DOCSLIB.ORG

Berkshire Hathaway Annual Meeting 2000

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Berkshire Hathaway Annual Meeting 2000 Berkshire Hathaway Annual Meeting_2000 collect by macbookpro2100 Afternoon Session - 2000 Meeting BerkshireHathaway Warren Buffett defends a big retirement package for Coca-Cola's outgoing CEO. He also identifies an unexpected factor in spiraling CEO pay, explains why buying Berkshire Hathaway was a "terrible mistake," and admits he's a little "crazy" because he doesn't mind paying taxes. 1. Most companies hide the true cost of stock options 大多数公司都隐藏了股票期权的真实成本 WARREN BUFFETT: OK, if area one is ready, we're ready to start answering. WARREN BUFFETT：好的，如果第一区准备就绪，我们已经准备好开始接听了。 AUDIENCE MEMBER: Hi. 观众：嗨。 WARREN BUFFETT: Hi. WARREN BUFFETT：嗨。 AUDIENCE MEMBER: My name is Steve Check.I'm from Costa Mesa, California. 听众：我的名字是Steve Check。我来自加州科斯塔梅萨。 My question is regarding stock options.I've taken your suggestion and have been attempting to subtract stock option compensation from reported income when evaluating companies.When I read annual reports, I usually find companies estimating option costs using the Black-Scholes model. 我的问题是关于股票期权。我已经采纳了你的建议并且在评估公司时试图从报告的收入中减去股 票期权补偿。当我阅读年度报告时，我通常会找到使用Black-Scholes模型估算期权成本的公司。 However, the assumptions going into the Black-Scholes model seem quite different from company to company.These assumptions, of course, are what is used for risk-free interest rates — quote unquote, "risk-free" interest rates, expected option lives — even though options have stated lives, and expected volatility. 然而，进入Black-Scholes模型的假设在公司与公司之间似乎有很大不同。当然，这些假设是用于 无风险利率的 - 引用无引用，“无风险”利率，预期期权寿命 - 即使期权已经表明生命和预期的波动 性。 Help me out a little bit.What is the best way to calculate option costs?Do you think Black- Scholes is appropriate?If so, how should we normalize the assumptions? 帮助我一点点。计算期权成本的最佳方法是什么？你认为Black-Scholes合适吗？如果是这样，我 们应该如何规范假设？ And just one short follow-up: how can we possibly estimate future earnings for companies, when companies, such as even Microsoft last week, in response to a lower stock price, simply reissue a bunch of new options? 还有一个简短的跟进：我们怎么可能估计公司未来的收益，当上周公司，比如微软，为了应对较 低的股价，只需重新发布一系列新选项？ WARREN BUFFETT: Yeah, the — I can tell you, from some personal experience, that companies attempt to use the lowest figure they can, even though it doesn't hit the income account. WARREN BUFFETT：是的，我可以告诉你，从个人经验来看，公司试图使用尽可能低的数字， 即使它没有达到收入账户。 So they like to make fairly short assumptions as to the life of the options, even though they're granted on a ten-year basis.Because they'll make certain assumptions about exercise date or forfeiture and so on. 所以他们喜欢对期权的生命做出相当简短的假设，即使它们是在十年的基础上授予的。因为他们 会对行使日期或没收等做出某些假设。 I think the most appropriate way, when you've got a pattern, which you have at many companies, of what they do on options, is simply to make an educated guess as to the average option issuance that they're going to incur,or they're going to elect to do over time. 我认为最恰当的方式是，当你有一个模式，你在许多公司，他们在选项上做了什么，只是对他们 将要发生的平均期权发行做出有根据的猜测，或者他们会随着时间的推移选择做。 And, generally, what you really want to — if you were to be precise — you would try to figure out what they could've sold those options for in the open market.Because that's the opportunity cost of giving them to the employees instead of selling the same option in the market. 而且，一般来说，你真正想要的 - 如果你准确的话 - 你会试着找出他们可以在公开市场上出售这 些选项的东西。因为这是给员工的机会成本，而不是在市场上出售相同的选项。 I think you'll find, generally, that if you take a value of about a third, for a ten-year option, if you take a value of about a third — obviously, it depends on dividend rate and volatility and a whole bunchof things — but about a third of the market value, strike price, at the time they're issued, that's the expectable cost. 一般来说，我认为你会发现，如果你拿一个三分之一左右的值，十年选项，如果你拿一个大约三 分之一的价值 - 显然，它取决于股息率和波动率以及一大堆事情 - 但大约三分之一的市场价值， 执行价格，在他们发行时，这是可预期的成本。 We believe in using the expectable cost versus the actual cost.I mean, that is how we would look at it. 