No. of Recommendations: 0
“ Warren Buffett's annual letter to shareholders is set to be released tomorrow (Saturday) morning at 8am ET on BerkshireHathaway.com, along with the company's 2023 annual report and Q4 earnings.
Buffett will certainly be paying tribute to his long-time partner Charlie Munger, who died in November at the age of 99.
Cathy Seifert, CFRA Research's Berkshire analyst, also hopes Buffett will look to the future since "[s]uccession is a top-of-mind issue for many Berkshire investors."
She asks, "Can we get an update on succession plans and more color on the next level of management talent that currently exists at Berkshire?"
Specifically, she would like to know how Todd Combs and Ted Weschler "have done managing their portfolios over the last 10 years because they’re going to be managing all the money."
Information on their track records has been scarce. Neither name appeared in last year's letter.
In the letter released in 2022, Buffett said, "This valued pair had total authority over $34 billion of investments," but gave no details on their performance.Buffett has revealed that in 2012, Combs and Weschler outperformed the S&P by "double-digit margins" and "left me in the dust as well," and they "handily" beat the S&P, and Buffett's own investments, the next year.
We'll be looking at the annual report to see what happened with Berkshire's record $157.2 billion in cash as of September 30. The general expectation is that it grew over the following three months, just as it has grown for five straight quarters.
With interest rates relatively high right now, all that cash is generating a lot of low-risk earnings, making many investors even more patient as Buffett continues to look for what he's called an "elephant," a major acquisition at a good price that can move the needle at Berkshire.”
We had this discussion several times over the years. Selective disclosure with respect T and T ?
