Berkshire’s got a brand new bag. You’ve almost never seen Warren’s company buy a stock and then blow it out a year later. Berkshire’s corporate culture is and has always been buy and hold; Buffett tries to own things he would never want to sell. But there’s some new blood at the company. Todd Combs…
I took a boatload of criticism for my position in Berkshire Hathaway last fall. We looked at it as a stealth housing play and a backdoor investment in the beaten-down banks we simply couldn’t bring ourselves to buy directly. And people really hated it. “It’s too expensive and Buffett is too old and the company…
Simon Johnson has a different take on what we were fed last week.
I think Buffett was simply trying to explain the difference between productive assets like oil reserves and farmland versus an asset like gold
Your Board is equally enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire.
“Like the legacy air carriers, the top banks in this country have yet to find a sustainable profit-making model in a changed world.”
I said only a schnook does a job on spec, know what you’re getting paid or don’t do the labor.