我们相信使用可预期的成本与实际成本。我的意思是，这就是我们如何看待它。 If we were issuing options at Berkshire, and we issued options on $100 million worth of stock a year, we would figure it was costing us, probably in our case, with no dividend, at least $35 million a year to issue those options. 如果我们在伯克希尔发行期权，并且我们每年发行价值1亿美元的股票期权，我们认为这可能会 花费我们，可能在我们的情况下，没有股息，每年至少3500万美元来发行这些期权。 And we would figure that if we gave people $35 million in some other form of result-oriented compensation, that it would be a wash.And that is not the way most managements, of course, figure.At least that's my experience. 而且我们认为如果我们给人们3500万美元的其他形式的结果导向的补偿，那将是一个洗。当然， 这不是大多数管理层的方式。至少这是我的经历。 And we would figure we could use that 35 million in a more shareholder-oriented way and one where the employee (who) was productive would be sure of getting results, as opposed to having it be at the whims of the market. 而且我们认为我们可以以更加以股东为导向的方式使用3500万，而员工（谁）具有生产力将确保 取得成果，而不是让它成为市场的一时兴起。 And I think you'll see a lot of option repricing.Everybody says they won't reprice their options, until they do it.And, you'll see that with a lot of schemes. 而且我认为你会看到很多选项重新定价。每个人都说他们不会重新定价他们的选择，直到他们这 样做。而且，你会看到很多方案。 It would be interesting to see whether CONSICO is willing to bankrupt all the executives who made loans to buy the stock and had those loans guaranteed by the company. 看看CONSICO是否愿意破产所有提供贷款购买股票的高管并让公司担保这些贷款，这将是很有 意思的。 And the company initially said they would enforce those loans.And we'll see whether they do it.I would say, in many cases, they won't.I don't know what CONSICO will do. 该公司最初表示将执行这些贷款。我们会看看他们是否这样做了。我会说，在许多情况下，他们 不会。我不知道CONSICO会做什么。 But, a lot of things that are said in connection with executive option schemes and that sort of thing are what they'll do if it works in their favor.And then they'll do something else if it doesn't work in their favor.And that's not spelled out in the initial approval that's granted. 但是，很多与执行期权计划有关的事情，如果它对他们有利，他们会做什么。如果不利于他们， 他们会做点别的事情。并且在最初的批准中没有明确规定。 Charlie, you have anything to add? 查理，你有什么要补充的吗？ CHARLIE MUNGER: Well, Warren's somewhat critical attitude is very understated compared to mine.(Laughter) CHARLIE MUNGER：嗯，与我的相比，Warren有点批评的态度非常低调。 （笑声） WARREN BUFFETT: We're going to leave raisins out of this particular — (laughter) — analysis.Let's go to area 2. WARREN BUFFETT：我们要把葡萄干放在这个特别的地方 - （笑声） - 分析。我们去第2区。 We do believe, incidentally, if a company is going to end up giving out 10 percent of the, company over a 10-year period or 15 percent on options, that is like buying an apartment house and letting the seller keep a 10 or 15percent interest in the upside. 顺便说一句，我们确实相信，如果一家公司最终会在10年内给出10％的公司或15％的期权，那就 像购买公寓并让卖家保持10或15上升利率百分比。 Or it's like buying an oil field and giving somebody a 10 or 15 percent interest-free override.It changes the value of the property.Make no mistake about it. 或者就像购买油田并为某人提供10％或15％的免息覆盖。它会更改属性的值。别搞错了。 It is a — it has a huge economic impact on the value of a property.And just go out and try and sell your house and say, "I want to keep 15 percent of the appreciation in it," and ask the buyer whether he's going to pay the same price for the house. 它是 - 它对房产的价值产生巨大的经济影响。然后出去尝试卖掉你的房子并说：“我想保持15％的 升值，”然后问买家他是否愿意为房子支付相同的价格。 Options subtract value the moment they are granted.And, like I say, unless companies — some companies follow a practice of making a mega-grant every three or four or five years.A lot of them just issue a fairly constant amount annually.And you can figure out the cost. 选项在授予时减去值。而且，就像我说的，除非公司 - 一些公司遵循每三到四年或五年制作一笔 巨额赠款的做法。他们中的很多人每年只发出相当稳定的金额。你可以弄清楚成本。 And, you know, they don't want to tell the shareholders there's a cost.And that's why they fought through Congress and everything else in order to prevent it from being the truth.But, you know, Galileo had that problem many years ago and finally won out.So maybe we will, too.(Laughs) 而且，你知道，他们不想告诉股东这是一笔费用。这就是为什么他们为了防止它成为真理而在国 会和其他一切事务中进行斗争的原因。