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Now displaying: Page 1
Apr 28, 2017

Welcome to Episode 4 of the "Becoming Buffett" Series!

This week we discuss the 1968 letter to Berkshire Hathaway shareholders.

Buffett's annual letters book: http://amzn.to/2ogVi4U

Some brief notes:

1968

“Immediately after year end, we purchased all of the stock of Sun Newspapers, Inc. and Blacker Printing Company, Inc., which represents an initial entry into the publishing business.”

  • Working hard to improve operating earnings in textile ares
    • They aren’t just abandoning the investment at the first sign of trouble, willing to be patient to allow thesis to play out.
  • Letter now divided into three sections: textile operation, insurance operations, and marketable securities/acquisitions
    • Could you have one more income stream 3 years from now?
  • Insurance operations going well
    • Investment income increased substantially in 1968
    • Capital gains from common stock investments
    • “The insurance companies continue to seek new areas for expansion”
    • Could you make ONE great investment this year that could reward you for years to come?
  • Marketable securities/acquisitions
    • Funds were held in common stocks as a temporary investment while waiting for acquisition or expansion opportunities
    • Bought Sun Newspapers, Inc. and Blacker Printing Company, Inc. as entries into the publishing industry
    • “This purchase, while small, has the potential for future expansion.”
      • Is there a local, private company you could buy an interest in (or buy outright)?
      • Let’s stretch our thinking in regard to the options available to us as investors
  • Management of insurance and publishing companies continued under existing leadership after acquisition
    • Quality mgmt is a big deal to Buffett
    • Is it for you?
    • Are YOU a quality manager of your business (household)?
    • The benefits of great management is that you now have super talented people working to make you money; work to surround yourself with people smarter than you!

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