Berkshire Hathaway Phenomenon In the Context of Modern Finance Theory Septtember 2013 Berkshire Hathaway Phenomenon In the Context of Modern Finance Theory Introduction Over the 46 years ending December 2012‚ Warren Buffett (Berkshire Hathaway) has achieved a compound‚ after-tax‚ rate of return in excess of 20% p.a. Such consistent‚ long term‚ out performance might be viewed as incompatible with modern finance theory. This essay discusses the Berkshire Hathaway phenomenon in
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Now‚ let me tell you a story. A young man asked an old rich man how he made his money. The old man said‚ “Well‚ son‚ it was 1932‚ I invested ten cents in two apples. I spent the entire day polishing the apples and sold them for 20 cents. I continued this system for a month‚ by the end of which I’d accumulated a fortune of 1 dollar and 30 cents. Then‚ I invest this money to another business until now I have the fortune about 20 millions. “From the story‚ the old rich man finally becomes rich through
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When Elizabeth is charged and arrested for “witchcraft”‚ the dynamic between John and Elizabeth Proctor changes; as well as Elizabeth herself. She grows stronger and confident for herself and her family. She says to John‚ “When the children wake‚ speak nothing of witchcraft- it will frighten them”(Miller‚37). She is motivated by the love she shares with John to continue and go through the witch trials. Consequently‚ her love for him makes the situation worse in the long run. Elizabeth lies about
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ISSUES Warren Buffet invoked the substance-over-form concept to justify accounting for the GEICO and General Foods transactions as dividends distributions rather than sales of stock. Do you agree with Buffet that the substance of each of the proportionate redemptions was a dividend and not a sale of stock? In deciding how to account for an unusual or unique transaction for financial reporting purposes‚ should one consider the tax treatment applied to the transaction? Did Peat Marwick have a right
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When entering the first day of high school‚ many people come prepared perfect outfit‚ straighten hair‚ precise eyeliner and books colored coded. They are ready to get their name out there‚ make honor roll every semester and let everyone know who they are‚ but then they start valuing parties instead of schools‚ they rathered be intoxicated with strangers then sleepover with friends from kingerardern. They found themselves in a bad decision and picking the wrong choice of how to get out of it. They
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what is going on and show the reader more about each character. Act II of The Crucible certainly utilizes stage directions‚ as well as dialogue to deepen readers’ understandings if all characters including John Proctor‚ his wife Elizabeth‚ and Mary Warren. The act opens eight days after the calling out has begun in John and his wife‚ Elizabeth’s‚ home. John walks inside‚ and immediately goes to the fire to check his dinner. He doesn’t like the taste‚ so he adds salt and quickly puts it back so his
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lie‚ but not once considered admitting to her mistakes and telling the truth. Her lies also put fragile people on edge for doing the right thing. For example‚ John Proctor convinced Mary Warren to tell the truth in court‚ but then Abigail accused Mary of sending her evil spirits into her. This put poor Mary Warren on edge and was almost executed because of it‚ so she gave into the lie and betrayed John Proctor. As a bonus for Abigail‚ the townspeople of Salem were sympathetic and showed affection
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hero. John is selfish because before his wife was accused of witchcraft he was passive towards the hangings. He had a strong dislike of them but was not that open about it except with his wife. He then showed a lack of compassion when he force Mary Warren to testify in court that the girls were lying‚ even though that
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Elizabeth‚ and Mary Warren. In John’s case it had hardened his voice and attitude towards others mainly from the regret of his own actions. John also had difficulty bringing up the issue of adultery in his life. seen when John was asked to say the ten commandments and forgot adultery. John’s regret made its appearance in the conversations with his wife‚ Elizabeth. John was very angry and frustrated with his past seen through his voice. Also john was very firm with Mary Warren‚ when he was trying
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This play is basically about how a couple of people is accused of witchcraft in a little town called Salem. People where very religious in this town and got rid of anything they though was connected to the devil. The most admirable character is Mary Warren she is very honest and innocent. Mary went to the trials‚ she made the doll that basically put Elizabeth in jail‚ When proctor made her lie she still came out and told the truth. In fact‚ Mary was very interested in the trials she was even in the
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