Warren Buffets årliga brev till sina aktieägare – 2010

By 27 februari, 2011Blogg
The per-share book value of both our Class A and Class B stock increased by 13% in 2010. Over the
last 46 years (that is, since present management took over), book value has grown from $19 to $95,453, a rate of 20.2% compounded annually.*
The highlight of 2010 was our acquisition of Burlington Northern Santa Fe, a purchase that’s working
out even better than I expected. It now appears that owning this railroad will increase Berkshire’s “normal” earning power by nearly 40% pre-tax and by well over 30% after-tax. Making this purchase increased our share count by 6% and used $22 billion of cash. Since we’ve quickly replenished the cash, the economics of this transaction have turned out very well.
A “normal year,” of course, is not something that either Charlie Munger, Vice Chairman of Berkshire
and my partner, or I can define with anything like precision. But for the purpose of estimating our current earning power, we are envisioning a year free of a mega-catastrophe in insurance and possessing a general business climate somewhat better than that of 2010 but weaker than that of 2005 or 2006. Using these assumptions, and several others that I will explain in the “Investment” section, I can estimate that the normal earning power of the assets we currently own is about $17 billion pre-tax and $12 billion after

The per-share book value of both our Class A and Class B stock increased by 13% in 2010. Over thelast 46 years (that is, since present management took over), book value has grown from $19 to $95,453, a rate of20.2% compounded annually.*The highlight of 2010 was our acquisition of Burlington Northern Santa Fe, a purchase that’s workingout even better than I expected. It now appears that owning this railroad will increase Berkshire’s “normal”earning power by nearly 40% pre-tax and by well over 30% after-tax. Making this purchase increased our sharecount by 6% and used $22 billion of cash. Since we’ve quickly replenished the cash, the economics of thistransaction have turned out very well.A “normal year,” of course, is not something that either Charlie Munger, Vice Chairman of Berkshireand my partner, or I can define with anything like precision. But for the purpose of estimating our current earningpower, we are envisioning a year free of a mega-catastrophe in insurance and possessing a general businessclimate somewhat better than that of 2010 but weaker than that of 2005 or 2006. Using these assumptions, andseveral others that I will explain in the “Investment” section, I can estimate that the normal earning power of theassets we currently own is about $17 billion pre-tax and $12 billion after…………..

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