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Could this be a coincidence?


Kuhndan
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I received both my Biglari and Berkshire annual reports in the mail yesterday. I opened the Biglari report first and then Berkshire. At first I thought I thought I had received two BH reports. They are both grey and one could pass for the other. What a "coincidence" 

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That's some severe imitation. Alas, their investing styles are anything but the same.

 

Yeah, Buffett never took over a company so that he could fire the CEO... NEVER.

 

Oh, wait a minute... That's exactly what he did with Berkshire!

 

And it's not exactly the thing he's proudest of...

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That's some severe imitation. Alas, their investing styles are anything but the same.

 

Yeah, Buffett never took over a company so that he could fire the CEO... NEVER.

 

Oh, wait a minute... That's exactly what he did with Berkshire!

 

Of course, there is going to be some sort of similarity...he's not reinventing the wheel...Buffett did that.  But I think much of the managerial skills and behavior is quite different. 

 

- Buffett became the buyer of choice for businesses because people wanted to work for him...the sellers came to him, not because they were takeover candidates or challenged in proxy fights.

- Buffett still makes only $100K a year

- Buffett never changed the company name to Buffett Holdings

- Finally, Buffett never put his own self-interest ahead of other shareholders...you were legitimately a partner in Berkshire Hathaway if you owned shares...he didn't make a buck on the back of the remaining shareholders. 

 

As far as the resemblance of the annual reports...you can put lipstick on a pig, but it's still a pig!  Cheers!

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