Berkshire

Buffett also offered Berkshire shareholders few new details about how the company would function once he is no longer running it.

Mr. Sokol told him Lubrizol was undervalued and might be a good match for Berkshire, a person familiar with the matter says.

It is ruled by the rest of the country, and by a Conservative prime minister brought up in the foreigner-free Berkshire countryside.

The effect on Berkshire's share price if Mr Buffet were to fall under a lorry or suddenly decided to retire to Tahiti would be catastrophic.

My own company, Berkshire Hathaway, might have been the last to fall, but that distinction provided little solace.

That's part of why Berkshire always keeps at least $20 billion cash on hand for unforeseen events or investment opportunities, he said.

To see how this can be done, consider the case of Berkshire Hathaway, the holding company run by the legendary Warren Buffett.

' That's because investments of a few million dollars apiece could no longer make a material difference to Berkshire's fortunes.

Charlie and I try to behave with our managers just as we attempt to behave with Berkshire's shareholders.

On this shareholders seemed to have their doubts, at least judging from the 5 per cent slide in Berkshire's share price since Monday.

That's why it's easy to imagine that Combs will never be Warren Buffett, no matter what he brings to Berkshire.

'If I die tonight there will be a new CEO in place in Berkshire, ' he said.

The Berkshire board said it was still considering legal action against Sokol to, among other things, recover any trading profits he made.

Some of Berkshire's more economically sensitive units continued to suffer during the quarter. Revenue at Shaw Industries Inc.

Among the latest confirmed deaths was that of a five-year-old schoolgirl from Slough, Berkshire.

While Mr Moynihan maintained that the bank did not need extra capital, he agreed Berkshire's move could ease Wall Street's nerves.

The decision raises the question of whether Berkshire has run short on reasonably priced investment opportunities.

In an interview, Mr. Munger revealed that Mr. Li was likely to become one of the top Berkshire investment officials.

Berkshire and Buffet have repeatedly reiterated their support for BYD, despite over a year of bad profit news, to no avail.

Buffett and his investing company, Berkshire Hathaway Inc. (BRKA, BRKB), have had a mixed record on investments in recent years.

Mr. Buffett said he was loath to part with Berkshire shares but that doing so was 'necessary to get the deal done. '

2008, everybody was looking around for cash. Berkshire was one of the few places that was actually providing liquidity.

Among those who seem to have reached a similar conclusion is Warren Buffett, the wealthychairman of Berkshire Hathaway.

Berkshire officials in Omaha, where the 79-year-old Buffett is based, did not immediately respond to a message.

In those cases, Berkshire can help keep the business operating the way it had been when owned by the family.

A few days earlier each spring, Munger answers questions alongside Buffett for hours at the Berkshire shareholders meeting in Omaha.

It was Brady who had written his college thesis on Berkshire, which depressed him so much that he had decided to sell his stock.

Buffett also said that Berkshire had increased its holdings in a leading US bank, Wells Fargo, but did not give details.

Also hazy: just how much exposure Berkshire's reinsurance operations have to the Fukushima nuclear disaster in Japan.

But it appeared that the two sides did not see eye-to-eye, prompting the Berkshire statement.

Though Berkshire's intrinsic value cannot be precisely calculated, two of its three key pillars can be measured.

Mr Sokol traded shares in Lubrizol, a speciality chemicals maker, before he suggested that Berkshire buy the company.

'Furthermore, he knew he would have no voice in Berkshire's decision once he suggested the idea. '

At least we have the aftermath of the Berkshire shareholders' meeting to look forward to.

Buffett is against provisions that would require Berkshire to set aside billions in capital to cover derivatives contracts it has written.

In Wednesday's statement, Berkshire said Sokol reiterated as much to Buffett before Buffett announced Sokol's resignation.

With excellent brand recognition and a 137-year history, this would be a true gem of the Berkshire portfolio.

A report from the company's audit committee said Wednesday that David Sokol broke company trading rules and lied to CEO Warren Buffett.

Berkshire's valuation has progressed steadily downward of late, turning the so-called "Buffett premium" into a "Buffett discount" .

