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No. of Recommendations: 8
I may have missed this but I couldnt see any comment in AR about the historic departure from the newspaper business or any financials. Given WEBs urging to "focus on the Operating companies" he didnt even mention the exit or any numbers. Perhaps a thank you for the Buffalo News and its staff over 40 years would have been nice
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No. of Recommendations: 5
Earlier, someone posted that it was an odd AR- for reasons like this. And
-lack of politics
-not discussing groves to continue the theme opened last AR
-not as much humor
-the emphasis, first discussion, on the rules of GAAP rather than perforances
-offer to buy shares

I was trying to figure out why I found the AR odd, and this is an overall feeling based on the above reasons. Anybody else take a stab at it?

There is also an underlying impression that the stock price is cheap. However Buffett does not beat the drum. Under-promise and over-deliver? Just an impression...
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historic departure from the newspaper business or any financials

Given Berkshire's size they are not material businesses. I am sure he would have thanked in internal communication to those employees. This is shareholder communication and I see no need to mention or acknowledge.
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No. of Recommendations: 4
Yes you are right, financially immaterial. Interesting he thought it material when adding papers in 2012? and creating a dedicated BH Media Group. WEBs been happy to recognise other employees or subs in the past.

Perhaps the bigger point is the shying away in the letter from specifics on bad and underperformance across a swag of smaller businesses or what might be done to improve them. Without acquisitions, organic growth is central. Moreover if we are not deploying capital to acquire, internal reinvestment (except BNSF/BHE) doesnt look any better.

Thankfully in addition to the insurers there are BNSF, BHE & Claytons. Yet outside of these things look either flat or bad, eg Acme, Forest River, Mclane, PCC? Lubrizol and across retail. Perhaps we have a bigger problem than just the one dying industry of newspapers.

At which point we should say the Apple buy was brilliant and has saved us.

Kind regards
Steve
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No. of Recommendations: 2
Interesting he thought it material when adding papers in 2012?

Well, warren started buying Apple in 2016. So what?? Warren in spite of his age, had shown he can adopt and change. I wish I could say the same for some of this board's superstars.
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Berkshire automotive has always bothered me. "I have nothing to add."

:^(
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I may have missed this but I couldnt see any comment in AR about the historic departure from the newspaper business or any financials. Given WEBs urging to "focus on the Operating companies" he didnt even mention the exit or any numbers. Perhaps a thank you for the Buffalo News and its staff over 40 years would have been nice
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I don't think I was even aware that BRK owned the Buffalo News. As someone else said, it would have been an immaterial item in the annual report.

But the sale of the Washington Post to Jeff Bezos a few years ago - with WEB sitting on the Post board- now that was news, and should have left no one with any doubt of WEB's awareness of the declining state of the newspaper business.

Bill
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smh, a good reason BRK is being allowed to tumble into torpidity:

people actually want the Chairman to waste time talking about freaking NEWSPAPERS (in the yr 2020) in the annual letter.

smh, BRK holders will prob still be wanting this in the re 2525.
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