Ich habe mir seinen Letter für 2008 durchgelesen. Die mMn interessantesten
Passagen:


The table on the preceding page, recording both the 44-year
performance of Berkshire’s book value
and the S&P 500 index, shows that 2008 was the worst year for each.
The period was devastating as well for
corporate and municipal bonds, real estate and commodities. By
yearend, investors of all stripes were bloodied
and confused, much as if they were small birds that had strayed into a
badminton game.

As the year progressed, a series of life-threatening problems within
many of the world’s great financial
institutions was unveiled. This led to a dysfunctional credit market
that in important respects soon turned
non-functional. The watchword throughout the country became the creed
I saw on restaurant walls when I was
young: “In God we trust; all others pay cash.”


I told you in an earlier part of this report that last year I made a
major mistake of commission (and
maybe more; this one sticks out). Without urging from Charlie or
anyone else, I bought a large amount of
ConocoPhillips stock when oil and gas prices were near their peak. I
in no way anticipated the dramatic fall in
energy prices that occurred in the last half of the year. I still
believe the odds are good that oil sells far higher in
the future than the current $40-$50 price. But so far I have been dead
wrong. Even if prices should rise,
moreover, the terrible timing of my purchase has cost Berkshire
several billion dollars.

I made some other already-recognizable errors as well. They were
smaller, but unfortunately not that
small. During 2008, I spent $244 million for shares of two Irish banks
that appeared cheap to me. At yearend we
wrote these holdings down to market: $27 million, for an 89% loss.
Since then, the two stocks have declined
even further. The tennis crowd would call my mistakes “unforced errors.”

The investment world has gone from underpricing risk to overpricing
it. This change has not been
minor; the pendulum has covered an extraordinary arc. A few years ago,
it would have seemed unthinkable that
yields like today’s could have been obtained on good-grade municipal
or corporate bonds even while risk-free
governments offered near-zero returns on short-term bonds and no
better than a pittance on long-terms. When the
financial history of this decade is written, it will surely speak of
the Internet bubble of the late 1990s and the
housing bubble of the early 2000s. But the U.S. Treasury bond bubble
of late 2008 may be regarded as almost
equally extraordinary.

Clinging to cash equivalents or long-term government bonds at present
yields is almost certainly a
terrible policy if continued for long. Holders of these instruments,
of course, have felt increasingly comfortable –
in fact, almost smug – in following this policy as financial turmoil
has mounted. They regard their judgment
confirmed when they hear commentators proclaim “cash is king,” even
though that wonderful cash is earning
close to nothing and will surely find its purchasing power eroded over time.

Sleeping around, to continue our metaphor, can actually be useful for
large derivatives dealers because
it assures them government aid if trouble hits. In other words, only
companies having problems that can infect
the entire neighborhood – I won’t mention names – are certain to
become a concern of the state (an outcome, I’m
sad to say, that is proper). From this irritating reality comes The
First Law of Corporate Survival for ambitious
CEOs who pile on leverage and run large and unfathomable derivatives
books: Modest incompetence simply
won’t do; it’s mindboggling screw-ups that are required.

Considering the ruin I’ve pictured, you may wonder why Berkshire is a
party to 251 derivatives
contracts (other than those used for operational purposes at
MidAmerican and the few left over at Gen Re). The
answer is simple: I believe each contract we own was mispriced at
inception, sometimes dramatically so. I both
initiated these positions and monitor them, a set of responsibilities
consistent with my belief that the CEO of any
large financial organization must be the Chief Risk Officer as well.
If we lose money on our derivatives, it will be
my fault.
Our derivatives dealings require our counterparties to make payments
to us when contracts are
initiated. Berkshire therefore always holds the money, which leaves us
assuming no meaningful counterparty
risk. As of yearend, the payments made to us less losses we have paid
– our derivatives “float,” so to speak –
totaled $8.1 billion. This float is similar to insurance float: If we
break even on an underlying transaction, we will
have enjoyed the use of free money for a long time. Our expectation,
though it is far from a sure thing, is that we
will do better than break even and that the substantial investment
income we earn on the funds will be frosting on
the cake.

Our put contracts total $37.1 billion (at current exchange rates) and
are spread among four major
indices: the S&P 500 in the U.S., the FTSE 100 in the U.K., the Euro
Stoxx 50 in Europe, and the
Nikkei 225 in Japan. Our first contract comes due on September 9, 2019
and our last on January 24,
2028. We have received premiums of $4.9 billion, money we have
invested. We, meanwhile, have
paid nothing, since all expiration dates are far in the future.
Nonetheless, we have used Black-
Scholes valuation methods to record a yearend liability of $10
billion, an amount that will change
on every reporting date. The two financial items – this estimated loss
of $10 billion minus the $4.9
billion in premiums we have received – means that we have so far
reported a mark-to-market loss
of $5.1 billion from these contracts.

