Capital Goods

Gustavo Ballvé on February 27th, 2016

I have just finished reading Berkshire Hathaway’s 2015 10-K. The letter to shareholders by Warren Buffett (edited by Carol Loomis) is brilliant, as usual. I have written here about how these two “walk their talk” (Buffett and Munger), and this 51st letter to Berkshire shareholders is another fine example. The section on Productivity is mandatory reading, especially so for Brazilians.

Read more about Berkshire Hathaway 2015 annual report + Munger Residences

Gustavo Ballvé on May 3rd, 2013

As the date of the 2013 Berkshire Hathaway annual meeting approaches, here are four news pieces and interesting generalities about Berkshire – including the purchase of the 20% of Iscar the company didn’t own, articles on Doug Bass, the bear who will get to ask tough, unscripted questions at the meeting and more.

Read more about Buffett news ahead of the Annual Meeting

Gustavo Ballvé on March 28th, 2013

Very interesting WSJ article for those interested in Brazilian infrastructure investments – my cup of tea of late. It doesn’t hurt that Burlington Northern is a Berkshire Hathaway company either…

Read more about Boom times on US rail tracks

Gustavo Ballvé on August 30th, 2012

Two quick articles: a relatively thorough article in the Financial Times about Brazil’s construction and infrastructure boom in the next few years, and a cautionary tale about things that “happen all the time” – until they don’t.

Read more about Brazil in the FT and more

Gustavo Ballvé on June 27th, 2012

Not even oil is sacred in Brazil, it seems. In Petrobras it’s mostly about government intervention, in OGX – down a whopping 27% today – it’s mostly about terrible expectations management. This post is by no means an evaluation of either stocks’ prospects and attractiveness as investments. The only point is that there’s maybe a lesson here about optimistic expectations: taking with lots of salt not only what emanates from the companies, but also how much you can really know about factors such as political risk, a certain local amateurism in expectations management and so on.

Read more about Expectations and busts

Gustavo Ballvé on May 7th, 2012

Reading other sources after the meeting I found a few tidbits worth mentioning. H/T Century Partners. On Ted Weschler and Todd Combs, there’s more detail on their compensation (also repeated inside) in a story.

Read more about Berkshire meeting: other tidbits

Gustavo Ballvé on May 5th, 2012

I’ll update this throughout the day, but again, it’s not about “live coverage” – you can probably get a better play-by-play deal by following the sources I list inside this post.

Read more about Berkshire Hathaway 2012 meeting

Gustavo Ballvé on May 4th, 2012

We are a few hours away from Berkshire Hathaway’s 2012 annual meeting, so here are related links – including the Q1 2012 earnings release and a 30-minute video interview with Charlie Munger. This is NOT a “live meeting notes”-type post, as I am not there (regrettably) and trust other sources to do a great job. I will still post updates of the most relevant discussions during the day.

Read more about Berkshire meeting: teasers

Gustavo Ballvé on May 2nd, 2012

After taking a two-week break, I return right when the Berkshire Hathaway weekend is fast approaching. I was going to attend the meeting – my fourth – but couldn’t, so during the weekend I’ll point our readers to the best 3rd-party sources out there. This year’s meeting is bound to be very interesting with questions on IBM, Ted Weschler and so on, but obviously the main issue will be succession. Buffett’s announcement that he has stage 1 prostate cancer is definitely in the news, but as in all things involving Berkshire & Buffett it gets blown out of proportion.

Read more about Buffett and the C-word

Gustavo Ballvé on February 6th, 2012

Great article at BusinessWeek highlights the immense difficulties of integrating large acquisitions or mergers – in this case, United and Continental Airlines. The link to rocket science is in the article’s last line, and it’s hilarious.

Read more about The rocket science of merger integrations

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