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1、BerkshireHathawayLetter1976TotheStockholdersofBerkshireHathawayInc.:Aftertwodismalyears,operatingresultsin1976improvedsignificantly.Lastyearwesaidthedegreeofprogressininsuranceunderwritingwoulddeterminewhetherourgaininearningswouldbe“moderate”or“major.
2、”Asitturnedout,earningsexceededeventhehighendofourexpectations.Inlargepart,thiswasduetotheoutstandingeffortsofPhilLiesche’smanagerialgroupatNationalIndemnityCompany.Indollarterms,operatingearningscameto$16,073,000,or$16.47pershare.Whilethisisarecordfig
3、ure,weconsiderreturnonshareholders’equitytobeamuchmoresignificantyardstickofeconomicperformance.Hereourresultwas17.3%,moderatelyaboveourlong-termaverageandevenfurtherabovetheaverageofAmericanindustry,butwellbelowourrecordlevelof19.8%achievedin1972.Ourp
4、resentestimate,subjecttoallthecaveatsimplicitinforecasting,isthatdollaroperatingearningsarelikelytoimprovesomewhatin1977,butthatreturnonequitymaydeclineabitfromthe1976figure.TextileOperationsOurtextiledivisionwasasignificantdisappointmentduring1976.Ear
5、nings,measuredeitherbyreturnonsalesorbyreturnoncapitalemployed,wereinadequate.Inpart,thiswasduetoindustryconditionswhichdidnotmeasureuptoexpectationsofayearago.Butequallyimportantwereourownshortcomings.Marketingeffortsandmillcapabilitieswerenotproperly
6、matchedinournewWaumbecoperation.Unfavorablemanufacturingcostvarianceswereproducedbyimproperevaluationofmachineryandpersonnelcapabilities.KenChace,asalways,hasbeencandidinreportingproblemsandhasworkeddiligentlytocorrectthem.Heisapleasuretoworkwith—evenu
7、nderdifficultoperatingconditions.Whilethefirstquarteroutlookisforredink,ourquitetentativebeliefisthattextileearningsin1977willequal,orexceedmodestly,thoseof1976.Despitedisappointingcurrentresults,wecontinuetolookforwaystobuildourtextileoperationandpres
8、entlyhaveonemoderate-sizeacquisitionunderconsideration.Itshouldberecognizedthatthetextilebusinessdoesnotoffertheexpectationofhighreturnsoninvestment.Nevertheless,wemaintainacommitmenttothisdivision—averyimportantsourceofemploymentinNewB
