Berkshire Hathaway 1984 Letter to Shareholders

Our gain in net worth during 1984 was $152.6 million, or $133 per share. This sounds pretty good but actually it’s mediocre. Economic gains must be…

As we discussed last year, the gain in per-share intrinsic business value is the economic measurement that really counts. But calculations of…

Using my academic voice, I have told you in the past of the drag that a mushrooming capital base exerts upon rates of return. Unfortunately, my…

The table on the following page shows the sources of Berkshire’s reported earnings. Berkshire’s net ownership interest in many of the constituent…