The second category we described in last year’s report concerns
derivatives requiring us to pay
when credit losses occur at companies that are included in various
high-yield indices. Our standard
contract covers a five-year period and involves 100 companies. We
modestly expanded our position
last year in this category. But, of course, the contracts on the books
at the end of 2007 moved one
year closer to their maturity. Overall, our contracts now have an
average life of 21⁄3 years, with the
first expiration due to occur on September 20, 2009 and the last on
December 20, 2013.
By yearend we had received premiums of $3.4 billion on these contracts
and paid losses of $542
million. Using mark-to-market principles, we also set up a liability
for future losses that at yearend
totaled $3.0 billion. Thus we had to that point recorded a loss of
about $100 million, derived from
our $3.5 billion total in paid and estimated future losses minus the
$3.4 billion of premiums we
received. In our quarterly reports, however, the amount of gain or
loss has swung wildly from a
profit of $327 million in the second quarter of 2008 to a loss of $693
million in the fourth quarter of
2008.

In 2008 we began to write “credit default swaps” on individual
companies. This is simply credit
insurance, similar to what we write in BHAC, except that here we bear
the credit risk of
corporations rather than of tax-exempt issuers.
If, say, the XYZ company goes bankrupt, and we have written a $100
million contract, we are
obligated to pay an amount that reflects the shrinkage in value of a
comparable amount of XYZ’s
debt. (If, for example, the company’s bonds are selling for 30 after
default, we would owe $70
million.) For the typical contract, we receive quarterly payments for
five years, after which our
insurance expires.
At yearend we had written $4 billion of contracts covering 42
corporations, for which we receive
annual premiums of $93 million. This is the only derivatives business
we write that has any
counterparty risk; the party that buys the contract from us must be
good for the quarterly premiums
it will owe us over the five years. We are unlikely to expand this
business to any extent because
most buyers of this protection now insist that the seller post
collateral, and we will not enter into
such an arrangement.

  

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Jeden Tag bringt einen neuen Grund sich zu wundern ob die Marktteilnehmer
völlig den Verstand verloren haben...


Berkshire Credit Swaps Rise to Record, Imply ‘Junk’
By Erik Holm and Shannon D. Harrington

March 4 (Bloomberg) -- The cost of protecting against default by Warren Buffett’s Berkshire Hathaway Inc. soared to record levels more typical of junk-rated companies amid concern the firm faces losses on derivatives.

Credit-default swaps used to guard against losses on Berkshire’s debt climbed 15 basis points to 515 basis points at 3:45 p.m. in New York, according to CMA DataVision, and earlier reached 535. The contracts yesterday traded as if the company, rated Aaa by Moody’s Investors Service, was 11 grades lower at Ba2, according data from Moody’s capital markets research group.

The price may be rising on concern the Omaha, Nebraska- based firm will lose bets on the direction of world equity markets, high-yield corporate bonds and municipal debt. That scenario assumes Berkshire would drain its $25.5 billion cash hoard and then find itself unable to raise more from stock or bond sales or the company’s historically profitable insurance and utility businesses.

“There are two extremes on Berkshire, and one is that he’s going to make a lot of money on these things, just like he’s promised,” said Jeff Matthews, the author of “Pilgrimage to Warren Buffett’s Omaha” and founder of hedge fund Ram Partners LP. At the other extreme, investors worry that “he could in fact suffer huge losses and it could really trigger some problems,” Matthews said.

American Express, AIG

The price of Berkshire’s credit-default swaps put it on par with buying protection on American Express Co., the biggest U.S. credit-card company by purchases, which are trading at 543 basis points.

Berkshire swaps still are about half the 1,102 basis points for protection on American International Group Inc., the insurer that this week recorded the largest quarterly loss in U.S. corporate history. And investors are demanding the equivalent of 948 basis points to protect the bonds of the Aaa-rated finance arm of General Electric Co.

Credit-default swaps, used to hedge against losses or to speculate on the ability of companies to repay their debt, rise as investor confidence deteriorates. A basis point on a credit- default swap contract protecting $10 million of debt from default for five years is equivalent to $1,000 a year.

Buffett, who has gained a reputation as the world’s pre- eminent stockpicker, has struck deals with unidentified firms to protect them against long-term declines in four equity indexes, defaults by a group of corporations with junk-bond ratings, and the inability of states and municipalities to repay their debts. Junk bonds are high-yield securities graded below BBB- by Standard & Poor’s and Baa3 by Moody’s.

‘He’s Exposed’

The maximum loss on those bets was $63.4 billion as of Dec. 31, a figure that Berkshire would pay only if the markets fell to zero and all the states and municipalities failed to pay. Berkshire said liabilities on those positions were about $14 billion as of Dec. 31.

“Just to be investing out there means he’s exposed,” said Scott MacDonald, head of research at Aladdin Capital Management in Stamford, Connecticut. “And I think what was the shocker to people is that the sage of Omaha has suddenly shown he’s human.”

Buffett’s Expectation

Buffett didn’t immediately respond to a request for comment left with assistant Carrie Kizer.

“Our expectation, though it is far from a sure thing, is that we will do better than break even” on derivatives, Buffett wrote in his annual letter to shareholders Feb. 28. Berkshire held about $8.1 billion as of Dec. 31 that it collected through the contracts, and can make money by investing those funds, Buffett wrote.

