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We did make one business acquisition - The Fechheimer Bros. Company, which we will discuss in a later section. Fechheimer is a company with excellent economics, run by exactly the kind of people with whom we enjoy being associated. Meanwhile, we had no new ideas in the marketable equities field, an area in which once, only a few years ago, we could readily employ large sums in outstanding businesses at very reasonable prices. So our main capital allocation moves in were to pay off debt and stockpile funds.
Neither is a fate worse than death, but they do not inspire us to do handsprings either. We will continue to look for operating businesses that meet our tests and, with luck, will acquire such a business every couple of years. But an acquisition will have to be large if it is to help our performance materially.
Under current stock market conditions, we have little hope of finding equities to buy for our insurance companies. Markets will change significantly - you can be sure of that and some day we will again get our turn at bat. A gain of that magnitude will be possible only if, before too long, we come up with a few very big and good ideas. This table differs in several ways from the one presented last year. We have added four new lines of business because of the Scott Fetzer and Fechheimer acquisitions.
In the case of Scott Fetzer, the two major units acquired were World Book and Kirby, and each is presented separately. In the table, amortization of Goodwill is not charged against the specific businesses but, for reasons outlined in the Appendix to my letter in the Annual Report, is aggregated as a separate item. A Compendium of earlier letters, including the Goodwill discussion, is available upon request. Both the Scott Fetzer and Fechheimer acquisitions created accounting Goodwill, which is why the amortization charge for Goodwill increased in Additionally, the Scott Fetzer acquisition required other major purchase-price accounting adjustments, as prescribed by generally accepted accounting principles GAAP.
The GAAP figures, of course, are the ones used in our consolidated financial statements. But, in our view, the GAAP figures are not necessarily the most useful ones for investors or managers. Therefore, the figures shown for specific operating units are earnings before purchase-price adjustments are taken into account.
In effect, these are the earnings that would have been reported by the businesses if we had not purchased them. A discussion of our reasons for preferring this form of presentation is in the Appendix to this letter. This Appendix will never substitute for a steamy novel and definitely is not required reading.
However, I know that among our 6, shareholders there are those who are thrilled by my essays on accounting - and I hope that both of you enjoy the Appendix. Some of the improvement came from the insurance operation, whose results I will discuss in a later section. Fechheimer also will be discussed separately. Our other major businesses performed as follows: o Operating results at The Buffalo News continue to reflect a truly superb managerial job by Stan Lipsey.
For the third year in a row, man-hours worked fell significantly and other costs were closely controlled. Consequently, our operating margins improved materially in , even though our advertising rate increases were well below those of most major newspapers. Our cost-control efforts have in no way reduced our commitment to news. Our Sunday penetration, where we are also number one, is even more impressive. Our Sunday paper was started in late Despite our exceptional market acceptance, our operating margins almost certainly have peaked.
A major newsprint price increase took effect at the end of , and our advertising rate increases in will again be moderate compared to those of the industry. However, even if margins should materially shrink, we would not reduce our news-hole ratio. As I write this, it has been exactly ten years since we purchased The News.
The financial rewards it has brought us have far exceeded our expectations and so, too, have the non-financial rewards. Our respect for the News - high when we bought it - has grown consistently ever since the purchase, as has our respect and admiration for Murray Light, the editor who turns out the product that receives such extraordinary community acceptance.
The efforts of Murray and Stan, which were crucial to the News during its dark days of financial reversals and litigation, have not in the least been lessened by prosperity. Charlie and I are grateful to them. Competitors come and go mostly go , but Mrs.
In net sales increased In preparation for further gains, NFM is expanding the capacity of its warehouse, located a few hundred yards from the store, by about one-third. Competing with her represents a triumph of courage over judgment. B saga: at 93, Omaha based Board Chairmen have yet to reach their peak. Please file this fact away to consult before you mark your ballot at the annual meeting of Berkshire. For you chocaholics who like to fantasize, one statistic: we sell over 12, tons annually.
Same-store sales, measured in pounds, were virtually unchanged. In the previous six years, same store poundage fell, and we gained or maintained poundage volume only by adding stores. But a particularly strong Christmas season in stemmed the decline. Chuck rightfully measures his success by the satisfaction of our customers, and his attitude permeates the organization.
We will continue to increase prices very modestly, merely matching prospective cost increases. Last year I reported to you enthusiastically about the businesses of Scott Fetzer and about Ralph Schey, its manager. Ralph is a superb businessman and a straight shooter.
