Mr. Scott was promoted to be the general superintendent of the Pennsylvania Railroad in 1856, taking Mr. Lombaert's place; and he took me, then in my twenty-third year, with him to Altoona. This breaking-up of…
Mr. Scott was promoted to be the general superintendent of the Pennsylvania Railroad in 1856, taking Mr. Lombaert's place; and he took me, then in my twenty-third year, with him to Altoona. This breaking-up of…
沃伦·巴菲特《伯克希尔·哈撒韦 2016 年致股东信》· 2016 Chairman's Letter · 投资
By the early 1990s, however, our focus was changing to the outright ownership of businesses, a shift that materially diminished the relevance of balance sheet figures. That disconnect occurred because the accounting rules (commonly referred to as “GAAP”) that apply to companies we control differ in important ways from those used to value marketable securities. Specifically, the accounting for businesses we own requires that the carrying value of “losers” be written down when their failures become apparent. “Winners,” conversely, are never revalued upwards.
Mr. Scott was promoted to be the general superintendent of the Pennsylvania Railroad in 1856, taking Mr. Lombaert's place; and he took me, then in my twenty-third year, with him to Altoona. This breaking-up of…
The story of the early history of the oil trade is too well known to bear repeating in detail. The cleansing of crude petroleum was a simple and easy process, and at first the profits were very large. Naturally, all…
沃伦·巴菲特《伯克希尔·哈撒韦 2009 年致股东信》· 2009 Chairman's Letter · 投资
Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes.
Mr. Scott was promoted to be the general superintendent of the Pennsylvania Railroad in 1856, taking Mr. Lombaert's place; and he took me, then in my twenty-third year, with him to Altoona. This breaking-up of…