Sunday, March 06, 2005

Berkshire Hathaway 2004 Annual Report now available

I am a big follower of Warren Buffett, Charlie Munger, and the rest of the Berkshire Hathaway organization. Buffet is the second (probaby first) wealthiest man in the world. He is also one of the cheapest, according to his family and friends. How else do you get to be the wealthiest man in the world, without spending any of your own money? The secret, as Donald Trump and others know, is OPM (Other People's Money). No matter how much money you have, other people have more.

Late last year I purchased and still hold my first stock in BRKB, the fractional investment version of BRKA, Berkshire Hathaway Holdings. I bought one share (!) in my RRSP just so I could get access to the Annual General Meeting sometime in my lifetime, since it sounds like an interesting event, and I am lacking in the green stuff. And since the stock market is just a big pyramid scam anyway, I figured I would get "suckered" by the best of them, being Berkshire.

I'm going to try and get the stock signed over to me and get a paper copy to hang somewhere. Hey, the thing cost me almost $3,000 US! May as well use it as an art investment since I'll probably never sell it. I could not get a mortgage to cover the BRKA stock, now trading at $89,300/share.

101 Reasons to Own the World's Greatest Investment

Last year I bought a biography on Charlie Munger, "Damn Right!". Bought a couple Buffet books, including "The Warren Buffet Way". Joined the Yahoo Berkshire Hathaway group. Subscribed to Forbes watchlist for Buffet. Downloaded every PDF & document related to Buffet, Munger, Graham, Tweedy, and a bunch of others related to Berkshire & value investing.

So, to continue to obsess, I am currently going over the 2004 Annual Report & Shareholder's Letter. Here's some of the top words used in the AR. Note that loss and losses were used 190 & 160 times respectively, while gains and gain were used 72 & 39 times respectively. This may prove my theory that any stock I buy usually goes down. Sorry Warren.


1215 in
420 as
325 we
276 on
275 berkshire
270 at
265 our
264 from
243 other
240 or
220 with
205 million
197 have
190 loss
185 value
185 will
170 an
168 earnings
164 not
162 insurance
162 year
160 losses
157 financial
157 december
154 berkshire’s
145 business
144 businesses
136 company
135 which
128 i
127 its
122 these
120 was
119 net
119 billion
114 reinsurance
113 over
111 stock
110 it
106 but
103 contracts
101 years
101 securities
97 investment
96 were
96 assets
96 interest
93 amounts
91 may
90 consolidated
90 such
89 income
88 about
88 their
86 statements
86 has
86 cash
85 common
85 when
84 all
84 would
82 market
81 s
80 under
79 tax
78 than
78 cost
78 if
76 share
76 you
76 investments
75 finance
75 equity
75 no
75 liabilities
74 products
74 reserves
73 they
73 class
72 gains
71 general
70 underwriting
69 results
68 u
68 based
67 management
67 accounting
66 millions
66 claims
64 one
64 more
64 property
63 due
62 during
62 each
61 been
61 shares
61 operations
61 certain
60 premiums
60 fair
59 claim
57 subsidiaries
57 sales
56 capital
56 notes
56 expenses
55 significant
55 deferred
54 reporting
54 increase
54 us
54 also
54 expected

54 approximately
53 casualty
53 continued
52 through
52 had
52 time
52 policies
52 amount
52 changes
51 rate
50 included
50 midamerican
49 hathaway
49 can
48 taxes
48 increased
48 any
48 balance
48 revenues
48 group
47 reported
47 last
47 total
46 long
46 period
46 foreign
45 re
45 shareholders
45 do
45 new
45 who
44 pre
44 term
44 estimated
43 after
43 price
43 geico
43 estimates
42 per
42 control
42 costs
42 however
42 future
42 only
41 basis
41 acquisition
41 charlie
41 including
41 well
41 those
41 date
41 upon
40 some
40 because
40 earned
39 gain
39 case
39 related
39 operating
39 adjustment
39 annual
38 most
38 b
38 life
38 prior
38 totaled
37 risk
37 both
37 companies
37 end
37 current
37 goodwill
36 inc
36 should
36 non
36 follows
36 rates
36 issued
36 reserve
35 into
35 now
35 what
35 many
35 prices
35 obligations

34 information
34 two
33 average
33 directors
33 internal
33 first
33 subject
33 payable
33 risks
32 respect
32 there
32 additional
32 currency
32 borrowings
31 table
31 my
31 though
31 debt
31 primarily
31 acquired
31 services
31 clayton
31 charges
30 activities
30 sold
30 intrinsic
30 far
30 make
30 acquisitions
30 large
30 up
30 result
30 liability
29 include
29 board
29 corporate
29 since
29 excess
29 purchase
29 method
29 even
29 fixed
29 ultimate
29 quarter
28 past
28 p
28 own
28 them
28 three
28 states
28 data
28 loans
27 report
27 before
27 used
27 primary
27 so
27 company’s
27 paid
27 generally
27 policy
27 written
27 held
27 below
27 unpaid
26 made
26 beginning
26 credit
26 his
26 available
26 dollars
26 ibnr
26 trading
26 addition
26 amortization
25 following
25 required
25 several
25 very
25 low
25 dollar
25 service
25 exchange
25 values
25 retroactive

Word frequency calculator

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