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BerkshireHathawayWEB04192010

BerkshireHathawayWEB04192010

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Last 119,135 52 Week High 125,252

Change 735 52 Week Low 83,957
% Change 0.621 1 Year Total Return(%) 33.03
Open 116,410 3 Years Total Return(%) 8.23
High 119,357
Low 116,410 Common Primary Shares (mil) 1
Volume 588 Market Cap Consolidated (mil) 194,791
Currency USD
Valuation Range (mil)
217,000
to
230,000
Berkshire Hathaway Inc.
(BRK-A)
Class A $ 119,135
Market Capitalization 196,324,000,000
Reasonably Valued 217,000,000,000
April 2009 (LAST YEAR)
Last year Berkshire Hathaway sold for
what I believed was a clearly
undervalued, $135.9 billion. My
assessment at that time was that
Berkshire Hathaway was worth, at
minimum, $160 billion, but could
reasonably command $172 billion.

April 2009 market value:
$135,946,000,000!
!
April 20009 estimated business value
range:!
$160,000,000,000 - $172,000,000,000
April 2010 (CURRENT)
At the time of this writing, Berkshire
Hathaway sells for $200,000,000,000.
Though Mr. Market was way off last year,
Berkshire currently sells right around
where it should.
Current Business
(Intrinsic) Value Estimate
$217,000,000,000
! ! ! ! to
$230,000,000,000
Last year I discussed Berkshire Hathaway’s valuation at
length. Let’s continue the tradition with an update.
Matt pauls
PO Box 523714, 6200 Rolling Road
Springfield, Virginia 22152
matt@mattpauls.com
(703) 659-9391
©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
April 19, 2010
Major Shareholders....................................................... 1
Debt Maturity Profile.................................................... 1
Major Subsidiaries......................................................... 2
Berkshire Hathaway, Inc. Tearsheet............................... 3
Annual Financials Statements........................................ 4
Balance Sheet 4
Statement of Income 5
Statement of Cash Flows 6
Annual Financial Ratios 7
Limitations of Consolidated Financial Statements 8
Overview........................................................................ 9
Derivatives in More Detail 10
Itemized Derivatives Contracts 11
Operating Units.............................................................. 12
Insurance 13
Total Investments 14
Other Investments 15
Float 18
Equities 19
Value of Insurance Operations 20
Non-Insurance Business 21
Burlington Northern Santa Fe........................................ 22
BNSF Tear Sheet 23
BNSF Merger 24
Berkshire Hathaway Inc., Business Value....................... 26

! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
CONTENTS
1
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!&'& ) $"*+!!!+&&& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, %&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, $*+./!+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, '&.+!)&+&&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, '&+&&&+&&& ,,
!&'' '! %+!$)+$!$+&&& ,,,, '&# !+&&&+&&&+&&& ,,,, $&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, )*&+$!$+&&& ,,,,, !&&+&&&+&&& ,,,, ")+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&'! '& !+///+//!+&&& ,,,, .# '+/&&+&&&+&&& ,,,, %&&+&&&+&&& ,,,,, /)&+&&&+&&& ,,,,,,, !)+//!+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, !+&&&+&&& ,,,,
!&'% " %+&/"+!&%+&&& ,,,, '&# !+"&&+&&&+&&& ,,,, !)&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, !!"+!&%+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&'$ $ ./*+!'*+&&& ,,,,,,, %# - ,,,,,,,,,,,,,,,,,,,,, )&&+&&&+&&& ,,,,, !)&+&&&+&&& ,,,,,,, !!*+!'*+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&') % '+.."+.$"+&&& ,,,, "# '+/&&+&&&+&&& ,,,, !)&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, $"+.$"+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&'" ! '.%+/)&+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, '/)+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, '*+/)&+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&'/ ! "".+"&.+&&& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, ")&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, '.+"&.+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&'* $ !+&*)+&&&+&&& ,,,, /# - ,,,,,,,,,,,,,,,,,,,,, ")&+&&&+&&& ,,,,, ")&+&&&+&&& ,,,,,,, )&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, !*)+&&&+&&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&'. ! '+'&&+&&&+&&& ,,,, $# - ,,,,,,,,,,,,,,,,,,,,, /)&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, %)&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!& % %)*+.!&+/// ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, ')$+$$.+*&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, $+$/&+.// ,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!' % !%+)//+&&& ,,,,,,,,,, ('# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, !&+&&&+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, %+)//+&&& ,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!! '! "*"+%"'+"&& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, '))+&&!+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, %%'+%).+"&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!% '& %&$+.)*+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, ')$+.)*+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, ')&+&&&+&&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!$ & - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!) ! %./+/!!+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, %)&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, $/+/!!+&&& ,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!" ' '&&+&&&+&&& ,,,,,,, ('# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, '&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!/ $ $.)+/%'+..& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, !/&+&&&+&&& ,,,, !)+/%'+..& ,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!* % ".)+&')+$'& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, $/)+&&&+&&& ,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, !&+&')+$'& ,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&!. ! )!)+&&&+&&& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, %!)+&&&+&&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%& % %!"+)")+))& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, !/)+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, )'+)")+))& ,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%' ' %&&+&&&+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, %&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%!-!&%% & - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%$ ' !&&+&&&+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%) ! )*"+$*$+.&& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, %&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, !*"+$*$+.&& ,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%" " $+).&+!&"+&&& ,,,, ')# - ,,,,,,,,,,,,,,,,,,,,, )&&+&&&+&&& ,,,,, %+%."+.&"+&&& ,,,,, ".%+%&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%/ " %+)/)+&&&+&&& ,,,, '!# - ,,,,,,,,,,,,,,,,,,,,, *!)+&&&+&&& ,,,,, '+))&+&&&+&&& ,,,,, '+!&&+&&&+&&& ,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%* ' %&&+&&&+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, %&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&%. ' ")&+&&&+&&& ,,,,,,, !# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, ")&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&$&-!&." & - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
!&./ ' !&&+&&&+&&& ,,,,,,, '# - ,,,,,,,,,,,,,,,,,,,,, !&&+&&&+&&& ,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,
012314567 ' '&&+&&&+&&& ,,,,,,, ('# - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,,,,,, - ,,,,,,,,,,,,,,,,, '&&+&&&+&&& ,, - ,,,,,,,,,,,,,,,
1ota| 113 31,006,687,227 100¼ 8,000,000,000 7,375,000,000 7,071,906,000 6,118,154,000 525,000,000 459,250,000 440,934,700 331,359,600 270,000,000 153,082,927 150,000,000 100,000,000 12,000,000
8952:1;,<=9>?9@,A646?4216>
029392B9@
All Shareholders - Berkshire Hathaway Inc:
Investor Name Current Position % OS Pos Change % Change Val($MM) Val Chg($MM) Style Equity Assets($MM) Turnover City Country Position Date Source
1 Buffett (Warren) 350,000 33.98 0 0.00 41,930.00 0.00 47,940.80 Low Omaha United States 28-Feb-2010 Proxy
2 Fidelity Management & Research 25,305 2.46 -154 -0.60 2,510.26 -15.28 GARP 554,917.46 Low Boston United States 31-Dec-2009 13F
3 Capital World Investors 25,200 2.45 -340 -1.33 2,499.84 -33.73 Core Value 351,320.13 Low Los Angeles United States 31-Dec-2009 13F
4 Davis Selected Advisers, L.P. 22,905 2.22 -88 -0.38 2,272.18 -8.73 GARP 68,889.74 Low New York United States 31-Dec-2009 13F
5 Gottesman (David S) 19,044 1.85 -166 -0.86 2,281.47 -19.89 2,490.16 Low 28-Feb-2010 Proxy
6 Ruane, Cunniff & Goldfarb, Inc. 18,616 1.81 -12 -0.06 1,846.71 -1.19 GARP 8,981.01 Low New York United States 31-Dec-2009 13F
7 First Manhattan Company 15,795 1.53 -155 -0.97 1,566.86 -15.38 Deep Value 9,708.16 Low New York United States 31-Dec-2009 13F
8 BlackRock Institutional Trust Company, N.A. 15,423 1.50 1,534 11.04 1,529.96 152.17 Index 713,263.55 Low San Francisco United States 31-Dec-2009 13F
9 Munger (Charles T) 13,057 1.27 -124 -0.94 1,564.23 -14.86 1,576.86 Low United States 28-Feb-2010 Proxy
10 Capital Research Global Investors 7,054 0.68 -800 -10.19 699.76 -79.36 Core Value 376,278.34 Low Los Angeles United States 31-Dec-2009 13F
11 Norges Bank 5,804 0.56 2,118 57.46 560.67 204.60 Core Value 169,918.64 Low Oslo Norway 31-Dec-2008 13F
12 Southeastern Asset Management, Inc. 5,801 0.56 0 0.00 575.46 0.00 Deep Value 29,902.43 Low Memphis United States 31-Dec-2009 13F
13 First Eagle Investment Management LLC 5,159 0.50 0 0.00 511.77 0.00 GARP 29,038.52 Low New York United States 31-Dec-2009 13F
14 Cascade Investment, L.L.C. 4,350 0.42 0 0.00 537.02 0.00 Specialty 14,856.29 Low Kirkland United States 01-Mar-2010 13D
15 Fairholme Capital Management, L.L.C. 3,925 0.38 1,711 77.28 389.36 169.73 GARP 10,405.06 Moderate Miami United States 31-Dec-2009 13F
16 Franklin Mutual Advisers, LLC 3,717 0.36 -290 -7.24 368.73 -28.77 Deep Value 40,778.35 Low Short Hills United States 31-Dec-2009 13F
17 Gardner Russo & Gardner 3,292 0.32 128 4.05 326.57 12.70 GARP 1,968.14 Low Lancaster United States 31-Dec-2009 13F
18 California Public Employees' Retirement System 3,156 0.31 -188 -5.62 313.08 -18.65 Index 36,791.59 Low Sacramento United States 31-Dec-2009 13F
19 Legal & General Investment Management Ltd. (UK) 3,091 0.30 -52 -1.65 306.63 -5.16 Index 150,817.42 Low London United Kingdom 31-Dec-2009 13F
20 State Street Global Advisors (US) 3,019 0.29 420 16.16 299.48 41.66 Index 494,949.99 Low Boston United States 31-Dec-2009 13F
21 Geode Capital Management, L.L.C. 2,538 0.25 -8 -0.31 251.77 -0.79 Index 65,254.70 Low Boston United States 31-Dec-2009 13F
22 PNC Wealth Management 2,460 0.24 -6 -0.24 244.03 -0.60 Core Growth 40,043.89 Low Philadelphia United States 31-Dec-2009 13F
23 BNY Mellon Asset Management 2,188 0.21 346 18.78 217.05 34.32 Income Value 72,030.15 Low New York United States 31-Dec-2009 13F
24 Columbia Management Advisors, LLC 2,090 0.20 383 22.44 207.33 37.99 GARP 115,404.12 Low Boston United States 31-Dec-2009 13F
25 Water Street Capital, Inc. 2,072 0.20 79 3.96 205.54 7.84 Hedge Fund 2,090.26 Moderate Jacksonville United States 31-Dec-2009 13F
26 ClearBridge Advisors 1,904 0.18 -137 -6.71 188.88 -13.59 GARP 52,903.84 Low New York United States 31-Dec-2009 13F
27 Vanguard Group, Inc. 1,620 0.16 21 1.31 201.01 2.61 Index 533,842.59 Low Malvern United States 31-Dec-2009 13F
28 Everett Harris & Co. 1,443 0.14 -25 -1.70 143.15 -2.48 Growth 1,282.48 Low Los Angeles United States 31-Dec-2009 13F
29 Boulder Investment Advisers, LLC 1,410 0.14 0 0.00 139.87 0.00 GARP 452.83 Low Boulder United States 31-Dec-2009 13F
30 Buffett (Howard G) 1,406 0.14 0 0.00 168.44 0.00 236.40 Low 28-Feb-2010 Proxy
31 Hikari Tsushin Inc 1,312 0.13 0 0.00 130.15 0.00 599.56 Low Toshima-ku (Tokyo) Japan 31-Dec-2009 13F
32 Murphy (Thomas S) 1,310 0.13 173 15.22 156.94 20.73 157.87 Low 28-Feb-2010 Proxy
33 Invesco Aim Management Group, Inc. 1,305 0.13 -11 -0.84 129.46 -1.09 GARP 44,078.44 Low Houston United States 31-Dec-2009 13F
34 BlackRock Advisors (UK) Limited 1,244 0.12 -263 -17.45 123.40 -26.09 Index 177,849.47 Low London United Kingdom 31-Dec-2009 13F
35 I. G. Investment Management, Ltd. 1,239 0.12 0 0.00 122.91 0.00 GARP 29,314.15 Low Winnipeg Canada 31-Dec-2009 13F
36 Deutsche Asset Management Americas 1,231 0.12 930 308.97 122.12 92.26 Core Growth 42,305.45 Moderate New York United States 31-Dec-2009 13F
37 Clifford Swan Investment Counsel, LLC 1,216 0.12 1,188 4,242.86 120.63 117.85 Core Growth 1,010.34 Low Pasadena United States 31-Dec-2009 13F
38 BNY Mellon Wealth Management 1,131 0.11 -737 -39.45 112.20 -73.11 Core Growth 25,133.59 Low New York United States 31-Dec-2009 13F
39 Wells Fargo Bank, N.A. 1,111 0.11 -29 -2.54 110.21 -2.88 Core Value 23,323.05 Low San Francisco United States 31-Dec-2009 13F
40 Sound Shore Management, Inc. 1,085 0.11 2 0.18 107.63 0.20 Deep Value 6,419.83 Moderate Greenwich United States 31-Dec-2009 13F
41 CPP Investment Board 995 0.10 -60 -5.69 98.70 -5.95 Core Value 29,858.67 Moderate Toronto Canada 31-Dec-2009 13F
42 Public Employees' Retirement Association of CO 990 0.10 0 0.00 98.21 0.00 Index 13,629.71 Low Denver United States 31-Dec-2009 13F
43 QVT Financial LP 981 0.10 981 100.00 97.32 97.32 Hedge Fund 1,632.19 Moderate New York United States 31-Dec-2009 13F
44 Brown Brothers Harriman & Company 974 0.09 106 12.21 96.62 10.52 Core Growth 7,315.28 Low New York United States 31-Dec-2009 13F
45 Capital Guardian Trust Company 911 0.09 -386 -29.76 90.37 -38.29 GARP 39,266.05 Low Los Angeles United States 31-Dec-2009 13F
46 Markel-Gayner Asset Management Corp. 897 0.09 -1 -0.11 88.98 -0.10 Core Value 1,456.76 Low Glen Allen United States 31-Dec-2009 13F
47 Tyrus Capital LLP 880 0.09 880 100.00 87.30 87.30 Hedge Fund 549.69 Low London United Kingdom 31-Dec-2009 13F
48 Baldwin Investment Management, LLC 845 0.08 -8 -0.94 83.82 -0.79 Growth 143.57 Low West Conshohocken United States 31-Dec-2009 13F
49 Obermeyer Asset Management Co. 800 0.08 792 9,900.00 79.36 78.57 Income Value 388.26 Low Aspen United States 31-Dec-2009 13F
50 Maverick Capital, Ltd. 769 0.07 -450 -36.92 76.28 -44.64 GARP 9,015.89 High Dallas United States 31-Dec-2009 13F
51 Horizon Asset Management, Inc. 755 0.07 -48 -5.98 74.90 -4.76 Core Growth 8,933.83 Low New York United States 31-Dec-2009 13F
52 T. Rowe Price Associates, Inc. 726 0.07 10 1.40 72.02 0.99 GARP 249,165.81 Low Baltimore United States 31-Dec-2009 13F
53 FAF Advisors, Inc. 698 0.07 -1,553 -68.99 69.24 -154.06 Core Value 28,714.87 Low Minneapolis United States 31-Dec-2009 13F
54 Van Kampen Asset Management 685 0.07 0 0.00 67.95 0.00 Core Value 46,472.93 Low Houston United States 31-Dec-2009 13F
55 Fayez Sarofim & Co. 682 0.07 -48 -6.58 67.65 -4.76 Core Growth 18,892.93 Low Houston United States 31-Dec-2009 13F
56 Eaton Vance Management 671 0.07 0 0.00 66.56 0.00 Core Growth 53,652.85 Low Boston United States 31-Dec-2009 13F
57 International Value Advisers, LLC 667 0.06 161 31.82 66.17 15.97 Core Value 2,410.80 High New York United States 31-Dec-2009 13F
58 American Century Investment Management, Inc. 641 0.06 -36 -5.32 63.59 -3.57 Core Growth 47,816.58 Moderate Kansas City United States 31-Dec-2009 13F
59 Henry H. Armstrong Associates, Inc. 629 0.06 -5 -0.79 62.40 -0.50 Growth 309.74 Low Pittsburgh United States 31-Dec-2009 13F
60 Northern Trust Global Investments 582 0.06 -16 -2.68 57.73 -1.59 Core Growth 50,802.72 Low Chicago United States 31-Dec-2009 13F
61 Wilmington Trust FSB 563 0.05 -88 -13.52 55.85 -8.73 Core Value 1,696.35 Low North Palm Beach United States 31-Dec-2009 13F
62 Deutsche Investment Management Americas, Inc. 554 0.05 39 7.57 54.96 3.87 Core Value 25,138.64 Moderate New York United States 31-Dec-2009 13F
Major Shareholders
! BERKSHIRE HATHAWAY, INC.
Major
shareholders
Debt
maturity profile

