buffett investing = value + growth in .NET

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not currently owned by Berkshire Based upon the number of shares remaining for Berkshire to acquire, the value of the aggregate consideration to complete the acquisition is approximately $264 billion This will be the largest Berkshire acquisition ever Overall, the downside risk is low, the price is not high, and growth potentials are good It is a quintessential Buffett investment
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Training: FlightSafety International
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In 1996, Berkshire Hathaway acquired FlightSafety International (FSI), a large company providing pilot, ight attendant, and mechanic training services in the United States, Canada, and Europe In terms of the value investing principle of low downside risk, the most relevant fact was that the then CEO, A L Ueltschi, owned 318 percent of the company and elected to receive Berkshire shares in exchange for his FlightSafety stock Thus, he was not selling the company because he did not believe in its future He remained the CEO until 2003 and is still the chairman of the board Bruce Whitman, an employee since 1961, became the CEO in 2003 AL Ueltschi founded the company in 1951 and its shares started trading publicly in 1968 Praising Ueltschi, Buffett wrote, Al may be 79, but he looks and acts about 55 He will run operations just as he has in the past We never fool with success 6 In the ve-year period prior to the acquisition by Berkshire in 1995, FSI s revenues grew from $267 million to $326 million, an annualized growth rate of 51 percent, similar to what is expected in the traditional industries FSI s net income grew a little faster at the rate of 65 percent, but no one would have classi ed FSI as a growth stock The price of $15 billion paid by Berkshire was about 25 times the book value and 18 times earnings in 1995 Thus, Buffett did not pay a high price for the company, but it was not cheap either As I discussed earlier, good companies are rarely available cheap, and in that sense Buffett is not a pure value investor How about growth FlightSafety grew quickly after it was acquired Buffett wrote in Berkshire s 1998 annual report, FlightSafety s operating pro ts increased signi cantly over 1997 as a result of continued growth in all areas of its training business 7 The capital expenditures at FlightSafety during 1997, 1998, and 1999 were about 20 percent of the identi able
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Buffett Investing = Value + Growth
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assets at year-end This was at least twice the rate of capital expenditures before it was acquired Buffett made it possible for FSI to grow by keeping successful management in place Company-speci c data are not available since 1996, but the company remains one of the largest companies in its industry
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Aviation: NetJets
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NetJets, formerly known as Executive Jet Aviation (EJA), was acquired by Berkshire in 1998 for $725 million NetJets sells fractional shares of jets and operates the eet for its many owners NetJets does not own most of these airplanes; they are owned by customers Warren Buffett was a satis ed customer for three years before he made this acquisition NetJets, a private company, grew fast under its CEO and majority shareholder, Richard Santulli, who pioneered the fractional jet ownership concept in 1986 He stayed with his company just as most other CEOs of Berkshire acquisitions stay with their companies I discussed earlier that managers are the purveyors of growth However, when a long-term, successful CEO stays with the company, it is also an indication that the downside risk in the acquisition is low When Richard Santulli resigned in 2009, David Sokol, CEO of Berkshire s subsidiary MidAmerican, took over as the new NetJets CEO What is the usual source of a high growth rate in the old economy or in a well-established industry In some cases (recall Wal-Mart and GEICO), growth comes from taking market share away from other rms In this case, NetJets grew by luring business and rst-class travelers in traditional airlines and corporate jet owners Since Berkshire bought NetJets, growth in revenues has been well above the normal growth of about 5 percent to 7 percent in so-called traditional industries, which include aviation As Buffett wrote in March 2000, Currently, our customers own planes worth over $2 billion, and in addition we have $42 billion of planes on order Indeed, the limiting factor in our business right now is the availability of planes 8 In 2007, Buffett explained how growth may have been accomplished: The NetJets brand with its promise of safety, service and security grows stronger every year Behind this is the passion of one man, Richard Santulli If you were to pick someone to join you in a foxhole, you couldn t
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