Buffett's letter to shareholders

med hjälp av äganderätt o tillhörande spel o ränta på ränta, kan man ta hela tiden växande mängd av andras pengar, som exemplet nedan visar:

Finally, I, Warren Buffet, made an even worse mistake when I said "yes" to Dexter, a shoe business I bought in
1993 for $433 million in Berkshire stock (25,203 shares of A). What I had assessed as durable competitive
advantage vanished within a few years. But that?s just the beginning: By using Berkshire stock,

I, warren buffet,

 
compounded

 this error hugely. That move made the cost to Berkshire shareholders not $400 million, but
rather $3.5 billion. In essence, I, warren buffet, gave away 1.6% of a wonderful business - one now valued at $220 billion
- to buy a worthless business. 

lättare förstå när den rika klagar, våra sympatier ligger alltid hos dom, bekräftelsen finns hos MaSsMedia, MSM

dom gråter blod, men vi straffar oss själva med än större förluster o ger bort nästan alla våra pengar till dom, i exponentiell takt, omedvetet

inte undra på att bankirerna ser sej själva som övermänniskor o andra som värdelöst pack

'wonderful business' kommer leva 1000 år , compounded

Mvh werik1

Last year I told you that Berkshire had

62 derivative contracts

that I manage. (We also have a few
left in the General Re runoff book.) Today, we have 94 of these, and they fall into two categories.

 
First, we have written 54 contracts that require us to make payments if certain bonds that are
included in various high-yield indices default.

These contracts expire at various times from 2009 to 2013.

 
At yearend we had received $3.2 billion in premiums on these contracts; had paid $472 million in losses;

and in the worst case (though it is extremely unlikely to occur) could be required to pay an additional $4.7 billion.

 
We are certain to make many more payments. But I believe that on premium revenues alone,
these contracts will prove profitable, leaving aside what we can earn on the large sums we hold. Our
yearend liability for this exposure was recorded at $1.8 billion and is included in

 "Derivative Contract
Liabilities" on our balance sheet. 

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hur man gör pengar av ingenting, genast

The second category of contracts involves various put options we have

sold on four stock indices

(the S&P 500 plus three foreign indices). These puts had original terms of either 15 or 20 years and were
struck at the market.

We have received premiums of $4.5 billion, and we recorded a liability at yearend of
$4.6 billion.

The puts in these contracts are exercisable only at their expiration dates, which occur between
2019 and 2027,

and Berkshire will then need to make a payment only if the index in question is quoted at a
level below that existing on the day that the put was written.

 Again, I believe these contracts, in aggregate,
will be profitable and that we will,

COMPOUNDED, in addition, receive substantial income from our investment of the
premiums we hold during the 15- or 20-year period. 

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Two aspects of our derivative contracts are particularly important.

First, in all cases we hold the
money, which means that we have no counterparty risk.

Second, accounting rules for our derivative contracts differ from those applying to our investment
portfolio.

In that portfolio, changes in value are applied to the net worth shown on Berkshire?s balance
sheet, but do not affect earnings unless we sell (or write down) a holding. Changes in the value of a
derivative contract, however, must be applied each quarter to earnings. 

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#1

Om du inte förstår och/eller inte gillar marknaden så kanske inte det här är rätt forum?

