Interessanter Artikel im Economist zu Warren Buffet bzw. Berkshire Hathaway. $BRK.B (-0.11%)

Der Artikel ist hinter einer Paywall. Zum Lesen "archive ph" googeln. Ich empfehle aber natürlich, The Economist zu kaufen/abonnieren.

https://www.economist.com/business/2024/09/03/has-warren-buffett-lost-his-touch

Bullet-point summary of the article:

• Berkshire Hathaway’s Achievement: As of 28 August 28, Berkshire Hathaway achieved a market value of $1 trillion, becoming the eighth American company to do so and the first from outside the west-coast tech sector.
• Recent Performance: Recent returns on Berkshire Hathaway shares have not significantly outperformed the S&P 500. Over the past ten years, returns have tripled investments, similar to the S&P 500 but less impressive compared to investments in Apple.
• Historical Returns: Between 2010 and 2023, Berkshire’s annual returns averaged 13%, while the S&P 500 averaged 15%. Buffett acknowledges that extraordinary performance is increasingly difficult.
• Challenges of Size: Buffett attributes Berkshire’s challenges to its size. With massive operations and significant earnings, finding *impactful* new investments has become difficult.
• Investment Setbacks: Recent investments, such as the $32 billion acquisition of Precision Castparts and the Kraft-Heinz deal, have been less successful, especially compared to Berkshire's successful investment in Apple.
• Tech Industry Comparison: Tech giants like Apple and Microsoft are now generating far more profit than Berkshire, highlighting a shift away from traditional industries to tech-driven businesses.
• Outdated Practices: Berkshire’s reluctance to adopt modern technologies and digital advancements has led to less competitive performance. It lags behind tech firms that integrate contemporary business practices.
• Changed Market Dynamics: The competitive advantage of having substantial cash reserves for acquisitions has diminished, as private equity firms now hold significant capital.
• Corporate Governance Issues: Berkshire’s corporate governance is considered outdated, with limited investor engagement and transparency. The company’s website is minimalistic, lacking direct contact options.
• Future Directions: Buffett’s successor, Greg Abel, may need to address these issues. Suggestions include reconsidering the refusal to pay dividends and adjusting the approach to share buybacks, especially given Berkshire’s large cash reserves.
• Potential for Change: Berkshire Hathaway may need to adapt its strategies and governance to maintain its competitive edge and shareholder value.