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Warren Buffett’s USD 900 bn conglomerate now has “no possibility of eye-popping performance” because its colossal size means “there remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others,” Buffett said in his annual letter (pdf) to Berkshire shareholders.
A hard act to follow: Since Buffet took over Berkshire Hathaway in 1965, its price has risen 4.4 mn percent By comparison, the S&P 500 has risen 31k percent during the same period.
Berkshire Hathaway still reported its highest ever earnings in 2023: The company reported earnings of USD 97 bn in 2023, according to Berkshire’s latest earnings release (pdf).
With Buffett now in his twilight years, his latest letter is sparking a look back at a remarkable career. Case in point: I read all 59 of Warren Buffett’s annual letters. These are the best parts, in this morning’s Wall Street Journal.
MEANWHILE- It’s a mixed picture for Asian markets this morning. Shares in China are mixed, with both Shanghai and Hong Kong basically flat, the Kospi in the red, and the Nikkei extending its rally to hit a new high. Futures suggest a soft open for shares in both Europe and North America later today.
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TASI |
12,604.59 |
-0.2% (YTD: +5.3%) |
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MSCI Tadawul 30 |
1,620.57 |
-0.5% (YTD: +4.5%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
27,840.86 |
-5% (YTD: +11.8%) |
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ADX |
9,279.94 |
-0.4% (YTD: -3.1%) |
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DFM |
4,225.90 |
-0.1% (YTD: +4.1%) |
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S&P 500 |
5,088.80 |
+0.03% (YTD: +6.7%) |
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FTSE 100 |
7,706.28 |
+0.3% (YTD: -0.4%) |
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Euro Stoxx 50 |
4,872.57 |
+0.4% (YTD: +7.8%) |
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Brent crude |
USD 81.63 |
+0.01% |
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Natural gas (Nymex) |
USD 1.69 |
+5.2% |
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Gold |
USD 2,043.00 |
-0.3% |
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up |
BTC |
USD 51,782.77 |
+0.4% (YTD: +120.4%) |
THE CLOSING BELL-
The TASI fell 0.2% yesterday on turnover of SAR 6.6 bn. The index is up 5.3% YTD.
In the green: Amiantit (+10%), Arabian Pipes (+9.9%) and Saudi Steel Pipes (+9.9%).
In the red: AlBaha (-6.7%), Savola Group (-3.7%) and Jadwa Reit Saudi (-3.1%).
CORPORATE ACTIONS-
#1- Saudi National Bank’s board of directors has recommended a dividend payout of SAR 5.4 bn at SAR 0.8 per share for 2H 2023, it said in a disclosure to Tadawul. No further information was provided.
#2- Al Rajhi Bank’s board has proposed a dividend distribution of SAR 4.6 bn at SAR 1.15 a share for 2H 2023, it said in a filing to Tadawul. This brings shareholders’ dividend payout for 2023 to SAR 2.30 per share, amounting to a total of SAR 9.2 bn.