但是，你知道，伽利略很多年前就遇到过这个问题，并最 终胜出。所以也许我们也会。 （笑） 2. Moody’s moat has "poisonous characters" 穆迪的护城河有“有毒人物” WARREN BUFFETT: Yeah, area 2. WARREN BUFFETT：是的，第2区。 AUDIENCE MEMBER: My name is Dennis Jean-Jacques from Chatham, New Jersey.I first would like to thank you personally for taking the time out of your busy schedule to visit MBA students throughout the country on a regular basis. 听众：我的名字是来自新泽西州查塔姆的Dennis Jean-Jacques。我首先要感谢您个人在繁忙的 日程中抽出时间定期访问全国的MBA学生。 In fact, I consider your visit to the Harvard Business School campus many years ago my personal rational awakening. 事实上，我认为你多年前访问哈佛商学院的校园是我个人理性的觉醒。 My question is in regard to Dun & Bradstreet.Many academics would argue that two of the many factors that determine a firm's sustainable competitive advantage are the threat of new interest through imitation, and the threat of substitution through technological advances, such as, you know, the internet and things of that nature. 我的问题是关于Dun＆Bradstreet。许多学者认为，决定公司可持续竞争优势的众多因素中有两个 是通过模仿产生新兴趣的威胁，以及通过技术进步替代的威胁，例如互联网和这种性质的东西。 My question is, how deep is the moat around Moody's and the operating company? 我的问题是，穆迪和运营公司的护城河有多深？ WARREN BUFFETT: Yeah, we don't want to go into too much detail about our marketable investments. WARREN BUFFETT：是的，我们不想详细介绍我们的市场投资。 But I would say that the moat is, just in our view, is far wider, deeper, and infested with far more poisonous characters, in the case of Moody's, than in the case of the operating company. 但我会说，在我们看来，护城河的范围更广，更深，并且在穆迪的情况下，其毒性更大，而不是 在经营公司的情况下。 We've had experience — just in terms of making decisions about how you either obtain credit information, in the case of the operating company, or if you want to obtain ratings on securities or something — I think you'd conclude that Moody's is amuch stronger franchise than the operating company. 我们有过经验 - 只是在决定如何获得信用信息方面，对于运营公司，或者如果你想获得证券或其 他东西的评级 - 我认为你得出的结论是穆迪是一个比运营公司更强大的特许经营权。 Doesn't mean the operating company can't turn out to be a better business.It might have more upside under certain circumstances, too. 并不意味着运营公司不能成为更好的企业。在某些情况下，它可能会有更多的上行空间。 But if you're really thinking of, you know, what bad can happen to you, I think that you would regard Moody's as a considerably stronger franchise than the operating company.
Load more

Recommended publications
  • The Standard Setting
    SETTING THE STANDARD CENTRAL HIGH SCHOOL FOUNDATION 2016 ANNUAL REPORT MESSAGE FROM THE PRESIDENT CENTRAL HIGH SCHOOL FOUNDATION DEAR CENTRAL HIGH SCHOOL SUPPORTER, The Omaha Central High School Foundation’s 2016 fiscal year was a tremendous success. Thanks to the generous support of our STATEMENT alumni, parents, friends, and community members, as well as the tireless leadership of our Executive Director, Michele Roberts, OF we experienced a record year with $1.3 million committed to the Central Foundation between July 1, 2015, and June 30, 2016. This FINANCIAL POSITION contributed to a 22% increase to our net asset position over 2015. At the Foundation, we believe that your gift has the power to ASSETS 2016 2015 2 transform the Central High educational experience and that a Cash and cash equivalents $321,649.00 $690,702.00 Central High education transforms lives. We continue to see 2016 ANNUAL REPORT Interest and dividends receivable $703.00 $703.00 and experience that credo firsthand through the gifts provided Contributions receivable, net $409,343.00 $121,221.00 by 1,515 benefactors in 2016. Please know that each gift makes a Deposits $600.00 $600.00 difference in ensuring that every Central student has access to a Equipment, net $96,171.00 $76,344.00 world-class high school educational experience. Investments and cash restricted $2,513,814.00 $1,836,611.00 for endowment As you review the pages of this year’s annual report, you will see a sampling of the highlights from our 2016 journey – new gifts, Total Assets $3,351,780.00 $2,726,181.00 student and staff successes, facility upgrades and more.
