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巴菲特致股东信全文(英文)

2010-3-2 21:36:57  文章来源:华尔街日报  作者:佚名  【字体:


UnderwritingProfit YearendFloat
(inmillions)
InsuranceOperations 2009 2008 2009 2008
GeneralRe ......................$477$342 $21,014$21,074
BHReinsurance ..................349 1,32426,22324,221
GEICO .........................649916 9,6138,454
OtherPrimary ...................84210 5,0614,739
$1,559$2,792$61,911$58,488
************
Andnowapainful confession:Lastyearyourchairmanclosedthebookonaveryexpensivebusiness
fiascoentirelyofhisownmaking.
FormanyyearsIhadstruggledtothinkofsideproductsthatwecouldofferourmillionsofloyal
GEICOcustomers.Unfortunately,Ifinallysucceeded,comingupwithabrilliantinsightthatweshouldmarket
ourowncreditcard.IreasonedthatGEICOpolicyholderswerelikelytobegoodcreditrisksand,assumingwe
offeredanattractivecard,wouldlikelyfavoruswiththeirbusiness.Wegotbusinessallright–butofthewrong
type.
Ourpre-taxlossesfromcredit-cardoperationscametoabout$6.3millionbeforeIfinallywokeup.We
thensoldour$98millionportfoliooftroubledreceivablesfor55¢onthedollar,losinganadditional$44million.
GEICO’smanagers,itshouldbeemphasized,wereneverenthusiasticaboutmyidea.Theywarnedme
thatinsteadofgettingthecreamofGEICO’scustomerswewouldgetthe ––––– well,let’scallitthe
non-cream.IsubtlyindicatedthatIwasolderandwiser.
Iwasjustolder.
RegulatedUtilityBusiness
Berkshirehasan89.5%interestinMidAmericanEnergyHoldings,whichownsawidevarietyof
utilityoperations.Thelargestoftheseare(1)YorkshireElectricityandNorthernElectric,whose3.8millionend
usersmakeittheU.K.’sthirdlargestdistributorofelectricity;(2)MidAmericanEnergy,whichserves725,000
electriccustomers,primarilyinIowa;(3)PacificPowerandRockyMountainPower,servingabout1.7million
electriccustomersinsixwesternstates;and(4)KernRiverandNorthernNaturalpipelines,whichcarryabout
8%ofthenaturalgasconsumedintheU.S.
MidAmericanhastwoterrificmanagers,DaveSokolandGregAbel.Inaddition,mylong-timefriend,
WalterScott,alongwithhisfamily,hasamajorownershippositioninthecompany.Walterbringsextraordinary
businesssavvyto any operation.TenyearsofworkingwithDave,GregandWalterhavereinforcedmyoriginal
belief:Berkshirecouldn’thavebetterpartners.Theyaretrulyadreamteam.
Somewhatincongruously,MidAmericanalsoownsthesecondlargestrealestatebrokeragefirminthe
U.S.,HomeServicesofAmerica.Thiscompanyoperatesthrough21locally-brandedfirmsthathave16,000
agents.Thoughlastyearwasagainaterribleyearforhomesales,HomeServicesearnedamodestsum.Italso
acquiredafirminChicagoandwilladdotherqualitybrokerageoperationswhentheyareavailableatsensible
prices.Adecadefromnow,HomeServicesislikelytobemuchlarger.
8HerearesomekeyfiguresonMidAmerican’soperations:
Earnings(inmillions)
2009 2008
U.K.utilities ............................................................$248$339
Iowautility .............................................................285425
Westernutilities .........................................................788703
Pipelines ...............................................................457595
HomeServices ...........................................................43 (45)
Other(net) ..............................................................25186
Operatingearningsbeforecorporateinterestandtaxes ........................... 1,8462,203
ConstellationEnergy* ....................................................— 1,092
Interest,otherthantoBerkshire ............................................. (318)(332)
InterestonBerkshirejuniordebt ............................................. (58)(111)
Incometax .............................................................. (313)(1,002)
Netearnings .............................................................$ 1,157$1,850
EarningsapplicabletoBerkshire** ..........................................$ 1,071$1,704
Debtowedtoothers ....................................................... 19,57919,145
DebtowedtoBerkshire ....................................................353 1,087
*Consistsofabreakupfeeof$175millionandaprofitonourinvestmentof$917million.
