Berkshire Hathaway 2002 Chairman's Letter

Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31. Starting in 1979, accounting…

If, for example, you are either long or short an S&P 500 futures contract, you are a party to a very simple derivatives transaction – with your…