รายงานประจำปี 2007 Berkshirehathaway สามารถดาวน์โหลดได้ที่เว็บแล้วนะครับ ปีนี้ book value เติบโตขึ้นอีก 11% มาอยู่แถวๆ 78000 เหรียญ ตอนนี้กำลังไล่อ่านอยู่ครับ
ที่น่าสนใจและน่าเป็นประโยชน์สำหรับ Value Investor ผมว่าลองอ่านอันนี้ดูครับ
I should emphasize that we do not measure the progress of our investments by what their market prices do during any given year. Rather, we evaluate their performance by the two methods we apply to the businesses we own. The first test is improvement in earnings, with our making due allowance for industry conditions. The second test, more subjective, is whether their moats a metaphor for the superiorities they possess that make life difficult for their competitors have widened during the year.
We made one large sale last year. In 2002 and 2003 Berkshire bought 1.3% of PetroChina for $488 million, a price that valued the entire business at about $37 billion. Charlie and I then felt that the company was worth about $100 billion. By 2007, two factors had materially increased its value: the price of oil had climbed significantly, and PetroChinas management had done a great job in building oil and gas reserves. In the second half of last year, the market value of the company rose to $275 billion, about what we thought it was worth compared to other giant oil companies. So we sold our holdings for $4 billion.
"There's no rule that you have to invest money where you've earn it. Indeed, it's often a mistake to do so: Truly great business, earning hugh returns on tangible assets, cant for any extended period reinvest a large portion of their earnings internally at high rates of return"
"There's no rule that you have to invest money where you've earn it. Indeed, it's often a mistake to do so: Truly great business, earning hugh returns on tangible assets, cant for any extended period reinvest a large portion of their earnings internally at high rates of return"
ผมคิดว่า section นี้น่าสนใจมากๆ ครับ ส่วนตัวผม ผมกำลังหา The Great แต่หาไม่ค่อยจะเจอ ดังนั้น The Good ก็พอโอเคสำหรับพอร์ตของผมครับ แล้งก็หวังว่าคงไม่ไปเจอกับ the Gruesome เข้าครับ
Buffett ยกตัวอย่าง See's Candy ว่าเป็น The Great เนื่องจากใช้เงินลงทุนน้อยเมื่อเทียบกับการเติบโตของรายได้และกำไร สำหรับ The Good นั้น Buffett ใช้ FlightSafety เป็นตัวอย่างครับ
ด้านล่างเป็นบางตอนที่ผมคิดว่าเป็นเนื้อหาสำคัญครับ
Businesses The Great, the Good and the Gruesome
A truly great business must have an enduring moat that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business castle that is earning high returns. Therefore a formidable barrier such as a companys being the lowcost producer (GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American Express) is essential for sustained success. Business history is filled with Roman Candles, companies whose moats proved illusory and were soon crossed.
Long-term competitive advantage in a stable industry is what we seek in a business. If that comes with rapid organic growth, great. But even without organic growth, such a business is rewarding. We will simply take the lush earnings of the business and use them to buy similar businesses elsewhere. Theres no rule that you have to invest money where youve earned it. Indeed, its often a mistake to do so: Truly great businesses, earning huge returns on tangible assets, cant for any extended period reinvest a large portion of their earnings internally at high rates of return.
Berkshire Hathaway Top 20 rank: 2 Rank in Insurance: Property and Casualty: 1
To see "admiration" in action, just look at Berkshire Hathaway's stock chart from last fall. As other financial shares were getting hammered -- some Berkshire investments among them -- investors bid up Berkshire's own stock by 27%.
Why? Wall Street believes that Berkshire and its acclaimed leader, Warren Buffett, possess a matchless ability to turn today's problems into tomorrow's profits. The key to this ability: "An absence of any regard for short-term results," says Don Graham, CEO of the Washington Post Co. (of which Berkshire owns 18%). Indeed, Berkshire has just launched a bond insurance company to compete with troubled MBIA and Ambac. It has also invested $800 million in subprime-battered Swiss Re.
Can Buffett, 77, continue making lemonade from lemons? There's no reason to think otherwise. Of greater concern: Who takes over once the legend is gone? -Jon Birger
Eight key attributes of reputation Industry rank
Innovation 1
People management 1
Use of corporate assets 1
Social responsibility 1
Quality of management 1
Financial soundness 1
Long-term investment 1
Quality of products/services 1
แม้จะเป็นรอง Apple ในภาพรวม แต่พอดู Key attributes แล้ว BRKA เหนือกว่าเยอะ
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