Warren Buffet Letter Berkshire Hathaway 2009!
LALATE has for you the Warren Buffet letter from the 2008 Berkshire Hathaway annual report. The Warren Buffet letter published February 28, 2009 moments ago says Berkshire Hathaway suffered its worse year ever in 2008.
CLICK HERE FOR THE LETTER (pdf format)
Here are some excerpts from the Buffet letter:
“On the plus side last year, we made purchases totaling $14.5 billion in fixed-income securities issued by Wrigley, Goldman Sachs and General Electric. We very much like these commitments, which carry high current yields that, in themselves, make the investments more than satisfactory. But in each of these three purchases, we also acquired a substantial equity participation as a bonus. To fund these large purchases, I had to sell portions of some holdings that I would have preferred to keep (primarily Johnson & Johnson, Procter & Gamble and ConocoPhillips). However, I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.”
“During 2008 I did some dumb things in investments.”
“By year end, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.” He noted a dysfunctional credit market turned into a non-functional one, and the watchword throughout the country became the creed he saw on restaurant walls when was young: “In God we trust; all others pay cash.”
“America’s best days lie ahead.”
