1992 Berkshire Hathaway Letter to Shareholders Audio Version

1992 Berkshire Hathaway Letter to Shareholders Audio Version #BerkshireHathaway #WarrenBuffett #CharlieMunger #Audiobook #investing Chapters: 0:00 1992 BERKSHIRE HATHAWAY INC. Letter To the Shareholders 7:26 The Salomon Interlude 8:59 Acquisitions 13:10 Sources of Reported Earnings 14:09 ”Look-Through” Earnings 16:35 Insurance Operations 25:10 Common Stock Investments 33:23 Fixed-Income Securities 38:26 Two New Accounting Rules and a Plea for One More 47:09 Miscellaneous The 1992 Berkshire Hathaway Letter to Shareholders Highlights: • Berkshire’s per-share book value increased by 20.3% in 1992, raising net worth by $1.52 billion. • Insurance float grew to $2.29 billion, with an underwriting loss of $109 million resulting in a 4.76% cost of float, lower than long-term government bond rates. • Major stock holdings, including Coca-Cola, American Express, and Gillette, continued to deliver significant returns, with look-through earnings reaching $604 million. • Berkshire made an 82% acquisition of Central States Indemnity, a profitable Omaha-based credit insurance company. • H.H. Brown completed the acquisition of Lowell Shoe Company, expanding its product lines and distribution capabilities. • The super-catastrophe insurance business recorded a near break-even year despite Hurricane Andrew losses of $125 million. • A 14% stake in General Dynamics was acquired after initially targeting the company for arbitrage, with Berkshire shifting to a long-term investment strategy. • Shareholder-designated charitable contributions totaled $7.6 million, benefiting 2,810 charities. • Berkshire continued its conservative approach to acquisitions, focusing on intrinsic value and avoiding speculative investments. • The annual meeting drew record attendance, showcasing the strong interest and engagement of Berkshire shareholders. This is the 1992 Berkshire Hathaway Letter to Shareholders Audio Version written by Warren Buffett. The Berkshire Shareholder Letter may contain the following topics about Charlie Munger, Ajit Jain, Greg Abel, Todd Combs, Ted Weschler, Shareholder Letter, Audiobook, Investing, Value Investing, Intrinsic Value, Earnings, Berkshire Hathaway, Annual Report, Berkshire Hathaway Annual Meeting, Berkshire Hathaway Explained, Berkshire Hathaway Stock Analysis, Berkshire Hathaway Subsidiaries, How To Invest Like Warren Buffett, Warren Buffett Documentary, Warren Buffett Investment Mistakes, Warren Buffett Investment Strategies, Warren Buffett Quotes, Mungerisms, What Makes Warren Buffett A Great Investor, Top Lessons From Warren Buffett