Buffett’s growth in his own wealth exemplifies the power of compounding. Buffett only invests $100 in each of his 7 partnerships, but reinvests all of his performance fees: he launches Buffett Associates with $105,100 in May 1956, Buffett Fund with $120,100 in September 1956, Emdee with $55,100 in October 1956, Underwood with $85,100 in June 1957, Dacee with $100,100 in August 1957, Mo-Buff with $70,100 in May 1958, and Glenoff with $50,100 in Feb 1959. He merges all partnerships with Buffett Partnership in 1962, and by the time he decides to divest the partnership in 1969, his investments become $25 million.
Buffett’s wealth continues to grow exponentially during his time as Chairman of Berkshire Hathaway. Berkshire Hathaway shares and book value per-share grow around +1,598,284% and +798,981% respectively from September 1965 to December 31, 2015, while S&P 500 grows by +11,355% from September 1965 to December 31, 2015. The returns from the BRK-A share is annualized at +21.6% during the period while the S&P 500 is annualized at +9.9%. Warren Buffet's net worth as of Q3 '14 stands at more than $65 billion.
*As shown in Buffett Partnership letter, January 1969
**As shown in 2015 BRK Annual Shareholder Letter
Charts
Buffett’s 7 Partnerships |
||
---|---|---|
Partnership | Capital Invested (at inception) | Date Established |
Buffett Associates | $105,100 | 5/1/1956 |
Buffett Fund | $120,100 | 9/1/1956 |
Emdee | $55,100 | 10/1/1956 |
Underwood | $85,100 | 6/1/1957 |
Dacee | $100,100 | 8/5/1957 |
Mo-Buff | $70,100 | 5/1/1958 |
Glenoff | $50,100 | 2/1/1959 |
Source: A Look at Buffett’s Original 7 Partnerships |
Partnership Returns vs Indices |
|||
---|---|---|---|
Year | DOW (1) | Partnership (2) | LPs’ Return (3) |
1957 | -8.4% | 10.4% | 9.3% |
1958 | 38.5% | 40.9% | 32.2% |
1959 | 20.0% | 25.9% | 20.9% |
1960 | -6.2% | 22.8% | 18.6% |
1961 | 22.4% | 45.9% | 35.9% |
1962 | -7.6% | 13.9% | 11.9% |
1963 | 20.6% | 38.7% | 30.5% |
1964 | 18.7% | 27.8% | 22.3% |
1965 | 14.2% | 47.2% | 36.9% |
1966 | 15.6% | 20.4% | 16.8% |
1967 | 19.0% | 35.9% | 28.4% |
1968 | 7.7% | 58.8% | 45.6% |
Annualized Return | 9.1% | 31.6% | 25.3% |
(1) Based on yearly changes in the value of the Dow plus dividends. (2) Returns for 1957-61 consists of combined results of all partnerships. Gross return, before distributions to LPs and the GP. (3) Returns for 1957-61 consists of combined results of all partnerships. Net return, after allocation to the GP, but before monthly withdrawals by LPs. Source: Buffett Partnership letter, January 1969 |
Investments Made During 2008 – 2011 (in $ billions) |
||
---|---|---|
Company | Amount (in $ billions) | Date |
Mars/Wrigley | $6.5 | Oct-08 |
Goldman Sachs | 5 | Sep-08 |
Bank of America | 5 | Aug-11 |
General Electric | 3 | Oct-08 |
Dow Chemical | 3 | Apr-09 |
Swiss Re | 2.8 | Feb-09 |
Other | 1.5 | – |
Total | 26.8 |
Berkshire Hathaway Insurance Float |
|
---|---|
Year | Float (in $ millions) |
1970 | $39 |
1980 | 237 |
1990 | 1,632 |
2000 | 27,871 |
2010 | 65,832 |
2014 | 83,921 |
Annualized Growth | 19.05% |
Source: Berkshire Hathaway 2014 Letter |
Berkshire Hathaway Performance 1965-2015 |
||||
---|---|---|---|---|
