巴菲特发布致股东信.docx
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巴菲特发布致股东信.docx
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巴菲特发布致股东信
BERKSHIREHATHAWAYINC.
TotheShareholdersofBerkshireHathawayInc.:
In2012,Berkshireachievedatotalgainforitsshareholdersof$24.1billion.Weused$1.3billionofthattorepurchaseourstock,whichleftuswithanincreaseinnetworthof$22.8billionfortheyear.Theper-sharebookvalueofbothourClassAandClassBstockincreasedby14.4%.Overthelast48years(thatis,sincepresentmanagementtookover),bookvaluehasgrownfrom$19to$114,214,arateof19.7%compoundedannually.*(*Allper-sharefiguresusedinthisreportapplytoBerkshire’sAshares.FiguresfortheBsharesare1/1500thofthoseshownforA.)
AnumberofgoodthingshappenedatBerkshirelastyear,butlet’sfirstgetthebadnewsoutoftheway.
.WhenthepartnershipIrantookcontrolofBerkshirein1965,Icouldneverhavedreamedthatayearinwhichwehadagainof$24.1billionwouldbesubpar,intermsofthecomparisonwepresentonthefacingpage.
Butsubparitwas.Fortheninthtimein48years,Berkshire’spercentageincreaseinbookvaluewaslessthantheS&P’spercentagegain(acalculationthatincludesdividendsaswellaspriceappreciation).Ineightofthosenineyears,itshouldbenoted,theS&Phadagainof15%ormore.Wedobetterwhenthewindisinourface.
Todate,we’veneverhadafive-yearperiodofunderperformance,havingmanaged43timestosurpasstheS&Poversuchastretch.(Therecordisonpage103.)ButtheS&Phasnowhadgainsineachofthelastfouryears,outpacingusoverthatperiod.Ifthemarketcontinuestoadvancein2013,ourstreakoffive-yearwinswillend.
Onethingofwhichyoucanbecertain:
WhateverBerkshire’sresults,mypartnerCharlieMunger,thecompany’sViceChairman,andIwillnotchangeyardsticks.It’sourjobtoincreaseintrinsicbusinessvalue–forwhichweusebookvalueasasignificantlyunderstatedproxy–atafasterratethanthemarketgainsoftheS&P.Ifwedoso,Berkshire’sshareprice,thoughunpredictablefromyeartoyear,willitselfoutpacetheS&Povertime.Ifwefail,however,ourmanagementwillbringnovaluetoourinvestors,whothemselvescanearnS&Preturnsbybuyingalow-costindexfund.
CharlieandIbelievethegaininBerkshire’sintrinsicvaluewillovertimelikelysurpasstheS&Preturnsbyasmallmargin.We’reconfidentofthatbecausewehavesomeoutstandingbusinesses,acadreofterrificoperatingmangersandashareholder-orientedculture.Ourrelativeperformance,however,isalmostcertaintobebetterwhenthemarketisdownorflat.Inyearswhenthemarketisparticularlystrong,expectustofallshort.
.Theseconddisappointmentin2012wasmyinabilitytomakeamajoracquisition.Ipursuedacoupleofelephants,butcameupempty-handed.
Ourluck,however,changedearlythisyear.InFebruary,weagreedtobuy50%ofaholdingcompanythatwillownallofH.J.Heinz.TheotherhalfwillbeownedbyasmallgroupofinvestorsledbyJorgePauloLemann,arenownedBrazilianbusinessmanandphilanthropist.
Wecouldn’tbeinbettercompany.JorgePauloisalong-timefriendofmineandanextraordinarymanager.HisgroupandBerkshirewilleachcontributeabout$4billionforcommonequityintheholdingcompany.Berkshirewillalsoinvest$8billioninpreferredsharesthatpaya9%dividend.Thepreferredhastwootherfeaturesthatmateriallyincreaseitsvalue:
atsomepointitwillberedeemedatasignificantpremiumpriceandthepreferredalsocomeswithwarrantspermittingustobuy5%oftheholdingcompany’scommonstockforanominalsum.
Ourtotalinvestmentofabout$12billionsoaksupmuchofwhatBerkshireearnedlastyear.Butwestillhaveplentyofcashandaregeneratingmoreatagoodclip.Soit’sbacktowork;CharlieandIhaveagaindonnedoursafarioutfitsandresumedoursearchforelephants.
Nowtosomegoodnewsfrom2012:
.LastyearItoldyouthatBNSF,Iscar,Lubrizol,MarmonGroupandMidAmericanEnergy–ourfivemostprofitablenon-insurancecompanies–werelikelytoearnmorethan$10billionpre-taxin2012.Theydelivered.DespitetepidU.S.growthandweakeningeconomiesthroughoutmuchoftheworld,our“powerhousefive”hadaggregateearningsof$10.1billion,about$600millionmorethanin2011.
Ofthisgroup,onlyMidAmerican,thenearning$393millionpre-tax,wasownedbyBerkshireeightyearsago.Subsequently,wepurchasedanotherthreeofthefiveonanall-cashbasis.Inacquiringthefifth,BNSF,wepaidabout70%ofthecostincash,andfortheremainder,issuedsharesthatincreasedtheamountoutstandingby6.1%.Consequently,the$9.7billiongaininannualearningsdeliveredBerkshirebythefivecompanieshasbeenaccompaniedbyonlyminordilution.Thatsatisfiesourgoalofnotsimplygrowing,butratherincreasingper-shareresults.
