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Client Letter
January 2008
2007
"In the last
year our accounts with over $1million showed an average gain of 19.92%.
Accounts with less than $1 million gained on average 23.15%."
Client Letter
February 2008
Omaha Cash Flow "This
is an attempt to establish the importance of insurance float in any attempt
to Value Berkshire Hathaway; we will use Buffett’s two column approach to
attempt to understand the company’s current value."
Client Letter March 2008
So far in the year to date, Berkshire has
continued to power our portfolios to a strong level of out-performance. The
composite of our accounts up 2.0% for the year as of February 29th
compared the S&P 500 and the Wilshire 5000 which are down 9.38% and 9.20%
respectively. For the 12 months ended on February 29 our composite result
was up 24.7% while the S&P and the Wilshire were both off about 5.5% This
Relative margin of plus 30% for the 12 months feels good for now, but
positive trends do not go on forever so enjoy the good news while it lasts.
If the Bear Market continues (which I think likely) sooner or later it takes
down even the strongest companies.
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