Annual Percentage Change | ||||
Year | in Per-Share Book Value of Berkshire | in Per-Share Market Value of Berkshire | in S&P with Dividends | |
1965 | 23.8% | 49.5% | 10.0% | |
1966 | 20.3% | -3.4% | -11.7% | |
1967 | 11% | 13.3% | 30.9% | |
1968 | 19% | 77.8% | 11.0% | |
1969 | 16.2% | 19.4% | -8.4% | |
1970 | 12% | -4.6% | 3.9% | |
1971 | 16.4% | 80.5% | 14.6% | |
1972 | 21.7% | 8.1% | 18.9% | |
1973 | 4.7% | -2.5% | -14.8% | |
1974 | 5.5% | -48.7% | -26.4% | |
1975 | 21.9% | 2.5% | 37.2% | |
1976 | 59.3% | 129.3% | 23.6% | |
1977 | 31.9% | 46.8% | -7.4% | |
1978 | 24% | 14.5% | 6.4% | |
1979 | 35.7% | 102.5% | 18.2% | |
1980 | 19.3% | 32.8% | 32.3% | |
1981 | 31.4% | 31.8% | -5.0% | |
1982 | 40% | 38.4% | 21.4% | |
1983 | 32.3% | 69.0% | 22.4% | |
1984 | 13.6% | -2.7% | 6.1% | |
1985 | 48.2% | 93.7% | 31.6% | |
1986 | 26.1% | 14.2% | 18.6% | |
1987 | 19.5% | 4.6% | 5.1% | |
1988 | 20.1% | 59.3% | 16.6% | |
1989 | 44.4% | 84.6% | 31.7% | |
1990 | 7.4% | -23.1% | -3.1% | |
1991 | 39.6% | 35.6% | 30.5% | |
1992 | 20.3% | 29.8% | 7.6% | |
1993 | 14.3% | 38.9% | 10.1% | |
1994 | 13.9% | 25.0% | 1.3% | |
1995 | 43.1% | 57.4% | 37.6% | |
1996 | 31.8% | 6.2% | 23.0% | |
1997 | 34.1% | 34.9% | 33.4% | |
1998 | 48.3% | 52.2% | 28.6% | |
1999 | 0.5% | -19.9% | 21.0% | |
2000 | 6.5% | 26.6% | -9.1% | |
2001 | -6.2% | 6.5% | -11.9% | |
2002 | 10% | -3.8% | -22.1% | |
2003 | 21% | 15.8% | 28.7% | |
2004 | 10.5% | 4.3% | 10.9% | |
2005 | 6.4% | 0.8% | 4.9% | |
2006 | 18.4% | 24.1% | 15.8% | |
2007 | 11% | 28.7% | 5.5% | |
2008 | -9.6% | -31.8% | -37.0% | |
2009 | 19.8% | 2.7% | 26.5% | |
2010 | 13% | 21.4% | 15.10% | |
2011 | 4.6% | -4.7% | 2.1% | |
2012 | 14.4% | 16.8% | 16.0% | |
2013 | 18.2% | 32.7% | 32.4% | |
2014 | 8.3% | 27.0% | 13.7% | |
2015 | 6.4% | -12.5% | 1.4% | |
Compounded Annual Gain | 19.2% | 20.8% | 9.7% | |
Overall Gain | 798,981% | 1598,284% | 11,355% | |
1. S&P numbers are pre-tax, whereas book value per-share numbers are after-tax. | ||||
Source: Berkshire Hathaway 2015 Letter |
Warren Buffett's Potential Successors
"Well, the candidates are all internal. And I’ve said that they’re male at the present time, although that would not necessarily be the situation, in the future." (Interview with Fox Business Network)
Greg Abel - Berkshire Hathaway Energy
Abel worked closely with David Sokol for years for Berskhire Hathaway Energy (previously known as MidAmerican Energy Holdings Company). Sokol's resignation due to a controversial insider trading incident put Abel in the test, and he excelled. Bloomberg Business claims, "While Jain has been seen as a likely successor for years and Rose runs the largest single unit at Berkshire, Abel is a sleeper who’s seen as a rising star, and whose career speaks to a broader transition under way at the company." (Bloomberg)
Greg Abel: The Next Oracle of Omaha? (Bloomberg)December 9, 2011 Munger Praises Jain and Abel, Stoking Speculation About Warren Buffett's Successor (Bloomberg)May 3, 2014Howard Buffett
Howard Buffett is the middle son of Warren Buffett. Warren Buffett wants Howard Buffett to become the "guardian" of Berkshire Hathaway's culture as a non-executive chairman.
