Karl Marx is probably dancing somewhere. Because, in America right now, the government owns the automobile industry, the insurance industry, the mortgage industry and the banking industry. The government suddenly owns huge parts of the American economy – that’s what Karl Marx said he wanted, and he didn’t have to fire a shot.
Warren Buffett is hunting for elephants and a bear.
You can look through the whole thing here, including as easily digested discussions of accounting as you’re ever likely to see.
But for those with limited time, here’s a look at 10 of the pithier comments.
1. On the search for new investment opportunities for Berkshire’s huge cash reserves after the acquisition of half of Heinz HNZ -0.08% last month:
“Charlie and I have again donned our safari outfits and resumed our search for elephants.”
2. On strong performance at the GEICO insurance unit:
“The credit for GEICO’s extraordinary performance goes to Tony Nicely and his 27,000 associates. And to that cast, we should add our Gecko. Neither rain nor storm nor gloom of night can stop him; the little lizard just soldiers on, telling Americans how they can save big money by going to GEICO.com. When I count my blessings, I count GEICO twice.”
3. On company headcount:
“Berkshire’s yearend employment totaled a record 288,462, up 17,604 from last year. Our headquarters crew, however, remained unchanged at 24. No sense going crazy.” (more…)