The U.S. dollar weakened further in 2007 against major currencies, and it?s no mystery why:
Americans like buying products made elsewhere more than the rest of the world likes buying products
made in the U.S. Inevitably, that causes America to ship about $2 billion of IOUs and assets daily to the
rest of the world. And over time, that puts pressure on the dollar.
16
When the dollar falls, it both makes our products cheaper for foreigners to buy and their products
more expensive for U.S. citizens. That?s why a falling currency is supposed to cure a trade deficit. Indeed,
the U.S. deficit has undoubtedly been tempered by the large drop in the dollar. But ponder this: In 2002
when the Euro averaged 94.6¢, our trade deficit with Germany (the fifth largest of our trading partners) was
$36 billion, whereas in 2007, with the Euro averaging $1.37, our deficit with Germany was up to $45
billion. Similarly, the Canadian dollar averaged 64¢ in 2002 and 93¢ in 2007. Yet our trade deficit with
Canada rose as well, from $50 billion in 2002 to $64 billion in 2007. So far, at least, a plunging dollar has
not done much to bring our trade activity into balance.
There?s been much talk recently of sovereign wealth funds and how they are buying large pieces
of American businesses. This is our doing, not some nefarious plot by foreign governments. Our trade
equation guarantees massive foreign investment in the U.S. When we force-feed $2 billion daily to the rest
of the world, they must invest in something here. Why should we complain when they choose stocks over
bonds?
Our country?s weakening currency is not the fault of OPEC, China, etc. Other developed
countries rely on imported oil and compete against Chinese imports just as we do. In developing a sensible
trade policy, the U.S. should not single out countries to punish or industries to protect. Nor should we take
actions likely to evoke retaliatory behavior that will reduce America?s exports, true trade that benefits both
our country and the rest of the world.
Our legislators should recognize, however, that the current imbalances are unsustainable and
should therefore adopt policies that will materially reduce them sooner rather than later. Otherwise our $2
billion daily of force-fed dollars to the rest of the world may produce global indigestion of an unpleasant
sort. (For other comments about the unsustainability of our trade deficits, see Alan Greenspan?s comments
on November 19, 2004, the Federal Open Market Committee?s minutes of June 29, 2004, and Ben
Bernanke?s statement on September 11, 2007.) 

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gjort som sagts

IOU's economy

Total economic collapse in the U.S - Imminent danger to the U.S. # 3 

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16 October 2004            IOU's 

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Fanciful Figures - How Public Companies Juice Earnings

 Former Senator Alan Simpson famously said: "Those who travel the high road in Washington
need not fear heavy traffic." If he had sought truly deserted streets, however, the Senator should have
looked to Corporate America?s accounting

A moment of truth had now arrived for America?s CEOs, and their reaction was not a pretty sight.
During the next six years, exactly two of the 500 companies in the S&P chose the preferred route.

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At 84 and 77, Charlie and I

 remain lucky beyond our dreams.

We were born in America; had
terrific parents who saw that we got good educations; have enjoyed wonderful families and great health;
and came equipped with a "business" gene that allows us to prosper in a manner hugely disproportionate to
that experienced by many people who contribute as much or more to our society?s well-being. Moreover,
we have long had jobs that we love, in which we are helped in countless ways by talented and cheerful
associates. Every day is exciting to us; no wonder we tap-dance to work. But nothing is more fun for us
than getting together with our shareholder-partners at Berkshire?s annual meeting. So join us on May 3rd at
the Qwest for our annual Woodstock for Capitalists. We?ll see you there.

February 2008 Warren E. Buffett
Chairman of the Board 

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två av världens rikaste män, bill o warren,  slår sina påsar ihop o idkar välgörenhet

världens rikaste bankirer bestämmer spelreglerna

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Oil is over $101 a barrel, and rising energy prices act as a tax on consumers, who have less available to spend on other items To add insult to injury, much of that money is sent to foreign countries that are hostile to the US. Of course, we should be grateful that some of the countries recycle those dollars back to the US, buying large positions in our major banks and keeping them from going bankrupt. 

det är bin ladins fel 

Mvh werik1

Du kanske ska ta och börja äta dina mediciner.

Du klipper och klistrar vilt ur rapporten, med nonsenskommentarer om någon

kommentar alls. Det är uppenbart att ingen annan vill diskutera det här ämnet med dig.

Och sen börjar du dessutom trycka in en massa värdelösa länkar som inte har speciellt mycket med saken att göra.

Om du vill diskutera oljepriset som i #12 så föreslår jag att du gör det i en egen tråd, gärna som du döper till ditt användarnamn så är det lätt för oss som inte tycker du skri... kopierar in något meningsfullt att undvika den.

warren live 

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MAnd Buffett?s son, Howard, who already serves on Berkshire?s board, will become chairman after Warren Buffett?s death.
And Buffett?s son, Howard, who already serves on Berkshire?s board, will become chairman after Warren Buffett?s death.
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kan någon läsa mellan raderna

The Canadian dollar's gone from 60-odd cents to roughly par, and with Canada our trade deficit's increased. So a cheaper dollar does help exports,

but you just saw that contract that didn't go to Boeing but partly went abroad. And, you know, that's with the euro at 1.51 and classic economics will tell you that that isn't supposed to happen, but it's happening. 
 