Berkshire’s fourth-quarter net income fell 96 percent to $117 million, the firm said Feb. 28. Book value per share, a measure of assets minus liabilities, slipped 9.6 percent for all of 2008, the worst performance under Buffett’s watch, on the falling price of stocks in the firm’s equity portfolio and the declining value of the derivatives.

“They’re all paper losses, and he doesn’t owe money on any of it for years,” said Guy Spier, principal at hedge fund Aquamarine Funds LLC, which owns Berkshire shares. “People are doing crazy things in this market right now, but if you just stop and ask about the logic of it, it doesn’t make any sense.”

A total of 2,400 credit-default swaps protecting a net $4.4 billion of Berkshire debt from default were outstanding as of Feb. 27, according to the Depository Trust & Clearing Corp., which runs a central registry for the market.

Stock Slump

“It could very well be that the insurance company or whoever it is who bought the derivatives are now buying the CDS to make sure they get paid,” Matthews said. “It’s a lot like a stock price, where it’s hard to know what makes it go up or down.”

http://bloomberg.com/apps/news?pid=20601087&sid=aAcPe1GpTQ9U&refer=home

  

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Berkshire Hathaway - Warren Buffet - Value Investor [Alle anzeigen] , Rang: Ottakringer(38), 03.11.19 15:25
 