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
2
GEICO Underwriting private passenger automobile insurance mainly by direct
response methods
General Re Underwriting excess-of-loss, quota-share and facultative reinsurance
worldwide
Berkshire Hathaway Reinsurance
Group
Underwriting excess-of-loss and quota-share reinsurance for property and
casualty insurers and reinsurers
Berkshire Hathaway Primary Group Underwriting multiple lines of property and casualty insurance policies for
primarily commercial accounts
BH Finance, Clayton Homes, XTRA,
CORT and other financial services
(“Finance and financial products”)
Proprietary investing, manufactured housing and related consumer financing,
transportation equipment leasing, furniture leasing, life annuities and risk
management products
Marmon An association of approximately 130 manufacturing and service businesses
that operate within 11 diverse business sectors
McLane Company Wholesale distribution of groceries and non-food items
MidAmerican Regulated electric and gas utility, including power generation and distribution
activities in the U.S. and internationally; domestic real estate brokerage
Shaw Industries Manufacturing and distribution of carpet and floor coverings under a variety
of brand names
Other Segments
Manufacturing Acme Building Brands, Benjamin Moore, H.H. Brown Shoe Group, CTB,
Fechheimer Brothers, Forest River, Fruit of the Loom, Garan, IMC, Johns
Manville, Justin Brands, Larson- Juhl, MiTek, Richline and Scott Fetzer
Service Buffalo News, Business Wire, FlightSafety, International Dairy Queen,
Pampered Chef, NetJets and TTI
Retailing Ben Bridge Jeweler, Borsheims, Helzberg Diamond Shops, Jordan’s Furni-
ture, Nebraska Furniture Mart, See’s Candies, Star Furniture and R.C. Willey
!"#$%&"'()*)+,-(%
!"#$%&"'(
National Inuemnity
Columbia Insuiance Co.
uEIC0
uenRe
National Fiie anu Naiine Insuiance Co.
Beikshiie Bathaway Assuiance Co.
+,-(%
Nanufactuiing
Acme Builuing Bianus
Benjamin Nooie
B.B. Biown Shoe uioup
CTB
Fechheimei Biotheis
Foiest Rivei
Fiuit of the Loom
uaian, INC
Iohns Nanville
Iustin Bianus
Laison-Iuhl
Naimon
NiTek
Richline
Scott Fetzei
Shaw Inuustiies
Seivice
Buffalo News
Business Wiie
FlightSafety
Inteinational Baiiy 0ueen
NcLane Company
Pampeieu Chef
NetIets
TTI
Retail
Ben Biiuge Iewelei
Boisheims, Belzbeig Biamonu
Shops
C0RT
Ioiuan's Fuinituie
Nebiaska Fuinituie Nait
See's Canuies
Stai Fuinituie
R.C. Willey
Utilities & Energy
MidAmerican Energy:
MidAmerican
Energy Company
InterCoast Capital Company
Midwest Capital Group
PacifiCorp:
PacifiCorp Energy
Pacific Power
Rocky Mountain Power
CE Electric UK:
Northern Electric Distribution
Integrated Utility Services
Yorkshire Electricity Distribution
CalEnergy Gas (U.K.) Ltd.
CalEnergy Generation:
CE Generation LLC (50 percent interest)
CE International Investments, Inc.
CE Electric (NY) Inc.
CalEnergy Pacific Holding Corp.
HomeServices of America, Inc.:
Carol Jones REALTORS
CBSHOME Real Estate
Champion Realty, Inc.
Edina Realty Home Services
EWM REALTORS
Harry Norman REALTORS
HOME Real Estate
Huff Realty
Iowa Realty
Long Realty Company
Prudential California Realty
Prudential Carolinas Realty
Prudential First Realty
Prudential York Simpson Underwood Realty
RealtySouth
Rector-Hayden REALTORS
Reece & Nichols
Roberts Brothers, Inc.
Semonin REALTORS
Woods Bros. Realty
Finance & Financial Products
BH Finance
Clayton Homes
XTRA
CORT
! BERKSHIRE HATHAWAY, INC.
Major subsidiaries

