The Deals of Warren Buffett Volume 2 by Glen Arnold

Author:Glen Arnold [Glen Arnold]
Language: eng
Format: epub

I’ve written ‘more than’ in the last paragraph because on top of the numbers shown there was a profitable Scott Fetzer Financial Group, a credit company holding both World Book and Kirby receivables; BH included the profits from this unit within a separate subsidiary. Initially, this also included Mutual Savings but was joined by other finance operations as Berkshire bought more companies.

Buffett extracted the numbers for Scott Fetzer’s finance operations in 1990 to write that $12.2m pre-tax was made. So, the total 1990 after-tax profit from Scott Fetzer was $56.5m + $8.1m = $64.6m. From other data we can figure that, in the late 1980s, the Scott Fetzer finance operations produced annual after-tax profits of the order of $3–4m; and in the early 1990s $8–10m (see Table 5.1 on next page).

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