Warren Buffett's Interview on Howard Buffett (CBSNews) December 9, 2011 Todd Combs - Investment Manager
Hired in 2010, Todd Combs (born in 1971) is considered one of the youngest potential successors of Warren Buffett. Before joining Berkshire, Combs ran a $400 million hedge fund in Greenwich and reportedly beat the S&P 500 three years in a row.
Todd Combs: Has Warren Buffett Found His Heir? (The Week)October 28, 2010 Ajit Jain - Berkshire Hathaway's Reinsurance Businesses
Hired in 1985, Ajit Jain is an Indian born employee of Berkshire Hathaway who currently heads reinsurance businesses with float of $37 billion according to 2014 shareholder letter. Buffett also called his mind an "idea factory," praising his business acumen and the success of the reinsurance business.
Ajit Jain: Would He inherit Warren Buffett's Mantle? (South Asia Mail)Tony Nicely - GEICO
Buffett wrote in his 2013 shareholder letter, "When I count my blessings, I count GEICO twice." Tony Nicely joined GEICO as a college student in 1961 as a clerk and has served as chairman, president, and CEO of GEICO since 1993. As his years at GEICO tell, he is now over 70 years old, which makes him less likely to be the successor of Warren Buffett.
Even if Warren Buffett's Successor Isn't Known, Geico's Might Be (Omaha.com)July 7, 2013Matt Rose - Burlington Northern Santa Fe
Matt Rose led BNSF as CEO as it was acquired by Berkshire Hathaway, and now he is the Executive Chairman of BNSF. Buffett praised Rose in a letter to shareholders saying that "it [BNSF] has the additional virtue of being run by Matt Rose, whom we trust and admire." Considering that this was the largest acquisition by Berkshire Hathaway, speculators believe that Buffett regarded Rose's leadership in BNSF very highly, thus putting Matt Rose in a possible Berkshire CEO-successor category.
Will Matt Rose Succeed Warren Buffett at Berkshire Hathaway? (RailwayAge)May 8, 2013Ted Weschler - Investment Manager
Hired in 2011, Ted Weschler famously bid $2.6 million for charity lunches with Buffett twice. Weschler formerly ran a $4 billion (at peak) hedge fund in Charlottesville, VA and currently oversees another portfolio that is similar in size to Todd Combs'.
Ted Weschler: The Next Warren Buffett? (Bloomberg Businessweek) October 25, 2012 Buffett's Stock Pickers are Beating the Market (Forturne) October 14, 2014 The Giving Pledge
The Giving Pledge is a campaign to encourage the wealthiest people in the world to make a commitment to giving most of their wealth to philanthropic causes. The campaign specifically focuses on billionaires and was made public in 2010 by Warren Buffett and Bill Gates.
“Were we to use more than 1% of my claim checks (Berkshire Hathaway stock certificates) on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others.” (Givingpledge.org)Buffett’s Associates
Daniel B. Burke - Capital Cities/ABC
With Capital Cities Chairman Tom Murphy, Daniel B. Burke spearheaded the $3.5 billion acquisition of ABC. Burke became president of ABC following the merger, running daily operations of the television network until his retirement in 1994. (Wiki)
WiKi: Daniel Burke Warren Buffett: How A Rowboat Beat An Ocean Liner (SmartCompany) February 24, 2013 Tracy Britt Cool - Benjamin Moore, Johns Manville, Larson-Juhl and Oriental Trading
Tracy Britt Cool joined Berkshire Hathaway in 2009 after graduating from Harvard Business School at the age of 25. She quickly won over the trust of Buffett, who believes, "She thinks like I would." Cool is now a chairman of Berkshire Hathaway's subsidiaries, closely working with companies that need "help".
