Berkshire Hathaway 2014 Letter to Shareholders

During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve…

Today, our emphasis has shifted in a major way to owning and operating large businesses. Many of these are worth far more than their cost-based…

With that in mind, we have added a new set of data – the historical record of Berkshire’s stock price – to the performance table on the facing page.…

It was a good year for Berkshire on all major fronts, except one. Here are the important developments: ‹ Our “Powerhouse Five” – a collection of…