**IncludesinterestearnedbyBerkshire(netofrelatedincometaxes)of$38in2009and$72in2008.
Ourregulatedelectricutilities,offeringmonopolyserviceinmostcases,operateinasymbioticmanner
withthecustomersintheirserviceareas,withthoseusersdependingonustoprovidefirst-classserviceand
investfortheirfutureneeds.Permittingandconstructionperiodsforgenerationandmajortransmissionfacilities
stretchwayout,soitisincumbentonustobefar-sighted.We,inturn,looktoourutilities’regulators(actingon
behalfofourcustomers)toallowusanappropriatereturnonthehugeamountsofcapitalwemustdeploytomeet
futureneeds.Weshouldn’texpectourregulatorstoliveuptotheirendofthebargainunlessweliveuptoours.
DaveandGregmakesurewedojustthat.NationalresearchcompaniesconsistentlyrankourIowaand
Westernutilitiesatornearthetopoftheirindustry.Similarly,amongthe43U.S.pipelinesrankedbyafirm
namedMastio,ourKernRiverandNorthernNaturalpropertiestiedforsecondplace.
Moreover,wecontinuetopourhugesumsofmoneyintoouroperationssoastonotonlypreparefor
thefuturebutalsomaketheseoperationsmoreenvironmentallyfriendly.SincewepurchasedMidAmericanten
yearsago,ithas never paidadividend.Wehaveinsteadusedearningstoimproveandexpandourpropertiesin
eachoftheterritoriesweserve.Asonedramaticexample,inthelastthreeyearsourIowaandWesternutilities
haveearned$2.5billion,whileinthissameperiodspending$3billiononwindgenerationfacilities.
MidAmericanhasconsistentlykeptitsendofthebargainwithsocietyand,tosociety’scredit,ithas
reciprocated:Withfewexceptions,ourregulatorshavepromptlyallowedustoearnafairreturnontheever-
increasingsumsofcapitalwemustinvest.Goingforward,wewilldowhateverittakestoserveourterritoriesin
themannertheyexpect.Webelievethat,inturn,wewillbeallowedthereturnwedeserveonthefundswe
invest.
Inearlierdays,CharlieandIshunnedcapital-intensivebusinessessuchaspublicutilities.Indeed,the
bestbusinessesbyfarforownerscontinuetobethosethathavehighreturnsoncapitalandthatrequirelittle
incrementalinvestmenttogrow.Wearefortunatetoownanumberofsuchbusinesses,andwewouldlovetobuy
more.Anticipating,however,thatBerkshirewillgenerateever-increasingamountsofcash,wearetodayquite
willingtoenterbusinessesthatregularlyrequirelargecapitalexpenditures.Weexpectonlythatthesebusinesses
havereasonableexpectationsofearningdecentreturnsontheincrementalsumstheyinvest.Ifourexpectations
aremet–andwebelievethattheywillbe–Berkshire’sever-growingcollectionofgoodtogreatbusinesses
shouldproduceabove-average,thoughcertainlynotspectacular,returnsinthedecadesahead.
9OurBNSFoperation,itshouldbenoted,hascertainimportanteconomiccharacteristicsthatresemble
thoseofourelectricutilities.Inbothcasesweprovidefundamentalservicesthatare,andwillremain,essentialto
theeconomicwell-beingofourcustomers,thecommunitiesweserve,andindeedthenation.Bothwillrequire
heavyinvestmentthatgreatlyexceedsdepreciationallowancesfordecadestocome.Bothmustalsoplanfar
aheadtosatisfydemandthatisexpectedtooutstriptheneedsofthepast.Finally,bothrequirewiseregulators
whowillprovidecertaintyaboutallowablereturnssothatwecanconfidentlymakethehugeinvestments
requiredtomaintain,replaceandexpandtheplant.
Weseea“socialcompact”existingbetweenthepublicandourrailroadbusiness,justasisthecase
withourutilities.Ifeithersideshirksitsobligations,bothsideswillinevitablysuffer.Therefore,bothpartiesto
thecompactshould–andwebelievewill–understandthebenefitofbehavinginawaythatencouragesgood
behaviorbytheother.Itisinconceivablethatourcountrywillrealizeanythingclosetoitsfulleconomic
potentialwithoutitspossessingfirst-classelectricityandrailroadsystems.Wewilldoourparttoseethatthey
exist.
