{"id":2492,"date":"2018-03-15T02:25:51","date_gmt":"2018-03-15T02:25:51","guid":{"rendered":"http:\/\/asadkarim.co.uk\/?p=2492"},"modified":"2018-03-01T12:27:05","modified_gmt":"2018-03-01T12:27:05","slug":"a-work-of-art-berkshire-hathaway-letter","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=2492","title":{"rendered":"A work of art: Berkshire Hathaway Letter:"},"content":{"rendered":"<p><a href=\"http:\/\/www.berkshirehathaway.com\/letters\/2017ltr.pdf\" target=\"_blank\">http:\/\/www.berkshirehathaway.com\/letters\/2017ltr.pdf<\/a><\/p>\n<p>The investment company of Warren Buffett<\/p>\n<p>&#8220;<b><\/b><\/p>\n<p align=\"LEFT\">To the Shareholders of Berkshire Hathaway Inc.:<\/p>\n<p align=\"LEFT\">Berkshire\u2019s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of<\/p>\n<p align=\"LEFT\">both our Class A and Class B stock by 23%. Over the last 53 years (that is, since present management took over), pershare<\/p>\n<p align=\"LEFT\">book value has grown from $19 to $211,750, a rate of 19.1% compounded annually.*<\/p>\n<p align=\"LEFT\">The format of that opening paragraph has been standard for 30 years. But 2017 was far from standard: A<\/p>\n<p align=\"LEFT\"><span style=\"font-family: TimesNewRomanPS; font-size: small;\"><span style=\"font-family: TimesNewRomanPS; font-size: small;\">large portion of our gain did <\/span><\/span><i><span style=\"font-family: TimesNewRomanPS-Italic; font-size: small;\"><span style=\"font-family: TimesNewRomanPS-Italic; font-size: small;\">not <\/span><\/span><\/i><span style=\"font-family: TimesNewRomanPS; font-size: small;\"><span style=\"font-family: TimesNewRomanPS; font-size: small;\">come from anything we accomplished at Berkshire.<\/span><\/span><\/p>\n<p align=\"LEFT\">The $65 billion gain is nonetheless real \u2013 rest assured of that. But only $36 billion came from Berkshire\u2019s<\/p>\n<p align=\"LEFT\">operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.<\/p>\n<p>(Details of Berkshire\u2019s tax-related gain appear on page K-32 and pages K-89 \u2013 K-90.)<\/p>\n<p>&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>http:\/\/www.berkshirehathaway.com\/letters\/2017ltr.pdf The investment company of Warren Buffett &#8220; To the Shareholders of Berkshire Hathaway Inc.: Berkshire\u2019s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%. Over the last 53 years (that is, since present management took over), pershare [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2492","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2492"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2492\/revisions"}],"predecessor-version":[{"id":2493,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2492\/revisions\/2493"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}