Berkshire ’09 Annual Letter — Part Two For investors, perhaps the most tantalizing — and useful — part of Warren Buffett’s 2009 letter to shareholders is a little tidbit that’s appended to the end. Actually, it’s a solicitation, addressed to perhaps a few hundred people in the world. Who? People who run or have large...Read More
Memorable Quotes from Berkshire’s ’09 Annual Letter In 75% of [the last 44 years], the S&P stocks recorded a gain. I would guess that a roughly similar percentage of years will be positive in the next 44. But neither Charlie Munger, my partner in running Berkshire, nor I can predict the winning and losing years...Read More
“The Little Depression”? “The Great Recession”? Think of [the U.S. economy today] as Alien in reverse: lurking inside a dysfunctional, steroid-stuffed “monster economy” is a healthy, sustainable, and yes, market-driven one struggling to get out — albeit a smaller, slower-growing, and certainly simpler and more transparent economy. –“Financial Crash Instructions“; City Lakes Blog (12/12/2008) Up...Read More
Where: 328 Burntside Drive, Golden ValleyWhat: 6 BR/5 BA; 4,407 FSFHow much: $369,900Last sale: $899,000 (3/8/07)Tax assessed value: $757,700 Just like not all stocks have dropped equally in a market now down more than 50%, not all homes or neighborhoods have suffered equally. In fact, one of the reasons why the Twin Cities overall is...Read More
What Do Today’s Home Buyers Look Like? Contrary to popular opinion, home buyers are not an endangered (or extinct) species. Two of my clients just purchased homes, and three more are actively looking. So what generalizations can you make about them? They have many (if not all) of the following four attributes: One. First-time Buyers....Read More
“It’s a Wonderful (Corporate) Life” . . . Not Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically. –Nassim Nicholas Taleb, “How Bank Bonuses Let Us All Down” (2/24/09)G.M. has become a giant wealth-destruction machine ” possibly the biggest in history. –Thomas Friedman, “Start Up...Read More
