The Berkshire Archive

1978

Index Book About

Berkshire Hathaway · Year by year

1978

Annual percentage change
Measure 1978
Per-share book value of Berkshire 24.0
Market value of Berkshire 14.5
S&P 500 with dividends included 6.4
Where 1978’s change in book value came from
Where the change came from — points of per-share book value

Assets

  • Cash24.5
  • Fixed income52.1
  • Common stocks93.5
  • Financial products25.3
  • Other net assets26.7

Funded by

  • Net worth100.0
  • Debt18.9
  • Insurance float69.3
  • Deferred tax float11.9
  • Other float22.1
What the company was made of — percent of net worth. Every dollar of net worth carried $2.22 of assets.

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

The 1978 letter

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