The Berkshire Archive

2003

Index Book About

Berkshire Hathaway · Year by year

2003

Annual percentage change
Measure 2003
Per-share book value of Berkshire 21.0
Market value of Berkshire 15.8
S&P 500 with dividends included 28.7
Where 2003’s change in book value came from
Where the change came from — points of per-share book value

Assets

  • Cash39.9
  • Fixed income37.1
  • Common stocks45.0
  • Financial products8.1
  • Utility, energy, rail5.0
  • Other net assets41.3

Funded by

  • Net worth100.0
  • Debt5.3
  • Insurance float56.5
  • Deferred tax float14.6
What the company was made of — percent of net worth. Every dollar of net worth carried $1.76 of assets.

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

What happened

The 2003 letter The 2003 meeting

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