Berkshire Hathaway 2017 Letter to Shareholders

Despite its recent acquisitions, HomeServices is on track to do only about 3% of the country’s home- brokerage business in 2018. That leaves 97% to…

We believe that the annual probability of a U.S. mega-catastrophe causing $400 billion or more of insured losses is about 2%. No one, of course,…

No company comes close to Berkshire in being financially prepared for a $400 billion mega-cat. Our share of such a loss might be $12 billion or so,…

Viewed as a group – and excluding investment income – our operations other than insurance delivered pre- tax income of $20 billion in 2017, an…