Greenlight And Einhorn Are Right About General Motors
Summary Greenlight's dual share plan optimizes the company's capital structure without creating any real operational risk and should lower the company's cost of capital. GM's dismissive reaction towards, and apparent misrepresentation of, Greenlight's plan is sadly bureaucratic, emblematic of a dangerous 'Day 2' Corporate Culture. Shareholders should vote for Greenlight's GREEN Proxy and send a clear message to GM's management and board that 'enough is enough'. Greenlight Cap
Berkshire 2007 Shareholder Letter - Cliff's Notes Version
This is the thirty-first in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2016. For all of the prior shareholder letters, see here. The 2007 letter weighs in at 12,170 words, a 15.7% decrease from 14,420 words the prior year. Berkshire's gain in net worth during 2007 was $12.3 billion, or 11% of beginning 2007 net worth. DOES TESLA HAVE A COMPETITIVE MOAT? According to Buffett, in order to have a competitive 'moat' a busin
Berkshire 2006 Shareholder Letter - Cliff's Notes Version
This is the thirtieth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2016. For all of the prior shareholder letters, see here. The 2006 letter weighs in at 14,420 words, a 9.0% increase from 13,230 words the prior year. Berkshire's gain in net worth during 2006 was $16.9 billion, or 18.4% of beginning 2006 net worth. $16,900,000,000 Just to comprehend the enormity of the Berkshire achievement, Buffett in 2006 generated o
The Two Essential Investing Questions
Berkshire Hathaway's shareholder meeting was this past Saturday. Warren Buffett, age 86.75 and indisputably the greatest investor ever, and Charlie Munger, age 93.25 and indisputably the greatest investing sidekick ever, answered questions on stage for about 6 hours [please find link to webcast here]. Even we didn't have the stamina to watch the entire program in one sitting; the emcees, with a combined age of 180, however, are apparently indefatigable. In any event, listenin
Berkshire 2005 Shareholder Letter - Cliff's Notes Version
This is the twenty-ninth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2016. For all of the prior shareholder letters, see here. The 2005 letter weighs in at 13,230 words, a 9.5% decrease from 14,620 words the prior year. Berkshire's gain in net worth during 2005 was $5.6 billion, or 6.4% of beginning 2005 net worth. BUFFETT MUSES ON CLIMATE CHANGE In the 2005 letter, Buffett wrings his hands over climate change, wonder
