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Microsoft (MSFT) 2004 Annual Report

I'm looking at getting Microsoft (MSFT) into my portfolio in the next year, against my better judgement. Since I use Microsoft products daily, and do not see that changing anytime soon, I figure everyone else is in the same boat. And this Genuine Windows thing, and Halo 2, (and 3 and 4) can only mean increasing revenues. The stock is supposed to be really diluted and not a good value, but is Google @ $200 any better?

I just hope that they stop diversifying into every possible niche, and just improve some of the products they have. Likewise for Google, stay out of the desktop space. Though I think Google has more to worry about than Microsoft in the long haul. But who knows...

This AR reads like a glossary of computer terms but there are some financials in there under the marketing hype. $16 bil in the bank is nice.

Growth - 87, Loss - 54. Is the tech bubble back again?

Word frequencies for Microsoft 2004 Annual Report:

929 in 395 our 379 we 303 fiscal 297 as 264 on 242 revenue 236 from 220 million 214 with 205 stock 203 other 195 or 188 microsoft 181 software 168 products 155 operating 148 business 140 income 127 billion 125 services 123 value 114 an 114 have 113 windows 111 at 109 server 106 related 104 information 101 based 97 year 95 which 92 was 90 will 90 june 88 segment 87 new 87 growth 87 not 84 market 84 these 84 sales 82 development 81 such 80 also 80 product 79 msn 79 costs 78 cash 75 increase 74 years 73 investments 70 including 70 customers 70 significant 69 financial 69 fair 68 tax 67 certain 66 primarily 64 net 62 over 62 accounting 61 all 61 equity 61 compensation 61 under 60 through 60 due 60 options 59 total 59 than 59 common 59 were 57 system 57 share 57 investment

57 period 56 office 55 applications 55 solutions 55 assets 54 xbox 54 millions 54 been 54 s 54 may 54 marketing 54 loss 54 include 53 licensing 53 their 53 securities 52 more 52 systems 51 has 51 time 51 employee 50 cost 50 amount 50 shares 49 us 49 pc 49 price 48 future 48 losses 47 operations 47 support 47 expenses 46 per 46 technology 46 management 46 u 45 during 44 program 44 tools 44 believe 44 expense

43 devices 43 quarter 42 one 42 inc 41 mobile 41 basis 41 sfas 41 taxes 40 provide 40 approximately 40 statements 39 worker 39 if 39 includes 39 could 39 recognized 39 gains 38 available 38 online 38 home 38 foreign 37 research 37 use 37 security 37 internet 37 note 37 risk 36 increased 36 no 36 awards 35 earnings 35 any 35 performance 35 changes 35 term 34 property 34 number 34 option 34 interest 34 recorded 33 each 33 entertainment 33 employees 33 client 33 expect 32 advertising 32 ended 32 end 32 transfer 31 access 31 current 31 states 31 percentage 30 hardware 30 offset 30 estimated 30 result 30 licenses 30 purchase 30 agreement 30 rate 30 court 29 help 29 when 29 small 29 platform 29 lower

29 customer 29 its 29 businesses 29 exchange 29 factors 29 rates 29 amounts 28 programs 28 games 28 average 28 recognition 28 follows 28 included 28 it 28 elements 28 liabilities 27 addition 27 designed 27 against 27 embedded 27 enterprise 27 agreements 27 dividend 27 those 27 sun 27 unearned 26 legal 26 used 26 dec 26 paid 26 prior 26 generally 26 arrangements 26 settlement 25 web 25 open 25 plan 25 subject 25 impact 25 segments 25 unit 25 many 25 derivative

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