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Berkshire Hathaway 2007 Letter to Shareholders
Warren Buffett · Passages from the same work, in order.
Berkshire 2007 Letter, Excerpt 1
That party is over. It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008. Prices are down, and…
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Investing · Modern investor letters
Berkshire 2007 Letter, Excerpt 2
Berkshire has two major areas of value. The first is our investments: stocks, bonds and cash equivalents. At yearend these totaled $141 billion…
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Investing · Modern investor letters
Berkshire 2007 Letter, Excerpt 3
Insurance float – money we temporarily hold in our insurance operations that does not belong to us – funds $59 billion of our investments. This float…
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Investing · Modern investor letters
Berkshire 2007 Letter, Excerpt 4
Berkshire’s second component of value is earnings that come from sources other than investments and insurance. These earnings are delivered by our 66…
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Investing · Modern investor letters