Berkshire Hathaway 2018 Letter to Shareholders

Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are…

The accuracy of that prediction can be suggested by our quarterly results during 2018. In the first and fourth quarters, we reported GAAP losses of $…

Wide swings in our quarterly GAAP earnings will inevitably continue. That’s because our huge equity portfolio – valued at nearly $173 billion at…

Our advice? Focus on operating earnings, paying little attention to gains or losses of any variety. My saying that in no way diminishes the…