    [Show full text]
  • Download Free Warren Buffett NE
    Register Free To Download Files | File Name : Warren Buffett Ne PDF WARREN BUFFETT NE Tapa blanda 1 enero 2009 Author : James O'Loughlin Descripcin del productoNota de la solapaDescubre las claves de la inversin rentable a largo plazo mediante el modelo de Warren Buffett, el inversor ms prestigioso del mundo. Este libro nos ensea, con todo lujo de detalles, sus teoras para la gestin de inversiones y el liderazgo de personas. Para ello, el autor ha contado con toda la informacin y documentacin facilitada por el propio Buffett. Explica cmo Buffet atrae a los directivos e inversores que piensan como propietarios y cmo disuade a los que no lo hacen; por qu es capaz de aceptar la volatilidad en los resultados operativos y cmo gestiona sus consecuencias psicolgicas y emocionales; cmo cultiva el vnculo de confianza existente entre l y sus accionistas, y cmo lo maneja para proporcionarles rendimientos sin precedentes. One Star I dont received nothing Five Stars A jet owned by candy maker Hershey made an unusual trip to Omaha, Nebraska, the home of Warren Buffett, according to an analyst with a history of spotting deals through plane records. Don Bilson ... Warren Edward Buffett (/ \u02c8 b \u028c f \u026a t / BUFF-itt; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway.He is considered one of the most successful investors in the world and has a net worth of over $100.6 billion as of April 2021, making him the world's seventh-wealthiest person.
    [Show full text]
  • July 29, 2004
    NEWS RELEASE FOR IMMEDIATE RELEASE July 29, 2004 Omaha, NE (BRK.A; BRK.B) — Susan T. Buffett, wife of Warren E. Buffett and President of the Buffett Foundation, died early this morning in Cody, Wyoming after suffering a stroke at the ranch of investor Herbert Allen where she and Mr. Buffett were making an annual visit. She was 72. In commenting, Allen Greenberg, Executive Director of the Buffett Foundation, said, “She will be remembered by all who knew her as a quiet humanitarian whose voice spoke for disadvantaged women around the world. She was deeply touched by the hardships faced by the world’s poorest, especially women. She was far-sighted in establishing programs in countries whose needs were generally overlooked. She did this work quietly and never cared about receiving credit or acknowledgement.” For over 40 years Mrs. Buffett fulfilled her commitment to social justice through personal activities and as President of the Buffett Foundation. She began this work in Omaha in the 1960’s working with a variety of civil rights and educational organizations. This work expanded to include support for organizations working in the field of family planning and reproductive health, both in the U.S. as well as internationally. In recent years she traveled to many countries, including Viet Nam, Turkey, India, Ghana, South Africa, and Mexico, to see first hand the struggles women face. “She was as comfortable in a small village in India as she was in a friend’s home in the U.S.,” Mr. Greenberg continued. “Susie loved talking with a broad range of people about their lives.