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
3
Recent Price P/E Ratio Div. Yld. (%) Total Return 1 Yr. (%)
121050.000 23.31 0.00
SEDOL: 2093666 Shares Out.(mil): 2 YTD High 140710.500 27.10 Ind. Ann. Div.
Exchange: NYSE Market Value(mil): 199,329 YTD Low 97205.000 18.72 0.00
Key Ratios FYE: 12/31/09
Oper Margin 14.46 Curr Ratio 2.28
Net Margin 7.19 Debt/Equity 0.25
ROE 6.14 Int Coverage 6.80
ROA 2.71 CF/Share 9190.46
Currency: USD
PER SHARE OVERVIEW
Date Earnings Dividend Sales/Shr.
Q4Y2009 5193.00 0.00 19460.62
Q3Y2009 3299.00 0.00 19271.16
Q2Y2009 1893.00 0.00 20579.36
Q1Y2009 1628.00 0.00 14682.79
Q4Y2008 3224.00 0.00 15847.92
Q3Y2008 5052.00 0.00 17996.47
Q2Y2008 7312.00 0.00 19392.96
Q1Y2008 7472.00 0.00 16223.63
INCOME STATEMENT (Millions) Y2009 Y2008 Y2007 Y2006 QUARTERLY REVENUE YEAR OVER YEAR*
Net Sales 112,024 107,786 118,245 98,539
Cost of Goods Sold 84,584 83,866 83,175 68,665
Selling and Admin Expenses 8,117 8,052 7,098 5,932
Amortization & Depreciation 3,127 2,810 2,407 2,066
Operating Income 16,196 13,058 25,565 21,876
Interest Expense 1,992 1,963 1,910 1,724
Pretax Income 11,552 7,574 20,161 16,778
Income Taxes 3,538 1,978 6,594 5,505
Net Income before Extraordinary Items/Pref Div 8,055 4,994 13,213 11,015
Net Income 8,055 4,994 13,213 11,015
BALANCE SHEET (Millions) Y2009 Y2008 Y2007 Y2006 FIVE YR SALES TO NET INCOME
ASSETS
Cash & Short-Term Investments 31,012 26,071 45,425 44,851
Receivables - Total 28,781 28,867 25,698 24,379
Inventories - Total 6,147 7,500 5,793 5,257
Total Current Assets 65,940 62,438 76,916 74,487
Net Property, Plant, and Equipment 46,656 45,157 36,190 33,342
Total Assets 297,119 267,399 273,342 248,437
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable 23,207 19,974 18,881 19,711
Debt In Current Liabilities 4,637 3,924 7,302 5,155
Total Current Liabilities 28,955 25,591 26,948 25,944
Long-Term Debt - Total 33,272 32,958 26,524 27,450
Total Liabilities 161,334 153,820 149,941 137,756
Minority Interests 4,683 4,312 2,668 2,262 FIVE YEAR SUMMARY DATA
Preferred Stock 0 0 0 0 Year Sales* Net Income* EPS
Common Stock 8 8 8 8 Y2005 81,663 8,528 5,538
Retained Earnings 86,227 78,172 72,153 58,912 Y2006 98,539 11,015 7,144
Capital Surplus 27,074 27,133 26,952 26,522 Y2007 118,245 13,213 8,548
Treasury Stock 0 0 0 0 Y2008 107,786 4,994 3,224
Total Common Equity 131,102 109,267 120,733 108,419 Y2009 112,024 8,055 5,193
CASH FLOW SUMMARY (Millions) Y2009 Y2008 Y2007 Y2006
Net Cash Provided by Operations 15,846 11,252 12,550 10,195 Growth Rate 8.22% -1.42% -1.60%
Net Cash Provided by Investments 11,161 32,066 13,428 14,077
Net Cash Provided by Financing 233 2,286 1,366 2,607 * Millions
COMPANY DESCRIPTION PRIMARY SIC CODE: 6331 KEY FINANCIAL ITEMS IN US$ (Millions)
Y2009 Y2008 Y2007 Y2006
Market Cap. 153,934 149,655 219,153 169,676
Total Assets 297,119 267,399 273,342 248,437
Sales 112,024 107,786 118,245 98,539
Inc. Bef. Pref. 8,055 4,994 13,213 11,015
EXECUTIVE OFFICERS
ADDRESS
3555 Farnam Street Tel +1 402 346-1400
City: State Zip
Omaha NEBRASKA 68131
BERKSHIRE HATHAWAY INC.
DATA SOURCE: THOMSON FINANCIAL
BERKSHIRE HATHAWAY TEARSHEET
40%
Ticker/Key:
Berkshire Hathaway Inc.. The Group's principal activities are to provide insurance and reinsurance of property also casualty risks
and reinsure life, accident and health risks world-wide. The Group also manufactures and distributes variety of clothing and
footwear. It also manufactures and distributes clay brick, concrete blocks and cut limestone. It produces water and solvent-
thinnable general purpose architectural coatings; fiber glass wool insulation products for walls and floors, pipe, duct and equipment
insulation products; nonwoven mats, fabrics, and fibres' used as reinforcements in building and industrial applications and roofing
systems and components. The Group also provides rental furniture and accessories and wholesale distribution and logistics
services. On 18-Mar-2008 the Group acquired 60% of Marmon Holdings Inc and in Apr-2008 an additional 4.4% interest in
Marmon.
40.48
Total Return 5 Yr. (%)
Warren E. Buffett
Marc D. Hamburg
Forrest N. Krutter
Chairman & Chief Executive
Senior Vice President & Chief Financial
Officer
Secretary
BRK'A
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Apr2006 Aug2006 Dec2006 Apr2007 Aug2007 Dec2007 Apr2008 Aug2008 Dec2008 Apr2009 Aug2009 Dec2009
48-Month Price Evolution
0
5000
10000
15000
20000
25000
30000
35000
-3Q -2Q -1Q 0Q
Y2008 Y2009
0
20000
40000
60000
80000
100000
120000
140000
0
2000
4000
6000
8000
10000
12000
14000
Y2005 Y2006 Y2007 Y2008 Y2009
Net Income* Sales*
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
4


5 YR ANNUAL BALANCE SHEET
ASSETS 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05
Cash And ST Investments 31,012.00 26,071.00 45,425.00 44,851.00 45,461.00
Receivables (Net) 28,781.00 28,867.00 25,698.00 24,379.00 23,484.00
Total Inventories 6,147.00 7,500.00 5,793.00 5,257.00 4,143.00
Other Current Assets - - - - -
Current Assets - Total 65,940.00 62,438.00 76,916.00 74,487.00 73,088.00
Other Assets 58,230.00 57,564.00 53,666.00 49,858.00 35,033.00
Total Assets 297,119.00 267,399.00 273,342.00 248,437.00 198,325.00
LIABILITIES & SHAREHOLDERS' EQUITY 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05
Accounts Payable 23,207.00 19,974.00 18,881.00 19,711.00 8,699.00
ST Debt & Current Portion of LT Debt 4,637.00 3,924.00 7,302.00 5,155.00 3,088.00
Income Taxes Payable 530.00 964.00 - 189.00 258.00
Other Current Liabilities 581.00 729.00 765.00 889.00 -
Current Liabilities - Total 28,955.00 25,591.00 26,948.00 25,944.00 12,045.00
Long Term Debt 33,272.00 32,958.00 26,524.00 27,450.00 12,523.00
Other Liabilities 80,412.00 85,955.00 77,462.00 66,091.00 69,463.00
Total Liabilities 161,334.00 153,820.00 149,941.00 137,756.00 106,025.00
Shareholders' Equity
Minority Interest 4,683.00 4,312.00 2,668.00 2,262.00 816.00
Preferred Stock - - - - -
Common Equity 131,102.00 109,267.00 120,733.00 108,419.00 91,484.00
Retained Earnings 86,227.00 78,172.00 72,153.00 58,912.00 47,717.00
Total Liabilities & Shareholders' Equity 297,119.00 267,399.00 273,342.00 248,437.00 198,325.00
Rate Used to Translate From USD to USD 1.00 1.00 1.00 1.00 1.00
BALANCE SHEET YR OVER YR % CHANGE 12/31/09 12/31/08 12/31/07 12/31/06

Total Current Assets 5.61% -18.82% 3.26% 1.91%
Total Assets 11.11% -2.17% 10.02% 25.27%
Total Current Liabilities 13.15% -5.04% 3.87% 115.39%
Total Long Term Debt 0.95% 24.26% -3.37% 119.20%
Total Liabilities 4.88% 2.59% 8.85% 29.93%
Total Shareholders' Equity 19.98% -9.50% 11.36% 18.51%
Total Liabilities & Shareholders' Equity 11.11% -2.17% 10.02% 25.27%
ANNUAL FINANCIALS
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
5
5 YR INCOME STATEMENT 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05
Net Sales or Revenues 112,024.00 107,786.00 118,245.00 98,539.00 81,663.00
Cost of Goods Sold 84,584.00 83,866.00 83,175.00 68,665.00 59,250.00
Depreciation, Depletion & Amortization 3,127.00 2,810.00 2,407.00 2,066.00 982.00
Gross Income 24,313.00 21,110.00 32,663.00 27,808.00 21,431.00
Selling, General & Admin Expenses 8,117.00 8,052.00 7,098.00 5,932.00 5,328.00
Operating Expenses - Total 95,828.00 94,728.00 92,680.00 76,663.00 65,560.00
Operating Income 16,196.00 13,058.00 25,565.00 21,876.00 16,103.00
Non-Operating Interest Income - - - - -
Earnings Before Interest And Taxes (EBIT) 13,544.00 9,537.00 22,071.00 18,502.00 12,991.00
Interest Expense On Debt 1,992.00 1,963.00 1,910.00 1,724.00 723.00
Pretax Income 11,552.00 7,574.00 20,161.00 16,778.00 12,268.00
IncomeTaxes 3,538.00 1,978.00 6,594.00 5,505.00 4,159.00
Minority Interest 386.00 602.00 354.00 258.00 104.00
Equity In Earnings 427.00 - - - 523.00
Net Income Before Extra Items/Preferred Div 8,055.00 4,994.00 13,213.00 11,015.00 8,528.00
Extr Items & Gain(Loss) Sale of Assets - - - - -
Net Income Before Preferred Dividends 8055 4994 13213 11015 8528
Preferred Dividend Requirements - - - - -
Net Income Available to Common 8,055.00 4,994.00 13,213.00 11,015.00 8,528.00
COMMON SIZE INCOME STATEMENT 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05
Cost of Goods Sold 75.51% 77.81% 70.34% 69.68% 72.55%
Selling, General & Admin Expenses 7.25% 7.47% 6.00% 6.02% 6.52%
Depreciation, Depletion & Amortization 2.79% 2.61% 2.04% 2.10% 1.20%
Operating Profit 14.46% 12.11% 21.62% 22.20% 19.72%
12.09% 8.85% 18.67% 18.78% 15.91%
Interest Expense On Debt 1.78% 1.82% 1.62% 1.75% 0.89%
Pretax Earnings 10.31% 7.03% 17.05% 17.03% 15.02%
IncomeTaxes 3.16% 1.84% 5.58% 5.59% 5.09%
Minority Interest 0.34% 0.56% 0.30% 0.26% 0.13%
7.19% 4.63% 11.17% 11.18% 10.44%
Extr Items & Gain(Loss) Sale of Assets 0.00% 0.00% - 0.00% 0.00%
Net Income Before Preferred Dividends 7.19% 4.63% 11.17% 11.18% 10.44%
Preferred Dividend Requirements 0.00% 0.00% - 0.00% 0.00%
INCOME STMENT YR OVER YR % CHANGE 12/31/09 12/31/08 12/31/07 12/31/06

