Berkshire Hathaway 1987 Letter to Shareholders

What counts, of course, is the rate of gain in per-share business value, not book value. In many cases, a corporation's book value and business value…

At Berkshire, however, my appraisal of our operating managers is, if anything, understated. To understand why, first take a look at page 7, where…

By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was…

If these seven business units had operated as a single company, their 1987 after-tax earnings would have been approximately $100 million - a return…