Inthefuture,BNSFresultswillbeincludedinthis“regulatedutility”section.Asidefromthetwo
businesseshavingsimilarunderlyingeconomiccharacteristics,botharelogicalusersofsubstantialamountsof
debtthatis not guaranteedbyBerkshire.Bothwillretainmostoftheirearnings.Bothwillearnandinvestlarge
sumsingoodtimesorbad,thoughtherailroadwilldisplaythegreatercyclicality.Overall,weexpectthis
regulatedsectortodeliversignificantlyincreasedearningsovertime,albeitatthecostofourinvestingmanytens
–yes,tens–ofbillionsofdollarsofincrementalequitycapital.
Manufacturing,ServiceandRetailingOperations
OuractivitiesinthispartofBerkshirecoverthewaterfront.Let’slook,though,atasummarybalance
sheetandearningsstatementfortheentiregroup.
BalanceSheet12/31/09(inmillions)
Assets
Cashandequivalents .................$ 3,018
Accountsandnotesreceivable .......... 5,066
Inventory .......................... 6,147
Othercurrentassets ..................625
Totalcurrentassets ................... 14,856
Goodwillandotherintangibles ......... 16,499
Fixedassets ........................ 15,374
Otherassets ........................ 2,070
$48,799
LiabilitiesandEquity
Notespayable .......................$ 1,842
Othercurrentliabilities ............... 7,414
Totalcurrentliabilities ................ 9,256
Deferredtaxes ...................... 2,834
Termdebtandotherliabilities .......... 6,240
Equity ............................. 30,469
$48,799
EarningsStatement(inmillions)
2009 2008 2007
Revenues ......................................................... $61,665$66,099$59,100
Operatingexpenses(includingdepreciationof$1,422in2009,$1,280in2008
and$955in2007) ................................................. 59,50961,93755,026
Interestexpense ....................................................98139127
Pre-taxearnings .................................................... 2,058*4,023*3,947*
Incometaxesandminorityinterests .....................................945 1,7401,594
Netincome ........................................................$ 1,113$2,283$2,353
*Doesnotincludepurchase-accountingadjustments.
10Almostallofthemanyandwidely-diverseoperationsinthissectorsufferedtoonedegreeoranother
from2009’ssevererecession.ThemajorexceptionwasMcLane,ourdistributorofgroceries,confectionsand
non-fooditemstothousandsofretailoutlets,thelargestbyfarWal-Mart.
GradyRosierledMcLanetorecordpre-taxearningsof$344million,whichevensoamountedtoonly
slightlymorethanonecentperdollaronitshugesalesof$31.2billion.McLaneemploysavastarrayofphysical
assets–practicallyallofwhichitowns–including3,242trailers,2,309tractorsand55distributioncenterswith
15.2millionsquarefeetofspace.McLane’sprimeasset,however,isGrady.
Wehadanumberofcompaniesatwhichprofitsimprovedevenassalescontracted,alwaysan
exceptionalmanagerialachievement.HerearetheCEOswhomadeithappen:
COMPANY CEO
BenjaminMoore(paint)DenisAbrams
Borsheims(jewelryretailing)SusanJacques
H.H.Brown(manufacturingandretailingofshoes)JimIssler
CTB(agriculturalequipment)VicMancinelli
DairyQueenJohnGainor
NebraskaFurnitureMart(furnitureretailing)RonandIrvBlumkin
PamperedChef(directsalesofkitchentools)MarlaGottschalk
See’s(manufacturingandretailingofcandy)BradKinstler
StarFurniture(furnitureretailing)BillKimbrell
Amongthebusinessesweownthathavemajorexposuretothedepressedindustrialsector,both
MarmonandIscarturnedinrelativelystrongperformances.FrankPtak’sMarmondelivereda13.5%pre-tax
profitmargin,arecordhigh.Thoughthecompany’ssalesweredown27%,Frank’scost-consciousmanagement
mitigatedthedeclineinearnings.
NothingstopsIsrael-basedIscar–notwars,recessionsorcompetitors.Theworld’stwootherleading
suppliersofsmallcuttingtoolsbothhadverydifficultyears,eachoperatingatalossthroughoutmuchofthe
year.ThoughIscar’sresultsweredownsignificantlyfrom2008,thecompanyregularlyreportedprofits,even
whileitwasintegratingandrationalizingTungaloy,thelargeJapaneseacquisitionthatwetoldyouaboutlast
year.Whenmanufacturingrebounds,Iscarwillsetnewrecords.ItsincrediblemanagerialteamofEitan
Wertheimer,JacobHarpazandDannyGoldmanwillseetothat.