Sales 3.93% -8.85% 20.00% 20.67%
Cost of Goods Sold 0.86% 0.83% 21.13% 15.89%
Depreciation, Depletion & Amortn. 11.28% 16.74% 16.51% 110.39%
Gross Income 15.17% -35.37% 17.46% 29.76%
Selling, General & Admin Expenses 0.81% 13.44% 19.66% 11.34%
Total Operating Expenses 1.16% 2.21% 20.89% 16.94%
Operating Income 24.03% -48.92% 16.86% 35.85%
Pretax Equity Interest Earnings - - - -100.00%
Earnings Bef Interest & Taxes 42.02% -56.79% 19.29% 42.42%
Interest Expense on Debt 1.48% 2.77% 10.79% 138.45%
Pretax Income 52.52% -62.43% 20.16% 36.76%
Income Taxes 78.87% -70.00% 19.78% 32.36%
Minority Interest -35.88% 70.06% 37.21% 148.08%
Equity Interest Earnings - - - -100.00%
61.29% -62.20% 19.95% 29.16%
Preferred Dividends - - - -
- - - -
Net Income Bef Preferred Dividends 61.29% -62.20% 19.95% 29.16%
Preferred Dividend Requirements - - - -
Net Income Available To Common 61.29% -62.20% 19.95% 29.16%
ANNUAL FINANCIALS
Earnings Before Interest And Taxes (EBIT)
Net Income Before Extra Items/Preferred Div
Net Income Bef Extordry Items & Disc Ops
Extordry Items & Gain(Loss) Sale of Asst
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
6

5 YEAR ANNUAL CASH FLOW STATEMENT 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05

Operating Activities
Income Bef Extraordinary Items 8,055.00 4,994.00 13,213.00 11,015.00 8,528.00
Depreciation, Depletion & Amortn 3,127.00 2,810.00 2,407.00 2,066.00 982.00
Deferred Taxes - - - - -
Other Cash Flow 3,074.00 -6.00 -5,244.00 -1,811.00 -6,196.00
Funds From Operations 14,256.00 7,798.00 10,376.00 11,270.00 3,314.00
Extraordinary Items - - - - -
Funds From/For Other Oper Activs 1,590.00 3,454.00 2,174.00 -1,075.00 6,132.00
15,846.00 11,252.00 12,550.00 10,195.00 9,446.00

Investing Activities
Capital Expenditures 4,937.00 6,138.00 5,373.00 4,571.00 2,195.00
Net Assets From Acquisitions 108.00 6,050.00 1,602.00 10,132.00 2,387.00
Decrease In Investments 15,198.00 40,186.00 25,033.00 15,909.00 12,014.00
Disposal of Fixed Assets - - - - -
Other Use/(Source) - Investing 2,830.00 3,035.00 3,035.00 2,367.00 4,659.00
11,161.00 32,066.00 13,428.00 14,077.00 13,841.00

Financing Activities
- - - - -
Long Term Borrowings 3,114.00 7,476.00 4,812.00 3,912.00 6,149.00
Inc(Dec) In ST Borrowings -885.00 1,183.00 -596.00 245.00 361.00
Reduction In Long Term Debt 1,586.00 6,241.00 3,237.00 1,751.00 947.00
Cash Dividends Paid - Total - - - - -
Other Source/(Use) - Financing 410.00 132.00 387.00 201.00 65.00
233.00 2,286.00 1,366.00 2,607.00 5,628.00

Exchange Rate Effect 101.00 -262.00 98.00 - -
Cash & Cash Equivalents - Inc(Dec) 5,019.00 -18,790.00 586.00 -1,275.00 1,233.00
- - - - -
Long Term Borrowings 3,114.00 7,476.00 4,812.00 3,912.00 6,149.00
Inc./Dec. In S.T. Borrowings -885.00 1,183.00 -596.00 245.00 361.00
Reduction In L.T. Debt 1,586.00 6,241.00 3,237.00 1,751.00 947.00
Cash Dividends Paid - Total - - - - -
Other Source/(Use) - Financing 410.00 132.00 387.00 201.00 65.00
Net Cash Flow - Financing Activities 233.00 2,286.00 1,366.00 2,607.00 5,628.00
Exchange Rate Effect 101.00 -262.00 98.00 - -
Cash & Cash Equivalents - IncDec 5,019.00 -18,790.00 586.00 -1,275.00 1,233.00
ANNUAL FINANCIALS
Com/Prf Purchased,Retired,Converted,Redeemed
Net Cash Flow From Financing Activities
Com/Pfd Purchased,Retired,Converted,Redeemed
Net Cash Flow From Operating Activities
Net Cash Flow From Investing Activities
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
7
PROFITABILITY RATIOS 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05

Return On Equity 6.69 4.34 11.53 11.02 9.61
Reinvestment Rate 6.69 4.34 11.53 11.02 9.61
Return On Assets 3.31 2.32 5.54 5.43 4.65
Return On Invested Capital 5.77 4.08 9.62 9.66 8.60
Cash Flow To Sales 12.73 7.23 8.78 11.44 4.06
Net Margin 7.19 4.63 11.17 11.18 10.44

ASSET UTILIZATION RATIOS 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05

Assets Per Employee 1,338,373.87 1,086,987.80 1,173,141.63 1,144,870.97 1,032,942.71
Asset Turnover 0.38 0.40 0.43 0.40 0.41
Capital Expend Pct Total Assets 1.85 2.25 2.16 2.30 1.16
Capital Expend Pct Sales 4.41 5.69 4.54 4.64 2.69

LEVERAGE RATIOS 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05

Total Debt Pct Common Equity 28.92 33.75 28.02 30.07 17.06
LT Debt Pct Common Equity 25.38 30.16 21.97 25.32 13.69
LT Debt Pct Total Capital 19.68 22.49 17.69 19.87 11.95
Equity Pct Total Capital 77.55 74.57 80.53 78.49 87.27
Total Debt Pct Total Assets 12.76 13.79 12.37 13.12 7.87
Common Equity Pct Total Assets 44.12 40.86 44.17 43.64 46.13
Total Capital Pct Total Assets 56.90 54.80 54.85 55.60 52.85
Dividend Payout - - - - -
Cash Dividend Coverage Ratio - - - - -
Working Cap Pct Total Capital 21.88 25.15 33.33 35.14 58.23

LIQUIDITY RATIOS 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05

Quick Ratio 2.07 2.15 2.64 2.67 5.72
Current Ratio 2.28 2.44 2.85 2.87 6.07
Cash And Equiv Pct Curr Assets 47.03 41.76 59.06 60.21 62.20
Receivables Pct Current Assets 43.65 46.23 33.41 32.73 32.13
Inventories Days Held 29.45 28.93 24.25 24.98 24.60