The Education of Warren Buffett’s protégé (Fortune) October 30, 2014 Meet Warren Buffett's Top Troubleshooter: Tracy Britt Cool (Bloomberg) January 23, 2014 John Byrne - GEICO, White Mountains Insurance Group and Fireman's Fund
John Byrne is an insurance industry executive who was CEO of GEICO, White Mountains Insurance Group and Fireman's Fund. He also served as chairman of Overstock.com. He led GEICO’s turnaround and attracted the attention of investor Warren Buffett. Buffett has called Byrne the "Babe Ruth of insurance." (Wiki)
WiKi: John Byrne David Dodd - Columbia University, Professional Investor
David Dodd was a close colleague of Benjamin Graham. Graham agreed to teach with the stipulation that someone take notes. Dodd, then a young instructor at Columbia, volunteered. Those transcriptions served as the basis for a 1934 book Security Analysis, which galvanized the concept of value investing. (Wiki)
WiKi: David Dodd David Dodd, 93, Dies; Professor of Business (Nytimes) September 20, 1988 Philip Fisher - Common Stocks and Uncommon Profits, American Investor
Philip Fisher founded Fisher & Co. in 1931. Although he began some fifty years before the name Silicon Valley became known, he specialized in innovative companies driven by research and development. He was not well-known to the public until he published his first book in 1958. Morningstar has called him "one of the great investors of all time." In his book "Common Stocks and Uncommon Profits," Fisher said that the best time to sell a stock was "almost never." Perhaps the best-known of Fisher's followers is Warren Buffett, who has said on some occasions that "he is 85% Graham and 15% Fisher". (Wiki)
WiKi: Philip Arthur Fisher Philip A. Fisher, 1907-2004 (Forbes) April 26, 2004 Bill Gates - Microsoft
In 2004, Bill Gates became a director of Berkshire Hathaway. Gates and his wife invited Joan Salwen to Seattle to speak about her family's charitable giving, and on December 9, 2010, Gates, investor Warren Buffett, and Facebook founder and CEO Mark Zuckerberg signed a commitment they called the "Gates-Buffet Giving Pledge." The pledge is a commitment by all three to donate at least half of their wealth over the course of time to charity. (Wiki)
WiKi: Bill Gates 3 Things Bill Gates Has Learned From Warren Buffett (CheatSheet) June 16, 2013 Benjamin Graham - Columbia University, Value Investor
Benjamin Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book: Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss. Among others, Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. (Wiki)
WiKi: Benjamin Graham Warren Buffett on Ben Graham (Youtube) September 29, 2009 Tom Knapp - TBK (Tweedy, Browne and Knapp)
It was through Benjamin Graham that the original partners of Tweedy, Brown Company developed brokerage relationships with investment legends Walter Schloss and Warren Buffett and met Tom Knapp, who joined the firm in 1957 from Graham-Newman and led its conversion from broker to investor. (Wiki)
Wiki: The Superinvestors of Graham and Dodsville About Tweedy, Browne (Tweedy, Browne) October 7, 2014 Jorge Paulo Lemann - Swiss-Brazilian Banker, 3G Capital
Jorge Paulo Lemann is a Swiss-Brazilian banker and the richest man in Brazil. Lemann is among the backers of 3G Capital. In September 2010, 3G launched a $4 billion bid, at a 45% premium over market, for all the stock of Burger King. Together with Berkshire Hathaway, 3G Capital acquired H. J. Heinz Company for $28 billion in 2013. Lemann and Buffett met when they served on the board of Gillette. (Wiki)
WiKi: Jorge Paulo Lemann Buffett: 'Lemann Is My Professor.' Brazil's Richest Owns Burger King, Budweiser, Heinz, and More (Forbes) March 7, 2013Marmon Group
Founded in 1953 by Jay and Robert Pritzker, Marmon has gradually acquired multiple companies that produce electrical components, industrial components, and transportation equipment. In 2007, Berkshire Hathaway bought a 60% stake in Marmon, and acquired the remaining 40% over the next five years.
