It's not for me or you:
"Warren Buffett projects confidence in Berkshire" by Josh Funk | Associated Press May 04, 2014
OMAHA — Warren Buffett shrugged off concerns about his Berkshire Hathaway conglomerate, which has trailed the overall market, and told shareholders Saturday to remain optimistic about his company, as well as the American economy.
More than 30,000 people descended on the annual gathering to listen to Buffett and Berkshire vice chairman Charlie Munger, who faced tough questions about Berkshire’s prospects for growth and acquisitions, and also how Buffett came to handle a vote on pay packages crafted for Coca-Cola executives, a company in which Berkshire holds a major stake.
Related:
Buffett disapproves of Coca-Cola’s pay plan
Coca-Cola sells more drinks but soda dips
Yes, I see quarterly income fell but was still a robu$t $1.62 billion -- with a B!
That is worthy of some good pay, i$n't it?
Buffett abstained from voting Berkshire’s 400 million shares against the compensation plan last week, though he has long advocated against exorbitant executive pay, and after he described Coca-Cola’s package as excessive.
‘‘I thought this was the most effective way of behaving at Berkshire,’’ Buffett said Saturday. Buffett said he told Coke’s chief executive privately that he opposed the compensation plan, but didn’t want to criticize the company publicly or join another Coke investor’s very public campaign to curtail that pay. ‘‘We made a clear statement about the excessiveness of the plan, but we didn’t go to war with Coke in any way,’’ Buffett said.
I wish my government could say that.
Shareholder Jake Kamm said the explanation Buffett offered initially for not voting against the pay package was not convincing. ‘‘It’s a little bit of spin,’’ said Kamm, who teaches finance at Baldwin Wallace University near Cleveland.
That's what gets us into them, and this is their main mouthpiece.
Buffett said the true test will come when Coke reveals its pay packages over the next year.
Buffett’s son, Howard Buffett, serves on Coke’s board and supported the compensation plan, which raised some hackles among Berkshire shareholders because he is on the short list to take a powerful position at the company on Buffett’s departure. But Buffett said Berkshire shareholders shouldn’t worry about his preference that his son one day become Berkshire’s chairman.
Just being charitable to the boy. They don't like oligarchy?
Related: Murdoch son returns to top ranks of father’s companies
I always like James, and think I know why he was run out in that scandal.
Buffett also defended joining with investment firm 3G Capital last year to buy H.J. Heinz Co. That $23.3 billion deal represents a shift in Buffett’s investing style because Berkshire usually operates alone and leaves the companies it acquires largely unchanged.
‘‘I do think 3G does a magnificent job running a business,’’ Buffett said.
Since the acquisition, 3G has announced plans to eliminate roughly 2,000 jobs and close three manufacturing plants to improve efficiency. Buffett said he doesn’t expect Berkshire to use 3G’s approach, but the two may pair up on future deals and he expects Heinz profits to improve significantly.
They have -- even as sales dip? Another sign of a dead-in-the-water economy -- unle$$ you are a yachter, if you know what I mean.
Yeah, there was something about insider trading in that Heinz deal, but I suppose when you are too big to jail.... goes for individuals as well as banks.
Inevitably, there were rumblings about Berkshire’s failure to beat the stock market in four of the past five years. Buffett said investors shouldn’t have been surprised that Berkshire’s results trailed the S&P 500 last year.
He has lost the magic like the Globe?
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"Warren Buffett's Berkshire Hathaway conglomerate reports 4 percent decline in 1Q profit" by: JOSH FUNK , Associated Press | May 2, 2014
I'm seeing it in print on May 4.
OMAHA, Neb. — Warren Buffett's company said Friday its first-quarter profit slipped nearly 4 percent largely because of an accounting charge in its insurance units.
Berkshire Hathaway Inc. earned $4.71 billion, or $2,862 per Class A share, during the first three months of 2014. That's down from $4.89 billion, or $2,977 per Class A share, a year earlier.