Subject Auszeichnungen Author Message Date ID
Analysten-Einschätzungen
24.8.07 16:11
1
Prof. Otte-Kolumne: Berkshire, Berkshire, Berkshire!
24.8.07 16:12
2
      BERKSHIRE HATHAWAY - Langfristinvestment
20.10.07 14:48
3
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
20.10.07 16:12
4
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
20.10.07 23:33
5
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
21.10.07 19:51
6
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
22.10.07 19:34
7
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
22.10.07 20:12
8
      Warren Buffett beteiligt sich an Münchener Rück
10.4.08 12:23
9
      INGERSOLL RAND CO. LTD. REG. SHS CLASS
19.5.08 23:15
10
      Onkel Warren stieg in Eisenbahnaktien ein...
25.5.08 22:54
11
      RE: Onkel Warren stieg in Eisenbahnaktien ein...
26.5.08 00:09
12
      Sind Eisenbahnaktien die nächste Sau die man durchs Anl...
27.5.08 00:19
13
      RE: Onkel Warren stieg in Eisenbahnaktien ein...
15.6.08 20:53
14
@All
15.6.08 20:55
15
Wenn dieser Investor spricht, reagiert Buffett sofort
17.6.08 22:38
16
      RE: Wenn dieser Investor spricht, reagiert Buffett sofo...
17.6.08 23:10
17
      DIE GEFAHR AUS DEM FINANZSEKTOR
20.6.08 21:42
18
      RE: Wenn dieser Investor spricht, reagiert Buffett sofo...
31.5.10 21:37
19
      RE: Wenn dieser Investor spricht, reagiert Buffett sofo...
31.5.10 21:56
20
      Warren Buffett: Entzauberung einer Legende
02.6.10 13:35
21
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 17:35
22
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 20:48
23
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 20:44
24
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 21:46
25
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 22:22
26
Warren Buffett Says Sell to Me, Not `Porn Shop'
25.6.08 22:09
27
Buffett kauft Subprime-Assets
26.6.08 20:59
28
RE: Buffett kauft Subprime-Assets - hat schon zugeschla...
01.7.08 22:34
29
Buffett Has $2.1 Million Lunch Date With Hedge-Fund Man...
30.6.08 21:53
30
Berkshire wird sich in fünf Jahren verdoppeln
02.7.08 21:53
31
RE: Berkshire wird sich in fünf Jahren verdoppeln
03.7.08 07:23
32
      RE: Berkshire wird sich in fünf Jahren verdoppeln
06.7.08 21:12
33
Buffett's Berkshire Paid to Buy Bonds If Storm Hits
06.7.08 21:17
34
Why We Own Berkshire
06.7.08 21:26
35
Berkshire Hathaway bei Rohm & Haas dabei
14.7.08 18:55
36
Warren Buffetts Aktie muß Federn lassen - Ich gebe es z...
24.7.08 15:17
37
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
03.8.08 20:54
38
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...gut analysiert
03.8.08 21:24
39
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
03.8.08 22:09
40
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 08:39
41
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 19:20
42
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 20:32
43
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 21:52
44
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 22:26
45
      Buffett - Charttechnik
04.8.08 22:41
46
Buffett Builds Berkshire Holdings
08.8.08 16:43
47
Long-awaited Buffett book due out in September
11.8.08 19:04
48
Buffett's Q2 Moves Include A Major Head Scratcher
15.8.08 17:16
49
RE: kleine Aufstellung dazu
18.8.08 17:30
50
Buffett sollte Fannie, Freddie helfen
22.8.08 17:40
51
Has Warren Buffett Lost His Magic Touch?
28.8.08 19:10
52
RE: Has Warren Buffett Lost His Magic Touch?
29.8.08 11:12
53
      RE: Has Warren Buffett Lost His Magic Touch?
31.8.08 21:49
54
Buffett kauft laufend Real Estate-Broker
02.9.08 21:15
55
RE: Buffett kauft laufend Real Estate-Broker
04.9.08 09:36
56
Berkshire Unit to Phase Out Bank-Deposit Insurance
10.9.08 19:59
57
Buffett's MidAmerican Energy to Buy Constellation
18.9.08 19:00
58
RE: Buffett's MidAmerican Energy to Buy Constellation
18.9.08 19:11
59
      RE: Buffett's MidAmerican Energy to Buy Constellation
18.9.08 19:45
60
Buffett's Berkshire Accelerates Pace of Acquisition
18.9.08 23:14
61
Buffett bekommt Konkurrenz
22.9.08 22:53
62
Buffett steigt bei Goldman ein
24.9.08 08:09
63
RE: Buffett steigt bei Goldman ein - Ziemliche Verluste...
10.11.08 19:07
64
1. Buch von Buffett selbst
28.9.08 23:08
65
Kritik dazu
29.9.08 22:29
66
Buffett Buys $3 Billion Preferred in GE
01.10.08 20:16
67
RE: Buffett Buys $3 Billion Preferred in GE
01.10.08 20:49
68
      RE: Buffett Buys $3 Billion Preferred in GE
01.10.08 21:09
69
      Warren Buffett steigt bei General Electric ein
02.10.08 15:22
70
Lehman hat Buffett-Investment abgelehnt
06.10.08 23:19
71
Buffett's Stock Picks Suffer One-Week Drop of $10.4 Bil...
13.10.08 21:18
72
RE: Berkshire Hathaway - Warren Buffet - Value Investor
14.10.08 23:10
73
RE: Berkshire Hathaway - Warren Buffet - Value Investor