GROWTH RATIOS 12/31/09 12/31/08 12/31/07 12/31/06 12/31/05

Sales 1Yr Growth 3.93 -8.85 20.00 20.67 9.79
Sales5 Yr Growth 8.53 10.97 23.02 21.31 19.24
Operating Income 1Yr Growth 24.03 -48.92 16.86 35.85 15.05
Operating Income 5Yr Growth 2.96 -1.81 29.61 41.09 22.47
Net Income 1Yr Growth 61.29 -62.20 19.95 29.16 16.69
Net Income 5Yr Growth 1.97 -9.33 25.25 69.17 20.71
Net Margin 1Yr Growth 55.19 -58.54 -0.04 7.04 6.29
Net Margin 5Yr Growth -6.05 -18.30 1.82 39.45 1.23
EPS 1Yr Growth 61.07 -62.28 19.65 29.00 16.52
EPS5Yr Growth 1.79 -9.49 25.05 68.82 20.44
Equity 1Yr Growth 19.98 -9.50 11.36 18.51 6.50
Equity 5Yr Growth 8.82 7.09 13.52 13.35 8.19
ANNUAL FINANCIAL RATIOS
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
8
C
onsolidated B
alance Sheets (U
SD
$)
C
onsolidated B
alance Sheets (U
SD
$)
In M
illions
D
ec. 31, 2009
D
ec. 31, 2008
A
SSETS
R
evenues:
C
ash and cash equivalents
$30,558
$25,539
Total revenues
Total assets
297,119
267,399
C
osts and expenses:
LIA
BILITIES
Total costs and expenses
Incom
e taxes, principally deferred
19,225
10,280
Earnings before incom
e taxes and equity m
ethod
earnings
11,552
Total liabilities
161,334
153,692
Incom
e tax expense
3,538
SH
A
R
EH
O
LD
ER
S' EQ
U
ITY
Earnings from
equity m
ethod investm
ents
427
C
om
m
on stock
8
8
N
et earnings
8,441
C
apital in excess of par value
27,074
27,133
Less: Earnings attributable to noncontrolling
interests
386
602
A
ccum
ulated other com
prehensive incom
e
17,793
3,954
N
et earnings attributable to B
erkshire H
athaw
ay
8,055
4,994
R
etained earnings
86,227
78,172
Insurance and O
ther
B
erkshire H
athaw
ay shareholders' equity
131,102
109,267
R
evenues:
N
oncontrolling interests
4,683
4,440
Insurance prem
ium
s earned
27,884
25,525
Total shareholders' equity
135,785
113,707
Sales and service revenues
62,555
65,854
Total liabilities and shareholders' equity
297,119
267,399
Interest, dividend and other investm
ent incom
e
5,245
4,966
Insurance and O
ther [M
em
ber]
Investm
ent gains/losses
251
1,166
A
SSETS
O
ther-than-tem
porary im
pairm
ent losses on
investm
ents
(3,155)
(1,813)
C
ash and cash equivalents
27,917
24,302
Total revenues
92,780
95,698
Investm
ents in fixed m
aturity securities
32,523
27,115
C
osts and expenses:
Investm
ents in equity securities
56,562
49,073
Insurance losses and loss adjustm
ent expenses
18,251
16,259
O
ther investm
ents
28,980
18,419
Life and health insurance benefits
1,838
1,840
R
eceivables
14,792
14,925
Insurance underw
riting expenses
6,236
4,634
Inventories
6,147
7,500
C
ost of sales and services
52,647
54,103
Property, plant and equipm
ent
15,720
16,703
Selling, general and adm
inistrative expenses
8,117
8,052
G
oodw
ill
27,614
27,477
Interest expense
130
156
O
ther
13,070
13,257
Total costs and expenses
87,219
85,044
Total assets
223,325
198,771
U
tilities and Energy
LIA
BILITIES
R
evenues:
Losses and loss adjustm
ent expenses
59,416
56,620
O
perating revenues
11,204
U
nearned prem
ium
s
7,925
7,861
O
ther
239
Life and health insurance benefits
3,802
3,619
Total revenues
11,443
A
ccounts payable, accruals and other liabilities
15,379
14,987
C
osts and expenses:
N
otes payable and other borrow
ings
3,719
4,349
C
ost of sales and operating expenses
8,739
Total liabilities
90,241
87,436
Interest expense
1,176
U
tilities and Energy [M
em
ber]
Total costs and expenses
9,915
A
SSETS
Finance and Financial Products
C
ash and cash equivalents
429
280
R
evenues:
Property, plant and equipm
ent
30,936
28,454
Interest, dividend and other investm
ent incom
e
1,886
G
oodw
ill
5,334
5,280
Investm
ent gains/losses
67
O
ther
8,072
7,556
D
erivative gains/losses
3,624
Total assets
44,771
41,570
O
ther
2,693
LIA
BILITIES
Total revenues
A
ccounts payable, accruals and other liabilities
5,895
6,175
C
osts and expenses:
N
otes payable and other borrow
ings
19,579
19,145
Interest expense
Total liabilities
25,474
25,320
O
ther
Finance and Financial Products [M
em
ber]
Total costs and expenses
A
SSETS
C
ash and cash equivalents
2,212
957
Investm
ents in fixed m
aturity securities
4,608
4,517
O
ther investm
ents
3,620
3,116
Loans and finance receivables
13,989
13,942
G
oodw
ill
1,024
1,024
O
ther
3,570
3,502
Total assets
29,023
27,058
LIA
BILITIES
A
ccounts payable, accruals and other liabilities
2,514
2,656
D
erivative contract liabilities
9,269
14,612
N
otes payable and other borrow
ings
14,611
13,388
Total liabilities
$26,394
$30,656
Reported earnings and
equity are significantly
misrepresented.
$ in millions
As reported: 2009 2008 2007 2006
Earnings $ 8,055 $ 4,994 $ 13,213 $ 11,015
Net worth 131,102 109,267 120,733 108,419
Derivative liabilities 9,269 14,612 6,887 3,883
Necessary adjustments 2009 2008 2007 2006
Non-cash derivative gains/losses $ (2,283 ) $ 4,645 $ (3,579 ) $ (1709 )
Adjusted earnings 5,772 9,639 9,634 9,306
Adjusted net worth
140,371 123,879 127,620 112,302
E
a
r
n
i
n
g
s
A
d
j
u
s
t
e
d

