The Warren Buffett Way: The World’s Greatest Investor
34 THE WARREN BUFFETT WAY General Re Corporation In 1996 Buffett paid $2.3 billion to buy the half of GEICO he didn’t al- ready ...
“Our Main Business Is Insurance” 35 loss exposure of approximately $275 million for two years running (1998 and 1999). The probl ...
36 THE WARREN BUFFETT WAY corrective maneuvers were successful. In 2002, after f ive years of losses, GenRe reported its f irst ...
“Our Main Business Is Insurance” 37 run from National Indemnity’s off ice in Stamford, Connecticut, con- tributes powerfully to ...
38 THE WARREN BUFFETT WAY Insurance companies sell a product that is indistinguishable from those of competitors. Policies are s ...
“Our Main Business Is Insurance” 39 large impact on Berkshire’s overall performance for several years. Today, that unpleasant st ...
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41 4 Buying a Business B erkshire Hathaway, Inc., is complex but not complicated. It owns (at the moment) just shy of 100 separa ...
42 THE WARREN BUFFETT WAY available at attractive prices. This owner-oriented way of looking at po- tential investments is bedro ...
Buying a Business 43 good management in place. He is interested in companies in the $5 bil- lion to $20 billion range, the large ...
44 THE WARREN BUFFETT WAY until the year she died at the age of 104. “One piece of wisdom she im- parted,” Buffett wrote, “was ‘ ...
Buying a Business 45 the company. The other 10 percent is owned by 55 managers who love their company and wanted to be part owne ...
46 THE WARREN BUFFETT WAY and operates f inancing, loan-servicing, and insurance subsidiaries. The company went public in 1983, ...
Buying a Business 47 In the fall of 2003, Buffett was invited to attend the University of Tennessee’s MBA Symposium. He recounte ...
48 THE WARREN BUFFETT WAY his 2003 shareholder letter, “because it was owned by their major com- petitor. But Grady Rosier, McLa ...
Buying a Business 49 products are professional-quality kitchen tools and pantry food items; some 80 percent of the products are ...
50 THE WARREN BUFFETT WAY That same chain of thinking also applies to his decisions about buy- ing stocks, and that does present ...
Buying a Business 51 the company has equity interests in bottlers located in Mexico, South America, Southeast Asia, Taiwan, Hong ...
52 THE WARREN BUFFETT WAY market is 72.5 percent, almost six times greater than the nearest com- petitor. The company has a 70 p ...
Buying a Business 53 “Charlie and I think we understand the company’s economics and therefore believe we can make a reasonably i ...
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