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Jens 'n' Frens |
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See this on the cancelation of the BRKa charity program to which my brother refers; aside from providing a bit more of the story, it hinges on what is becoming an increasingly important insight into the functioning of a large, acquisitive company sitting on piles of cash because it doesn't see anything to do with them right now:Pampered Chef is a minuscule component of the Berkshire family, so why on earth did Warren Buffett change one of the most beloved programs at the company for the sake of a few gnats biting at it? Success or failure at Pampered Chef has the next best thing to zero effect on Berkshire's overall performance, and every company in history is going to do something that brings the wrath of the one-song orchestras.This is largely the same best reason I've heard for the issuance of negative interest rate convertible bonds last year; as I've said above, Berkshire doesn't want the cash. He did it to show that he can; while Berkshire is well known in the United States among companies it might want to buy, it has been less well known overseas, and this was a publicity stunt to increase its profile abroad. |
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