Omaha now is lucky to see a few hundred Berkshire investors teleport in for what is a roughly 45-minute annual meeting.

Berkshire did not respond to a request for comment on these issues.

Berkshire has said it has identified four executives at the company who could replace him.

In its announcement, Berkshire stated that its businesses 'are worth considerably more' than the company's share price.

She grew up in the Berkshire village of Bucklebury where her family runs a mail-order toy and party-goods company.

That mindset did not help Berkshire navigate the financial crisis unscathed.

Berkshire was then only in textiles, where it had in the previous decade lost significant money.

Mr. Buffett said an 'overwhelming' part of the future investments of Berkshire's businesses would be in the United States.

A year ago, Berkshire stock was reeling from the effects of the economic crisis.

Proceeds from the sale of a farm were converted into shares of his father's company, Berkshire Hathaway.

He said Berkshire had turned over 'some very damning evidence, in my view' about Mr. Sokol's trades to the SEC.

So far, Berkshire Hathaway's underwriting standards, and estimates of potential loss, have been strong.

Buffett said he's looking for more big acquisitions to boost Berkshire's earnings power.

Using the proxy as a guide, the Berkshire board's risk oversight appears to be very weak.

Berkshire: One of a domestic breed of medium-sized black swine with white markings on the feet, legs, and face.

The company's shareholders include Berkshire Hathaway, Warren Buffet's investment vehicle, which owns just under 10 per cent of the company.

But Phil Orlando, equity strategist at Federated Investors, says the Berkshire buyback alone isn't enough to improve investor morale.

At age 79, Mr. Buffett has no plans to retire, but he wants to ensure that Berkshire's businesses will endure for decades after he is gone.

The Berkshire chairman and CEO said Sunday he didn't know if he'd be called as a witness in a regulatory probe or possible civil litigation.

Berkshire Hathaway will receive perpetual preferred shares in Goldman, which will pay a 10 annual percent dividend, or $500 million a year.

There are usually some nuggets for all those who haven't invested in Berkshire, and this year's letter was no exception.

But Berkshire is, of course, no ordinary conglomerate, so a mere 18 per cent premium to book is among the cheapest entry-points in decades.

Mr Buffett was speaking a week after announcing that Berkshire Hathaway had sold its entire stake in PetroChina, the Chinese oil group.

Berkshire officials do not typically comment on its stock investments beyond what they are legally required to disclose.

Buffett, who controls one-third of Berkshire's voting stock, is sending a strong signal that he believes his shares are undervalued.

Berkshire did not immediately return a request for comment.

He swiftly concluded it was too big. Berkshire would have to borrow a lot of money, potentially threatening its coveted AAA credit rating.

Will a board who meets so infrequently and does so little be able to help Berkshire bridge to the future?

Li didn't leave the running as dramatically as Sokol, but instead, he never started working at Berkshire.

All of these purchases have caused Buffett to dispose of many stocks to replenish the coffers at Berkshire Hathaway.

Warren Buffett at the annual shareholders meeting of his Berkshire Hathaway investment group this year.

If you want to duplicate the creativity of the master, Buffett, buy shares of his company, Berkshire Hathaway.

Lenox, in the Berkshire Hills of Western Massachusetts, draws vacationers and retirees with its natural beauty.

Buffett also reminded investors that Berkshire has little chance of matching its past stellar performance because the company is so large.

Berkshire's stock and bond holdings were mostly responsible for the company's dismal performance, according to the report.

At first, Mr Combs did not stand out from the crowd of more than 700 applicants for the position of head of Berkshire's investments.

Gains in other parts of Berkshire's derivative portfolio, including credit-default swap contracts, offset those less-severe losses.

The derivatives losses are largely an accounting matter for now and don't require Berkshire to part with any of its $35 billion cash hoard.

If Mr. Buffett wanted to return cash to shareholders, it's possible he might buy back Berkshire shares, Mr.

Judging by the return Berkshire has seen so far on BYD, Munger might not merely be encountering genius.

Expanding and nurturing the cadre of outstanding operating managers who, over the years, have delivered exceptional results for Berkshire.

Plus, Berkshire is able to invest the premiums until the contracts expire.

