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Berkshire Hathaway 1997 Letter to Shareholders
Warren Buffett · Passages from the same work, in order.
Berkshire 1997 Letter, Excerpt 1
Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up…
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Investing · Modern investor letters
Berkshire 1997 Letter, Excerpt 2
Gains in book value are, of course, not the bottom line at Berkshire. What truly counts are gains in per-share intrinsic business value. Ordinarily,…
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Investing · Modern investor letters
Berkshire 1997 Letter, Excerpt 3
For more explanation of the term, intrinsic value, you may wish to refer to our Owner's Manual, reprinted on pages 62 to 71. This manual sets forth…
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Investing · Modern investor letters
Berkshire 1997 Letter, Excerpt 4
In our last two annual reports, we furnished you a table that Charlie and I believe is central to estimating Berkshire's intrinsic value. In the…
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Investing · Modern investor letters