Berkshire Hathaway 1992 Letter to Shareholders

During the year, Berkshire's net worth increased by $1.52 billion. More than 98% of this gain came from earnings and appreciation of portfolio…

Those two objectives do not necessarily go hand-in-hand as an amusing but value-destroying experience in our past illustrates. On that occasion, we…

You will remember that our goal is to increase our per-share intrinsic value - for which our book value is a conservative, but useful, proxy - at a…

You should keep at least three points in mind as you evaluate this data. The first point concerns the many businesses we operate whose annual…