"look-through" Earnings we've previously discussed look-through earnings, which consist of: (1) the operating earnings reported in the previous section, plus; (2) the retained operating earnings of major investees that, under gaap accounting, are not reflected in our profits, less; (3) an allowance for the tax. I've told you that over time look-through earnings must increase at about 15 annually if our intrinsic business value is to grow at that rate. Indeed, since present management took over in 1965, our look-through earnings have grown at almost the identical 23 rate of gain recorded for book value. Last year, however, our look-through earnings did not grow at all but rather declined. To an extent, the decline was precipitated by two forces that I discussed in last year's report and that I warned you would have a negative effect on look-through earnings. First, i told you that our media earnings - both direct and look-through - were "sure to decline" and they in fact did. The second force came into play on April 1, when writing the call of our Gillette preferred stock required us to convert it into common. The after-tax earnings in 1990 from our preferred had been about 45 million, an amount somewhat higher than the combination in 1991 of three months of dividends on our preferred plus nine months of look-through earnings on the common.
14,384 17,248 6,993 8,485 Scott will Fetzer Manufacturing Group. 26,123 30,378 15,901 18,458 see's Candies. 42,390 39,580 25,575 23,892 Wesco - other than Insurance 12,230 12,441 8,777 9,676 World book. 22,483 31,896 15,487 20,420 Amortization of goodwill. (4,113) (3,476) (4,098) (3,461) Other Purchase-Price Accounting Charges. (6,021) (5,951) (7,019) (6,856) Interest Expense. (89,250) (76,374) (57,165) (49,726) Shareholder-Designated Contributions. (6,772) (5,824) (4,388) (3,801) Other. 77,399 58,310 47,896 35, Operating Earnings 400,508 482,477 315,753 370,745 Sales of Securities 192,478 33,989 124,155 23,348 Total Earnings - all Entities 592,986 516,466 439,908 394,093 *Excludes interest expense of Scott Fetzer Financial Group and Mutual savings loan.
(000s omitted) Berkshire's Share of Net Earnings (after taxes and Pre-tax Earnings minority interests) Operating Earnings: Insurance Group: Underwriting. (119,593) (26,647) (77,229) (14,936) Net Investment Income. 331,846 327,047 285,173 282,613. Brown (acquired 7/1/91) 13,616 - 8,611 - buffalo news. 37,113 43,954 21,841 25,981 Fechheimer. 12,947 12,450 6,843 6,605 Kirby. 35,726 27,445 22,555 17,613 Nebraska furniture mart.
Chairman's Letter berkshire hathaway inc
As the crowd erupted, gustafson calmly turned to a reporter and declared: "Now that's what I call coaching." given the managerial stars we have meaning at our operating units, berkshire's performance is not affected if Charlie or I slip away from time to time. You should note, however, the "interim" in my salomon title. Berkshire is my first love and one that will never fade: At the harvard Business School last year, a student asked me when I planned to retire and I replied, "About five to ten years after I die." sources of Reported Earnings The table below. In this presentation, amortization of goodwill and other major purchase-price accounting adjustments are not charged against the specific businesses to which they apply, but are instead aggregated and shown separately. This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them.
I've explained in past reports why this form of presentation seems to us to be more useful homework to investors and managers than one utilizing generally accepted accounting principles (gaap which require purchase- price adjustments to be made on a business-by-business basis. The total net earnings we show in the table are, of course, identical to the gaap total in our audited financial statements. A large amount of additional information about these businesses is given on pages 33-47, where you also will find our segment earnings reported on a gaap basis. However, we will not in this letter discuss each of our non-insurance operations, as we have in the past. Our businesses have grown in number - and will continue to grow - so it now makes sense to rotate coverage, discussing one or two in detail each year.
On August 18 of last year, when I was elected Interim Chairman of Salomon Inc, it was a different story: I put my mouth where our money was. You've all read of the events that led to my appointment. My decision to take the job carried with it an implicit but important message: Berkshire's operating managers are so outstanding that i knew I could materially reduce the time i was spending at the company and yet remain confident that its economic progress would not. Friedman family, mike goldberg, the heldmans, Chuck huggins, Stan Lipsey, ralph Schey and Frank rooney (ceo. Brown, our latest acquisition, which I will describe later) are all masters of their operations and need no help from.
My job is merely to treat them right and to allocate the capital they generate. Neither function is impeded by my work at Salomon. The role that Charlie and I play in the success of our operating units can be illustrated by a story about george mira, the one-time quarterback of the University of miami, and his coach, Andy gustafson. Playing Florida and near its goal line, mira dropped back to pass. He spotted an open receiver but found his right shoulder in the unshakable grasp of a florida linebacker. The right-handed Mira thereupon switched the ball to his other hand and threw the only left-handed pass of his life - for a touchdown.
Global Partnership for Telehealth : Home
Coca-cola and Gillette are two of the best companies in the world and we expect their the earnings to grow at hefty rates in the years ahead. Over time, also, the value of our holdings in these stocks should grow in rough proportion. Last year, however, the valuations of these two companies rose far faster than their earnings. In effect, we got a double-dip benefit, delivered partly by the excellent earnings growth and even more so by the market's reappraisal of these stocks. We believe this reappraisal was warranted. But it can't recur annually: we'll have to settle for a single dip in the future. A second Job, in 1989 when i - a happy consumer of five cans of Cherry. Coke daily - announced our purchase of 1 billion worth of Coca. Cola stock, i described the move as a rather extreme example of putting our money where my mouth was.
million of pre-tax profit) to achieve the same result. And there are many more ways to make 1 million than to make 370 million. Charlie munger, berkshire's Vice Chairman, and I have set a goal of attaining a 15 average annual increase in Berkshire's intrinsic value. If our growth in book value is to keep up with a 15 pace, we must earn 22 billion during the next decade. Wish us luck - we'll need. Our outsized gain in book value in 1991 resulted from a phenomenon not apt to be repeated: a dramatic rise in the price- earnings ratios of Coca-cola and Gillette. These two stocks accounted for nearly.6 billion of our.1 billion growth in net worth last year. When we loaded up on coke three years ago, berkshire's net worth was.4 billion; now our coke stock alone is worth more than that.
Two wealthy new Jersey towns will have to plan for more than 2,200 low- and moderate-income units, according to a court ruling that advocates say sends a strong message to municipalities resisting affordable housing. Mercer county Assignment Jud. Fair housing, long hill township meetings calendar (click on a meeting for additional information). Chairman's Letter - 1991, berkshire hathaway inc. To the Shareholders of pdf Berkshire hathaway inc.: Our gain in net worth during 1991 was.1 billion,.6. Over the last 27 years (that is, since present management took over) our per-share book value has grown from 19 to 6,437, or at a rate.7 compounded annually. The size of our equity capital - which now totals.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter, come close to doing. As Berkshire grows, the universe of opportunities that can significantly influence the company's performance constantly shrinks.
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