1. Berkshire Hathaway

2. Early Partnerships These lasted from 1959 to 1969 The average return for the partners in these funds was 25.3% and his return was 31.6% annualized

3. A Different Style: One Example Sanborn Map Had $65 a share in investments (Bonds, Etc.) Was selling at $45 A profitable map making business essentially being valued at -$20 a share? Took a board seat and paid a dividend of the investments and then left the map company behind to continue as it always had!

4. Berkshire Undervalued? Buffett has hinted he may consider buying back shares Some professional investors say it is worth $5000+ for the B shares What do you think?

5. A Brief Valuation Earned approximately $5,600 per share before taxes in 2008 Reasonable Multiple :12 Value of Berkshire’s operating businesses: $67,200 Investment Value as of Dec. 2007: $90,343 Total Value: $157,543 per share This is a bit dated but it could be applied today with new numbers Annual report will be out soon! This valuation is from an August 2008 Kiplinger’s Mag.