Buffett's Response to September 11
The attacks have damaged Berkshire, but it's still a financial rock.
Earlier this month, Warren Buffett did something unusual. The chairman of Berkshire Hathaway (BRK.B) addressed a letter to the company’s shareholders, which he usually does only once a year in Berkshire’s annual report. While the letter focuses on the negatives--painting a downright gloomy picture--it also demonstrates why Berkshire shareholders (including myself) feel totally comfortable with our company.
In the letter, Buffett didn’t mince words about how bad things were for Berkshire, for the insurance industry in general, and for the economy. It’s a sobering litany:
Haywood Kelly, CFA has a position in the following securities mentioned above: BRK.B. Find out about Morningstar’s editorial policies.