15.10.08 10:33
74
RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 21:42
75
      RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 21:48
76
      RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 21:53
77
      RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 22:05
78
Berkshire Hathaway profit falls 77 percent
08.11.08 00:39
79
Buffett, Ross insurers eye Dexia U.S. unit
11.11.08 21:54
80
Berkshire unter 100.000
16.11.08 21:40
81
Berkshire's Credit Risk Soars on Buffett's $37 Billion ...
18.11.08 20:05
82
RE: Berkshire's Credit Risk Soars - Guter Artikel dazu
25.11.08 21:01
83
      RE: Berkshire's Credit Risk Soars - Guter Artikel dazu
25.11.08 21:11
84
Buffett's Berkshire Falls Most in at Least 23 Years
19.11.08 22:53
85
Buffett’s Berkshire Will Give More Information on Deriv...
24.11.08 15:27
86
Liquidity is pinched
24.11.08 23:26
87
      Defaultrisiko von Berkshire Hathaway steigt dramatisch ...interessant
25.11.08 00:30
88
Noch ein Artikel
26.11.08 22:30
89
Charlie Munger sold 2,000 of the Berkshire shares (13% ...
01.12.08 19:35
90
Buffett Stock Picks Beat Financials Index
01.12.08 19:42
91
EDF Bids $4.5 Bln for 50% of Constellation Nuclear
04.12.08 22:59
92
Berkshire Hathaway Short Selling Rises to Highest in Si...
12.12.08 00:21
93
Aktiencheck: Berkshire Hathaway kaufen
12.12.08 00:29
94
EDF Said Close to Constellation Deal, Defying Buffett
16.12.08 09:41
95
Constellation Takes EDF Bid; Quits Buffett Takeover
17.12.08 19:00
96
Buffett Wins $224 Million Storm Bet With Florida
29.12.08 23:06
97
Buffett and China banks top cash-rich list
30.12.08 11:49
98
Berkshire Has ‘Nowhere to Hide’
02.1.09 09:00
99
RE: Berkshire Has ‘Nowhere to Hide’
06.1.09 08:31
100
      RE: Berkshire Has ‘Nowhere to Hide’
06.1.09 10:50
101
Morningstar Names Warren Buffett CEO of the Year
07.1.09 23:20
102
KGV 3
13.1.09 20:34
103
Warren Buffett Is Close to Buying Regional Airport in F...
21.1.09 21:25
104
Buffett Bid to Challenge Lufthansa on Home Turf Riles L...
25.1.09 21:15
105
      Der Guardian nennt fünfundzwanzig Schuldige an der Fina...interessant
30.1.09 23:33
106
Berkshire Agrees to Buy $300 Million of Harley Debt
03.2.09 22:51
107
Swiss Re Raises $2.6 Billion From Buffett After Loss
05.2.09 20:02
108
RE: Swiss Re Raises $2.6 Billion From Buffett After Los...
05.2.09 20:14
109
      RE: Swiss Re Raises $2.6 Billion From Buffett After Los...
05.2.09 20:17
110
Der Halbgott unter den Investoren
08.2.09 20:35
111
Buffett, Who Invests ‘Forever,’ Finds Shorter Span Unpr...
11.2.09 21:08
112
Buffett’s NetJets Europe May Buy Airports
15.2.09 22:21
113
Warren Buffett ist weiter auf Shoppingtour
16.2.09 13:29
114
Berkshire Reduces Stake in J&J as Buffett Turns to Fixe...
18.2.09 20:35
115
Warren Buffets Investmentvehikel im freien Fall - Verzo...
20.2.09 18:49
116
      Buffett's Berkshire Drops to Lowest in Five Years
22.2.09 11:15
117
Markt völlig ineffizient
24.2.09 22:32
118
RE: Markt völlig ineffizient
25.2.09 17:49
119
Berkshire’s Results May Be Worst Ever, Using Buffett’s ...
27.2.09 21:38
120
Letter 2008 - Die interessantesten Passageninteressant
01.3.09 20:58
121
Berkshire "Junk"?
04.3.09 22:50
122
Short Sellers Set Sights on Buffett’s Berkshire
11.3.09 21:08
123
Berkshire nicht mehr AAAwitzig
13.3.09 12:35
124
100.000 Gehalt, 50.000 wieder zurückgezahlt
13.3.09 17:09
125
Prof. Dr. Max Otte:So dumm sind Zeitungsjournalisten
18.3.09 18:40
126
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
18.3.09 19:13
127
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
19.3.09 16:47
128
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
19.3.09 23:18
129
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...gut analysiert
19.3.09 23:56
130
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
20.3.09 07:28
131
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
22.3.09 20:49
132
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
22.3.09 20:46
133
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
22.3.09 22:35
134
      Goldman Warrants sind wieder am Geld
24.3.09 18:32
135
Berkshire Hathaway begibt Anleihe
26.3.09 22:03
136
Buffett Punished in Bond Market
02.4.09 22:06
137
Downgrade durch Moody's auf Aa2
09.4.09 21:45
138
Warren Buffett schafft es wieder einmal....
15.4.09 09:20
139
Buffett, at Annual Meeting, Refocuses Attention on Berk...
29.4.09 19:45
140
Buffett zu seiner Nachfolge auf der HV
03.5.09 21:06
141
RE: Buffett zu seiner Nachfolge auf der HV
04.5.09 07:44
142
      RE: Buffett zu seiner Nachfolge auf der HV
04.5.09 08:04
143
      RE: Buffett zu seiner Nachfolge auf der HV
04.5.09 08:07
144
      @jonnyfreutsich
04.5.09 08:14
145
      RE: @jonnyfreutsich
04.5.09 08:24
146
Berkshire Hathaway mit Verlust im 1. Quartal
10.5.09 22:58
147