Ajit Jain, the head of Berkshire Hathaway's highly profitable reinsurance business, also has been mentioned as a possible successor.

Berkshire Hathaway has put a lot of its cash to work over the past two years.

"We were on a binge before, " the CEO of Berkshire Hathaway told "Good Morning America" in an exclusive interview.

Berkshire is always a buyer of both businesses and securities, and the disarray in markets gave us a tailwind in our purchases.

The Royal Berkshire and Battle Hospitals NHS Trust said only white artificial limbs had been initially made available.

For the last part of the trip, I joined Warren Buffett, Charlie Munger and other Berkshire Hathaway board members.

A message left for a Berkshire spokeswoman seeking further comment on the transaction wasn't immediately returned Tuesday.

Berkshire has adhered to these principles for decades and will continue to do so long after I'm gone.

Berkshire recently lost its cherished triple-A credit rating and its shares have slipped by 18% over the last 12 months.

Berkshire recently lost its cherished triple-A credit rating and its shares have slipped by 18% over the last 12 months.

Less exciting, perhaps, but necessary if Berkshire is to carry on after America's most famous investor hangs up his spurs.

At Berkshire Hathaway we do not like to compete against Chinese manufacturers.

Such projects offer Berkshire the opportunity to put out substantial sums at decent returns.

Buffett has pledged the majority of his Berkshire shares to Gates' charitable foundation.

Mr. Buffett said the analysts' participation at Berkshire's annual meeting doesn't mean he will be engaging them at other times.

Berkshire subsidiaries include insurance, clothing, furniture, candy companies, restaurants, natural gas and corporate jet firms.

The resulting chaos, Mr. Buffett concluded, could have crashed global financial markets, threatening Berkshire.

Buffett, Berkshire's 77-year-old CEO, doesn't get much credit for his credit acumen, but he's one of the sharpest investors in junk debt.

Berkshire Hathaway has also become the General Electric after a loss of the highest credit rating of the United States star enterprise.

Buffett, the book reveals, isn't al - ways the calm, calculating figure we know as head of the storied investment firm Berkshire Hathaway.

The companies Berkshire owned at the end of that year employed about 10% fewer people 12 months later.

In September, Berkshire invested $230 million in BYD for a 10% stake in the company.

Other Berkshire shareholders had a less enthusiastic response to the news.

The toughest blow came in April, when Moody's stripped Berkshire of its AAA rating, citing the stock-market decline.

"Goldman Sachs is an exceptional institution, " said Mr Buffett, chief executive of Berkshire Hathaway.

At Berkshire's 2009 shareholders' meeting he admitted that some early runners had been caught out by the financial crisis.

The investment losses at Berkshire, an insurance-to-sweets conglomerate, were concentrated in two areas.

"Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars. "

The succession plan at Berkshire is among the most high-profile in modern American corporate history.

The succession plan at Berkshire is among the most high-profile in modern American corporate history.

Surrey, Buckinghamshire, Hampshire and Berkshire are now among the top 35 most expensive property areas in the world.

Munger: BYD's stock price is still way higher than Berkshire paid for it.

Besides the potential civil recovery, Berkshire's board also said it would cooperate with any government investigation.

The theme of this year's Berkshire meeting, the Woodstock for Capitalists, was 'Planes, Trains and Automobiles. '

Berkshire's earnings continue to rebound from a weak start to the year, when it posted a rare first-quarter loss amid the recession.

Mr. Sokol recounted the trades to him over the phone and gave the same information to an outside attorney for Berkshire. Mr.

Leave aside the obvious point that Mr. Sokol might not have lived up to Berkshire's high ethical standards.

His letter to his daughter (and almost identical letters to his sons) is available on the Berkshire Hathaway website.

The Berkshire Hathaway chairman warned the public against buying Chinese stocks at their currently inflated values.

The ratings outlooks are all stable, as the ratings firm said Berkshire's rating is 'well supported' at the new level.

Mr. Buffett has long said he wouldn't let Berkshire's cash cushion slip below $10 billion.

Unlike most firms with separate committees for compensation and nominating and governance, Berkshire combines the committees into one.

Perhaps more important, Berkshire's emphasis on value investing looks increasingly quaint amid markets dominated by technology and quants.

