Berkshire Hathaway 2006 Letter to Shareholders

We believe that $16.9 billion is a record for a one-year gain in net worth – more than has ever been booked by any American business, leaving aside…

Charlie and I measure Berkshire’s progress and evaluate its intrinsic value in a number of ways. No single criterion is effective in doing these jobs…

In our early years we put most of our retained earnings and insurance float into investments in marketable securities. Because of this emphasis,…

Over the years, however, we have focused more and more on the acquisition of operating businesses. Using our funds for these purchases has both…