버크셔 타임라인

명예회장 “Buffett becomes chairman emeritus; his son Howard takes the chair.”

세월은 못 이김 ““Father Time always wins,” Buffett wrote at 96.”

정밀 주조 “CPP is one of the largest producers of investment castings.”

특정 투자자에게 직접 넘기는 사모 발행 “Berkshire took the stake through a private placement.”

아직 안 쓴 실탄 “Berkshire still has plenty of dry powder.”

Strategy의 핵심 밸류에이션 지표 “When Strategy's mNAV fell below 1, the premium that had supported its capital-raising model for four years effectively disappeared.”

4년간의 “Never Sell”

CEO는 바뀌어도 영향력은 남는 구조 “Tim Cook will transition to Executive Chairman on September 1, with John Ternus taking over as CEO.”

세대를 넘어 전달되는 경영 철학 “Cook shared the guidance he received from Steve Jobs: 'I never want you to ask what I would have done. Just do what's right.' He said it lifted a huge burden and served him well over 15 years.”

한 마디로 끝낸 60년 “Buffett then spoke from his seat on the floor saying, 'This is not my show today,' before adding that approving Abel as CEO was a decision 'you couldn't have made better.'”

떠나는 자리에서 쓰는 가장 격조 높은 인사 “'The greatest privilege of my life' — Cook's farewell struck the right note: grateful without being sentimental, confident without being boastful.”

Strategy가 BTC 매수 자금을 ATM 발행으로 조달해왔는데, 주가 -40% 하락으로 추가 발행 여건이 악화 — 매수 중단의 원인 중 하나 “Strategy's ATM offering program has been the primary funding mechanism for its Bitcoin purchases, but with shares down 40%, further dilution becomes a harder sell.”

빌 아크만이 X에서 “지금이 줍줍 타이밍”

Strategy가 회사 자산 대부분을 BTC에 넣는 것이 전형적인 skin in the game. 분석가가 “BTC가 오를 것”