Marmon Group (Wiki) Berkshire to Pay $4.5Billion for Pritzkers’ Marmon (Bloomberg) December 26, 2007 William Ruane - Ruane Cunniff, Sequoia Fund
William Ruane met Warren Buffett at an investment seminar with value investing guru Benjamin Graham, and he and Buffett became lifelong friends. Buffett advised his investors to invest with Ruane after he had closed out his initial partnership as they both employed Graham's value investing techniques. Ruane founded his own investment firm, Ruane Cunniff, with partner Rick Cunniff in 1970, and in the same year they launched their flagship Sequoia Fund. Ruane's firm was renamed Ruane, Cunniff, and Goldfarb in 2004, when Robert Goldfarb became president. (Wiki)
WiKi: William Ruane Sequoia Fund Manager, Philanthropist William J. Ruane (Washingtonpost) October 6, 2005 Walter Schloss - Value Investor
Walter Schloss did not attend college and was initially hired at the age of 18 as a runner on Wall Street in 1934. Schloss took investment courses taught by Benjamin Graham at the New York Stock Exchange Institute. One of his classmates was Gus Levy, the future chairman of Goldman Sachs. He eventually went to work for Graham in the Graham-Newman Partnership. (Wiki)
WiKi:Walther Schloss Walter Schloss, ‘Superinvestor’ Who Earned Praise From Buffett, Dies at 95 (Bloomberg) February 20, 2012 Joseph Steinberg and Ian Cumming - Leucadia
Joseph Steinberg and Ian Cumming are the founders of Leucadia National Corporation. The firm's largest current investments include Jefferies and Fortescue Metals Group. The company was initially called a “baby Berkshire Hathaway” for their engagement in investments and operations. Leucadia and Berkshire Hathaway have a joint venture called Berkadia, a servicer of commercial mortgages. (Wiki)
WiKi: Leucadia National With Jefferies Deal, ' Baby Berkshire' Deviates From Buffett (DealBook) November 12, 2012 Alice Schroeder - Author, Columnist, Morgan Stanley and Prudential
Alice Schroeder is an American author, columnist, former senior adviser to Morgan Stanley, and former Wall Street insurance analyst who now serves as an independent board member for Prudential plc. In October 2008, she published "The Snowball: Warren Buffett and the Business of Life," which debuted as a New York Times bestseller. Schroeder met Warren Buffett in 1998 when Berkshire Hathaway acquired General Re, a stock she covered as an analyst. (Wiki)
WiKi: Alice Schroder The SNOWBALL Warren Buffett and the Business of Life (randomhouse) September 29, 2008 Meryl Witmer - Eagle Capital Partners, Berkshire Hathaway
Meryl Witmer is a general partner at Eagle Capital Partners. On March 7, 2013, Witmer was appointed as Director of Berkshire Hathaway. (Wiki)
Meryl B. Witmer Bio (BusinessWeek) Buffett Adds Eagle Capital's Witmer to Board of Directors (Bloomberg) March 8, 2013Money Managers Who Have Won Buffett's Trust
Greg Alexander - Ruane, Cunniff & Goldfarb
Greg Alexander started working for Sequoia Fund in 1985. Buffett once advised his investors to invest with William Ruane as he closed out his partnerships. Ruane has praised Greg Alexander for his work during his time, and Buffett also seems to trust Alexander's investment acumen. However, we were not able to find too much information about Greg Alexander.
Ruane, Cunniff & Goldfarb Investor Day May 2011 (Gurufocus) September 15, 2011 Mark Byrne - Flagstone Capital Management (Formerly Known as West End Capital)
Buffett first invested in West End Capital Management in 1998, when Mark Byrne was starting up a fixed income fund. West End Capital is now called Flagstone Capital Management, a wholly-owned subsidiary of Flagstone Reinsurance Holdings where Mark Byrne serves as executive chairman.
Mark Byrne Profile (Forbes)Hedge Fund Firm Diversifying Clientele (Nytimes) July 2, 2003 Interview with David Brown, Chief Executive and Partner of Mark Byrne (Twst) October 15, 2007 Seth Klarman - Baupost
Seth Klarman manages a $25 billion fund in Boston and has long been followed by large number of "value investors."