    [Show full text]
  • New Kid on the Block Mark Zuckerberg and His Wife Announce Baby Daughter
    001 Front 2 giving 08dec2015_Layout 1 08/12/2015 18:03 Page 1 GIVING Charity & philanthropy today DECEMBER 2015 INSIDE MAGGIE’S IN THE CITY City A.M. leads the charge to raise £1m for new cancer care centre CHARITY EXCLUSIVE We present our annual index of the world’s top charity donors NOT ON NOT ON OUR WATCH George Clooney raises awareness – and lots of cash – for human rights NEW KID ON THE BLOCK MARK ZUCKERBERG AND HIS WIFE ANNOUNCE BABY DAUGHTER... AND A MULTI-BILLION DOLLAR FOUNDATION 002FPA Giving 08Dec 2015_Layout 1 08/12/2015 16:31 Page 1 about Dan and the foundation Daniel Spargo-Mabbs was a bright, articulate and popular 16 year-old from south London with a great sense of humour and a huge zest for life. He died on 20 January 2014, having taken MDMA (ecstasy) at an illegal rave a couple of days earlier. This wasn’t the kind of thing Dan usually did. The Daniel Spargo-Mabbs Foundation has been set up by Dan’s parents, in order to try to prevent such a tragedy happening to any other family. what do we do? We work with young people, families, teachers and professionals… delivering assemblies and workshops providing planning, resources and training for school staff working directly with young people through peer to find out more or contact us mentoring Email: [email protected] working with parents and carers Website: www.dsmfoundation.org.uk using theatre in education www.facebook.com/danielspargomabbsfoundation working in partnership with other related charities @dsmfoundation and professionals @foundationdsm Registered charity no.
    [Show full text]
  • Berkshire Hathaway Annual Meeting 1994
    Berkshire Hathaway Annual Meeting_1994 collect by macbookpro2100 Afternoon Session - 1994 Meeting BerkshireHathaway Warren Buffett and Charlie Munger answer questions about Berkshire's investments in Salomon Brothers and Coca-Cola. (This session is audio only because a video recording is not available.) 1. No comment on Guinness investment 1.没有评论吉尼斯投资 WARREN BUFFETT: Zone 2 now.Well, I don't know where zone 2 is, but we'll — (laughs) WARREN BUFFETT：现在是第2区。好吧，我不知道2区在哪里，但我们会 - （笑） AUDIENCE MEMBER: Do you feel basically the same about your investment in Guinness now as when you made the investment, in terms of the company? 听众会员：就您在公司方面的投资而言，您现在对您在吉尼 斯的投资感觉基本相同吗？ WARREN BUFFETT: Well, I wouldn't like to comment on anything that we own, in terms of how we rate them as desirability or anything.I mean, whether it’s Coke or Gillette or anything that — we made decisions at a given time, at a given price, which you can figure out by looking at our purchases. WARREN BUFFETT ：嗯，我不想评论我们拥有的任何东西，就我们如何评价它们的可取性或任何 东西而言。我的意思是，无论是可乐还是吉列，还是其他任何东西 - 我们在特定时间以给定价格做出 决定，你可以通过查看我们的购买来弄清楚。 But we may be buying or selling any of those securities right as we talk.And we simply don't think it's in the interest of Berkshire shareholders as a group to be talking about things that we could be buying or selling. 但是，正如我们所 说，我们可能正在购买或出售任何证券。我们根本不认为这是一个集团谈论我们可 以购买或出售的东西符合伯克希尔股东的利益。 2. World Book's sales slide: "I wish I knew the answer" 2. World Book的销售幻灯片：“我希望我知道答案” WARREN BUFFETT: OK? WARREN BUFFETT：好吗 ？ AUDIENCE MEMBER: Hi, David Winters, from Mountain Lakes, New Jersey. 听众：嗨，大卫温特斯，来自新泽西州的Mountain Lakes。 Just wondering, World Book’s had a tough time lately, and I'm wondering if there's things you're doing to try to improve that.
    [Show full text]
  • Central High School Foundation
    CENTRAL HIGH SCHOOL FOUNDATION STYLE BOOKFOR THEME WRITING AND REVISION SARA VORE TAYLOR Eagle ABC’s A - Academics 2018 ANNUAL REPORT B - Behanior C - Community C E N T R A L Board of Directors A Note from the Executive Director Matt Aden On behalf of the Omaha Central High School Foundation Board of Directors, CHS 1974 President Rob Likes the Foundation staff, and myself, I would like to thank our alumni, teachers, CHS 1991 administration, support staff, students, parents, friends, and community Vice President Julie Cobb supporters for helping make this past year a resounding success. Once again, Parent we have had many accomplishments thanks to your love, commitment, and Secretary dedication to the finest downtown high school in the country: Omaha Central High School. Over the past year, the Foundation hosted a number of events designed to connect our broad and diverse community. This past April our annual Matt Darling fundraiser, Rock the Nest Trivia Night, was a sellout evening and a special event for all who attended. We hosted two golf outings this past year, Golf Fore Eagles CHS 1999 Ed Bennett, Ed.D. Treasurer at the Field Club of Omaha and Soaring with the Eagles in the Sand Hills at the Principal Dismal River Club in Mullen, NE. Both events were well attended and Keith Bigsby, Ed.D. provided days and evenings of Central High School comradery and Principal Emeritus reminiscing. Our “Generation C” Alumni Membership increased to an all-time high, and it continues to be a major catalyst for efforts in helping bridge many of our Central High students’ opportunity and achievement gaps.