Everybusinessweownthatisconnectedtoresidentialandcommercialconstructionsufferedseverely
in2009.Combinedpre-taxearningsofShaw,JohnsManville,AcmeBrick,andMiTekwere$227million,an
82.5%declinefrom$1.295billionin2006,whenconstructionactivitywasbooming.Thesebusinessescontinue
tobumpalongthebottom,thoughtheircompetitivepositionsremainundented.
ThemajorproblemforBerkshirelastyearwasNetJets,anaviationoperationthatoffersfractional
ownershipofjets.Overtheyears,ithasbeenenormouslysuccessfulinestablishingitselfasthepremiercompany
initsindustry,withthevalueofitsfleetfarexceedingthatofitsthreemajorcompetitors combined.Overall,our
dominanceinthefieldremainsunchallenged.
NetJets’businessoperation,however,hasbeenanotherstory.Intheelevenyearsthatwehaveowned
thecompany,ithasrecordedanaggregatepre-taxlossof$157million.Moreover,thecompany’sdebthassoared
from$102millionatthetimeofpurchaseto$1.9billioninApriloflastyear.WithoutBerkshire’sguaranteeof
thisdebt,NetJetswouldhavebeenoutofbusiness.It’sclearthatIfailedyouinlettingNetJetsdescendintothis
condition.But,luckily,Ihavebeenbailedout.
11DaveSokol,theenormouslytalentedbuilderandoperatorofMidAmericanEnergy,becameCEOof
NetJetsinAugust.Hisleadershiphasbeentransforming:Debthasalreadybeenreducedto$1.4billion,and,after
sufferingastaggeringlossof$711millionin2009,thecompanyisnowsolidlyprofitable.
Mostimportant,noneofthechangeswroughtbyDavehaveinanywayundercutthetop-of-the-line
standardsforsafetyandservicethatRichSantulli,NetJets’previousCEOandthefatherofthefractional-
ownershipindustry,insistedupon.DaveandIhavethestrongestpossiblepersonalinterestinmaintainingthese
standardsbecauseweandourfamiliesuseNetJetsforalmostallofourflying,asdomanyofourdirectorsand
managers.Noneofusareassignedspecialplanesnorcrews.Wereceiveexactlythesametreatmentasanyother
owner,meaningwepaythesamepricesaseveryoneelsedoeswhenweareusingourpersonalcontracts.Inshort,
weeatourowncooking.Intheaviationbusiness,noothertestimonialmeansmore.
FinanceandFinancialProducts
OurlargestoperationinthissectorisClaytonHomes,thecountry’sleadingproducerofmodularand
manufacturedhomes.Claytonwasnotalwaysnumberone:Adecadeagothethreeleadingmanufacturerswere
Fleetwood,ChampionandOakwood,whichtogetheraccountedfor44%oftheoutputoftheindustry.Allhave
sincegonebankrupt.Totalindustryoutput,meanwhile,hasfallenfrom382,000unitsin1999to60,000unitsin
2009.
Theindustryisinshamblesfortworeasons,thefirstofwhichmustbelivedwithiftheU.S.economy
istorecover.ThisreasonconcernsU.S.housingstarts(includingapartmentunits).In2009,startswere554,000,
byfarthelowestnumberinthe50yearsforwhichwehavedata.Paradoxically,thisis good news.
People thought itwasgoodnewsafewyearsbackwhenhousingstarts–thesupplysideofthepicture
–wererunningabouttwomillionannually.Buthouseholdformations–thedemandside–onlyamountedto
about1.2million.Afterafewyearsofsuchimbalances,thecountryunsurprisinglyendedupwithfartoomany
houses.
Therewerethreewaystocurethisoverhang:(1)blowupalotofhouses,atacticsimilartothe
destructionofautosthatoccurredwiththe“cash-for-clunkers”program;(2)speeduphouseholdformationsby,
say,encouragingteenagerstocohabitate,aprogramnotlikelytosufferfromalackofvolunteersor;(3)reduce
newhousingstartstoanumberfarbelowtherateofhouseholdformations.
Ourcountryhaswiselyselectedthethirdoption,whichmeansthatwithinayearorsoresidential
housingproblemsshouldlargelybebehindus,theexceptionsbeingonlyhigh-valuehousesandthoseincertain
localitieswhereoverbuildingwasparticularlyegregious.Priceswillremainfarbelow“bubble”levels,ofcourse,
butforeveryseller(orlender)hurtbythistherewillbeabuyerwhobenefits.Indeed,manyfamiliesthatcouldn’t
affordtobuyanappropriatehomeafewyearsagonowfinditwellwithintheirmeansbecausethebubbleburst.