Buffett Anounces His Three Favorite Investors (Valuewalk) June 30, 2014 The Oracle of Boston (The Economist) July 7, 2012 Li Lu - Himalaya Capital Management
Li Lu was born and raised in Tanshan, China. From 1998 to 2004, Lu managed both a hedge fund and a venture capital fund. In late 2004, he transformed the hedge fund into a long-only investment vehicle, LL Investment Partners, LP, which is currently focused on global investment opportunities. Charlie Munger is an investor of his fund and a “mentor and good friend” (in Lu’s own words). Lu has been known as the man who introduced the Chinese battery and auto maker BYD Company to Charlie Munger and Warren Buffett. (Wiki)
WiKi: Li Lu Li Lu’s 2010 Lecture at Columbia (Street Capitalist) January 31, 2011 From Tiananmen Square to Possible Buffett Successor (WSJ) July 30, 2010 Li Lu Sharing His Value Investing Insights (Facebook) August 2, 2010 Byron Trott - BDT Capital Partners
Byron Trott advised many of the wealthiest families and closely held companies in deals such as the $23 billion Mars-Wrigley combination, the Pritzker’s $4.5 billion sale of Marmon Holdings to Berkshire Hathaway, and the $5 billion capital infusion from Berkshire Hathaway into Goldman Sachs in September 2008 during the financial crisis. (Wiki) Buffett reportedly invested small amount of capital.
WiKi: Byron Trott Byron Trott of BDT Capital Partners Taps His Power Network (Washingtonpost) September 6, 2014 Power Network Draws Rich Families to Chicago Banker Byron Trott (Bloomberg) August 8, 2014 Goldman's Trott to Start Firm, With Backing From Buffett (WSJ) March 31, 2009 Vanguard Index Fund
Buffett advised his trustee to "put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund (I suggest Vanguard's)."
Investors Pour Into Vanguard, Eschewing Stock Pickers (WSJ) August 20, 2014
Buffett’s 7 Partnerships |
||
---|---|---|
Partnership | Capital Invested (at inception) | Date Established |
Buffett Associates | $105,100 | 5/1/1956 |
Buffett Fund | $120,100 | 9/1/1956 |
Emdee | $55,100 | 10/1/1956 |
Underwood | $85,100 | 6/1/1957 |
Dacee | $100,100 | 8/5/1957 |
Mo-Buff | $70,100 | 5/1/1958 |
Glenoff | $50,100 | 2/1/1959 |
Source: A Look at Buffett’s Original 7 Partnerships |
Partnership Returns vs Indices |
|||
---|---|---|---|
Year | DOW (1) | Partnership (2) | LPs’ Return (3) |
1957 | -8.4% | 10.4% | 9.3% |
1958 | 38.5% | 40.9% | 32.2% |
1959 | 20.0% | 25.9% | 20.9% |
1960 | -6.2% | 22.8% | 18.6% |
1961 | 22.4% | 45.9% | 35.9% |
1962 | -7.6% | 13.9% | 11.9% |
1963 | 20.6% | 38.7% | 30.5% |
1964 | 18.7% | 27.8% | 22.3% |
1965 | 14.2% | 47.2% | 36.9% |
1966 | 15.6% | 20.4% | 16.8% |
1967 | 19.0% | 35.9% | 28.4% |
1968 | 7.7% | 58.8% | 45.6% |
Annualized Return | 9.1% | 31.6% | 25.3% |
