Buffett letter to shareholder ปีล่าสุด เพิ่งออกคะ

[psiriwan]

http://www.berkshirehathaway.com/letters/2015ltr.pdf

[imerlot]

ขอบคุณครับ

[amornkowa]

ขอบคุณครับ

[AAA]

ขอบคุณครับ

[imerlot]

2015

2015 -51y-brk-annual-letter-port.JPG

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2014




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2013




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2012





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2011

[imerlot]

Note
ปีนี้
ลุงพูด ถึง important risk เกี่ยวกับ business model ที่ changing
เพราะการใช้ถ่านหินน้อยลง/ พํฒนาการของdriverless cars/ renewable energy




...

Important Risks (p.24)

Let me mention just a few examples. To begin with an obvious threat, BNSF, along with other railroads, is
certain to lose significant coal volume over the next decade. At some point in the future – though not, in my view,
for a long time – GEICO’s premium volume may shrink because of driverless cars. This development could hurt our
auto dealerships as well. Circulation of our print newspapers will continue to fall, a certainty we allowed for when
purchasing them. To date, renewables have helped our utility operation but that could change, particularly if storage
capabilities for electricity materially improve. Online retailing threatens the business model of our retailers and
certain of our consumer brands. These potentialities are just a few of the negative possibilities facing us – but even
the most casual follower of business news has long been aware of them

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utility business (p23)

In its electric utility business, our Berkshire Hathaway Energy (“BHE”) operates within a changing
economic model. Historically, the survival of a local electric company did not depend on its efficiency. In
fact, a “sloppy” operation could do just fine financially.
That’s because utilities were usually the sole supplier of a needed product and were allowed to price at a
level that gave them a prescribed return upon the capital they employed. The joke in the industry was that a
utility was the only business that would automatically earn more money by redecorating the boss’s office.
And some CEOs ran things accordingly.
That’s all changing. Today, society has decided that federally-subsidized wind and solar generation is in
our country’s long-term interest. Federal tax credits are used to implement this policy, support that makes
renewables price-competitive in certain geographies.

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[kjarrung]

บางข้อความน่าสนใจในรายงานประจำปี 2015 ครับ
Considering this favorable tailwind, Berkshire (and, to be sure, a great many other businesses) will almost
certainly prosper. The managers who succeed Charlie and me will build Berkshire’s per-share intrinsic value by
following our simple blueprint of:
(1) constantly improving the basic earning power of our many subsidiaries;
(2) further increasing their earnings through bolt-on acquisitions;
(3) benefiting from the growth of our investees;
(4) repurchasing Berkshire shares when they are available at a meaningful discount from intrinsic value; and
(5) making an occasional large acquisition. Management will also try to maximize results for you by rarely, if ever,
issuing Berkshire shares.

[imerlot]

Buffett: The breakup of American Express's arrangement with Costco was a "big deal,"
but proprietary cards today are strong as ever and growing.

http://www.cnbc.com/2016/02/29/live-blo ... ffett.html

After Saturday's release of Berkshire Hathaway's annual shareholder letter,
Warren Buffett sat down Monday for a three-hour interview on business,
markets and the state of the world. (เหมือนทุกปี)

บนนี้เป็น

Live blog recap: Buffett on stocks, economy & more
โดยคุณ
Tom DiChristopher | @tdichristopher
Monday, 29 Feb 2016 | 9:03 AM ET

.....







ส่วนอันนี้ เป็น full transcript
This is an unofficial, uncorrected transcript of Warren Buffett's live appearance on CNBC's
"Squawk Box" on Mon., Feb. 29, 2016. (Becky Quick)
http://www.cnbc.com/2016/02/29/cnbc-tra ... k-box.html

https://www.scribd.com/embeds/301250188 ... tions=true


หน้า
59
recap ตย AXP มาดู

squawk-bo-cnbc-warren-29-2-2016-p59.JPG

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ส่วน
full video "Squawk Box" on Mon., Feb. 29, 2016. หาไม่เจอ
เจอแค่บางส่วน
http://video.cnbc.com/gallery/?video=3000497598

...
ใครเจอช่วยแปะด้วย
...

ขอให้ลุงบัฟสุขภาพแข็งแรง
และขอบคุณ CNBC
...

[astro345]

Forbes ประกาศว่าลุงบัฟเฟตต์รั้งอันดับสาม สำหรับมหาเศรษฐีของโลกโดยน้าบิลเกตยังคงอันดับหนึ่งในปี 2016