Munger bringst in einem Interview auf den Punktinteressantinteressantgut analysiert
14.5.09 22:25
148
RE: Munger bringst in einem Interview auf den Punkt
14.5.09 23:24
149
Berkshire Doubled Municipal Bond Stake
09.6.09 21:12
150
Warren Buffett übertrifft sich selbstinteressant
30.6.09 21:59
151
      Warren Buffett, GOD OF STOCKS
01.7.09 22:50
152
Buffett verschenkt Berkshire-Aktien
03.7.09 08:10
153
RE: Buffett verschenkt Berkshire-Aktien
06.7.09 21:01
154
Berkshire Profit on Goldman Sachs Passes $2 Billion
23.7.09 20:36
155
Buffett Posts $1 Billion Profit on China Carmaker BYD
31.7.09 17:12
156
      Warren Buffett und das richtige Timing
04.8.09 23:51
157
      Halbjahresergebnis +3,3 Mrd.
09.8.09 21:13
158
      Buffett’s Berkshire Adds Corporate Debt
10.8.09 20:30
159
      Buffett’s Payouts Climb on Credit Derivatives After Def...
11.8.09 19:44
160
      Berkshire Buys Becton Stock in Medical Products Bet
17.8.09 17:50
161
Buffett hat Asiens bestperformende Aktie
15.9.09 08:51
162
Buffet's Big Bet On Goldman Has Reaped A Huge Payoff
23.9.09 19:03
163
Aktuelles Interview
20.10.09 21:23
164
      Noch ein Interview
27.10.09 21:15
165
Buffett kauft Eisenbahn
03.11.09 19:04
166
Berkshire Hathaway bald im S&P 500?
04.11.09 16:06
167
Buffett Revisits Hunting Ground for Survivors
04.11.09 23:10
168
      Buffett greift wieder in die Trickkiste
26.12.09 14:47
169
      Berkshire Hathaway vs. S&P 500
20.1.10 10:45
170
Berkshire hält 3% an MüRü
26.1.10 14:03
171
RE: Berkshire hält 3% an MüRü
26.1.10 22:12
172
Berkshire hält 3% an MüRü + Optionen für weitere 2%
28.1.10 21:10
173
Präsentation eines Hedge-Fonds Managers über Berkshire ...
27.1.10 23:02
174
Berkshire plant 8 Mrd. Anleihe, AAA ist weg
04.2.10 22:33
175
America Lines Up for Piece of Buffett
14.2.10 22:22
176
      Ausbau bei Münchener Rück
14.2.10 23:27
177
Berkshire Profit Jumps to $3.1 Billion on Derivatives
28.2.10 12:00
178
RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 00:13
179
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 08:26
180
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 08:40
181
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 08:53
182
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 20:30
183
      Obama Pays More Than Buffett
22.3.10 08:32
184
      Buffett hat Optionen auf Munich Re ausgeübt
25.3.10 22:09
185
      RE: Buffett hat Optionen auf Munich Re ausgeübt
25.3.10 23:24
186
      RE: Buffett hat Optionen auf Munich Re ausgeübt
25.3.10 23:25
187
      RE: Buffett hat Optionen auf Munich Re ausgeübt
26.3.10 10:09
188
      Buffett's Top 10 Investing Secrets
30.3.10 20:51
189
Buffett mag man eben
05.4.10 22:09
190
RE: Buffett mag man ebeninteressant
31.5.10 21:35
191
      RE: Buffett mag man eben
31.5.10 21:51
192
Is Berkshire Hathaway's stock overvalued?
04.8.10 20:48
193
Warren Buffett hat sich mit Derivaten verspekuliert
07.8.10 20:19
194
      RE: Warren Buffett hat sich mit Derivaten verspekuliert
08.8.10 22:07
195
Warren Buffett: Das nette Gesicht des Kapitalismusinteressant
29.8.10 21:43
196
200 Mrd. Schaden - Der Kauf von BRK
18.10.10 23:03
197
Buffett's Investment in Goldman Sachs mit 1Mrd.$ vergol...
21.10.10 19:14
198
      RE: Buffett's Investment in Goldman Sachs mit 1Mrd.$ ve...
21.10.10 20:52
199
      Berkshire Hathaway verdiente im dritten Quartal 3,0 Mil...
06.11.10 17:13
200
RE: Berkshire Hathaway - Warren Buffet - Value Investor
07.11.10 12:28
201
RE: Berkshire Hathaway - Warren Buffet - Value Investor
07.11.10 20:52
202
GS zahlt verzinst zurück
19.3.11 20:36
203
RE: GS zahlt verzinst zurück
19.3.11 22:36
204
      RE: GS zahlt verzinst zurück
29.3.11 19:59
205
      die kette ist nur so stark wie ihr schwächstes glied
01.5.11 12:14
206
      Buffett greift nach Citigroup-Gesellschaft
14.7.11 14:06
207
      Buffett übernimmt Solar-Park
08.12.11 13:48
208
      Berkshire Hathaway: Jetzt noch 70% Potenzial?
17.5.12 18:22
209
      nicht alles ist gold was glänzt
29.11.12 23:29
210
      RE: nicht alles ist gold was glänzt
30.11.12 00:14
211
      RE: nicht alles ist gold was glänzt
30.11.12 14:23
212
Berkshire Hathaway and CaixaBank agree to Reinsurance D...
30.11.12 15:39
213
RE: Berkshire Hathaway and CaixaBank agree to Reinsuran...
30.11.12 16:01
214
      RE: Berkshire Hathaway and CaixaBank agree to Reinsuran...
03.12.12 22:00
215
      Warren Buffet wieder auf Shopping Tour
14.2.13 14:28
216
      Heinz: Schwerer Schlag für Buffett
16.2.13 15:15
217
      RE: Heinz: Schwerer Schlag für Buffett
16.2.13 20:37
218
Berkshire Hathaway B gekauft
25.7.16 17:23
219
Warren Buffetts Firma enttäuscht Analysten trotz mehr G...
06.8.16 21:22
220
Q2 2016
06.8.16 21:25
221
      Barclays: Buy Berkshire Hathaway
08.8.16 18:45
222
      Berkshire ertrinkt im Cashinteressant
