1990 Berkshire Hathaway Letter to Shareholders Audio Version

1990 Berkshire Hathaway Letter to Shareholders Audio Version #BerkshireHathaway #WarrenBuffett #CharlieMunger #Audiobook #investing Chapters: 0:00 1990 BERKSHIRE HATHAWAY INC. Letter To the Shareholders 4:58 Sources of Reported Earnings 7:17 ”Look-Through” Earnings 11:11 Non-Insurance Operations 25:52 Insurance Operations 32:30 Measuring Insurance Performance 40:47 Marketable Securities 54:27 Convertible Preferred Stocks 58:23 Help! Help! 1:01:15 Miscellaneous 1:07:20 Appendix A: U. S. STEEL ANNOUNCES SWEEPING MODERNIZATION SCHEME* 1:19:58 Appendix B: Some Thoughts on Selling Your Business* The 1990 Berkshire Hathaway Letter to Shareholders Highlights: • Berkshire’s net worth increased by $362 million in 1990, raising the per-share book value by 7.3%. • The insurance float grew to $1.6 billion, with a cost of 1.63%, remaining lower than the U.S. government’s borrowing costs. • Significant stock holdings included Coca-Cola, Capital Cities/ABC, and Wells Fargo, with an increased position in Wells Fargo to just under 10%. • Berkshire expanded its super-catastrophe insurance business, highlighting its ability to handle volatile profits with long-term benefits. • Convertible preferred stock investments in companies like Gillette, USAir, and Champion International were maintained, with Gillette planned for conversion into common stock. • Non-insurance businesses like Nebraska Furniture Mart, Borsheim’s, and See’s Candies achieved strong performance despite a challenging retail environment. • Borsheim’s increased sales by 18%, largely due to its low operating costs and broad inventory, making it a national jewelry phenomenon. • The Nebraska Furniture Mart saw $159 million in sales, maintaining its status as the largest single-location home furnishings store in the U.S. • Media industry investments, including the Buffalo News, faced challenges due to reduced advertising revenues and increased competition. • Shareholder-designated charitable contributions totaled $5.8 million, supporting 2,600 charities. • Berkshire continued to emphasize its focus on intrinsic value and long-term investments, avoiding speculative market behavior. This is the 1990 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