UnlesstheU.S.economytanks–whichwedon’texpect–ourpowerhousefiveshouldagaindeliverhigherearningsin2013.ThefiveoutstandingCEOswhorunthemwillseetothat.
.ThoughIfailedtolandamajoracquisitionin2012,themanagersofoursubsidiariesdidfarbetter.Wehadarecordyearfor“bolt-on”purchases,spendingabout$2.3billionfor26companiesthatweremeldedintoourexistingbusinesses.ThesetransactionswerecompletedwithoutBerkshireissuinganyshares.
CharlieandIlovetheseacquisitions:
Usuallytheyarelow-risk,burdenheadquartersnotatall,andexpandthescopeofourprovenmanagers.
.Ourinsuranceoperationsshotthelightsoutlastyear.WhilegivingBerkshire$73billionoffreemoneytoinvest,theyalsodelivereda$1.6billionunderwritinggain,thetenthconsecutiveyearofprofitableunderwriting.Thisistrulyhavingyourcakeandeatingittoo.
GEICOledtheway,continuingtogobbleupmarketsharewithoutsacrificingunderwritingdiscipline.Since1995,whenweobtainedcontrol,GEICO’sshareofthepersonal-automarkethasgrownfrom2.5%to9.7%.Premiumvolumemeanwhileincreasedfrom$2.8billionto$16.7billion.Muchmoregrowthliesahead.
ThecreditforGEICO’sextraordinaryperformancegoestoTonyNicelyandhis27,000associates.Andtothatcast,weshouldaddourGecko.Neitherrainnorstormnorgloomofnightcanstophim;thelittlelizardjustsoldierson,tellingAmericanshowtheycansavebigmoneybygoingtoGEICO.com.
WhenIcountmyblessings,IcountGEICOtwice.
.ToddCombsandTedWeschler,ournewinvestmentmanagers,haveprovedtobesmart,modelsofintegrity,helpfultoBerkshireinmanywaysbeyondportfoliomanagement,andaperfectculturalfit.Wehitthejackpotwiththesetwo.In2012eachoutperformedtheS&P500bydouble-digitmargins.Theyleftmeinthedustaswell.
Consequently,wehaveincreasedthefundsmanagedbyeachtoalmost$5billion(someofthisemanatingfromthepensionfundsofoursubsidiaries).ToddandTedareyoungandwillbearoundtomanageBerkshire’smassiveportfoliolongafterCharlieandIhaveleftthescene.Youcanresteasywhentheytakeover.
.Berkshire’syearendemploymenttotaledarecord288,462(seepage106fordetails),up17,604fromlastyear.Ourheadquarterscrew,however,remainedunchangedat24.Nosensegoingcrazy.
.Berkshire’s“BigFour”investments–AmericanExpress,Coca-Cola,IBMandWellsFargo–allhadgoodyears.Ourownershipinterestineachofthesecompaniesincreasedduringtheyear.WepurchasedadditionalsharesofWellsFargo(ourownershipnowis8.7%versus7.6%atyearend2011)andIBM(6.0%versus5.5%).Meanwhile,stockrepurchasesatCoca-ColaandAmericanExpressraisedourpercentageownership.OurequityinCoca-Colagrewfrom8.8%to8.9%andourinterestatAmericanExpressfrom13.0%to13.7%.
Berkshire’sownershipinterestinallfourcompaniesislikelytoincreaseinthefuture.MaeWesthaditright:
“Toomuchofagoodthingcanbewonderful.”
Thefourcompaniespossessmarvelousbusinessesandarerunbymanagerswhoarebothtalentedandshareholder-oriented.AtBerkshirewemuchpreferowninganon-controllingbutsubstantialportionofawonderfulbusinesstoowning100%ofaso-sobusiness.Ourflexibilityincapitalallocationgivesusasignificantadvantageovercompaniesthatlimitthemselvesonlytoacquisitionstheycanoperate.
Goingbyouryearendsharecount,ourportionofthe“BigFour’s”2012earningsamountedto$3.9billion.Intheearningswereporttoyou,however,weincludeonlythedividendswereceive–about$1.1billion.Butmakenomistake:
The$2.8billionofearningswedonotreportiseverybitasvaluabletousaswhatwerecord.
Theearningsthatthefourcompaniesretainareoftenusedforrepurchases–whichenhanceourshareoffutureearnings–andalsoforfundingbusinessopportunitiesthatareusuallyadvantageous.Overtimeweexpectsubstantiallygreaterearningsfromthesefourinvestees.Ifwearecorrect,dividendstoBerkshirewillincreaseand,evenmoreimportant,sowillourunrealizedcapitalgains(which,forthefour,totaled$26.7billionatyearend).
.Therewasalotofhand-wringinglastyearamongCEOswhocried“uncertainty”whenfacedwithcapital-allocationdecisions(despitemanyoftheirbusinesseshavingenjoyedrecordlevelsofbothearningsandcash).AtBerkshire,wedidn’tsharetheirfears,insteadspendingarecord$9.8billiononplantandequipmentin2012,about88%ofitintheUnitedStates.That’s19%morethanwespentin2011,ourprevioushigh.CharlieandIloveinvestinglargesumsinworthwhileprojects,whateverthepunditsaresaying.WeinsteadheedthewordsfromGaryAllan’snewcountrysong,“EveryStormRunsOutofRain.”
Wewillkeepourfoottothefloorandwillalmostcertainlysetstillanotherrecordforcapitalexpendituresin2013.OpportunitiesaboundinAmerica.
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