Berkshire Hathaway 2005 Letter to Shareholders

Yet if precision is aided by Berkshire’s financial characteristics, the job of calculating intrinsic value has been made more complex by the mere…

We have attempted to ease this problem by clustering our businesses into four logical groups, each of which we discuss later in this report. In these…

Before we look at our individual businesses, however, let’s review two sets of figures that show where we’ve come from and where we are now. The…

In addition to these marketable securities, which with minor exceptions are held in our insurance companies, we own a wide variety of non-insurance…