These are 5 quotes from Warren Buffett’s Letter to Shareholders:
Q4 hedge fund letters, conference, scoops etc
(1) “2019 will likely see us again expanding our holdings of marketable equities. We continue, nevertheless, to hope for an elephant-sized acquisition. Even at our ages of 88 and 95 – I’m the young one – that prospect is what causes my heart and Charlie’s to beat faster.”
(2) “Certain shareholders will simply decide it’s time for them or their families to become net consumers rather than continuing to build capital. Charlie (95) and I (88) have no current interest in joining that group. Perhaps we will become big spenders in our old age.”
(3) “Most of our major holdings use a portion of their retained earnings to repurchase their shares. We very much like that: If Charlie and I think an investee’s stock is underpriced, we rejoice when management employs some of its earnings to increase Berkshire’s ownership percentage.”
(4) “Rational people don’t risk what they have and need for what they don’t have and don’t need.”
(5) “Berkshire’s value is maximized by being a single entity. This arrangement allows us to seamlessly and objectively allocate major amounts of capital, eliminate enterprise risk, avoid insularity, fund assets at exceptionally low cost, occasionally take advantage of tax efficiencies and minimize overhead. At Berkshire, the whole is greater – considerably greater – than the sum of the parts.”
Article by Dr. David Kass
