Letters from Warren E. Buffett Regarding Pledges to Make Gifts of Berkshire Stock; Common Stock Information

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For shareholders and others who are interested, a book that compiles the full unedited versions of each of Warren Buffett’s letters to shareholders between 1965 and 2014 is available for sale at this link.

A Message From Warren E. Buffett, CEO of Berkshire Hathaway Inc. Dear Reader, You probably know that I don't make stock recommendations. However, I have two thoughts regarding your personal expenditures that can save you real money. I'm suggesting that you call on the services of two subsidiaries of Berkshire: GEICO and Borsheim's.

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To the Shareholders of Berkshire Hathaway Inc.: Our per-share book value increased 20.3% during 1992. Over the last 28 years (that is, since present management took over) book value has grown from $19 to $7,745, or at a rate of 23.6% compounded annually.

Warren Heldman, Bob’s father, became involved in the business in 1941 and his sons, Bob and George (now President), along with their sons, subsequently joined the company. Under the Heldmans’ management, the business was highly successful.

Berkshire and its subsidiaries by Warren E. Buffett, in consultation with Charles T. Munger. Mr. Buffett is Chairman and Mr. Munger is Vice Chairman of Berkshire’s Board of Directors.

To the Shareholders of Berkshire Hathaway Inc.: Our decrease in net worth during 2008 was $11.5 billion, which reduced the per-share book value of both our Class A and Class B stock by 9.6%.

Nevertheless, Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add