Berkshire Hathaway Inc (Editing Sample)

BERKSHIRE HATHAWAY INC.
To the Shareholders of Berkshire Hathaway Inc.:
Our gain in net worth during 2009 was $21.8 billion, increasing the per-share book value of Class A and B stock by 19.8%. It’s vital that all our owners understand our operations, goals, limitations and culture. In each annual report, we restate the economic principles that guide us.
How We Measure Ourselves
By selecting S&P 500 as our bogey, our shareholders, can match its performance by holding an index fund. The standard for measuring our yearly progress is using the crude proxy forit: per-share book value.
What We Don’t Do
Charlie and I avoid businesses whose futures we can’t evaluate. We also will never become dependent on the kindness of strangers. Thirdly, we will never allow Berkshire to become some monolith. And lastly we make no attempt to woo Wall Street.
Insurance
Our property-casualty insurance business has been the engine behind Berkshire’s growth and will continue to be. Berkshire has the best large insurance operation in the world.
Regulated Utility Business
Berkshire has an 89.5% interest in MidAmerican Energy Holdings, which owns a wide variety of utility operations.
Manufacturing, Service and Retailing Operations
Our activities in this part of Berkshire cover the waterfront.
Almost all of the many and widely-diverse operations in this sector suffered from 2009’s severe recession with McLane being the major exception.
Finance and Financial Products
Our largest operation in this sector is Clayton Homes, the country’s leading producer of modular and manufactured homes. Clayton’s homes offer terrific value. We continue to use Berkshire’s credit to support Clayton’s mortgage program. At the end of 2009, we became a 50% owner of Berkadia Commerc...