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Warren Buffett Annual Shareholder Letter for 2011 is out

February 25, 2012 | About:
Dheeraj Grover

Dheeraj Grover

18 followers
Berkshire Hathaway Annual Shareholder letter is out. Follow the link below to access to the insights from the two of the greatest investors of all time.

Here is the link to the Annual Shareholder letter

http://www.berkshirehathaway.com/letters/2011ltr.pdf

Here is the link to the Annual Report

http://www.berkshirehathaway.com/2011ar/2011ar.pdf

BerkshireAnnualLetter2012

About the author:

Dheeraj Grover
I am an individual investor with deep interest in the field of value investing. My ideas and thinking is inspired by highly respected value investors like Ben Graham, Warren Buffett, Walter Schloss, Bill Ruane and Tweedy Browne

Rating: 3.1/5 (16 votes)

Comments

daniel.sinclair
Daniel.sinclair premium member - 2 years ago
Page 3: "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."

And that person will effectively control the largest amount of shares so it's a done deal anyhow.

Wink, wink, say no more, say no more.
Arpan
Arpan - 2 years ago
Bill Gates would make perfect sense. Except, didn't he leave day to day duties at Microsoft in order to focus on the charity? Being Berkshire's new CEO would be a full time job, something that Bill already has.
daniel.sinclair
Daniel.sinclair premium member - 2 years ago
The roles will merge in a manner of speaking; as head of his charity he is ultimately responsible for its funds, much of which will be in Berkshire shares.
Arpan
Arpan - 2 years ago
Yea but then why didn't he merge that with his full time Chairman position at Microsoft? As head of the charity he does much more than manage the equity portfolio. I'm sure most of his time is spent on managing and leading the vaccination and education initiatives of the foundation. If not a full time job, it probably takes up a bulk of his workweek, and he's even said that, and that's why he left day to day at Microsoft.

All I'm saying is that it doesn't make any sense for him to have left Microsoft claiming that he wants to spend most of his time on his philanthropy, and then for him to become CEO of Berkshire, a job which obviously entails more time than Chairman of Microsoft.
SapientInvestor
SapientInvestor - 2 years ago
I would guess it would be Ajit not Gates. I just don't see Gates wanting to run a conglomerate of low tech companies even though CEO would be hands off to a large extent.
vgm
Vgm - 2 years ago
Buffett's comments that "the banking industry is back on its feet", and in particular that Bank of America is doing the right things under Brian Moynihan and will prosper in the future, are highly reminiscent of Bruce Berkowitz's comments in the recent interview posted here on GuruFocus.

Implicit in what Buffett wrote is that the Countrywide fiasco - which of course keeps many investors away from BofA - will not sink the ship.
daniel.sinclair
Daniel.sinclair premium member - 2 years ago
WEB makes it clear on CNBC today that the #1 pick is a current CEO of a BRK operating business, although he said there are option on the board, but not #1. So, Arpan is right.

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