{"id":370320,"date":"2010-02-27T09:37:00","date_gmt":"2010-02-27T14:37:00","guid":{"rendered":"tag:blogger.com,1999:blog-3087194156628161158.post-9019448140474726746"},"modified":"2010-02-27T09:42:16","modified_gmt":"2010-02-27T14:42:16","slug":"forbes-buffetts-letter-to-berkshire-hathaway-shareholders","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/370320","title":{"rendered":"FORBES: Buffett&#8217;s Letter To Berkshire Hathaway Shareholders"},"content":{"rendered":"<p><a onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"http:\/\/4.bp.blogspot.com\/_I4PjsLyIz-M\/S4kufS5HJII\/AAAAAAAABLI\/O5GdY_s7DX0\/s1600-h\/0212_warren-buffett_390x220.jpg\"><img decoding=\"async\" style=\"margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 390px; height: 220px;\" src=\"http:\/\/4.bp.blogspot.com\/_I4PjsLyIz-M\/S4kufS5HJII\/AAAAAAAABLI\/O5GdY_s7DX0\/s400\/0212_warren-buffett_390x220.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5442932739836159106\" border=\"0\" \/><\/a><span class=\"date\">02.27.10, 08:50 AM EST<\/span>                                  <script type=\"text\/javascript\" src=\"http:\/\/images.forbes.com\/scripts\/jquery\/jquery.js\"><\/script>                                 <script type=\"text\/javascript\" src=\"http:\/\/images.forbes.com\/scripts\/jquery\/jquery.dimensions.js\"><\/script>                                 <script type=\"text\/javascript\" src=\"http:\/\/images.forbes.com\/scripts\/jquery\/ui.core.js\"><\/script>                                 <script type=\"text\/javascript\" src=\"http:\/\/images.forbes.com\/scripts\/jquery\/ui\/ui.tabs.js\"><\/script>                                 <script type=\"text\/javascript\" src=\"http:\/\/images.forbes.com\/scripts\/story\/behavior.js\"><\/script><a href=\"http:\/\/ads.forbes.com\/RealMedia\/ads\/click_lx.ads\/forbes.com\/equities\/story\/id954756072\/127493073\/x92\/OasDefault_v5\/default\/empty.gif\/30726b455155694e637941414253584d\" ><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/ads.forbes.com\/RealMedia\/ads\/adstream_lx.ads\/forbes.com\/equities\/story\/id954756072\/127493073\/x92\/OasDefault_v5\/default\/empty.gif\/30726b455155694e637941414253584d?adTerms=Warren+Buffett+Shareholder+Letter+Equities+Fiscal+Year+2009&amp;tickerTerms=BRK+BNI\" alt=\"\" border=\"0\" height=\"1\" width=\"1\" \/><\/a><\/p>\n<div id=\"storyBody\"><em style=\"font-style: italic;\">The following is an excerpt from Chairman Warren <\/em><span style=\"font-style: italic;\">E. Buffett<\/span><a style=\"font-weight: bold; font-style: italic;\" href=\"http:\/\/shareinvestorforum.com\/viewtopic.php?f=36&amp;t=140&amp;p=1013#p1013\">&#8216;s annual letter to Berkshire Hathaway<\/a> shareholders. <\/p>\n<p>Our gain in net worth during 2009 was $21.8 billion, which increased the per-share <a style=\"border-bottom: 1px dotted; color: rgb(0, 51, 153); text-decoration: none; cursor: pointer; display: inline; font-family: Arial,Helvetica,sans-serif; font-size: 14px; font-weight: 400; font-style: normal;\" href=\"http:\/\/topics.forbes.com\/book%20value\" rel=\"nofollow\">book value<\/a> of both our Class A and Class B stock by 19.8%. Over the last 45 years (that is, since present management took over) book value has grown from $19 to $84,487, a rate of 20.3% compounded annually.