E
a
r
n
i
n
g
s
N
e
t

W
o
r
t
h
A
d
j
u
s
t
e
d

N
e
t

W
o
r
t
h
0
2,500
5,000
7,500
10,000
2009 2008 2007 2006
0
36,250
72,500
108,750
145,000
2009 2008 2007 2006
Investment reports generally include basic financial data
and financial ratios, both of which are almost always
taken from consolidated financial statements. Much of
the time, reasonable conclusions (though of varying
quality) can be determined by use of consolidated data,
however, this is not always the case. There are plenty of
instances where consolidated information is, at times,
misleading or otherwise altogether useless.
Consolidated information which does not accurately
represent a business’s underlying economics is bad
information and conclusions drawn therefrom will be
equally bad.
Berkshire’s consolidated presentation is not altogether
useless. Over time, the annual compounded rate of
return of either equity or book value will provide a
rough benchmark with which investors may use to
measure changes in the value of their respective
holdings. To arrive at any reasonable estimate of
Berkshire Hathaway’s underlying or intrinsic value,
investors must look beyond consolidated figures.
The economics of an insurance business is quite different
from a retail or service business. Consolidating these
businesses for financial reporting purposes would not
properly illustrate the value of each business unit
considered separately. Similarly, Berkshire Hathaway on
a consolidated basis does not provide a clear picture of
what Berkshire is worth as separate business units.
An investor could easily look at berkshire’s numbers and
be confused in two very different respects. Both
reported earnings and equity are significantly
misrepresented and have been for several years. For
2009, Berkshire Hathaway reported earnings of $8
billion, however more accurately earned roughly $5.7
billion, a difference of about $2.3 billion.
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
9
! BERKSHIRE HATHAWAY, INC.
Ecrkshirc Hathawa·
Corporatc
¡nsurancc Ltilitics
Financc &
Financial
Products
Nanufacturing,
Scrvicc, Rctail
¡nvcsting
Cpcrations
¡nsurancc
Cpcrations
Cash Fi×cd ¡ncomc
Sccuritics
Cthcr
¡nvcstmcnts
Prcfcrrcds,
Warrants, Þotcs
EÞSF
NidAmcrican
Holding Co. EÞSF
Equitics
Ealancc
Shcct
¡ncomc
Statcmcnt
Lcrivativc contract
liabilitics
Lcrivativc gains/
losscs
This is not intended to be a complete explanation of
Berkshire Hathaway’s intrinsic value, rather, it is meant to
provide a clearer understanding of complicating factors and
how to adjust them sensibly. In the broader sense, there are
two general complications the first of which is the holding
company structure of Berkshire Hathaway and the second is
related to required accounting standards, primarily with
respect to derivative contracts. The organizational chart
below provides a general overview of important items
discussed.
There are several potentially confusing adjustments that I
make to Berkshire Hathaway which I will describe here in
brief and describe in greater detail throughout the
remaining discussion.
Berkshire’s investments represent a significant amount of
Berkshire's business value. As reported, investments are
broken down into four categories: (i) cash and cash
equivalents, (ii) fixed maturity investments, (iii) equities,
and (iv) other investments all of which are held by
Berkshire's various insurance companies.
Other investments consist of preferreds, warrants, notes,
and other convertible investments specifically interests in
Wrigley's, Goldman Sachs, General Electric, Swiss Re, and
Dow Chemical. Also included within other investments
are securities reported under the equity method i.e.
Burlington Northern Santa Fe. Since the most recent
annual filing, Berkshire subsequently acquired the
remaining interest of Burlington Northern.
In 2011, Burlington Northern will be placed under
“Utilities” for financial reporting purposes. To adjust the
2010 annual report for this, I transfer Berkshire's 22.5%
Burlington Northern holding to the utilities operating unit
also adding thereto the $8 billion in cash earmarked by
Berkshire Hathaway Inc. That is, a total of about $14.6
billion, $6.6 billion of which is deducted from other
investments, leaving about $21 billion.
I do not treat Berkshire's derivative liabilities as liabilities
whatsoever. The primary reason for this is that I believe
Buffett to have effectively hedged derivative contract
exposures. That is, Buffett received $8.1 billion in
derivative premiums (float) most of which came from
equity put contracts which provided $5.9 billion. I suggest
later that even under the worse case scenario, Buffett
should break even on equity put contracts so long as he
earns 10.4% annually over the contracts life.
I do not therefore treat Berkshire’s derivatives as liabilities
and I either add back or deduct from earnings, respective
derivative gains and losses.
Note, these adjustments ultimately do not play a significant role
in Berkshire's underlying value as we are here concerned. It does
however add about $9 billion to equity of the finance and
financial products business unit. There are other ways to
reasonably adjust this, however with the same net effect.
Overview

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
10
Derivative contracts not designated as a hedge, for
example, sold European Style Equity Index Puts (receiving
premiums up front) are accounted for by recording
premiums as liabilities on the balance sheet. Changes in
the fair value of these contracts are adjusted quarterly with
changes reflected in the income
statement as derivative gains or
losses and correspondingly in the
balance sheet account as an
increase or decrease in derivative
contract liabilities.
The $8.1 Billion Berkshire
initially received in premiums
(“Derivative Float”) was initially
recorded as a liability on the
balance sheet and gains or losses
in the “Fair-Value” of “Mark-to-
Market” securities are either
added or subtracted from
earnings in the period of gain or
loss, irrespective of actual
economic gains or losses. In
2008, Berkshire’s mark-to-market changes in derivative
values increased to $14.6 billion and as a consequence a
pretax loss of $6.821 billion was recorded as negative
revenue (expense) understating reported earnings. In
2009, Berkshire’s earnings were overstated, recording a
pretax gain of $3.624 billion as derivative liabilities fell to
$9.269 billion, however, this reduction included what
appears to be a real derivative loss of $1.9 billion.
Berkshire’s Derivative liabilities are effectively hedged.
Last year I tried to put the derivative contracts into proper
context, restated below:
In December 1929 the Dow Jones Industrial
Index was at about 370. In 1944, 15 years later,
the index had fallen a total of 60% i.e. a 6%
annual loss. In equivalent terms, Berkshire’s
Equity puts would require payment of about $22
billion. To break even on this transaction
Berkshire Hathaway would need to compound
$5.9 billion at about 10%. Buffett’s track record
is well above 15% over the last 50 years and his
current investments are certain to outlive him-
and I expect will exceed the break-even 10%.
[Amendments made in 2009 with respect to certain
equity put contracts reduced the strike price by
between 29% and 39% and reduced the related
contract expiration dates by between 3.5 and 9.5
years. This effectively reduced the annual rate of
compounding on these contracts to 8% in order to
break even. The remaining contracts were unaltered
and remain as they did in 2008.] If markets are
at par with the initial and amended strike
prices over the next 14 years, Berkshire will
not have made and will not be required to
make any payment. Meaning, derivative float
will explicitly become equity. In this case, the
value of “Equity Put Float” will have definitely
compounded well above 15% annually.
What is not discussed, is that these contracts
are effectively hedged and the probability of having to
actually pay anything is negligible. While Berkshire has the
use of between $6 and $8 billion, the balance sheet has
shown derivative liabilities of up to $14 billion.
These contracts, though technically, are liabilities should
not be considered such insofar as a private investor is
concerned. I adjust the income statement from period to
period, by either reducing or increasing earnings by the
corresponding amount of derivative gains or losses that
result from a change in the contract’s fair value. I eliminate
derivative liabilities altogether from the balance sheet,
since I am of the impression that the contracts are
effectively hedged.
That said, investors need to arrive at their own conclusions about
the risks involved and may very well wish to keep some or all
derivative liabilities on Berkshire’s Books.
CONSIDER: how
woul d a smart
pri v ate busi nessman
thi nk about such a
transacti on and
woul d i t change the
busi nesses underl yi ng
v al ue, that i s, how
woul d thi s affect
the sel l i ng pri ce i n a
pri v ate busi ness
transacti on?
! BERKSHIRE HATHAWAY, INC.
Derivatives
in more detail

