual letters are published. Barron said Berkshire was the most respected company in the world in 2007, based on a survey of American money managers. [20] In 2008, Berkshire invested in Goldman Sachs' preferred shares as part of the investment bank's recapitalisation. [21] Buffett defended Lloyd Blankfein's decisions as CEO of Goldman Sachs. [22] [23] [24] On 13 July 2016[update], Buffett held 31.7% of the combined voting power of the outstanding Berkshire shares and 18.0% of the economic value of these shares. [25] Vice-President Berkshire, Munger also holds a stake high enough to make him a billionaire, and the first investments in Berkshire of David Gottesman and Franklin Otis Booth, Jr. led to their becoming billionaires. Bill and Melinda Gates Gates is a major shareholder in Berkshire, holding 4.0% of the Class B shares. [26] Berkshire Hathaway never split its Class A shares because of management's desire to attract long-term investors, unlike short-term speculators. However, Berkshire Hathaway has created a Class B stock with a value per share initially held (according to specific management rules) close to 1/30 of the original shares (now Class A) and 1/200 of the voting rights per share, and after the division of January 2010, at 1/1,500 the price and 1/10,000 of the voting rights of Class A shares. Buffett was reluctant to create Class B actions, but did so to thwart the creation of unit trusts that would have been marketed as Berkshire look-alikes. According to Buffett in his 1995 shareholder letter: The unitary trusts that have recently appeared are flying in front of those targets. They would be sold by brokers working for high commissions, would impose other burdensome costs on their shareholders, and would be marketed en masse to unsophisticated buyers, fit to be seduced by our past record and lured Berkshire advertising and we have received in recent years. Sure result: a multitude of investors destined to be disappointed. Buffett's salary is $100,000 a year, with no stock options, which is among the lowest salaries[27] for CEOs of major companies in the United States. [28] The annual meetings of Berkshire shareholders are held at the CHI Health Centre in Omaha, Nebraska.
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