Shareholder Letters - Berkshire Hathaway
WEBFor shareholders and others who are interested, a book that compiles the full unedited versions of each of Warren Buffett’s letters to shareholders between 1965 and 2014 is available for sale at this link.
WEBannual income. The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well. The Past Year in Brief Berkshire had a good year in 2022. The company’s operating earnings – our term for
WEBA wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others
WEBLet’s begin with the numbers. The official annual report begins on K-1 and extends for 124 pages. It is filled with a vast amount of information – some important, some trivial. Among its disclosures many owners, along with financial reporters, will focus on page K-72.
WEBLong-time readers of our annual reports will have spotted the different way in which I opened this letter. For nearly three decades, the initial paragraph featured the percentage change in Berkshire’s per-share book value.
WEBOn its balance sheet, Berkshire carries the Kraft Heinz holding at a GAAP figure of $13.3 billion, an amount that represents Berkshire’s share of the audited net worth of Kraft Heinz on December 31, 2020. Please note, though, that the market value of our shares on that date was only $11.3 billion. Shares*.
WEBFor the entire 42 years, our compounded annual gain in per-share investments was 27.1%. But the trend has been downward as we increasingly used our available funds to buy operating businesses.
WEBIn past quarterly and annual press releases, we have regularly warned you not to pay attention to these realized gains, because they – just like our unrealized gains – fluctuate randomly.
WEBLet’s begin with the numbers. The official annual report begins on K-1 and extends for 124 pages. It is filled with a vast amount of information – some important, some trivial. Among its disclosures many owners, along with financial reporters, will focus on page K-72.
WEBBerkshire’s 2018 and 2019 years glaringly illustrate the argument we have with the new rule. In 2018, a down year for the stock market, our net unrealized gains decreased by $20.6 billion, and we therefore reported GAAP earnings of only $4 billion.