Berkshire’s 2010 Financial Results-NetJets

[imacdog]

I'm pretty sure the employees are quite aware of the changes taking place at their company. Thanks for your keen insight.

 

[Dooker]

Oh, and congratulations(?) to Netjets. But that might be shortsighted as THAT much turn around begs a whole other list of questions like how we you guys allowed to be so badly mismanaged for so long if one guy can fix it that fast and why? What does this say about future negotiations when your agreement comes due? I think this brings up a lot more questions no one will like the answers to than it is deserving of a pat on the back. As an owner, I'd want some answers and those people are gonna look "under the hood" of such a dramatic turnaround - they know money- and might see cuts they don't like. I'm not talking shareholder - I mean owner, the bread and butter of the business and no one likes to see the astronomical fees they've been charged were mismanaged and they got or will get less than they pay for...

I think most owners understand the game. The level of service and perks to which they'd grown accustomed was, frankly, unsustainable. I've flown with guys at Flex who rhapsodize about how awesome it used to be: carpeting so thick you could lose a golfball in it, top-drawer crystal and flatware that always seemed to have a way of disappearing, etc. And we were hemhorraging cash all the while.

I'm pretty sure most owners understand that if they want a return to that level of service and exclusivity and pretension, they need to buy their own jets and operate them with their own crews and subject themselves to all the psychic damage that that entails.

Our industry is becoming commodotized in the exact same manner the airlines have. The airlines used to represent the pinnacle of glamour and luxury. People used to wear suits and ties and treat the experience for what it was: something amazing, something special. Now, not so much.

We're seeing our industry transformed into something many of us probably don't like. Charter is growing and 91K is shrinking (at least, at Flex it seems to be). We are becoming, essentially, unsheduled airlines that cater to people who are willing to pay a certain amount of money for a certain level of convenience and a certain level of service.

The market is speaking and our companies have no choice but to respond.

 

[G4dude]

I think most owners understand the game. The level of service and perks to which they'd grown accustomed was, frankly, unsustainable. I've flown with guys at Flex who rhapsodize about how awesome it used to be: carpeting so thick you could lose a golfball in it, top-drawer crystal and flatware that always seemed to have a way of disappearing, etc. And we were hemhorraging cash all the while.

I'm pretty sure most owners understand that if they want a return to that level of service and exclusivity and pretension, they need to buy their own jets and operate them with their own crews and subject themselves to all the psychic damage that that entails.

Our industry is becoming commodotized in the exact same manner the airlines have. The airlines used to represent the pinnacle of glamour and luxury. People used to wear suits and ties and treat the experience for what it was: something amazing, something special. Now, not so much.

We're seeing our industry transformed into something many of us probably don't like. Charter is growing and 91K is shrinking (at least, at Flex it seems to be). We are becoming, essentially, unsheduled airlines that cater to people who are willing to pay a certain amount of money for a certain level of convenience and a certain level of service.

The market is speaking and our companies have no choice but to respond.

That, ladies and gentlemen, is one of the best posts I have read. Bravo! I hadn't thought it through as thoroughly as you did, Dooker.

 

[wolfpackpilot]

That, ladies and gentlemen, is one of the best posts I have read. Bravo! I hadn't thought it through as thoroughly as you did, Dooker.

+1

That elegant post may or may not reappear on another thread, on another board, under another name.... MINE!

Bwahaa..... Excellent Dooker.

 

[rajflyboy]

It sure does pay off to have some great ACCOUNTANTS!

A very good CPA is worth his salary in GOLD.

 

[glasspilot]

It sure does pay off to have some great ACCOUNTANTS!

A very good CPA is worth his salary in GOLD.

That doesn't make any sense. Why would his being paid in gold make him any more valuable. Obviously a "good" anybody is worth their salary, but what difference does it make what form currency is used?

50k in cash is equal to 50K in gold is equal to 50K in pickles is equal to 50K in crude oil.


Maybe you meant a very good CPA is worth his weight in gold. That would make much more sense as that much gold would be very valuable indeed.

 

[rajflyboy]

That doesn't make any sense. Why would his being paid in gold make him any more valuable. Obviously a "good" anybody is worth their salary, but what difference does it make what form currency is used?

50k in cash is equal to 50K in gold is equal to 50K in pickles is equal to 50K in crude oil.


Maybe you meant a very good CPA is worth his weight in gold. That would make much more sense as that much gold would be very valuable indeed.

Thats what I'm saying man! CPA's are worth their weight in gold!

Write downs, losses, write offs, profits sales years later.... its all good as long as the accounting is good

 

[G4dude]

Fat CPAs are obviously worth more than skinny ones.

 

[brokeflyer]

That doesn't make any sense. Why would his being paid in gold make him any more valuable. Obviously a "good" anybody is worth their salary, but what difference does it make what form currency is used?

50k in cash is equal to 50K in gold is equal to 50K in pickles is equal to 50K in crude oil.


Maybe you meant a very good CPA is worth his weight in gold. That would make much more sense as that much gold would be very valuable indeed.

US currency isnt going to be worth ********************.....ill take my retirement in gold anyday.

 

[jonjuan]

US currency isnt going to be worth ********************.....ill take my retirement in gold anyday.

Move to cuba, pops. Let me guess, part of the take, take, take baby boomer generation? Enjoy that social security from the govt and nja.