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Berkshire 1992 Shareholder Letter - Cliff's Notes Version

Berkshire 1992 Shareholder Letter - Cliff's Notes Version

This is the sixteenth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2015. For all of the prior shareholder letters, see here. The 1992 letter weighs in at 11,200 words, a 23% increase from 9,130 words the prior year. Berkshire's gain in net worth during 1992 was $1.5 billion. Very little dilution accompanied the 377X increase in book value during the 28 years that Buffett had then been at the helm of Berkshire [which eq

Berkshire 1991 Shareholder Letter - Cliff's Notes Version

Berkshire 1991 Shareholder Letter - Cliff's Notes Version

This is the fifteenth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2015. For all of the prior shareholder letters, see here. The 1991 letter weighs in at 9,130 words, a 43% decrease from 16,020 words the prior year. Notwithstanding this shrinkage, Berkshire's gain in net worth during 1990 was $2.1 billion, or 39.6% of beginning book value, rebounding nicely from a 7.4% increase the prior year. Buffett notes that, as of

Theranos and the Power of Psychological Denial

Theranos and the Power of Psychological Denial

The rise and fall of Elizabeth Holmes and Theranos could easily fill a 500-page book. At one point, supposedly sophisticated investors assigned a valuation of $9 billion to this company. Today, however, according to Forbes the valuation stands a precisely $0. This blog post examines how it could possibly be that so many intelligent people could be so easily fooled by what now appears to be a virtual hoax of a company. Surely something must have gone haywire in the brains of t

Berkshire 1990 Shareholder Letter - Cliff's Notes Version

Berkshire 1990 Shareholder Letter - Cliff's Notes Version

This is the fourteenth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2015. For all of the prior shareholder letters, see here. The 1990 letter weighs in at 16,020 words, an 11% increase from 14,420 words the prior year. Berkshire's gain in net worth during 1990 was $362 million, or 7.3% of beginning book value, down from a $1.515 billion gain in 1988. Berkshire's growth rate was lackluster in 1990 because their four maj

Berkshire 1989 Shareholder Letter, Part 2 - Cliff's Notes Version

Berkshire 1989 Shareholder Letter, Part 2 - Cliff's Notes Version

This is second part of the thirteenth post in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2015. For all of the prior shareholder letters, see here. The 1989 letter weighs in at 14,420 words, a 24% increase from 11,670 words the prior year. Berkshire's gain in net worth during 1989 was $1.515 billion, or 44% of beginning book value, up from a $569 million gain in 1988. Therefore 1989 represented the first year that net wo

Seven Corners Reiterates Buy Rating on the Genworth Financial (GNW) / China Oceanwide Merger Arbitra

Seven Corners Reiterates Buy Rating on the Genworth Financial (GNW) / China Oceanwide Merger Arbitra

Today Seven Corners Capital Management reiterated its "BUY" rating on the Genworth Financial (GNW) / China Oceanwide Merger Arbitrage. Specifically, we are long GNW, believing that the most recent closing price of $3.30/share presents an attractive 49% return to the expected value of $4.93/share. Our thesis on the Genworth arbitrage is summarized as follows [NOTE: To find a PDF containing our full updated GNW writeup, please visit our Research section [link here]]: The buyout

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