Category archives for: Berkshire Hathaway

Revisiting Berkshire Hathaway’s Valuation

In this article, we reassess Berkshire Hathaway’s valuation from a price-to-book value standpoint and analyze whether recent appreciation of the shares is justified.

Munger’s Prescription for Corporate Governance

David Larcker and Brian Tayan of the Stanford Graduate School of Business recently published a paper entitled Corporate Governance According to Charles T. Munger which concisely outlines the governance philosophy that Mr. Munger has presented on a number of occasions. Read this article for more details.

Berkshire Hathaway Stock Repurchase Odds Increase

The odds of a stock repurchase at Berkshire Hathaway may be increasing as Berkshire’s stock price declines and a return of capital might be mandated due to the five year earnings test. In this article, we look at the likely implications based on Berkshire’s last published book value and an estimate of current book value.

An Examination of Berkshire Hathaway’s Retained Earnings Test

Berkshire Hathaway appears almost certain to fail Warren Buffett’s five year earnings retention test when the 2013 annual report is released in February. We assess the validity of the test as well as the implications for Berkshire Hathaway if Mr. Buffett decides to return capital to shareholders.

Revisiting Berkshire Hathaway’s Acquisition of BNSF

Four years have passed since Berkshire Hathaway announced that it would acquire Burlington Northern Santa Fe in a cash and stock transaction. This article looks back at the transaction and attempts to determine whether it was a good deal for Berkshire.

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