Berkshire Hathaway 1993 Letter to Shareholders

1. The first negative was produced by a change in Generally Accepted Accounting Principles (GAAP) having to do with the taxes we accrue against…

3. Another 1993 change in GAAP affects the value at which we carry the securities that we own. In recent years, both the common stocks and certain…

4. Finally, we issued some stock last year. In a transaction described in last year's Annual Report, we issued 3,944 shares in early January, 1993…

Of course, it's per-share intrinsic value, not book value, that counts. Book value is an accounting term that measures the capital, including…