You’re ketchup Heinz! la compran Buffett y Lemann

Warren Buffett junto a uno de los hombres más ricos de Brasil han presentado una oferta para la compra de Heinz en US$ 28.000 millones. El acuerdo, que por tamaño es la cuarta operación de compras alimentarias de todos los tiempos, aumenta el optimismo sobre la reactivación de fusiones y adquisiciones.

La compra  que ya fue aprobada por el directorio de Heinz, ha reunido al Berkshire Hathaway de Warren Buffety a 3G Capital, una firma de capital privado respaldada por el multimillonario brasileño Jorge Paulo Lemann, que en 2010 encabezó la compra apalancada de Burger King.

Berkshire, un conglomerado con más de 70 negocios amasados durante más de 40 años por Buffett, estaba buscando grandes compras para colocar sus US$ 48.000 millones. Además,  ha dicho por televisión que está buscando  algún otro elefante para comprar. ?Si alguien ve alguno que me avise?.

En círculos inversores se dice que la participación de 3G en una operación de 3G es inusual y que refleja la dificultad de Buffet para encontrar compañías para comprar.

Leer más “You’re ketchup Heinz! la compran Buffett y Lemann”

Doing That Crap Is Going to Cost You

Crappy work can suck the life out of an agency and the money out of a client’s budget.

What is this “crappy work” of which I speak? That’s the hard part — defining it. I have struggled with coming up with a solid definition for crappy work. It isn’t any one type of account or job. Most of us really don’t know if an assignment is crappy until we’re handed the brief or attend a meeting. Generally speaking, we’re talking about assignments with so many restrictions and mandates that there’s no room for anything except to execute the client’s directions — in other words, the agency becomes no more than set of hands. We’re talking assignments where there’s no room for developing an insight or understanding that will deliver for clients the results they want and deserve.

Agencies (and Clients) Pay More for Shoddy Work

Posted by Derek Walker

Derek  Walker
Derek Walker

Paying more doesn’t get a client better work. In reality, crappy work tends to cost both the agency and the client more, a lot more than anyone realizes.

Oops. Uh … Attention all clients!! Please stop reading, and proceed to another post or article. This is insider information — agency eyes only! Please come back next post.

OK now that the clients are gone, let’s talk about one of the greatest lies in advertising — that great work costs more to come up with than crappy work. Leer más “Doing That Crap Is Going to Cost You”


The master has spoken in his freshly released letter to shareholders and as usual, it is filled with brilliance, hypocrisy and more brilliance.  You can read the full letter here.  I will keep my personal thoughts on the letter short and sweet, but a few things stood out to me:

Buffett appears to attempt to distance himself from the notion of  “too big to fail” and implies that the firm is not dependent on the “kindness of strangers”:

“We will never become dependent on the kindness of strangers. Too-big-to-fail is not a fallback
position at Berkshire. Instead, we will always arrange our affairs so that any requirements for cash we may conceivably have will be dwarfed by our own liquidity.”

These are interesting comments now that we know Buffett in fact played a role in orchestrating the bank bailouts (see here for his letter to Hank Paulson).  Of course, Buffett had a substantial amount at stake if the banks were allowed to implode.  As Barry Ritholtz has previously shown, Buffett did indeed rely on the kindness of strangers.   He claims to have been a supplier of capital, but this was nothing more than doubling down on bad bets that he had made with the hope that the government would ultimately step in.  Of course, we all know they did.  I don’t know how he can make such comments when it is so obvious that he directly benefited from the bank bailouts and played an instrumental role in orchestrating them?   It’s disingenuous at best.

A few other things that jumped out:

  • His discussion on risk management (p. 16) should be required reading for every CEO and money manager in America.
  • He is still extraordinarily funny.
  • He sounds very optimistic about the state of the housing market.
  • He sells his company and the idea behind Berkshire better than any CEO on the planet.

For more reading please see his annual letters from the Buffett Partnership days.

© 2009

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