The Berkshire Archive

1991

Index Book About

Berkshire Hathaway · Year by year

1991

Annual percentage change
Measure 1991
Per-share book value of Berkshire 39.6
Market value of Berkshire 35.6
S&P 500 with dividends included 30.5
Where 1991’s change in book value came from
Where the change came from — points of per-share book value

Assets

  • Cash10.2
  • Fixed income31.2
  • Common stocks122.5
  • Financial products1.1
  • Other net assets4.8

Funded by

  • Net worth100.0
  • Debt16.7
  • Insurance float27.1
  • Deferred tax float25.9
What the company was made of — percent of net worth. Every dollar of net worth carried $1.70 of assets.

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

What happened

The 1991 letter

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