He also brings exceptional versatility and energy to his job: despite the wide array of businesses that he manages, he is on top of the operations, opportunities and problems of each. And, like our other managers, Ralph is a real pleasure to work with. Our good fortune continues. World Book continues to dominate the U.
Extraordinarily well-edited and priced at under 5 cents per page, these books are a bargain for youngster and adult alike. You may find one editing technique interesting: World Book ranks over 44, words by difficulty. Longer entries in the encyclopedia include only the most easily comprehended words in the opening sections, with the difficulty of the material gradually escalating as the exposition proceeds.
As a result, youngsters can easily and profitably read to the point at which subject matter gets too difficult, instead of immediately having to deal with a discussion that mixes up words requiring college-level comprehension with others of fourth-grade level. Selling World Book is a calling.
They correctly think of themselves as educators, and they do a terrific job. While the Kirby product is more expensive than most cleaners, it performs in a manner that leaves cheaper units far behind "in the dust," so to speak. Many and year-old Kirby cleaners are still in active duty. If you want the best, you buy a Kirby. Some companies that historically have had great success in direct sales have stumbled in recent years.
Certainly the era of the working woman has created new challenges for direct sales organizations. So far, the record shows that both Kirby and World Book have responded most successfully. The businesses described above, along with the insurance operation and Fechheimer, constitute our major business units.
The brevity of our descriptions is in no way meant to diminish the importance of these businesses to us. You can be sure that we will immediately report to you in detail if the underlying economics or competitive position of any of these businesses should materially change. In general, the businesses described in this section can be characterized as having very strong market positions, very high returns on capital employed, and the best of operating managements. The Fechheimer Bros. This "ad" paid off in Until I read the letter, however, I did not know of either Bob or Fechheimer.
Bob wrote that he ran a company that met our tests and suggested that we get together, which we did in Omaha after their results for were compiled. He filled me in on a little history: Fechheimer, a uniform manufacturing and distribution business, began operations in In Fechheimer was sold to a group of venture capitalists in a leveraged buy out an LBO , with management retaining an equity interest. After the buy out, however, operations continued to be very successful.
So by the start of last year debt had been paid down substantially and the value of the equity had increased dramatically. Fechheimer is exactly the sort of business we like to buy. Its economic record is superb; its managers are talented, high- grade, and love what they do; and the Heldman family wanted to continue its financial interest in partnership with us.
The circumstances of this acquisition were similar to those prevailing in our purchase of Nebraska Furniture Mart: most of the shares were held by people who wished to employ funds elsewhere; family members who enjoyed running their business wanted to continue both as owners and managers; several generations of the family were active in the business, providing management for as far as the eye can see; and the managing family wanted a purchaser who would not re-sell, regardless of price, and who would let the business be run in the future as it had been in the past.
Both Fechheimer and NFM were right for us, and we were right for them. You may be amused to know that neither Charlie nor I have been to Cincinnati, headquarters for Fechheimer, to see their operation. If our success were to depend upon insights we developed through plant inspections, Berkshire would be in big trouble. Rather, in considering an acquisition, we attempt to evaluate the economic characteristics of the business - its competitive strengths and weaknesses - and the quality of the people we will be joining.
Fechheimer was a standout in both respects. In addition to Bob and George Heldman, who are in their mids - spring chickens by our standards - there are three members of the next generation, Gary, Roger and Fred, to insure continuity. As a prototype for acquisitions, Fechheimer has only one drawback: size.
We hope our next acquisition is at least several times as large but a carbon copy in all other respects. Flushed with success, we repeat our ad. If you have a business that fits, call me or, preferably, write. We will not engage in unfriendly takeovers. We prefer to buy for cash, but will consider issuing stock when we receive as much in intrinsic business value as we give. Indeed, following recent advances in the price of Berkshire stock, transactions involving stock issuance may be quite feasible.
We invite potential sellers to check us out by contacting people with whom we have done business in the past. For the right business - and the right people - we can provide a good home. Such purchases appeal to us only when we are very comfortable with both the economics of the business and the ability and integrity of the people running the operation.
Insurance Operations We present our usual table of industry figures, expanded this year to include data about incurred losses and the GNP inflation index. The math of the insurance business, encapsulated by the table, is not very complicated. This is not because auto accidents, fires, windstorms and the like are occurring more frequently, nor has it lately been the fault of general inflation.
Today, social and judicial inflation are the major culprits; the cost of entering a courtroom has simply ballooned. Part of the jump in cost arises from skyrocketing verdicts, and part from the tendency of judges and juries to expand the coverage of insurance policies beyond that contemplated by the insurer when the policies were written. Consequently, the underwriting loss of the industry fell dramatically.
