Warren Buffett：Berkshire 2005 Letter, Excerpt 2

We have attempted to ease this problem by clustering our businesses into four logical groups, each of which we discuss later in this report. In these discussions, we will provide the key figures for both the group and its important components. Of course, the value of Berkshire may be either greater or less than the sum of these four parts. The outcome depends on whether our many units function better or worse by being part of a larger enterprise and whether capital allocation improves or deteriorates when it is under the direction of a holding company. In other words, does Berkshire ownership bring anything to the party, or would our shareholders be better off if they directly owned shares in each of our 68 businesses? These are important questions but ones that you will have to answer for yourself.

Source： https://www.berkshirehathaway.com/letters/2005ltr.pdf
Locator：2005 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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