1. **Chairman's Letter - 1979.pdf**
"BERKSHIRE HATHAWAY INC.
To the Shareholders of Berkshire Hathaway Inc.:
Again we must lead off with a few words about accounting.
Since our last annual report the accounting profession has
decided that equity securities owned by insurance companies must
be carried on the balance sheet at market value. We previously
have carried such equity securities at the lower of aggregate
cost or aggregate market value. Because we have large unrealized
gains in our insurance equity holdings the result of this new
policy is to increase substantially both the 1978 and 1979
yearend net worth even after the appropriate liability is
established for taxes on capital gains that would be payable
should equities be sold at such market valuations.
[continues]"
2. **Chairman's Letter - 1978.pdf**
"BERKSHIRE HATHAWAY INC.
To the Shareholders of Berkshire Hathaway Inc.:
First a few words about accounting. The merger with
Diversified Retailing Company Inc. at yearend adds two new
complications in the presentation of our financial results.
After the merger our ownership of Blue Chip Stamps increased to
approximately 58% and therefore the accounts of that company
must be fully consolidated in the Balance Sheet and Statement of
Earnings presentation of Berkshire. In previous reports our
share of the net earnings only of Blue Chip had been included as
a single item on Berkshire’s Statement of Earnings and there had
been a similar one-line inclusion on our Balance Sheet of our
share of their net assets.
[continues]"
3. **Chairman's Letter - 1980.pdf**
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4. **Chairman's Letter - 1982.pdf**
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5. **Chairman's Letter - 1983.pdf**
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6. **Chairman's Letter - 1984.pdf**
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7. **Chairman's Letter - 1985.pdf**
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8. **buffett-partnership-letters.pdf**
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