Alas, this second prediction is already proving accurate. Nevertheless, underwriting results in , assuming they are not dragged down by a major natural catastrophe, will again improve materially because price increases are recognized in revenues on a lagged basis. In effect, the good news in earnings follows the good news in prices by six to twelve months. But the improving trend in earnings will probably end by late or early Thereafter the industry is likely to head south in a hurry.
Pricing behavior in the insurance industry continues to be exactly what can be expected in a commodity-type business. When the profit sun begins to shine, long-established insurers shower investors with new shares in order to build capital. In addition, newly-formed insurers rush to sell shares at the advantageous prices available in the new- issue market prices advantageous, that is, to the insiders promoting the company but rarely to the new shareholders.
These moves guarantee future trouble: capacity soars, competitive juices flow, and prices fade. Such calls for improved behavior have all of the efficacy of those made by a Nebraska corn grower asking his fellow growers, worldwide, to market their corn with more statesmanship. By raising large amounts of capital in the last two years, the insurance industry has, to continue our metaphor, vastly expanded its plantings of corn. The resulting increase in "crop" - i. Our own insurance operation did well in and is also likely to do well in We have benefited significantly from industry conditions.
But much of our prosperity arises from the efforts and ability of Mike Goldberg, manager of all insurance operations. Our combined ratio on a statutory basis and excluding structured settlements and financial reinsurance fell from in to in But even if the premiums from that contract are excluded from the calculation, we probably still ranked first in growth. Interestingly, we were the slowest-growing large insurer in the years immediately preceding In fact, we shrank - and we will do so again from time to time in the future.
Our large swings in volume do not mean that we come and go from the insurance marketplace. Indeed, we are its most steadfast participant, always standing ready, at prices we believe adequate, to write a wide variety of high-limit coverages. The swings in our volume arise instead from the here-today, gone- tomorrow behavior of other insurers. When most insurers are "gone," because their capital is inadequate or they have been frightened by losses, insureds rush to us and find us ready to do business.
But when hordes of insurers are "here," and are slashing prices far below expectable costs, many customers naturally leave us in order to take advantage of the bargains temporarily being offered by our competition. Our firmness on prices works no hardship on the consumer: he is being bombarded by attractively priced insurance offers at those times when we are doing little business. This no-layoff practice is in our self- interest. Employees who fear that large layoffs will accompany sizable reductions in premium volume will understandably produce scads of business through thick and thin mostly thin.
In recent months, a sharp decline has set in. Ironically, the managers of certain major new competitors are the very same managers that just a few years ago bankrupted insurers that were our old competitors. Through state-mandated guaranty funds, we must pay some of the losses these managers left unpaid, and now we find them writing the same sort of business under a new name.
The business we call "large risks" expanded significantly during , and will be important to us in the future. This business will necessarily be highly volatile - both in volume and profitability - but our premier capital position and willingness to write large net lines make us a very strong force in the market when prices are right.
On the other hand, our structured settlement business has become near-dormant because present prices make no sense to us. The loss reserve development of our insurance group is chronicled on page The figures show the amount of error in our yearend liabilities that a year of settlements and further evaluation has revealed. As you can see, what I told you last year about our loss liabilities was far from true - and that makes three years in a row of error.
If the physiological rules that applied to Pinocchio were to apply to me, my nose would now draw crowds. When insurance executives belatedly establish proper reserves, they often speak of "reserve strengthening," a term that has a rather noble ring to it. They almost make it sound as if they are adding extra layers of strength to an already-solid balance sheet. We made a special effort at the end of to reserve accurately. However, we tried just as hard at the end of Only time will tell whether we have finally succeeded in correctly estimating our insurance liabilities.
Despite the difficulties we have had in reserving and the commodity economics of the industry, we expect our insurance business to both grow and make significant amounts of money - but progress will be distinctly irregular and there will be major unpleasant surprises from time to time. Additionally, I like to think we have some long-term edge in investing the float developed from policyholder funds.
The nature of the business suggests that we will need all of these advantages in order to prosper. Industrywide, underwriting experience in personal lines did not improve nearly as much as it did in commercial lines. GEICO also continued to repurchase its own shares and ended the year with 5.
Many major companies show percentages 15 points higher than that. He continually widens the moat by driving down costs still more, thereby defending and strengthening the economic franchise. Lou has consistently invested in undervalued common stocks that, individually, were unlikely to present him with a permanent loss and that, collectively, were close to risk-free. We are fortunate to be associated with them. You might think that this commitment indicates a considerable enthusiasm for such bonds.
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