Berkshire Hathaway's slumping share price soared after its board decided to buy back some of the firm's own stock.

But its shares have been on a roll of late, gaining about 20% since early November, when Berkshire said it planned to purchase Burlington.

'The potential motives of an executive at Berkshire are not terribly relevant to Lubrizol shareholders. What matters to them is the price. '

In its credit opinion, Moody's also cited the potential volatility of Berkshire's 'catastrophe-exposed business.

The issues with Berkshire's (BRKA) governance should not be news to investors in Berkshire stock.

Interestingly, this location is only about 9 miles from Martin's Heron, Bracknell, Berkshire that was used as Privet Drive in the films.

Shaw, Berkshire's carpet manufacturer, let 400 people go over the last month or so, and is down some 6, 000 employees overall, Buffett says.

To replace Buffett, Berkshire plans to split his job into three parts - chief executive officer, chairman and several investment managers.

The recession and financial crisis swatted Berkshire and the markets alike, Buffet wrote in his annual letter to Berkshire shareholders.

Berkshire shareholders heading to Omaha, Neb. , this weekend may soon get a view into Mr. Buffett's thinking.

Millions of people read Warren Buffett's books and follow every move of his company, Berkshire Hathaway.

While shareholders at past meetings have sometimes probed about Berkshire's operations, the focus has often drifted onto other subjects.

Well, he said it to me and 40, 000 other people at the 2003 Berkshire Hathaway annual meeting.

Buffett said in his annual letter to Berkshire Hathaway shareholders Saturday that he still believes America's best days are ahead.

Our insurance operation, the core business of Berkshire , is an economic powerhouse.

Buffett said that if those contracts had expired at the end of 2010, Berkshire would have owed $3. 8 billion and made a profit.

The bonds, which yielded more than 10% when Berkshire bought them, had been in an unrealized loss position for more than two years.

Still, he stresses regularly that Berkshire is prepared for a post-Buffett future.

Most of his shares of Berkshire stock will go to five charitable foundations, with the largest going to the Bill &Melinda Gates Foundation.

Let's look first at insurance, Berkshire's core operation and the engine that has propelled our expansion over the years.

Windsor Castle: Principal British royal residence, on the River Thames in Windsor, Berkshire, southern England.

Some think if we just had more compliance checks and process, virtue would be maximized . At Berkshire, we have subnormal process.

Berkshire is reportedly taking advantage of record low rates and issuing bonds to raise dirt-cheap capital.

Mr. Buffett received a call at Berkshire's headquarters from New York private-equity investor J. Christopher Flowers.

We had recently a very large international company wanting to do something with Berkshire.

"Here's the smartest guy on the block, and his firm, Berkshire Hathaway, is down like most other stocks this year. "

One example is Windsor Castle, which is a home to the British queen. It is in the country of Berkshire.

Mr. Buffett said Berkshire recorded a first-quarter profit of $3. 6 billion, compared with a net loss of $1. 5 billion a year earlier.

Our directors, therefore, monitor Berkshire's actions and results with keen interest and an owner's eye.

Messrs. Buffett, Munger, Sokol, Li and Microsoft founder and Berkshire Director Bill Gates plan to visit China and BYD in September.

Mr Market is a silly old fool who occasionally makes assets available to Berkshire Hathaway below their fundamental value.

The recession has hurt many of Berkshire's businesses, and the drop in asset prices across the board has eroded their capital reserves.

Berkshire is one of the exceptions, having already invested in blue chips such as General Electric and Goldman Sachs.

The launch levels indicate a modest concession over outstanding Berkshire issues, but will likely be snapped up by bond buyers.

He later performed with the Berkshire Theatre in Stockbridge, Massachusetts, and the Alley Theatre in Houston, Texas.

But Berkshire is awash in a sea of cash generated by its own operations.

Prof Kay illustrates this by reference to the 20 per cent average compound rate of return earned by Mr Buffett at Berkshire Hathaway.

A factor behind Berkshire's stance could be a game plan to improve its credit rating.

And I, to my shame, participated in this foolishness when I had Berkshire buy U. S. Air preferred stock in 1989.

