Berkshire Hathaway 2009 Letter to Shareholders

A more difficult decision for us was how to measure the progress of Berkshire versus the S&P. There are good arguments for simply using the change in…

We should note that had we instead chosen market prices as our yardstick, Berkshire’s results would look better, showing a gain since the start of…

Summed up, the table on page 2 conveys three messages, two positive and one hugely negative. First, we have never had any five-year period…

Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on…