Berkshire Hathaway acaba de publicar la tradicional carta de
Warren Buffet a sus accionistas. He subrayado algunas frases:
"we have consistently done better than the S&P
in the eleven years during which it delivered negative results. In
other words, our defense has been better than our offense, and that’s
likely to continue".
"Charlie and I avoid businesses whose futures we
can’t evaluate, no matter how exciting their products may be".
"At Berkshire we will stick with businesses whose
profit picture for decades to come seems reasonably predictable".
"In line with Berkshire’s owner-orientation, most
of our directors have a major portion of their net worth invested in
the company. We eat our own cooking ".
"We do not measure the economic significance or
performance of Berkshire by its size; we measure by per-share
progress. We are certain that the rate of per-share progress will
diminish in the future – a greatly enlarged capital base will see to
that. But we will be disappointed if our rate does not exceed that of
the average large American corporation".
"The challenge for us is to generate ideas as
rapidly as we generate cash. In this respect, a depressed stock market
is likely to present us with significant advantages. For one thing, it
tends to reduce the prices at which entire companies become available
for purchase. Second, a depressed market makes it easier for our
insurance companies to buy small pieces of wonderful businesses –
including additional pieces of businesses we already own – at
attractive prices. And third, some of those same wonderful businesses,
such as Coca-Cola, are consistent buyers of their own shares, which
means that they, and we, gain from the cheaper prices at which they