The Famous 1906 NCR Annual Report (General Research Notes #6)

Buffett and Munger have referenced this report. Also discussions on NCR's anti-competitive practices & monopolization.

National Cash Register Company

John H. Patterson

The Famous 1906 Annual Report (Mentioned by Buffett and Munger), and Anti-Competitive Practices & Monopolization

I first heard Munger mention Patterson and NCR in Poor Charlie’s Almanack. In it, he even specifically mentions one of the old annual reports. I didn’t think much of it until that same annual report was mentioned again in the 1998 BRK meeting. This peaked my interest. I found the 1906 annual report that looks to be the one referenced.

Below I include the NCR / Patterson references by Munger and Buffett. Then I include some highlights from the 1906 annual report (including sections Munger and Buffett referred to). I also researched and include some additional information on NCR and Patterson. The history and stories are very interesting and entertaining.