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Non-Tech : Berkshire Hathaway Class B -- Ignore unavailable to you. Want to Upgrade?

To: jhg_in_kc who wrote (649)	3/10/1999 12:44:00 PM
From: Richard Forsythe	Read Replies (1) \| Respond to of 1652

Well the Saturday report is Berkshire's letter to shareholders. Their web site contains this piece from previous years. It contains lots of info that is not available elsewhere, including commentary on the various acquisitions etc. Well worth reading the last 2 or 3 years' letter to shareholders. The release yesterday contains only the very basic info. For example, if BRK bought bonds 5 years ago and sold them in Dec 98, the entire gain would show up as earnings in the 1998 fiscal year, even though the return would be spread over 5 years from an investment perspective. Therefore the headline earnings number (especially from investment sales) isn't particularly interesting. The earnings number from the wholly owned businesses wasn't spectacular, which is perhaps why the stock dropped a little. Of course, the GEICO policy-in-force number was good--at 20+% growth from last year. Anyway, the meaty stuff will be in Saturday's release... Richard

To: jhg_in_kc who wrote (649)	3/10/1999 3:59:00 PM
From: Leroyt	Read Replies (1) \| Respond to of 1652

The earnings are largely from capital gains (assuming from stock sales) which only means stock has been sold. Doesn't necessarily change the value of the company. Earnings from operations are up but not that much. Accordingly stock price is up but NOT profoundly. Nevertheless, I DO consider the overall company with the addition of Gen Re, VERY much undervalued. Hopefully, the year end report will allow up to evaluate the company including Gen RE. later, leroyt