12.8.16 12:07
223
      RE: Berkshire ertrinkt im Cash
12.8.16 13:27
224
      RE: Berkshire ertrinkt im Cash
12.8.16 13:49
225
Wells Fargo Skandal interessant
03.10.16 21:22
226
Cash is piling up faster than Warren Buffett can invest...
11.10.16 21:01
227
Buffett’s Cash Soars to Record as Operating Profit Edge...
05.11.16 13:57
228
Heinz - Unilever
21.2.17 13:15
229
RE: Heinz - Unilever
21.2.17 13:51
230
      RE: Heinz - Unilever
21.2.17 15:42
231
      RE: Heinz - Unilever
21.2.17 15:52
232
Wichtiges Wochenende!
23.2.17 21:13
233
Letter für 2016 ist da
25.2.17 21:34
234
      WB on Share Repurchases
25.2.17 21:56
235
      Gewinnsprung
26.2.17 11:55
236
Buffett's Berkshire, Chinese property website Juwai.com...
17.4.17 20:40
237
Warren Buffett's money managers, Todd Combs and Ted Wes...
28.4.17 20:19
238
Barclays says Berkshire Hathaway is 'attractively value...
29.4.17 20:40
239
Berkshire Hathaway's stock could be worth 30% more in a...
05.5.17 19:07
240
RE: Berkshire Hathaway's stock could be worth 30% more ...
05.5.17 19:19
241
Buffett meldet deutlich geringeren Gewinn
06.5.17 11:34
242
HV - Livestream
06.5.17 21:16
243
Aufgestockt um 169,6199 USD.
29.6.17 20:40
244
RE: Aufgestockt um 169,6199 USD.
29.6.17 21:38
245
RE: Aufgestockt um 169,6199 USD.
29.6.17 21:56
246
RE: Aufgestockt um 177,0399 USD.
02.8.17 17:03
247
      RE: Aufgestockt um 178,46 USD.
28.8.17 18:45
248
      RE: Aufgestockt um 173,3699 USD.
07.9.17 17:28
249
      Versicherer brauchen Katastrophen
09.9.17 11:39
250
Verluste beim Versicherungsgeschäft ziehen den operativ...
07.8.17 18:41
251
http://www.berkshirehathaway.com/news/aug0417.pdf
07.8.17 19:11
252
      Buffett sitzt auf einer Kriegskasse von 100 Milliarden ...
08.8.17 20:57
253
Berkshire a screaming buy
14.9.17 20:57
254
“If I die tonight, I think the stock would go up tomorr...
07.12.17 21:50
255
Berkshire's repurchase policy
17.12.17 22:00
256
Berkshire Hathaway ‘A’ Shares Reach $300,000 for First ...
18.12.17 23:12
257
The succession plan is getting clearer
10.1.18 19:42
258
Warren Buffett has enough firepower to do a $160 billio...
23.2.18 20:33
259
Zahlen Q4 2017
24.2.18 14:57
260
Nachtrag annual letter
04.3.18 19:53
261
      RE: Nachtrag annual lettergut analysiert
04.3.18 20:36
262
      RE: Nachtrag annual letter
04.3.18 21:25
263
Warren Buffett Is Just an Average Employee
19.3.18 15:42
264
The Billionaire Whisperer Who United Bezos, Buffett and...
27.3.18 12:44
265
Buffett's Berkshire will oppose USG board nominees afte...
13.4.18 23:24
266
Eine der ambitioniertesten Windkraft-Initiativen der US...
19.4.18 10:18
267
Aktuelle Präsentation
23.4.18 16:06
268
Apple verkauft mehr iPhones und beschenkt Aktionäre
02.5.18 09:04
269
As Warren Buffett's Empire Expands, Many Jobs Disappear
03.5.18 13:50
270
Morgen HV - Live auf Yahoo Finance
04.5.18 20:06
271
RE: Morgen HV - Live auf Yahoo Finance
06.5.18 15:32
272
Q1 2018 - 1,1 Mrd. Verlust
06.5.18 15:02
273
An Analysis of Berkshire Hathaway
18.5.18 14:04
274
RE: An Analysis of Berkshire Hathaway
18.5.18 14:09
275
Buffett gibt Knauf den Sanktus für Milliardendeal
11.6.18 19:53
276
Amazon, Berkshire, JPMorgan name Atul Gawande CEO of he...
20.6.18 20:43
277
RE: Amazon, Berkshire, JPMorgan name Atul Gawande CEO o...
20.6.18 21:17
278
Berkshire Removes Cap on Share Buybacks, Stock Climbs
18.7.18 15:36
279
Mohnish Pabrai: What I've Learned From Warren and Charl...
04.8.18 12:15
280
Berkshire Hathaway profit surges as economy gives Buffe...
04.8.18 20:55
281
RE: Berkshire Hathaway profit surges as economy gives B...
04.8.18 21:18
282
      In summary, it was an exceptionally strong quarter
05.8.18 14:07
283
      RE: In summary, it was an exceptionally strong quarter
06.8.18 09:40
284
BYD
03.11.18 15:05
285
Buffett Puts Cash to Work Buying Back $928 Million in S...
03.11.18 20:48
286
Q1-3 2018: Gewinn mehr als verdoppelt
03.11.18 21:00
287
Buffett-Interview
06.11.18 13:03
288
4 reasons it's a big deal Buffett is buying Berkshire s...
08.11.18 11:38
289
Warren Buffett to Expand His Real Estate Empire to Mila...
13.11.18 08:52
290
Insider-Kauf
29.12.18 20:53
291
RE: Insider-Kauf
29.12.18 23:38
292
Apple plunge deepens Warren Buffett's book value woes
03.1.19 20:37
293
Berkshire Hathaway profit expectation slashed following...
22.2.19 20:30
294
RE: Berkshire Hathaway profit expectation slashed follo...
22.2.19 21:11
295
      Berkshire mit 25 Mrd Verlust in Q4
23.2.19 16:20
296
      Der Annual Letter für 2018 ist dainteressant
23.2.19 16:57
297
      Buybacks
24.2.19 18:05
298
      Intrinsic value
24.2.19 18:09
299
Warren Buffet - drängende Fragen nach dem Gewinneinbruc...
24.2.19 23:44
300
RE: Warren Buffet - drängende Fragen nach dem Gewinnein...
28.2.19 21:25
301
Gates Stiftung verkauft 20 Mio. Berkshire B Aktien pro...
