Warren Buffett：Berkshire 2005 Letter, Excerpt 1

Yet if precision is aided by Berkshire’s financial characteristics, the job of calculating intrinsic value has been made more complex by the mere presence of so many earnings streams. Back in 1965, when we owned only a small textile operation, the task of calculating intrinsic value was a snap. Now we own 68 distinct businesses with widely disparate operating and financial characteristics. This array of unrelated enterprises, coupled with our massive investment holdings, makes it impossible for you to simply examine our consolidated financial statements and arrive at an informed estimate of intrinsic value.

Source： https://www.berkshirehathaway.com/letters/2005ltr.pdf
Locator：2005 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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