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  1. #1
    Registered User Semi Pro Member
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    BRK Annual Report

    The Berkshire annual report dropped yesterday evening. I just finished reading Buffett's letter to shareholders. Very interesting stuff about active vs. passive management. But nothing about why they invested so heavily in Apple or airlines. Maybe that will come out at the annual meeting.


  2. BRK Annual Report
  3. #2
    Registered User Semi Pro Member
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    Downloading it right now. Thanks for the heads up.

  4. #3
    Registered User Enthusiast
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    My favorite part was this:

    Meg McConnell of the New York Fed aptly described the reality of panics: “We spend a lot of time looking for systemic risk; in truth, however, it tends to find us.”
    Well, meg (and Warren and Charlie), maybe the Fed keeps missing all the risk that is finding it is because the Fed is the one creating the risk.

    Next time, try a stable monetary system.

  5. #4
    Registered User Senior Member
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    100
    Buffett is still great. But I compare this report to the one issued for 1999 (so in early 2000). And he just seems less willing to warn investors of the dangers ahead.

    Also, he did not even bother to explain the Apple and airline investments. Come on.

    I'll be more interested to watch the Daily Journal annual meeting with Munger.

  6. #5
    Registered User Senior Member
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    101
    I find Munger more interesting.

    In fact, do yourself a favor. Go online and order a copy of Old Charlie's Almanac. Worth every penny.

  7. #6
    Registered User Senior Member
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    240
    Quote Originally Posted by Graham View Post
    Buffett is still great. But I compare this report to the one issued for 1999 (so in early 2000). And he just seems less willing to warn investors of the dangers ahead.

    Also, he did not even bother to explain the Apple and airline investments. Come on.

    I'll be more interested to watch the Daily Journal annual meeting with Munger.
    Well, much more of a cult around Buffett now. So maybe he feels less able to be honest. With so many more people listening, he may want to play safe.

  8. #7
    Registered User Semi Pro Member
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    382
    Definitely a cult. And I am a member. I'll be watching the livestream again this year.

  9. #8
    Registered User Enthusiast
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    76
    I prefer the hypothesis that he wants to be popular. Not remembered for bursting the bubble. And he know exactly how much significance is given his words. And he may well be blamed if he said somehting. Because it will burst.

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