20.4.19 18:11
302
Buffett Preps Berkshire Shareholders for Soaring Stock ...
25.4.19 22:28
303
Warren Buffett Bets on Dubai Property as Market Prolong...
28.4.19 16:35
304
Buffetts Investmentfirma beteiligt sich erstmals an Ama...
03.5.19 09:33
305
Company’s growth has helped create at least seven billi...
03.5.19 15:24
306
Buffett deutete mögliche Nachfolger an Berkshire-Hathaw...
05.5.19 10:25
307
Berkshire Ramps Up Stock Buybacks as Cash Pile Keeps Gr...
05.5.19 14:03
308
RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
05.5.19 16:16
309
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
05.5.19 16:32
310
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:14
311
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:41
312
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:47
313
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:51
314
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...interessant
06.5.19 12:03
315
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 12:19
316
      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 12:49
317
Warren Buffett liefert starke Zahlen zum Aktionärstreff...
05.5.19 18:00
318
RE: Warren Buffett liefert starke Zahlen zum Aktionärst...
05.5.19 21:55
319
Wortprotokoll der Berkshire HVinteressant
09.5.19 11:13
320
My $650,100 Lunch with Warren Buffett
06.7.19 21:12
321
Icahn Slams Occidental, Says Buffett Took CEO ‘to the C...
22.7.19 16:51
322
RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 18:47
323
RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 18:59
324
      RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 19:26
325
      RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 19:32
326
Berkshire Second Quarter Operating Income $6.14 Bln, -1...
03.8.19 14:16
327
Berkshire’s Cash Pile Hits a Record 122bn
03.8.19 19:12
328
Buffett Distracts From 'Mind-Numbing' Earnings
03.8.19 19:26
329
RE: Berkshire Second Quarter Operating Income $6.14 Bln...
03.8.19 20:42
330
      RE: Berkshire Second Quarter Operating Income $6.14 Bln...
04.8.19 10:06
331
Analysis of Berkshire Hathaway's Q2 earnings
07.8.19 20:08
332
Warum Büfett nicht mehr investiert
07.8.19 21:14
333
      RE: Warum Büfett nicht mehr investiert
07.8.19 21:57
334
      RE: Warum Büfett nicht mehr investiert
07.8.19 23:50
335
      RE: Warum Büfett nicht mehr investiert
08.8.19 05:46
336
      RE: Warum Büfett nicht mehr investiert
08.8.19 06:43
337
      RE: Warum Büfett nicht mehr investiert
08.8.19 07:42
338
Warren Buffetts allererstes TV-Interview
09.8.19 22:47
339
Berkshire Hathaway - Präsentation
24.8.19 20:12
340
Warum Bill Ackman Berkshire gekauft hat
24.8.19 20:28
341
RE: Warum Bill Ackman Berkshire gekauft hat
24.8.19 21:29
342
      RE: Warum Bill Ackman Berkshire gekauft hat
25.8.19 09:49
343
      RE: Warum Bill Ackman Berkshire gekauft hat
25.8.19 12:13
344
      RE: Warum Bill Ackman Berkshire gekauft hat
25.8.19 12:16
345
Berkshire stockt Amazon auf
25.8.19 10:01
346
Buffett-Anekdote
27.8.19 17:35
347
RE: Buffett-Anekdote
27.8.19 18:32
348
      RE: Buffett-Anekdote
27.8.19 20:13
349
      RE: Buffett-Anekdote
27.8.19 20:34
350
      RE: Buffett-Anekdote
27.8.19 21:09
351
      RE: Buffett-Anekdote
28.8.19 19:46
352
      RE: Buffett-Anekdote
28.8.19 20:44
353
      RE: Buffett-Anekdote
29.8.19 10:26
354
      RE: Buffett-Anekdote
29.8.19 11:41
355
      RE: Buffett-Anekdote
28.8.19 21:09
356
      RE: Buffett-Anekdote
29.8.19 10:21
357
Berkshire Hathaway Energy
03.9.19 23:39
358
Buffett’s Peak Quarter Brings New Records on Profit and...
03.11.19 15:02
359
Aktienrückkauf
04.11.19 20:42
360
Wie viel Warren Buffett an Bank of America verdient hat
28.12.19 18:48
361
Warren Buffett spurned Tiffany as deal drought continue...
02.1.20 09:44
362
Berkshire Hathaway B aufgestockt
27.1.20 19:56
363
RE: Berkshire Hathaway B aufgestockt
24.2.20 19:08
364
      RE: Berkshire Hathaway B aufgestockt
25.2.20 05:53
365
      RE: Berkshire Hathaway B aufgestockt
25.2.20 08:00
366
Berkshire und Apple
28.1.20 22:24
367
Apple-Rekord: 22 Milliarden Dollar Gewinn in drei Monat...
29.1.20 08:50
368
      Buffett verkauft seine Zeitungen
29.1.20 21:32
369
Charlie Munger, Buffett's Kompagnon hat auch seine eige...
14.2.20 22:36
370
RE: Charlie Munger, Buffett's Kompagnon hat auch seine ...
15.2.20 17:39
371
Halleluja, der Buffett-Letter für 2019 ist da
22.2.20 18:07
372
RE: Halleluja, der Buffett-Letter für 2019 ist da
22.2.20 18:50
373
Buffett sucht Verkäufer
22.2.20 19:04
374
Berkshire zahlt 1,5% aller Steuern
22.2.20 19:06
375
RE: Halleluja, der Buffett-Letter für 2019 ist da
23.2.20 19:25
376
Berkshire Buyback
24.2.20 20:29
377
Berkshire Hathaway Valuation
29.3.20 21:20
378

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