Berkshire Hathaway 2016 Annual Meeting

This is a link to my interview on Bloomberg Radio on April 29, previewing the Berkshire annual meeting (There are 3 minutes of financial news preceding my 8 minute interview)
 

Get The Full Series in PDF

Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

I was also quoted in two articles in the Omaha World-Herald (April 29 and April 30):

David Kass, a Berkshire shareholder, researcher and business professor at the University of Maryland, says that from 1965 through 1998, Berkshire's book value compounded at an average annual rate of 25 percent, versus 13 percent for the S&P 500, dividends included.

The growth rate, however, dimmed to 9 percent from 1999 through 2015, versus 7 percent for the S&P 500, with dividends included. Worse, between 2009 and 2015, Berkshire has underperformed the S&P 500, with an average annual compounded return of 12 percent versus 15 percent for the index.

Has Buffett lost his touch? Is there some toxic flaw deep in the inner workings at Berkshire?

Up-and-Coming Small- and Mid-cap Portfolio Managers #MICUS (Morningstar Conference)

InvestorsNotes from Laird Bieger of Baron Capital, Mark Wynegar of Tributary Capital Management, and Amy Zhang of Alger Funds' presentation from the 2020 Monringstar Investment Conference. Q2 2020 hedge fund letters, conferences and more Up-and-Coming Small- and Mid-cap Portfolio Managers Our manager research team has been publishing its semiannual Morningstar Prospects report for several years. Read More


Not really. If anything, Berkshire supporters say, the company is simply a victim of its own size, and expectations should naturally change.

“The greatest limiting factor to Berkshire's rate of growth in per-share book value is its increasing size,” Kass said. “With total assets of $552 billion at year-end 2015, and ranked fifth in market capitalization in the S&P 500, it is becoming increasingly difficult to move the needle.”

The entire article is available at:

Also,

University of Maryland business professor and Berkshire shareholder David Kass has attended the past 10 meetings and has kept detailed notes on each, including reviews of the Berkshire-produced short film, which has been a draw in recent years.

“The attendance has grown each year from 24,000 in 2006 to over 40,000 in 2015,” Kass said. I have always enjoyed the humorous film starring Warren and Charlie at the beginning of the annual meeting.”

As the attendance has grown over the years, so have the lines to get into the CenturyLink Center, Kass said, with shareholders recently beginning to arrive in line at 4 a.m. for a 7 a.m. entrance.

“In the earlier days I was able to recognize people I knew at the meeting a lot more easily than recently with the larger crowds,” Kass said. “But the main reason I am there has not changed — to be in the same room with Warren and Charlie as they answer shareholder questions.”

The entire article is available at:

Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

 

Previous articleBrightest Millennials In Business: Here’s What They Think
Next articleSilver Versus Chocolate – The First Casualty Is Truth
David I Kass Clinical Associate Professor, Department of Finance Ph.D., Harvard University Robert H. Smith School of Business 4412 Van Munching Hall University of Maryland College Park, MD 20742-1815 Phone: 301-405-9683 Email: [email protected] (link sends e-mail) Dr. David Kass has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Accelerated Finance Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), Fox TV, American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.