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warför hjälper det inte  !!!! vad är det för business warren har

BUFFETT: No. Well, it's a problem that--it's a real problem when, with the euro at $1.51 or whatever it is today, that still a competitive market sends those jobs abroad.

I mean, it shows--you know, the whole world is living according to what David Ricardo said, you know, back in 1820 or thereabouts, and he was not contemplating this kind of a world.

A cheapening dollar is not solving the problem, and that's why I wrote this article about import certificates a few years ago.

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enkla sanningar, alla får kan räkna 'ränta på ränta',

man räknar fårens fötter o dividerar med två

BUFFETT: Well, I don't--I don't say generally people. I think the lower class, the middle class, even the upper middle class are paying more than they should be paying. I think that the super rich, like myself, you know, my tax rate was 17 and a fraction percent in 2006, and everybody else in the office was paying way more. I'm not advocating tax increases across the board at all. I'm advocating a redistribution to the super rich.

In the last 20 years, the total wealth of the Forbes 400 has gone from 220,000,000,000 to a 1,540,000,000, seven for one.

The average wage has gone no place in real terms, it's up about 80, 85 percent and that's exactly what inflation is. So the world has gotten tilted to the super rich, and I think that the middle class and even the upper middle class, I think they've been getting a very raw deal. So I would change their taxes and move them over to people like me. 
 

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the secret goverment of the world and 911

BUFFETT: Well, my billions will go to society. Every share of stock I've got. And, on balance, I think that the five foundations I'm giving to will probably get a better result than sending to the government, but I wouldn't have any objection to sending to the government. This society has showered everything on me. I've gotten everything in life I've wanted, and

I will spend less than 1 percent of my net worth, I and my family, during my lifetime. If the only choice were to give it to the government or to give it to create a dynasty of Buffetts,

men sonen får bli ceo, inga skatter

I would give it to the government. 

 

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BUFFETT: My son was head of the Nebraska Ethanol Commission. He is a farmer. He lives $5 1/2 corn, he loves $12 soy beans, I don't blame him. But I'm not running for anything, fortunately, and, you know,

I can call them as I see them. etanol istället för bröd

 

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BUFFETT: Yeah. In other words, if you just keep people ignorant, will markets work better?

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Ja, du fortsätter och spammar nonens, thank you for playing.

What would you consider to be the more "curious coincidences" for some of Bilderberger recruits?

The most dramatic example of a "useful recruit" was the obscure governor of Arkansas,

Bill Clinton,

who attended his first Bilderberg meeting at Baden Baden, Germany, in 1991. There, Clinton was told what NAFFA (North American Free Trade Agreement) is by

 David Rockefeller,

and that he was to support it. The next year, he was elected President.

Tony Blair attended a Bilderberg meeting in 1993, became party leader in July 1994, and became Prime Minister in May 1997. beställde nya atombomber för en miljard o vill bli europas första president 
 

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buffet missar ej målet

What are some of Bilderberger achievements?

Bilderberg proposed and decided to establish formal relations with China before Nixon's administation made it publicly known policy. At a meeting in Saltsjöbaden, Sweden, in 1973, Bilderbergers agreed to increase the price of oil to $12 a barrel, a 350% jump, in order to create economic chaos in the United States and Western Europe, as part of the "softening up" policy 
 

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mera nonsens, what about bankers, massmedia vet ej att det finns bankirer eftersom dom äger all massmedia

Warren Buffett is the richest man on the planet, grattis 

Bill Gates drops to No. 3 on billionaire list 

eu borde skicka många många fler böter i triljonklassen till stackars bill som försökt stjäla open sourse från mänskligheten

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Days after issuing the challenge, Buffett appeared before Congress to encourage it to keep the estate tax. Armed with a few Forbes 400 issues, he told the hearing that

"dynastic wealth, the enemy of a meritocracy, is on the rise."

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