* <\/p>\n<p> <span class=\"tickerlinx\"><a href=\"http:\/\/finapps.forbes.com\/finapps\/jsp\/finance\/compinfo\/CIAtAGlance.jsp?tkr=BRK\"><b>Berkshire\u2019s<\/b><\/a><\/span>  (       <a href=\"http:\/\/finapps.forbes.com\/finapps\/jsp\/finance\/compinfo\/CIAtAGlance.jsp?tkr=BRK\">BRK<\/a> &#8211;  <a href=\"http:\/\/search.forbes.com\/search\/CompanyNewsSearch?ticker=BRK\">        news     <\/a> &#8211;     <a href=\"http:\/\/people.forbes.com\/search?ticker=BRK\">        people     <\/a>) recent acquisition of <span class=\"tickerlinx\"><a href=\"http:\/\/finapps.forbes.com\/finapps\/jsp\/finance\/compinfo\/CIAtAGlance.jsp?tkr=BNI\"><b>Burlington Northern Santa Fe<\/b><\/a><\/span>  (       <a href=\"http:\/\/finapps.forbes.com\/finapps\/jsp\/finance\/compinfo\/CIAtAGlance.jsp?tkr=BNI\">BNI<\/a> &#8211;  <a href=\"http:\/\/search.forbes.com\/search\/CompanyNewsSearch?ticker=BNI\">        news     <\/a> &#8211;     <a href=\"http:\/\/people.forbes.com\/search?ticker=BNI\">        people     <\/a>) (BNSF) has added at least 65,000 shareholders to the 500,000 or so already on our books. It\u2019s important to Charlie Munger, my long-time partner, and me that all of our owners understand Berkshire\u2019s operations, goals, limitations and culture. In each annual report, consequently, we restate the economic principles that guide us. This year these principles appear on pages 89-94 and I urge all of you \u2013 but particularly our new shareholders \u2013 to read them. Berkshire has adhered to these principles for decades and will continue to do so long after I\u2019m gone. <\/p>\n<p>In this letter we will also review some of the basics of our business, hoping to provide both a freshman orientation session for our BNSF newcomers and a refresher course for Berkshire veterans.<\/p>\n<p class=\"textBodyBlack\"><a name=\"comments\"><span style=\"font-weight: bold;\">Share Investor Links<\/span><\/a><a name=\"comments\"><\/a><\/p>\n<p><a href=\"http:\/\/www.shareinvestorblog.com\/\">Share Investor Blog<\/a> &#8211; Stockmarket &amp; Business commentary<br \/>Discuss this topic @<a href=\"http:\/\/www.shareinvestorforum.com\/\"> Share Investor Forum<\/a> &#8211; <a href=\"http:\/\/shareinvestorforum.com\/ucp.php?mode=register&amp;sid=450a61250472e03fa25c205c9c1723f1\"><strong>Register<strong><\/strong><\/strong><\/a> free<\/p>\n<p><a href=\"http:\/\/shareinvestorforum.com\/viewtopic.php?f=36&amp;t=140&amp;p=1013#p1013\"><span style=\"font-weight: bold;\">Download the 2009 Warren Buffett Letter &amp; 2009 Annual Report to Berkshire Hathaway Shareholders<\/span><\/a><\/p>\n<p><span style=\"font-weight: bold;\">Recommended Amazon Reading<\/span><\/p>\n<p><script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><\/p>\n<table id=\"searchResults\" cellspacing=\"0\">\n<tbody>\n<tr class=\"clsOdd\">\n<td class=\"tdimage\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0966446127\"><img decoding=\"async\" src=\"http:\/\/ecx.images-amazon.com\/images\/I\/315%2BfrL4YuL._SL75_.jpg\" alt=\"The Essays of Warren Buffett: Lessons for Corporate America, Second Edition\" \/><\/a><\/td>\n<td class=\"tddescription\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0966446127\">The Essays of Warren Buffett: Lessons for Corporate America, Second Edition<\/a> by <span class=\"by\">Warren E. Buffett<\/span><br \/>Buy new:        $25.91       \/ Used from:        $20.00<br \/><span class=\"availability\">Usually ships in 24 hours<\/span><\/td>\n<\/tr>\n<tr class=\"clsEven\">\n<td class=\"tdimage\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0553384619\"><img decoding=\"async\" src=\"http:\/\/ecx.images-amazon.com\/images\/I\/51hlhRX908L._SL75_.jpg\" alt=\"The Snowball: Warren Buffett and the Business of Life\" \/><\/a><\/td>\n<td class=\"tddescription\"><a href=\"http:\/\/astore.amazon.com\/shareinvestorbookstore-20\/detail\/0553384619\">The Snowball: Warren Buffett and the