The Berkshire Archive

2004

Index Book About

Berkshire Hathaway · Year by year

2004

Annual percentage change
Measure 2004
Per-share book value of Berkshire 10.5
Market value of Berkshire 4.3
S&P 500 with dividends included 10.9
Where 2004’s change in book value came from
Where the change came from — points of per-share book value

Assets

  • Cash46.2
  • Fixed income29.1
  • Common stocks43.5
  • Financial products11.2
  • Utility, energy, rail4.6
  • Other net assets36.7

Funded by

  • Net worth100.0
  • Debt4.0
  • Insurance float53.2
  • Deferred tax float14.1
What the company was made of — percent of net worth. Every dollar of net worth carried $1.71 of assets.

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

The 2004 letter The 2004 meeting

About the archive · An Explorist Production