Thesecondreasonthatmanufacturedhousingistroubledisspecifictotheindustry:thepunitive
differentialinmortgageratesbetweenfactory-builthomesandsite-builthomes.Beforeyoureadfurther,letme
underscoretheobvious:Berkshirehasadoginthisfight,andyoushouldthereforeassessthecommentarythat
followswithspecialcare.Thatwarningmade,however,letmeexplainwhytheratedifferentialcausesproblems
forbothlargenumbersoflower-incomeAmericansandClayton.
TheresidentialmortgagemarketisshapedbygovernmentrulesthatareexpressedbyFHA,Freddie
MacandFannieMae.Theirlendingstandardsareall-powerfulbecausethemortgagestheyinsurecantypically
besecuritizedandturnedintowhat,ineffect,isanobligationoftheU.S.government.Currentlybuyersof
conventionalsite-builthomeswhoqualifyfortheseguaranteescanobtaina30-yearloanatabout51⁄4%.In
addition,thesearemortgagesthathaverecentlybeenpurchasedinmassiveamountsbytheFederalReserve,an
actionthatalsohelpedtokeepratesatbargain-basementlevels.
Incontrast,veryfewfactory-builthomesqualifyforagency-insuredmortgages.Therefore,a
meritoriousbuyerofafactory-builthomemustpayabout9%onhisloan.Fortheall-cashbuyer,Clayton’s
homesofferterrificvalue.Ifthebuyerneedsmortgagefinancing,however–and,ofcourse,mostbuyersdo–the
differenceinfinancingcoststoooftennegatestheattractivepriceofafactory-builthome.
12LastyearItoldyouwhyourbuyers–generallypeoplewithlowincomes–performedsowellascredit
risks.Theirattitudewasall-important:Theysigneduptoliveinthehome,notresellorrefinanceit.
Consequently,ourbuyersusuallytookoutloanswithpaymentsgearedtotheirverifiedincomes(weweren’t
making“liar’sloans”)andlookedforwardtothedaytheycouldburntheirmortgage.Iftheylosttheirjobs,had
healthproblemsorgotdivorced,wecouldofcourseexpectdefaults.Buttheyseldomwalkedawaysimply
becausehousevalueshadfallen.Eventoday,thoughjob-losstroubleshavegrown,Clayton’sdelinquenciesand
defaultsremainreasonableandwillnotcauseussignificantproblems.
Wehavetriedtoqualifymoreofourcustomers’loansfortreatmentsimilartothoseavailableonthe
site-builtproduct.Sofarwehavehadonlytokensuccess.Manyfamilieswithmodestincomesbutresponsible
habitshavethereforehadtoforegohomeownershipsimplybecausethefinancingdifferentialattachedtothe
factory-builtproductmakesmonthlypaymentstooexpensive.Ifqualificationsaren’tbroadened,soastoopen
low-costfinancingto all whomeetdown-paymentandincomestandards,themanufactured-homeindustryseems
destinedtostruggleanddwindle.
Evenundertheseconditions,IbelieveClaytonwilloperateprofitablyincomingyears,thoughwell
belowitspotential.Wecouldn’thaveabettermanagerthanCEOKevinClayton,whotreatsBerkshire’sinterests
asiftheywerehisown.Ourproductisfirst-class,inexpensiveandconstantlybeingimproved.Moreover,wewill
continuetouseBerkshire’scredittosupportClayton’smortgageprogram,convincedasweareofitssoundness.
Evenso,Berkshirecan’tborrowatarateapproachingthatavailabletogovernmentagencies.Thishandicapwill
limitsales,hurtingbothClaytonandamultitudeofworthyfamilieswholongforalow-costhome.
Inthefollowingtable,Clayton’searningsarenetofthecompany’spaymenttoBerkshirefortheuseof
itscredit.OffsettingthiscosttoClaytonisanidenticalamountofincomecreditedtoBerkshire’sfinance
operationandincludedin“OtherIncome.”Thecostandincomeamountwas$116millionin2009and$92
millionin2008.
Thetablealsoillustrateshowseverelyourfurniture(CORT)andtrailer(XTRA)leasingoperations
havebeenhitbytherecession.Thoughtheircompetitivepositionsremainasstrongasever,wehaveyettosee
anybounceinthesebusinesses.