Mr. Buffett repeated a refrain from past years, stating that Berkshire's future performance is unlikely to replicate its past.

Our main focus was a visit to BYD, an incredible company in which Berkshire owns a 10 percent stake.

In many cases, these are people who have sought out Berkshire as an acquirer for a business that they and their families have long owned.

Of Berkshire's $155bn market value, some $95bn can be ascribed to publicly available debt and equity holdings that deserve no premium.

Berkshire made a $5 billion preferred stock investment in Goldman in September 2008, at the height of the financial crisis.

One of Castle Point's biggest holdings is U. S. Bancorp, whose stock is also held by Berkshire.

Goldman could also replace the costly capital from Berkshire with much cheaper funding now available in the debt markets.

Berkshire more than doubled its notional exposure on these CDS to $8. 8 billion between the end of 2006 and the middle of this year.

This old hay barn in Berkshire, Vermont stands amidst the autumn colors made brilliant by the rising sun.

The proxy's descriptions of the board's actions suggest that it is disconcertingly disconnected from the goings on at Berkshire.

During the fourth quarter, Berkshire recorded a largely unrealized gain of $1. 4 billion on its derivatives and investments.

Berkshire's insurance operations, which tend to perform less in line with the economy, posted solid results.

Was Lubrizol the best possible acquisition target for Berkshire?

Buffett reportedly said that Berkshire holds more than $40 billion of its cash in short term Treasuries.

Buffett in charge since 1965 as the core business of the insurance company Berkshire Hathaway.

A seventh person died in hospital on Sunday, a spokeswoman for the Royal Berkshire Hospital said.

Two American icons, General Electric and Berkshire Hathaway, lost their triple-A credit ratings.

The Berkshire is a medium sized breed of pig covered in black hair - the skin is not coloured.

Board also reviews its various options and authorizes Rose to enter into discussions with Berkshire.

But for Berkshire shareholders, the bigger story may be the deals that he passed up.

Berkshire is in the business of making easy predictions ? If a deal looks too hard, the partners simply shelve it.

She lives in a small house in a village outside Reading in Berkshire, England.

The solution, Berkshire investors say, may lie with Buffett's core skill: buying companies cheaply.

It is unclear exactly what Mr Combs will be doing, and Berkshire never provided any confirmation of the role planned for Mr Li.

During the quarter, Berkshire also invested $5 billion in preferred shares issued by Bank of America Corp.

Buffett expects Weschler to begin working at Berkshire in several months, perhaps in February.

Berkshire has previously identified three candidates who could succeed Mr. Buffett in the CEO role.

Mr. Buffett's long-time partner, Berkshire vice chairman Charlie Munger, was blunter in his criticisms of Wall Street.

Berkshire's Class A shares gained 21% in 2010, giving the company a market value of roughly $200 billion at year end.

But the risks that attend Berkshire's post-Buffett future suggest investors should demand a bigger discount.

He has publicly admitted defeat in Berkshire Hathaway's withdrawal from the credit card business after substantial losses.

Monday's filing said each candidate is a 'current Berkshire subsidiary manager. '

Ours was not a frivolous proposal: For reasons we will come to later, it involved substantial risk for Berkshire.

The annual report, published this month, gives a detailed look at Berkshire's equity holdings, balance sheet and investment activity.

Through an intermediary, he broached the idea of doing a deal with Berkshire.

The investment paid a 10% dividend, and provided Berkshire with warrants to buy up to $5 billion of Goldman common shares.

If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.

Pretax underwriting profit at Berkshire Hathaway Reinsurance Group, which sells catastrophe coverage, dropped 95 percent to $29 million.

Fitch took Berkshire down a couple of notches last month, and Standard & Poor's is also eyeing a possible downgrade.

The US investor already owns 3 per cent of Swiss Re and its latest investment is pure Berkshire Hathaway.

The CEO eventually agreed, and Berkshire said in mid-March it would buy Lubrizol for $9 billion in cash.

Berkshire also has big investments in companies including Coca-Cola Co. and Wells Fargo & Co.

Berkshire Hathaway will enjoy a handsome 12 per cent coupon on its Swiss Re "perpetual convertibles" .

