Bershire Hathaway: Not Satisfied.

Buffet might have scaremongered after 9/11 like an greedy idiot, but he is something else:

Berkshire Gains $13.6B in Net Worth

By JOE RUFF
The Associated Press
Saturday, March 6, 2004; 11:16 AM


OMAHA, Neb. - Berkshire Hathaway Inc. nearly doubled its net earnings last year to $8.1 billion, the company said Saturday, but not enough to satisfy chairman Warren Buffett.

The company's 21 percent increase in book value failed to do better than the S&P 500, which grew by 28.7 percent. Buffett said he and vice chairman Charlie Munger will have to do better.

"Our shareholders can buy the S&P through an index fund at very low cost," Buffett said in his annual report.

"Unless we achieve gains in per-share intrinsic value in the future that outdo the S&P's performance, Charlie and I will be adding nothing to what you can accomplish on your own."

Berkshire earned $5,309 per share in the year ended Dec. 31, up 89 percent from the $4.2 billion in net income in 2002, or $2,795 per share.

Berkshire owns businesses and stock in a wide variety of industries, including insurance, furniture, restaurants, candy and newspapers.

Insurance did well, with $1.7 billion in pretax underwriting profit, Buffett said. But that gain was largely offset by low interest rates the company earned on its large cash holdings.
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hmmm, okay. he might want to show, in some way that the increase in bershire's increase wasn't based on nothing, like the rest of the US markets. he's increased his profits by 89%, while the rest of the market inflates its P/e ratio like a mofo.

quality earnings at berkshire are better than the bubble market that the US is into right now.