The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter, come close to doing so. As Berkshire grows, the universe of…
The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter, come close to doing so. As Berkshire grows, the universe of…
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…
This was my first investment. In those good old days monthly dividends were more plentiful than now and Adams Express paid a monthly dividend. One morning a white envelope was lying upon my desk, addressed in a big John Hancock hand, to "Andrew Carnegie, Esquire." "Esquire" tickled the boys and me inordinately. At one corner was seen the round stamp of Adams Express Company. I opened the envelope. All it contained was a check for ten dollars upon the Gold Exchange Bank of New York. I shall remember that check as long as I live, and that John Hancock signature of "J.C. Babcock, Cashier." It gave me the first penny of revenue from capital--something that I had not worked for with the sweat of my brow. "Eureka!" I cried. "Here's the goose that lays the golden eggs."
The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter, come close to doing so. As Berkshire grows, the universe of…
The company was then five years old. The original factory space had been .28 acre. We had employed an average of 311 people in the first year, built 1,708 cars, and had one branch house. In 1908, the factory space had increased to 2.65 acres and we owned the building. The average number of employees had increased to 1,908. We built 6,181 cars and had fourteen branch houses. It was a prosperous business.
The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter, come close to doing so. As Berkshire grows, the universe of…