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Given our gain of Any investor can chalk up large returns when stocks soar, as they did in In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.
The Index bears no tax costs, nor do mutual funds, since they pass through all tax liabilities to their owners. Berkshire will always have corporate taxes to pay, which means it needs to overcome their drag in order to justify its existence.
But we expect over time to maintain a modest advantage over the Index, and that is the yardstick against which you should measure us. We will not ask you to adopt the philosophy of the Chicago Cubs fan who reacted to a string of lackluster seasons by saying, "Why get upset?
Everyone has a bad century now and then. What truly counts are gains in per-share intrinsic business value. Ordinarily, though, the two measures tend to move roughly in tandem, and in that was the case: In the updated version of that table, which follows, we trace our two key components of value.
The second column excludes all dividends, interest and capital gains that we realized from the investments presented in the first column. In effect, the columns show what Berkshire would look like were it split into two parts, with one entity holding our investments and the other operating all of our businesses and bearing all corporate costs.
Here are the growth rates of the two segments by decade: Our rate of progress in both investments and operations is certain to fall in the future.
For anyone deploying capital, nothing recedes like success. My own history makes the point: At our present size, any performance superiority we achieve will be minor. We will be helped, however, by the fact that the businesses to which we have already allocated capital -- both operating subsidiaries and companies in which we are passive investors -- have splendid long-term prospects.
We are also blessed with a managerial corps that is unsurpassed in ability and focus. Most of these executives are wealthy and do not need the pay they receive from Berkshire to maintain their way of life. They are motivated by the joy of accomplishment, not by fame or fortune.Archives and past articles from the Philadelphia Inquirer, Philadelphia Daily News, and timberdesignmag.com Get the latest international news and world events from Asia, Europe, the Middle East, and more.
See world news photos and videos at timberdesignmag.com Innocent Drinks is a company that makes smoothies and juice sold in supermarkets, coffee shops and various other outlets.
The company sells more than two million smoothies per week. Innocent is over 90% owned by The Coca-Cola Company. BERKSHIRE HATHAWAY INC. Chairman's Letter. To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during was $ billion, which increased the per-share book value of both our Class A and Class B stock by %.
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