Berkshire Hathaway 1985 Letter to Shareholders

You may remember the wildly upbeat message of last year’s report: nothing much was in the works but our experience had been that something big popped…

Two factors make anything approaching this rate of gain unachievable in the future. One factor probably transitory - is a stock market that offers…

This change in the market also has negative implications for our present portfolio. In our 1974 annual report I could say: “We consider several of…

The second negative factor, far more telling, is our size. Our equity capital is more than twenty times what it was only ten years ago. And an iron…