    [Show full text]
  • Buffett Tops 13 Biggest Donors of 2012
    Buffett Tops 13 Biggest Donors of 2012 Warren Buffett pledged more than $3 billion in 2012, making him the most generous donor among America’s biggest philanthropists BY MICHAEL S. FISCHER, ADVISORONE January 4, 2013 Warren Buffett has come through again—if only by happenstance. Buffett pledged more than $3 billion to his children’s foundations in 2012, making him the most generous donor among America’s biggest philanthropists, according to a survey released Tuesday by The Chronicle of Philanthropy. Warren Buffett flanked by his son, Peter, and his daughter, Susan, who both benefitted from his largesse. (Photo: AP) The largest gifts announced last year amounted to some $5.1 billion, The Chronicle reported. Absent Buffett’s largesse, however, the total of the biggest gifts would have been just $2 billion, far off the $2.6 billion level in 2011. The Chronicle saw a good sign for 2013 in three December announcements of gifts of more than $100 million. Thirteen commitments in 2012 (including Buffett’s) were for $100 million or more. Even after the recession’s end, charities continue to struggle to raise big donations. In 2007, the biggest individual gifts amounted to $4.1 billion, and skyrocketed to $8 billion in 2008 (with more than half coming from one donor). Big donations then plummeted to $2.7 billion in 2009 and to $1.4 billion in 2010. Things picked up in 2012, with gifts of $1 million or more totaling $6.1 billion, compared with $5.4 billion in 2011. Following is The Chronicle’s baker’s dozen of the biggest gifts in 2012 by American philanthropists.
    [Show full text]
  • Connecting The
    CONNECTING THE 2019 ANNUAL REPORT A NOTE FROM THE PRESIDENT Dear Omaha Central High School Foundation Supporter: The past year has been a very exciting one for the Addition, the CHSF Board of Directors have now Endowment Campaign. It has been an honor to Central High School Foundation and Central High recommitted to finishing the Foundation’s Legacy be involved with such a fantastic institution and School. On April 11, 2019, the Foundation, Central Endowment Campaign. The Legacy Endowment is organization, and I look forward to continuing to staff, Alumni and Friends of Central gathered for the designed to provide the CHSF with the operational work with the CHSF and Central High School in Ribbon Cutting of the Central High School Arts resources required for its day to day expenses of the years to come. and Library Addition. It was truly a momentous keeping Central High - Central High. It is critical day for anyone who loves Central. On behalf of that we institutionalize the Foundation in a way Lastly, I would like to say how grateful we are at the the CHSF, I would like to thank everyone who that ensures the organization’s long-term success in CHSF for all the amazing people who are a part gave their time and talent to this project - you are supporting Central High School. Look for more this incredible high school and its legacy. appreciated! I would also like to give a special thanks information from the CHSF about the renewed The success that Central enjoys today, and I am to the Alumni donors, the Foundation staff and emphasis on the Legacy Endowment Campaign in confident will enjoy in the future, is because of its Foundation Board members for their commitment, the upcoming months.
    [Show full text]
  • Buffett Was Born and Grew up in the Great Depression, Therefore He Knew the Value of the Money
    According to Forbes’ The World’s Billionaires List, Warren Buffett is one of the top 10 billionaires for years. In 2019, he became the third wealthiest person in the world. Regardless of his wealth, he has actually an old-fashioned style. He pays his own taxes, he prefers modest clothes, etc. Buffett is known as The Oracle of Omaha. He is arguably one of the greatest investors of all time. Generally, people tend to have little sympathy for the billionaires, however, it is different for the Buffett; he is a beloved man in lots of societies. Now, you’ll learn about this beloved man in a snap. The book will start from the times in Omaha, where he was born, to his early days in trading and becoming one of the richest people in the world. In the meantime, you will realize Buffett’s unique investment sense, which he had and demonstrated throughout his business life. Buffett was born and grew up in the Great Depression, therefore he knew the value of the money. Warren Edward Buffett was born on August 30, 1930, to his mother Leila and father Howard, a stockbroker-turned-Congressman. When he was born, the United States was going through the Great Depression. It was the time when people didn’t know what was expecting them economically in the future. Young Warren grew up in the Great Depression, so he was mindful about the value of the money. When he was 2 years old, his father lost his job in a local bank. Yet, he was substantial, so he founded his own company, in which he sold stocks and bonds.
