Warren Buffett：Berkshire 2005 Letter, Excerpt 3

Before we look at our individual businesses, however, let’s review two sets of figures that show where we’ve come from and where we are now. The first set is the amount of investments (including cash and cash-equivalents) we own on a per-share basis. In making this calculation, we exclude investments held in our finance operation because these are largely offset by borrowings:

Source： https://www.berkshirehathaway.com/letters/2005ltr.pdf
Locator：2005 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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