Buffett has said his son, Howard Buffett, could serve as Berkshire's nonexecutive chairman.

Still, analysts point out that Mr Combs' investment style should fit well with Berkshire.

The same is true with Berkshire's choice of its next chief executive.

Buffett's stumble came during the worst year for equities since the 1930s and Berkshire's book value fell only 9. 6 per cent.

Berkshire Hathaway (BRKA) boosted its holdings as others fled, and by 1996 had accumulated 51% of its stock.

Mr. Li has developed a close relationship with Charles Munger, Berkshire's 86-year old vice chairman, and runs Mr. Munger's family's money.

But Larson believes that Berkshire's collection of more than 70 businesses, dominated by insurance, is dirt-cheap.

The result is a scramble for Berkshire shares by index funds that, by one estimate, will reach $14 billion of buying.

Republicans are playing a dangerous game by refusing to raise the debt ceiling, according to Berkshire Hathaway CEO Warren Buffett.

If you are a CEO who has some large, profitable project you are shelving because of short-term worries, call Berkshire. Let us unburden you.

Since then, Berkshire has completed a $9 billion acquisition of lubricants company Lubrizol.

The fate of Berkshire's effort to influence the legislation remains uncertain.

Admittedly, Berkshire might always have believed that the government would act to protect Goldman when it sunk $5 billion into the firm.

Assuming Buffett hasn't erred, investors have the opportunity now to buy some of them for less than what Berkshire paid.

Burlington Northern's shares were up about 28% Tuesday afternoon. Berkshire's Class A shares rose slightly.

He joined the Berkshire Eagle in Massachusetts in 1988 and won an award for a story the following year.

This could benefit Berkshire, with its cash hoard of $24. 3 billion at the end of 2008.

IBM's stock has risen about 10% in the last six months, making Berkshire's stake worth about $12bn.

The world's largest inhabited castle is Windsor Castle, Berkshire. It has been the home of British royalty for over 900 years.

They also say the developments could show gaps in Berkshire's internal controls.

It worked for the holders of B shares in Warren Buffett's Berkshire Hathaway.

The warrants allow Berkshire to buy $5 billion in common stock at $115 per share any time over the next five years.

For Berkshire, a publicly listed company, this goes without saying.

U. S. Bancorp, for instance, trades near 23, appreciably below Berkshire's average cost of $31.

He lost $25 billion in the past year as shares in his company, Berkshire Hathaway Inc. , dropped nearly a third in value.

Tilson said T2 invests $140 million of hedge fund capital, and that its largest investment is Berkshire.

In addition to insurance, Berkshire businesses range from candy to manufactured homes to corporate jet leasing.

Berkshire's net worth nosedived, falling by $11. 5 billion, according to its annual report, released today.

Many take classes at Berkshire Community College and have internships at local businesses.

Two years ago Berkshire took a 25 per cent stake in a vehicle that was aiming to buy up smaller Lloyd's underwriters.

Berkshire didn't respond to requests for comment, and Mr. Sokol declined to comment for this column.

At Buffett's invitation, Weschler later came to the 2011 Berkshire Hathaway (BRKA) annual meeting, held last spring.

It remains unclear how Mr. Li may become involved with Berkshire's portfolios.

Continuing stock-market declines were taking a toll on Berkshire.

But Buffett says he's looking for more big acquisitions and other profitable ways to use the $38 billion cash Berkshire had at year's end.

But nothing is more fun for us than getting together with our shareholder-partners at Berkshire s annual meeting.

To an extraordinary degree he thinks of Berkshire first.

Berkshire also has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co.

At IBM's current price, Berkshire's 64 million shares have a market value of a little more than $12 billion.

Berkshire Hathaway's funding base has grown steadily since then.

Berkshire's preferred stock in Goldman will pay 10 percent and can be bought back any time at 10 percent premium.

IBM's stock closed last Friday at $187. 38 a share, which means that Berkshire currently has a gain in its position of more than 10%.

But Berkshire and the China fund do differ in two big ways.

Berkshire lost $3. 4bn on a physical disaster whereas Mr Buffett is on the hook for a lot more from financial volatility.