(1) Based on yearly changes in the value of the Dow plus dividends. (2) Returns for 1957-61 consists of combined results of all partnerships. Gross return, before distributions to LPs and the GP. (3) Returns for 1957-61 consists of combined results of all partnerships. Net return, after allocation to the GP, but before monthly withdrawals by LPs. Source: Buffett Partnership letter, January 1969 |
Investments Made During 2008 – 2011 (in $ billions) |
||
---|---|---|
Company | Amount (in $ billions) | Date |
Mars/Wrigley | $6.5 | Oct-08 |
Goldman Sachs | 5 | Sep-08 |
Bank of America | 5 | Aug-11 |
General Electric | 3 | Oct-08 |
Dow Chemical | 3 | Apr-09 |
Swiss Re | 2.8 | Feb-09 |
Other | 1.5 | – |
Total | 26.8 |
Berkshire Hathaway Insurance Float |
|
---|---|
Year | Float (in $ millions) |
1970 | $39 |
1980 | 237 |
1990 | 1,632 |
2000 | 27,871 |
2010 | 65,832 |
2014 | 83,921 |
Annualized Growth | 19.05% |
Source: Berkshire Hathaway 2014 Letter |
Berkshire Hathaway Performance 1965-2015 |
||||
---|---|---|---|---|
Annual Percentage Change | ||||
Year | in Per-Share Book Value of Berkshire | in Per-Share Market Value of Berkshire | in S&P with Dividends | |
1965 | 23.8% | 49.5% | 10.0% | |
1966 | 20.3% | -3.4% | -11.7% | |
1967 | 11% | 13.3% | 30.9% | |
1968 | 19% | 77.8% | 11.0% | |
1969 | 16.2% | 19.4% | -8.4% | |
1970 | 12% | -4.6% | 3.9% | |
1971 | 16.4% | 80.5% | 14.6% | |
1972 | 21.7% | 8.1% | 18.9% | |
1973 | 4.7% | -2.5% | -14.8% | |
1974 | 5.5% | -48.7% | -26.4% | |
1975 | 21.9% | 2.5% | 37.2% | |
1976 | 59.3% | 129.3% | 23.6% | |
1977 | 31.9% | 46.8% | -7.4% | |
1978 | 24% | 14.5% | 6.4% | |
1979 | 35.7% | 102.5% | 18.2% | |
1980 | 19.3% | 32.8% | 32.3% | |
1981 | 31.4% | 31.8% | -5.0% | |
1982 | 40% | 38.4% | 21.4% | |
1983 | 32.3% | 69.0% | 22.4% | |
1984 | 13.6% | -2.7% | 6.1% | |
1985 | 48.2% | 93.7% | 31.6% | |
1986 | 26.1% | 14.2% | 18.6% | |
1987 | 19.5% | 4.6% | 5.1% | |
1988 | 20.1% | 59.3% | 16.6% | |
1989 | 44.4% | 84.6% | 31.7% | |
1990 | 7.4% | -23.1% | -3.1% | |
1991 | 39.6% | 35.6% | 30.5% | |
1992 | 20.3% | 29.8% | 7.6% | |
1993 | 14.3% | 38.9% | 10.1% | |
1994 | 13.9% | 25.0% | 1.3% | |
1995 | 43.1% | 57.4% | 37.6% | |
1996 | 31.8% | 6.2% | 23.0% | |
1997 | 34.1% | 34.9% | 33.4% | |
1998 | 48.3% | 52.2% | 28.6% | |
1999 | 0.5% | -19.9% | 21.0% | |
2000 | 6.5% | 26.6% | -9.1% | |
2001 | -6.2% | 6.5% | -11.9% | |
2002 | 10% | -3.8% | -22.1% | |
2003 | 21% | 15.8% | 28.7% | |
2004 | 10.5% | 4.3% | 10.9% | |
2005 | 6.4% | 0.8% | 4.9% | |
2006 | 18.4% | 24.1% | 15.8% | |
2007 | 11% | 28.7% | 5.5% | |
2008 | -9.6% | -31.8% | -37.0% | |
2009 | 19.8% | 2.7% | 26.5% | |
2010 | 13% | 21.4% | 15.10% | |
2011 | 4.6% | -4.7% | 2.1% | |
2012 | 14.4% | 16.8% | 16.0% | |
2013 | 18.2% | 32.7% | 32.4% | |
2014 | 8.3% | 27.0% | 13.7% | |
2015 | 6.4% | -12.5% | 1.4% | |
Compounded Annual Gain | 19.2% | 20.8% | 9.7% | |
Overall Gain | 798,981% | 1598,284% | 11,355% | |
1. S&P numbers are pre-tax, whereas book value per-share numbers are after-tax. | ||||
Source: Berkshire Hathaway 2015 Letter |