Business of Life<\/a> by <span class=\"by\">Alice Schroeder<\/span><br \/>Buy new:        $13.60       \/ Used from:        $10.34<br \/><span class=\"availability\">Usually ships in 24 hours<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><iframe loading=\"lazy\" border=\"0\" marginheight=\"0\" marginwidth=\"0\" src=\"http:\/\/rcm.amazon.com\/e\/cm?t=sharinve-20&amp;o=1&amp;p=7&amp;l=ez&amp;f=ifr&amp;f=ifr\" style=\"border: medium none ;\" frameborder=\"0\" height=\"40\" scrolling=\"no\" width=\"260\"><\/iframe>              <script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><script type=\"text\/javascript\">var addthis_pub=\"shareinvesto<\/script><br \/><script type=\"text\/javascript\">var addthis_pub=\"shareinves<\/script><span id=\"articleText\"><\/span><script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><\/div>\n<div><script type=\"text\/javascript\">var addthis_pub=\"shareinvestor\";<\/script><br \/><a name=\"data:post.title\" id=\"data:post.url\" onmouseover=\"'return\" onmouseout=\"addthis_close()\" onclick=\"return addthis_sendto()\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/s7.addthis.com\/static\/btn\/lg-share-en.gif\" alt=\"Bookmark and Share\" style=\"border: 0pt none ;\" height=\"16\" width=\"125\" \/><\/a><script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/200\/addthis_widget.js\"><\/script><\/div>\n<p><!-- AddThis Button END --><\/p>\n<div class=\"blogger-post-footer\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1811166043296468\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 60;\ngoogle_ad_format = \"468x60_as\";\ngoogle_ad_type = \"image\";\ngoogle_ad_channel =\"\";\n\/\/--><\/script><br \/>\n<script type=\"text\/javascript\"\n  src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><img width='1' height='1' src='https:\/\/blogger.googleusercontent.com\/tracker\/3087194156628161158-9019448140474726746?l=everythingwarrenbuffett.blogspot.com' alt='' \/><\/div>\n<p><a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/b4fOK2FEM3Zwg21DmiRFJYsgzAQ\/0\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/b4fOK2FEM3Zwg21DmiRFJYsgzAQ\/0\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><br \/>\n<a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/b4fOK2FEM3Zwg21DmiRFJYsgzAQ\/1\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/b4fOK2FEM3Zwg21DmiRFJYsgzAQ\/1\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/EverythingWarrenBuffett?a=YEMkGWSQ3Ls:rNxUD1XdY8Y:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/EverythingWarrenBuffett?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/EverythingWarrenBuffett\/~4\/YEMkGWSQ3Ls\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>02.27.10, 08:50 AM EST The following is an excerpt from Chairman Warren E. Buffett&#8216;s annual letter to Berkshire Hathaway shareholders. Our gain in net worth during 2009 was $21.8 billion, which increased the per-share book value of both our Class A and Class B stock by 19.8%. Over the last 45 years (that is, since [&hellip;]<\/p>\n","protected":false},"author":833,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-370320","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/370320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/833"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=370320"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/370320\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=370320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=370320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=370320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}