Yeah, that's with a B! That means they are clearing over a BILLION a MONTH as the rest of us are impoverished by the same $y$tem that enriches Buffett!
Berkshire's revenue increased nearly 4 percent to $45.45 billion from $43.87 billion in the same period last year.
Berkshire said its insurance underwriting profits fell to $461 million from $901 million a year earlier largely because of a deferred charge related to some retroactive insurance policies.
Losses related to foreign currency exchanges also weighed down insurance results. Berkshire said its underwriting results included a loss of $37 million in this year's quarter because of exchange rates, compared to last year's gain of $189 million on exchange rates.
Berkshire's sizeable insurance unit includes Geico, General Reinsurance and several other companies.
The quarterly results will likely be well received by the more than 30,000 people expected to attend Berkshire's shareholders meeting in Omaha, Nebraska, on Saturday. The crowd will fill an arena and several overflow rooms to hear Buffett and Berkshire Vice Chairman Charlie Munger answer questions for several hours.
Most of the various parts of Berkshire delivered solid results in the quarter.
The utility and energy division, which is led by Berkshire Hathaway Energy, generated $452 million net income, up from $394 million in last year's first quarter.
End print.
And those figures don't include the $2.9 billion acquisition of Canadian power transmission provider AltaLink that was announced this week.
Berkshire's various manufacturing, service and retail companies generated $933 million in net income, up from $862 million last year as the economy continued improving.
The numbers in this breakfast are $tarting to make me feel $ick.
BNSF railroad contributed $724 million to Berkshire, but that was down from $798 million a year ago because severe winter weather slowed deliveries and forced the railroad to use shorter trains. But Berkshire predicted BNSF's 2014 profits will still exceed last year.
Amazing how they blame the bad economy on bad weather, then turn around and holler global warming. Just forget about the snowstorm that dumped 3 feet of snow and focus on the false cries of drought instead (that upstream snowstorm should help when it soon melts; I better not hear any complaint of flooding). Anyone can light a fire, right? Would it really be beyond this false-flagging government and the BLM when they are trying to steal a ranch for Harry Reid?
And profits still grew for Berk$hire!
The value of Berkshire Hathaway's investments and its derivative contracts often produce wide swings in the company's earnings from quarter to quarter, but that wasn't the case in the first quarter.
Berkshire said its investments and derivative contracts were worth $1.17 billion at the end of March. That was up only slightly from last year's $1.11 billion estimate.
Buffett has said Berkshire's operating earnings are a better measure of how the company is performing in any given period, because those figures exclude the value of derivatives and investment gains or losses.
Tell it to the Post Office.
The one good thing government got right, and they are de$troying it. It's either Fedex or UP$, right?
Berkshire reported operating earnings of $3.53 billion, or $2,149 per Class A share, in the quarter. That's down from $3.78 billion, or $2,302 per A share, last year.
A better mea$ure?
Berkshire owns roughly 80 subsidiaries, including clothing, furniture and jewelry firms. Its insurance and utility businesses typically account for more than half of the company's net income. It also has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co.
Wow, they are inve$ted in Wells Fargo!
Get out of jail free card for Buffett!
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Related: Warren Buffett sounds warning on pensions
But not for the real rea$on. The real rea$on pension plans are broke is they bought into all the falsely-rated AAA mortgage securities bundles sold to them by Wall Street, who then reaped great profits and bet against them -- making even more profit, and on both sides! What a $cheming $windle -- and the good old days are back!
Also see: Pooled Pensions Post
It's the only way to survive:
"Rice won’t give Rutgers address
NEW BRUNSWICK — Former secretary of state Condoleezza Rice on Saturday backed out of delivering the commencement address at Rutgers University after protests by some faculty and students over her role in the Iraq War. Rice said she informed Rutgers president Robert Barchi that she was declining the invitation to speak at the May 18 ceremony (AP)."
Related: Rancid Rice For Breakfast
That last bit of puffed rice tastes pretty good! Doesn't bode well for Jeb Bush, that's for sure.
