Berkshire Hathaway

This section contains information about Berkshire Hathaway. The Berkshire Hathaway company is known for its control by investor Warren Buffett, who is the company's president, chairman and CEO.

Berkshire Hathaway's Equity Holdings

For 2008 the table has been divided into three parts. The first part with the orange background comes from the list that Warren Buffett gave in his Chairman’s Letter. I start with this list because it includes some foreign positions that are not on the 13f because they are not subject to registration with the SEC. Also some of the domestic positions show larger positions than appear on the 13f. To Warren Buffett’s list I have added Burlington Northern and Moody’s as they were shown in the 13f.

Berkshire Hathaway's Financial Tables

The data in these tables is taken from our collection of Berkshire Hathaway's annual reports which dates back to 1989. The data comes from the Balance Sheets, Cash Flow Statements, and from the Tables on the Business Segments of Berkshire Hathaway.

The Berkshire Hathaway's Furniture Business

Berkshire Hathaway's furniture business consists of five separate segments.

Look - Throught Earnings

Warren Buffett's view of Look-through Earnings from the "Owner's Manual" in the Berkshire Hathaway's Annual Report: "We have found over time that the undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire Hathaway as if they had been distributed to us (and therefore had been included in the earnings we officially report). This pleasant result has occurred because most of our investees are engaged in truly outstanding businesses that can often employ incremental capital to great advantage, either by putting it to work in their businesses or by repurchasing their shares. Obviously, every capital decision that our investees have made has not benefitted us as shareholders, but overall we have garnered far more than a dollar of value for each dollar they have retained. We consequently regard look-through earnings as realistically portraying our yearly gain from operations".

Comments from Client Letters

A list that contains links to our Client Letters that have discussed Berkshire Hathaway.

Insurance Float

Central to any attempt to value Berkshire Hathaway is the ability to understand and value the company's enormous ($61+ billion) insurance float. What follows is a weak attempt to justifying adding some value for insurance float when calculating Berkshire Hathaway intrinsic value.

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