Warren Buffett：Berkshire 1993 Letter, Excerpt 3

4. Finally, we issued some stock last year. In a transaction described in last year's Annual Report, we issued 3,944 shares in early January, 1993 upon the conversion of $46 million convertible debentures that we had called for redemption. Additionally, we issued 25,203 shares when we acquired Dexter Shoe, a purchase discussed later in this report. The overall result was that our shares outstanding increased by 29,147 and our net worth by about $478 million. Per-share book value also grew, because the shares issued in these transactions carried a price above their book value.

Source： https://www.berkshirehathaway.com/letters/1993.html
Locator：1993 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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