To the Shareholders of Berkshire Hathaway Inc Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24.8 billion in operating earnings, a $3.0 billion non-cash loss from an impairment of intangible assets (arising almost entirely from our equity interest in Kraft Heinz), $2.8 billion in realized capital gains from the sale of investment securities and a $20.6 billion loss from a reduction in the amount of unrealized capital gains that existed in our investment holdings. A new GAAP rule requires us to include that last item in earnings. As I emphasized in the 2017 annual report, neither Berkshire’s Vice Chairman, Charlie Munger, nor I believe that rule to be sensible. Rather, both of us have consistently thought that at Berkshire this mark-to-market change would produce what I described as “wild and capricious swings in our bottom line.” The accuracy of that … [Read more...] about FULL TEXT: Warren Buffett’s annual letter to Berkshire Hathaway shareholders
Half quarter meaning
Earnings estimates of more than half the top 300 Indian companies have been downgraded by analysts at brokerages in the last one month, according to an ET study based on Bloomberg estimates. Analysts said the downgrades have been led by companies in energy, healthcare, metals and financials after their earnings fell below estimates in the December quarter. Among 50 companies in the Nifty, 20 failed to meet earnings forecasts while 19 beat estimates. Analysts say such cuts in earnings expectations could further accelerate in April as the March quarter results too are likely to disappoint. “About 68 per cent of stocks under coverage saw earnings being cut post results, with average cut being 6 per cent,” said Sunil Tirumalai, analyst, Emkay Global. “Earnings cuts were more frequent in retail, banks and chemicals. With the asking rate for March 2020 and FY21 being high, we foresee further earnings cuts going forward”. The study is based on 304 companies in the … [Read more...] about Earnings downgrades accelerate on poor Q3
More on the coronavirus outbreak:What the updated coronavirus travel alert level and additional border measures will mean for youThe WHO has declared a global emergency for just the sixth time. Here's what that meansAboard the Diamond Princess — how the cruise from hell unfoldedChina says coronavirus is 'under control' as 6.5 per cent of world population is in lockdownA diary from Christmas Island: A Melbourne mother shares her experience as a coronavirus evacueeHow the coronavirus emergency is exploited on eBay and AmazonAustralian lab recreates coronavirus, helping vaccine pushWhat exactly is coronavirus, and should you be concerned? … [Read more...] about Possible coronavirus treatment clinical trial begins in United States
But in court on Tuesday, Indrani read out bits and pieces of this e-mail correspondence: "There is an e-mail which has gone from Rahul Mukerjea... On 6th of August Rahul Mukerjea writes to Peter Mukerjea: 'Above are the email IDs of the landlords. They require a letter from Sheena that she is no longer occupying the residence' and contract will be terminated. Please also mention that the security deposit is to be returned." … [Read more...] about Was Sheena Bora alive months after her death?
NEW YORK: The Dow and the S&P 500 tumbled 3 per cent on Tuesday in their fourth straight day of losses as the coronavirus spread further around the world and investors offloaded risky assets as they struggled to gauge the economic impact. Both averages recorded their biggest four-day percentage losses since the massive sell-off in December 2018, while U.S. 10-year Treasury yields hit a record low.. The S&P 500 lost $2.138 trillion in market capitalization over the last four sessions, according to S&P Dow Jones Indices analyst Howard Silverblatt. Fears of a pandemic escalated after the coronavirus spread to Spain and dozens of countries, from South Korea to Italy, accelerated emergency measures while Iran's virus death toll rose to 16, the highest outside China. In the United States, the Centers for Disease Control and Prevention said Americans should prepare for possible community spread of the virus. "The market's realizing that though the pace of the infections … [Read more...] about Wall Street’s sell-off deepens as coronavirus fears intensify; Dow Jones tumbles 3%