By: lorenzo_nyc on Venerdì 16 Dicembre 2005 17:33
Third Quarter First Nine Months
2005 2004 2005 2004
Investment gains/losses from -
Sales of investments -
Foreign currency forward contracts ... 29 412 (897) 207
Gains and losses from foreign currency forward contracts arise as the value of the U.S. dollar changes against certain
foreign currencies. Small changes in certain foreign currency exchange rates can produce material changes in the fair value
of these contracts given the relatively large net notional value of Berkshire’s open contracts ($16.5 billion as of September
30, 2005) and consequently, may produce exceptional volatility in reported earnings in a given period. During the first
nine months of 2005, the value of most foreign currencies decreased relative to the U.S. dollar. Thus, forward contracts
produced pre-tax losses in 2005 of $897 million for the first nine months. Correspondingly, over the first nine months of
2004, the value of many foreign currencies rose relative to the U.S. dollar, and Berkshire’s contract positions produced a
pre-tax gain of $207 million. Berkshire first began “shorting” the U.S. dollar in 2002 and since inception in 2002 through
September 30, 2005, has recognized pre-tax gains of $2.1 billion from foreign currency forward contracts.
questo è quanto pubblicato nell'ultimo rapporto trimestrale.
mi sembra che comunque l'investimento sia iniziato nel momento giusto e che la posizione in essere presenti ancora un discreto guadagno.