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MONEY SMART

Profession,Honesty,Integrity

www.phigroup.com.tw

2010

2010 () /

2010 A B 11% 46 ()
19 95453 20.2%
2010
40 30
6 220

()

2010 2005 2006


170

120
()
BNSF
BNSF 1 1
500

BNSF

60
54 90
2011
80 20

1941 12 6 1987 10 18 2001 9 10

1776 1861 1932 1941

2010 () /

S$P500 ()

()

46 S&P

GEICO 9

42
1980 17

1999 S&P

S&P

()

- 660

68
106

1970
1970

19.9

21.0
22.1 Berkshire
- -

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CEO CEO

60 Sears Roebucks(sears ) Montgomery Ward() CEO


Sam Walton(walt-mart )

2010 () /

()
CEO

104-105

CEO MBA

1965


Aaaaaaargh

(Sees Candies)
(Business Wire)
() BNSF


30

()

' CEO

27 212
- 30 1363

2010 () /
GEICO

60 GEICO

Ben GEICO

GEICO

Lorimer Davidson
GEICO
Omaha
GEICO GEICO
9800 75%
()

'' Geico

GEICO

GEICO 759 800



GEICO CEO GEICO
70 GEICO - 95 -
GEICO 50
4600 (
()
1996 GEICO 50% 95
GEICO

''
60 GEICO
1-800-847-7536 www.GEICO.com
GEICO
8.8%
CEO Tony Nicely1993 2%
GEICO

Tony 1996 23 GEICO 50%


46 100% GEICO 19
27 GEICO

GEICO 1995 28
97%(2.7/2.8)
GEICO
143 14
GEICO (
) 1996 97%GEICO
140 GEICO
2011 ()

Tony GEICO

769898
34%
Tony Davy (
)

2010 () /

State Farm
200
170

- -
660

GEICO

(Ajit Jain)

20

1985 300
CEO
()
Tad Montross
1;2
;3

CEO

2010 () /

25% 100% 12-20%

TTI(2008) 21
58 16 26 50TTI
(Paul Andrews), TTI
CEO (Paul Andrews)
Forest River, 20 Forest River
82
CEO Pete
Liegl
CTB 2008 CEO
Vic Mancinelli 2002 1.4 CTB
1.6 4000 1.06
CTB 18 9365
40 5878
() Born H. H. Brown (Jim Issler)
1110

Frank Rooney Rooney
89
NetJets Dave Sokol
NetJets
2010
2010

NetJets 1998
11 2009 11 1.57
NetJets NetJets

NetJets 2010
3800 NetJets 2010 2.07 2009 9.18

Dave Sokol
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NetJets

5000

300

2010 () /
Marmon 130
17% 80%
15 2013 2014
(Frank Ptak) Marmon 100
Marmon (Iscar)(Mcline)()
2010 (Grady Rosier)
320
Empire Distributors
(David Kahn ) CEO
Horizon Wine and Spirits
2010 159 2011
Eitan WertheimerJacob Harpaz Danny Goldman

Johns Manville, MiTek,


Shaw and Acme Brick 2010
3.62 2006 13 9400
1 MiTek 11

(bolt-on acquisition)
2 Acme
5000 3 Johns Manville
5500 Shaw 2011
2
Berkshire
2010 () /

BNSF

GAAP


2010
BNSF () 6:1


42 BNSF 28%
BNSF 11

2
3000

2011 20

240

89.8
2002
43 43
kern River
1999
70%

2011 2909
54

BNSF Matt Rose David Sokol and Greg


Abel

2010 () /

XTRA CORT(Clayton
Homes)
XTRA 2009
63 2010 75 2009 1700 2010 3500
CORT CORT 2009
300 2010 1800
23343 1998 50046 47
372843
8%
2009

200804

FICO 648 47 640

3 1500
52
- -

2010 () /

20


2009 '

- 2011 -
-
30

- 14

2010 380
5 -
''

()

( Fed
Fed )

(
)

1995
8800 2011

3.76 2400 3.76


100

2011 2012
'' 2010

2010 () /
(Lou Simpson) 74
- ()
1979 GEICO ()
2004
()

CEO

(Todd Combs)
S&P500

CEO 1-3

''''''

80 20%

() CEO

1979 (Lou)1985 (Ajit)


1959 2 Secretariat 10
Seabiscuit 80 CEO (Secretariat
(2010)
1973 Seabiscuit
(2003) 1938 )

2010 () /

2008 251
Gen Re
203


2004-2008

34 2007

25

200

SP 500 FTSE 100 2004-2008


47 48 15

2010
2021 2028
6.47 4.25 2.22
6.47
2010 39
42

2010 12 31 - - 2018 2026


38
67
29 67
38

42
660
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2010 () /

(netincome)

100
10 - -
X

90

()

PS 2010
6 30 64

9 30 58 Black
- Scholes 89 96
4.55
Black Scholes

Black - Scholes

Black Scholes
()

Black Scholes
GEICOBNSF

(We would rather be approximately right than precisely wrong.)


John Kenneth Galbraith

The Flat Earth Society

Black - Scholes

2010 () /




2008 -

2008 9

167

100 52

1939
1000 1970

- -
1,000 100
200

30

2008 9
''

40
10 40 4800 1570

2008 25 156

2010 () /

4 30 Carrie Kizer
NetJetsBNSF

()
(
)
19
1053
12416 8000 8800 Quikut knives 16

GEICO GEICO
( 8%) 51 44 (
)
50%
60 DVD(Poor Charlie's Almanac)

(Elliott Aviation) NetJet


(800-799-6634)-(Carol Pedersen)

(NFM) 72 77
3330

NFM
NFM
Borsheim's

Borsheims
63 JC Penney (Susan Jacques)
Borsheims CEO
()
Borsheim's

Borsheim's -(Patrick Wolff)


(Norman Beck) Bob
Hamman Sharon Osberg
(Gorat's)(Piccolo's)

402-551-3733() 402-342-9038

Carol Loomis, e-mailcloomis@fortunemail.comCNBC


Becky QuickBerkshireQuestions@cnbc.com, Andrew Ross Sorkin
arsorkin@nytimes.com
()

60


20
SEC 14097



48 200

CEO ()

2011 2 26

2010 () /
MEMO

TO: ()

2010
()


( 110 )()
CEO

Applied Underwriters the Blumkins the Merschmans


WEB()
PS.

76

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