Warren Buffett
1991-03-01 Warren Buffett.Wells Fargo
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Lethargy bordering on sloth remains the cornerstone of our investment style: This year we neither bought nor sold a share of five of our six major holdings. The exception was ...
1991-03-01 Warren Buffett.Measuring Insurance Performance
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Measuring Insurance Performance 衡量保险业绩 In the previous section I mentioned “float,” the funds of others that insurers, in the conduct of their business, temporarily hold. ...
1936 Ben Graham.US Steel Announces Sweeping Modernization Scheme
An unpublished satire by Ben Graham, written in 1936 and given by the author to Warren Buffett in 1954. Myron C. Taylor, Chairman of U. S. Steel Corporation, today announced the long awaited plan for completely modernizing the world's largest ...
2026-02-28 Greg Abel VS Warren Buffett
Greg Abel VS Warren Buffett 1、同一个主题的表述 有一段针对保险业务的评论可以测试两个人在思维方式上的差异。在Right People的评价中先理清一个概念：不是标上数字的才是量化。 （1）Greg Abel Refer To：《2026-02-28 Greg Abel's Letters to Berkshire Shareholders》。 Reinsurance Group Our reinsurance operations face similar ...
2026-02-28 Greg Abel's Letters to Berkshire Shareholders
Refer To：《2026-02-28 Greg Abel's Letters to Berkshire Shareholders》。 To My Fellow Berkshire Shareholders, Warren Buffett is arguably the greatest investor of all time, with generations benefiting from his investment acumen. He has also been a ...
1989-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1989-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1988 was $569 million, or 20.0%. Over the last 24 years (that is, since present management took ...
1991-03-01 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Last year we made a prediction: “A reduction [in Berkshire’s net worth] is almost certain in at least one of the next three ...
1997-05-05 Warren Buffett.Share of mind
Refer To：《1997-05-05 Berkshire Hathaway Annual Meeting》。 51. “It’s not share of market. It’s share of mind that counts” “决定胜负的不是市场份额，而是心智份额” WARREN BUFFETT: Zone 1 again. WARREN BUFFETT：再次请1号区。 AUDIENCE MEMBER: Mike Assail (PH) from New York City. ...
2016-02-27 Warren Buffett.Auto insurance
Refer To：《2016-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 ‹ A bit more than a century ago, the auto was invented, and around it formed an industry that insures cars and their drivers. Initially, this business was written through ...
2008-02-29 Warren Buffett.Businesses – The Great, the Good and the Gruesome
Refer To：《2008-02-29 Warren Buffett's Letters to Berkshire Shareholders》。 Businesses – The Great, the Good and the Gruesome 企业类型——极佳、良好与糟糕 Let’s take a look at what kind of businesses turn us on. And while we’re at it, let’s also discuss what we wish ...
1992-02-28 Warren Buffett.H. H. Brown
Refer To：《1992-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 H. H. Brown We made a sizable acquisition in 1991—the H. H. Brown Company—and behind this business is an interesting history. In 1927 a 29-year-old businessman named Ray ...
1992-02-28 Warren Buffett.See’s Candy
Refer To：《1992-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 Twenty Years in a Candy Store 糖果店里的二十年 We’ve just passed a milestone: Twenty years ago, on January 3, 1972, Blue Chip Stamps (then an affiliate of Berkshire and later merged ...
1992-02-28 Warren Buffett.Right Business
Refer To：《1992-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 A Change in Media Economics and Some Valuation Math 媒体经济学的变化，以及一点估值算术 In last year’s report, I stated my opinion that the decline in the profitability of media companies ...
1993-03-01 Warren Buffett.Equity-investing strategy
Refer To：《1993-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Our equity-investing strategy remains little changed from what it was fifteen years ago, when we said in the 1977 annual report: “We select our marketable equity securities in ...
1994-03-01 Warren Buffett.A beta purist
Refer To：《1994-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Considering the similarity of this year’s list and the last, you may decide your management is hopelessly comatose. But we continue to think that it is usually foolish to part ...
1994-03-01 Warren Buffett.Dexter Shoe
Refer To：《1994-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Dexter Shoe What we did last year was build on our 1991 purchase of H. H. Brown, a superbly-run manufacturer of work shoes, boots and other footwear. Brown has been a real ...
1996-03-01 Warren Buffett.Helzberg
Refer To：《1996-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Helzberg's Diamond Shops Helzberg 钻石连锁店 A few years back, management consultants popularized a technique called "management by walking around" (MBWA). At Berkshire, we've ...