Pre-TaxEarnings
(inmillions)
2009 2008
Netinvestmentincome ....................................... $278$330
Lifeandannuityoperation ....................................11623
Leasingoperations ..........................................1487
Manufactured-housingfinance(Clayton) ........................187206
Otherincome* .............................................186141
Incomebeforeinvestmentandderivativesgainsorlosses ........... $781$787
*Includes$116millionin2009and$92millionin2008offeesthatBerkshirechargesClaytonforthe
useofBerkshire’scredit.
************
Attheendof2009,webecamea50%ownerofBerkadiaCommercialMortgage(formerlyknownas
Capmark),thecountry’sthird-largestservicerofcommercialmortgages.Inadditiontoservicinga$235billion
portfolio,thecompanyisanimportantoriginatorofmortgages,having25officesspreadaroundthecountry.
Thoughcommercialrealestatewillfacemajorproblemsinthenextfewyears,long-termopportunitiesfor
Berkadiaaresignificant.
13OurpartnerinthisoperationisLeucadia,runbyJoeSteinbergandIanCumming,withwhomwehada
terrificexperiencesomeyearsbackwhenBerkshirejoinedwiththemtopurchaseFinova,atroubledfinance
business.Inresolvingthatsituation,JoeandIandidfarmorethantheirshareofthework,anarrangementI
alwaysencourage.Naturally,IwasdelightedwhentheycalledmetopartneragainintheCapmarkpurchase.
OurfirstventurewasalsochristenedBerkadia.Solet’scallthisoneSonofBerkadia.SomedayI’llbe
writingyouaboutGrandsonofBerkadia.
Investments
Belowweshowourcommonstockinvestmentsthatatyearendhadamarketvalueofmorethan$1billion.
12/31/09
Shares Company
Percentageof
Company
Owned Cost* Market
(inmillions)
151,610,700AmericanExpressCompany ........................ 12.7$1,287$6,143
225,000,000BYDCompany,Ltd. ..............................9.9232 1,986
200,000,000TheCoca-ColaCompany ..........................8.6 1,29911,400
37,711,330ConocoPhillips ..................................2.5 2,7411,926
28,530,467Johnson&Johnson ...............................1.0 1,7241,838
130,272,500KraftFoodsInc. .................................8.8 4,3303,541
3,947,554POSCO ........................................5.2768 2,092
83,128,411TheProcter&GambleCompany ....................2.9533 5,040
25,108,967Sanofi-Aventis ..................................1.9 2,0271,979
234,247,373Tescoplc .......................................3.0 1,3671,620
76,633,426U.S.Bancorp ....................................4.0 2,3711,725
39,037,142Wal-MartStores,Inc. .............................1.0 1,8932,087
334,235,585WellsFargo&Company ..........................6.5 7,3949,021
Others ......................................... 6,6808,636
TotalCommonStocksCarriedatMarket .............. $34,646$59,034
*Thisisouractualpurchasepriceandalsoourtaxbasis;GAAP“cost”differsinafewcasesbecauseof
write-upsorwrite-downsthathavebeenrequired.
Inaddition,weownpositionsinnon-tradedsecuritiesofDowChemical,GeneralElectric,Goldman
Sachs,SwissReandWrigleywithanaggregatecostof$21.1billionandacarryingvalueof$26.0billion.We
purchasedthesefivepositionsinthelast18months.Settingasidethesignificantequitypotentialtheyprovideus,
theseholdingsdeliverusanaggregateof$2.1billionannuallyindividendsandinterest.Finally,weowned
76,777,029shares(22.5%)ofBNSFatyearend,whichwethencarriedat$85.78pershare,butwhichhave
subsequentlybeenmeldedintoourpurchaseoftheentirecompany.
In2009,ourlargestsaleswereinConocoPhillips,Moody’s,Procter&GambleandJohnson&Johnson
(salesofthelatteroccurringafterwehadbuiltourpositionearlierintheyear).CharlieandIbelievethatallof
thesestockswilllikelytradehigherinthefuture.Wemadesomesalesearlyin2009toraisecashforourDow
andSwissRepurchasesandlateintheyearmadeothersalesinanticipationofourBNSFpurchase.
14Wetoldyoulastyearthatveryunusualconditionsthenexistedinthecorporateandmunicipalbond
marketsandthatthesesecuritieswereridiculouslycheaprelativetoU.S.Treasuries.Webackedthisviewwith
somepurchases,butIshouldhavedonefarmore.Bigopportunitiescomeinfrequently.Whenit’sraininggold,
reachforabucket,notathimble.

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