    [Show full text]
  • Warren Buffett a Wealthy Philanthropist with Some Bad Ideas
    Stopping Juvenile Detention: Warren Buffett A Wealthy Philanthropist with Some Bad Ideas By Martin Morse Wooster Summary: Warren Buffett has a genius for making money, and he has some good ideas about how to voluntarily give it away. But he has some very bad ideas about taxing people who know how to make money. Un- fortunately, President Obama is listening to his bad ideas. n August, Warren Buffett, America’s second-richest man with $39 billion in Iassets, complained in the op-ed pages of the New York Times that his taxes were too low. “Last year my federal tax bill— the income tax I paid, as well as payroll taxes paid by me and on my behalf—was $6,938,794,” the CEO of Berkshire Hathaway wrote. “That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income—and that’s actually a lower Tip toe through the Tax Code: Liberal billionaire Warren Buffett sings the praises of higher tax rates. percentage than was paid by any of the other 20 people in my offi ce. Their tax burdens some time. Buffett served on the presidential increase the “Buffett rule,” which is perhaps ranged from 33 percent to 41 percent and transition team for economic policy, and in the fi rst time in history that a tax increase averaged 36 percent.” 2010 the president gave him the Presidential has been named after a billionaire. Medal of Freedom, the nation’s highest civil- Buffett demanded that Congress raise taxes ian honor.
    [Show full text]
  • Buffett Partnership Letters 1957 to 1970
    Buffett Partnership Letters 1957 to 1970 1957 Letter WARREN E. BUFFETT 5202 Underwood Ave. Omaha, Nebraska SECOND ANNUAL LETTER TO LIMITED PARTNERS The General Stock Market Picture in 1957 In last year's letter to partners, I said the following: My view of the general market level is that it is priced above intrinsic value. This view relates to blue-chip securities. This view, if accurate, carries with it the possibility of a substantial decline in all stock prices, both undervalued and otherwise. In any event I think the probability is very slight that current market levels will be thought of as cheap five years from now. Even a full-scale bear market, however, should not hurt the market value of our work-outs substantially. If the general market were to return to an undervalued status our capital might be employed exclusively in general issues and perhaps some borrowed money would be used in this operation at that time. Conversely, if the market should go considerably higher our policy will be to reduce our general issues as profits present themselves and increase the work-out portfolio. All of the above is not intended to imply that market analysis is foremost in my mind. Primary attention is given at all times to the detection of substantially undervalued securities. The past year witnessed a moderate decline in stock prices. I stress the word "moderate" since casual reading of the press or conversing with those who have had only recent experience with stocks would tend to create an impression of a much greater decline.
    [Show full text]
  • July 1St, 2007
    The 2007 Fall issue of the Alumni Register is featured on pages 10 through 12. Limited copyright use by permission of the artist And, don’t miss the Sue Olson-Mandler, Bellevue, Nebraska 2007 CHS Hall of Fame! Central High School Foundation Annual Report • July 1, 2006 - June 30, 2007 New Board Members Share Why They Choose To Serve At a time when we are all pulled in many different directions and our free time is in short supply, we sincerely appreciate the hard work and dedication of our board members. We asked each of our members to share with us their reasons for serving on the board. Their inspiring comments are provided below: Doug Bottger: Being a parent of two Roger Sayers ‘60: When I was asked to third generation Central High School serve on the board it was an easy decision students and my involvement with that I view as a continuance of the bond I From The President... Central’s various parent organizations led have with Central. My board service will For the past several years, the Foundation has to the honor of serving on the Foundation give me the opportunity to become an been undergoing a comprehensive strategic board. One of the most important issues advocate and to help promote awareness planning process to evaluate our role and for Central is keeping its place as the of one of the greatest public high school how we can be most effective in our mission region’s leader in secondary education, and by serving on teaching intuitions in the United States.
    [Show full text]