2010-05-26 Warren Buffett.Investment, Speculation, Gambling
Refer To：《2010-05-26 Warren Buffett.Investment, Speculation, Gambling》。 WARREN BUFFETT: It’s a question of being, it’s the ability to inject enormous amounts of leverage into a system where leverage is dangerous. And without people fully appreciating ...
1997-02-28 Warren Buffett.USAir
Refer To：《1997-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 USAir When Richard Branson, the wealthy owner of Virgin Atlantic Airways, was asked how to become a millionaire, he had a quick answer: “There’s really nothing to it. Start as ...
1999-03-01 Warren Buffett.Reinsurance
Refer To：《1999-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 General Re On December 21, we completed our $22 billion acquisition of General Re Corp. In addition to owning 100% of General Reinsurance Corporation, the largest U.S. ...
1999-03-01 Warren Buffett.Executive Jet Aviation
Refer To：《1999-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Executive Jet Aviation (1-800-848-6436) To understand the huge potential at Executive Jet Aviation (EJA), you need some understanding of its business, which is selling ...
2000-03-01 Warren Buffett.Aviation Services
Refer To：《2000-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Aviation Services 航空服务 Our two aviation services companies — FlightSafety International (“FSI”) and Executive Jet Aviation (“EJA”) — are both runaway leaders in their field. ...
2000-03-01 Warren Buffett.Eat our own cooking
Refer To：《2000-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 A Managerial Story You Will Never Read Elsewhere 一个你在别处永远读不到的管理故事 Berkshire’s collection of managers is unusual in several important ways. As one example, a very high ...
2001-02-28 Warren Buffett.Real Estate
Refer To：《2001-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 Furthermore, we completed two significant acquisitions that we negotiated in 1999 and initiated six more. All told, these purchases have cost us about $8 billion, with 97% of ...
2002-02-28 Warren Buffett.“junk” bonds
Refer To：《2002-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 During 2001, we were somewhat more active than usual in “junk” bonds. These are not, we should emphasize, suitable investments for the general public, because too often these ...
1997-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1997-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1996 was $6.2 billion, or 36.1%. Per-share book value, however, grew by less, 31.8%, because the ...
1999-03-01 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1999-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1998 was $25.9 billion, which increased the per-share book value of both our Class A and Class B ...
2000-03-01 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2000-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1999 was $358 million, which increased the per-share book value of both our Class A and Class B ...
2001-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2001-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2000 was $3.96 billion, which increased the per-share book value of both our Class A and Class B ...
2002-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2002-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Berkshire’s loss in net worth during 2001 was $3.77 billion, which decreased the per-share book value of both our Class A and ...
2003-05-20 Warren Buffett.Dividend Voodoo
Refer To：《2003-05-20 Warren Buffett.Dividend Voodoo》。 The annual Forbes 400 lists prove that -- with occasional blips -- the rich do indeed get richer. Nonetheless, the Senate voted last week to supply major aid to the rich in their pursuit of even ...
2004-07-06 Warren Buffett.Fuzzy Math And Stock Options
Until now the record for mathematical lunacy by a legislative body has been held by the Indiana House of Representatives, which in 1897 decreed by a vote of 67 to 0 that pi—the ratio of the circumference of a circle to its diameter—would no longer be ...
2005-02-28 Warren Buffett.Insurance
Refer To：《2005-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 Insurance 保险业务 Since Berkshire purchased National Indemnity (“NICO”) in 1967, property-casualty insurance has been our core business and the propellant of our growth. Insurance ...
2005-02-28 Warren Buffett.Foreign Currencies
Refer To：《2005-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 Foreign Currencies 外汇 Berkshire owned about $21.4 billion of foreign exchange contracts at yearend, spread among 12 currencies. As I mentioned last year, holdings of this kind ...
2006-02-28 Warren Buffett.How to Minimize Investment Returns
Refer To：《2006-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 How to Minimize Investment Returns 如何把投资回报降到最低 It’s been an easy matter for Berkshire and other owners of American equities to prosper over the years. Between December 31, 1899 ...
2003-02-21 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2003-02-21 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2002 was $6.1 billion, which increased the per-share book value of both our Class A and Class B ...
2004-02-27 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2004-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2003 was $13.6 billion, which increased the per-share book value of both our Class A and Class B ...
2005-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2005-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2004 was $8.3 billion, which increased the per-share book value of both our Class A and Class B ...
2006-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2006-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B ...
2007-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2007-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2006 was $16.9 billion, which increased the per-share book value of both our Class A and Class B ...
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