The Berkshire Archive

1977

Index Book About

Berkshire Hathaway · Year by year

1977

Annual percentage change
Measure 1977
Per-share book value of Berkshire 31.9
Market value of Berkshire 46.8
S&P 500 with dividends included (7.4)
Where 1977’s change in book value came from
Where the change came from — points of per-share book value

Assets

  • Cash19.6
  • Fixed income52.4
  • Common stocks93.6
  • Financial products27.5
  • Other net assets39.4

Funded by

  • Net worth100.0
  • Debt22.5
  • Insurance float67.4
  • Deferred tax float16.5
  • Other float26.1
What the company was made of — percent of net worth. Every dollar of net worth carried $2.33 of assets.

Note: figures in parentheses are losses. Source: Berkshire Hathaway annual reports.

What happened

The 1977 letter

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