Note: The following table appears in the printed Annual Write an appreciation of the essay poor relations on the facing page of the Chairman’s Letter and is referred to in that letter. Starting in 1979, accounting rules required insurance companies to value the equity securities they hold at market rather than at the lower of cost or market, which was previously the requirement. In this table, Berkshire’s results through 1978 have been restated to conform to the changed rules.
In all other respects, the results are calculated using the numbers originally reported. P 500 numbers are pre-tax whereas the Berkshire numbers are after-tax. P in years when the index showed a negative return. Over the years, the tax costs would have caused the aggregate lag to be substantial. To the Shareholders of Berkshire Hathaway Inc.
77 billion, which decreased the per-share book value of both our Class A and Class B stock by 6. All figures used in this report apply to Berkshire’s A shares, the successor to the only stock that the company had outstanding before 1996. Per-share intrinsic grew somewhat faster than book value during these 37 years, and in 2001 it probably decreased a bit less. Manual, which begins on page 62.