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
11
Equity Put Contracts
Equity puts are very similar to selling insurance-the
purchaser pays a premium and in return is protected
from future loss. The loss in this case is a decline in the
general stock market.
Berkshire sold puts and collected premiums of $5.9
billion up front, which Buffett invested. “Derivative
premiums,” like insurance premiums, are invested until
the contracts expire. These are European style contracts,
meaning the seller (Berkshire) is liable only for losses that
exist on the expiration date of the contract. The
amended contracts have an average weighted expiration
of 11.5 years. In the meantime Buffett gets the benefit of
the use of this money.
Credit Default Swaps
High Yield Index
Last year I suggested that, of Buffett’s derivative book,
these were the most likely to produce a loss. Indeed it
appears as though this was the case for 2009 as Berkshire
had to pay $1.9 billion in real losses. These contracts
now account for approximately $1.1 billion of Buffett’s
derivative float.
Individual Companies
Counter party risk exists to the extent the purchasers of
these contracts are able to pay the full $4 billion
premiums over the 5 year life of the contracts. Annually
Berkshire receives $93 million for premiums on these
contracts. Berkshire was initially liable for 42
corporations. Should any of these companies default on
their loans, Berkshire is liable for the decline in the
market value of the debt relative to the value of the debt
specified in the CDS contract.
Tax Exempt (Muni) Bond Insurance Contracts
Last year I mistakenly reported that premiums for State/
Muni contracts would be paid annually. Premiums were
received upfront and therefore counter-party risk does
not exist. These contracts are mostly second-to-pay
contracts meaning Berkshire is liable to pay only what the
first insurer cannot.
Berkshire received premiums of $595 million in 2008 on
contracts extending as far as 40 years.
Berkshire now have total “Derivative Float” of about $6.3
billion primarily from Equity Puts and Credit Default
Insurance (high yield index).
Itemized
derivative contracts
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
12
Operating units
Berkshire is made up of several separate business units. I
like to think of Berkshire in terms of the insurance
business and the non-insurance business. Within the
non-insurance business there are several subgroups:
manufacturing, service, & retail; utilities & energy; and
finance & financial products. Within the insurance
business group there are two subgroups, the insurance
business itself and the investment business. It may seem
a bit strange to separate these two as they are very much
related, however, if we look at regulatory capital
required for normal insurance operations we find that
Berkshire has significant excess capital better treated
separate from the insurance business. If we compare
Buffett's stated amount of float which is approximately
$62 billion to cash, fixed income securities, and other
investments it's clear that equity investments are not
required capital of the insurance business. Therefore I
treat equities as separate from the insurance business.
!"#$%&"'( )*+,+*+(#
-+"&"'(./.
-+"&"'+&,.
0%12$'*#
3&"$4&'*$%+"56.
7(%8+'(6.9(*&+,
MidAmerican Energy:
MidAmerican
Energy Company
InterCoast Capital Company
Midwest Capital Group
Paci!Corp:
Paci!Corp Energy
Paci!c Power
Rocky Mountain Power
CE Electric UK:
Northern Electric Distribution
Integrated Utility Services
Yorkshire Electricity Distribution
CalEnergy Gas (U.K.) Ltd.
CalEnergy Generation:
CE Generation LLC (50 percent interest)
CE International Investments, Inc.
CE Electric (NY) Inc.
CalEnergy Paci!c Holding Corp.
HomeServices of America, Inc.:
Carol Jones REALTORS
CBSHOME Real Estate
Champion Realty, Inc.
Edina Realty Home Services
EWM REALTORS
Harry Norman REALTORS
HOME Real Estate
Huff Realty
Iowa Realty
Long Realty Company
Prudential California Realty
Prudential Carolinas Realty
Prudential First Realty
Prudential York Simpson Underwood Realty
RealtySouth
Rector-Hayden REALTORS
Reece & Nichols
Roberts Brothers, Inc.
Semonin REALTORS
Woods Bros. Realty ;
National Inuemnity
Columbia Insuiance Co.
uEIC0
uenRe
National Fiie anu Naiine Insuiance Co.
Beikshiie Bathaway Assuiance Co.
Manufacturing
Acme Building Brands
Benjamin Moore
H.H. Brown Shoe Group
CTB
Fechheimer Brothers
Forest River
Fruit of the Loom
Garan, IMC
Johns Manville
Justin Brands
Larson-Juhl
Marmon
MiTek
Richline
Scott Fetzer
Shaw Industries
Service
Buffalo News
Business Wire
FlightSafety
International Dairy Queen
McLane Company
Pampered Chef
NetJets
TTI
Retail
Ben Bridge Jeweler
Borsheims, Helzberg Diamond Shops
CORT
Jordan`s Furniture
Nebraska Furniture Mart
See`s Candies
Star Furniture
R.C. Willey
BH Finance
Clayton Homes
XTRA
CORT
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
13
The value of an insurance company comes from the
amount of investable funds it generates. Investable funds
can come from underwriting profits, from investment
income, or from securities gains. In the simple sense, if
insurance premiums are sufficient to cover the losses
incurred over the insurable period, the insurer produces
an underwriting profit. These profits may be added to
surplus, which allows the insurer to write additional
business. The amount of business an insurer can write is
generally limited to 3 times the insurers surplus,
Statutory Accounting Principle’s (SAP) definition for
shareholders equity.
As stated above, the amount of business an insurer can
write is dependent upon surplus. Investable funds are a
combination of surplus and float.
The amount of float depends upon the amount of
business written. The amount of business written
depends upon the amount of surplus. The amount of
surplus depends upon underwriting profit or loss,
investment income from interest and dividends, and/or
capital gains on investments. The underwriting of
insurance policies and the investment of surplus and float
are separate operations.
Berkshire Hathaway has, on average, earned
underwriting profits. Float at the end of 2009 was $62
billion, up $4 billion from last year. For several reasons
not discussed here, most insurers earn underwriting
losses. These losses must be made up for with interest
income and securities gains. If this does not happen,
surplus declines and the amount of business written must
also decline. If a privately owned insurance company
owns very attractive securities, but consistently writes at
an underwriting loss, then the owner’s equity interest
will decline either via liquidating investments or by
raising new capital. The key here is that it’s critically
important to earn underwriting profit. Berkshire
Hathaway’s insurers clearly do this quite well.
Insurance operation
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
14
It is important to recognize that Berkshire Hathaway’s
insurance business holds cash, fixed income securities,
and equity securities. Berkshire Hathaway has about
$144 billion in cash & cash equivalents, fixed maturity
investments, and Equity investments all of which are held
within various insurance businesses, primarily by
National Indemnity, Columbia Insurance Company,
GEICO, GenRe, National Fire and Marine Insurance
Company, and Berkshire Hathaway Assurance Company.
As of December 31, 2009, $8 billion of this $144 billion
was earmarked for the Burlington Northern Santa Fe
acquisition and is deducted from the cash account below.
Cash and cash equivalents, fixed income securities, and
other investments clearly support potential normal
insurance underwriting losses, meaning these
investments are required for the normal operation of the
insurance business, whereas, equity securities are not.
This is very important and a fundamental
component of value which must be considered
separately.
TOTAL INVESTMENTS
2009 2008 2007 2006
Cash and cash equivalents $ 18,655 $ 18,845 $ 28,257 $ 34,590
Fixed maturity investments 32,331 27,115 28,515 25,272
Equities 56,289 49,073 79,999 61,168
Other 28,780 21,535 - -
Net investments 136,055 116,568 136,771 121,030
Float 62,000 58,500 58,700 50,887
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INVESTMENTS
2009 2008 2007 2006
Net investments $ 136,055 116,568 136,771 121,030
Cash and cash
equivalents 18,655 $ 18,845 $ 28,257 $ 34,590
Fixed Securities 32,331 27,115 28,515 25,272
Total Fixed 53,531
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Other investments consist of warrants, preferreds, notes, and similar
investment securities-itemized on the following page. Though Burlington
Northern Santa Fe is included within other assets (above,) I transfer the
$6.6 billion equity securities held by Berkshire to the utilities business
for valuation purposes.
! BERKSHIRE HATHAWAY, INC.
Insurance operation

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
1
5

Shares Cost

Total Per share Per share Per share
PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES PREFERREDS, WARRANTS, NOTES
Wrigley’s



2018 notes 11.5’s -- $ 4,400,000,000 4,400,000,000
Preferreds 5’s -- 2,100,000,000 2,100,000,000
2013 & 2014 senior notes -- 1,000,000,000 1,000,000,000

Goldman Sachs
Preferreds 10’s 50,000 50,000 5,000,000,000 5,000,000,000 $ 5,500,000,000 $ 110,000
Warrants (expire 2013) 43,478,260 43,478,260 5,000,000,000 5,000,000,000 115,000
General Electric
Preferreds 10’s 30,000 30,000 3,000,000,000 3,000,000,000 3,300,000,000 110,000
Warrants (expire 2013) 134,831,460 134,831,460 3,000,000,000 22.25
SwissRe
12% Cv Perp. 120,000,000 120,000,000 2,700,000,000 2,700,000,000 CHF 3,000,000,000 CHF 25
Dow Chemical
Preferreds 8.5’s 3,000,000 3,000,000 3,000,000,000 3,000,000,000 53.72
Net 21,200,000,000 21,200,000,000
2008 - Initial Purchases
Wrigley’s
Berkshire bought $4.4 billion fixed income notes yielding 11.5% due
2018 and $2.2 billion cumulative preferred stock which convert into
Wrigley’s equity. The preferreds also pay a 5% dividend annually.
Goldman Sachs
Berkshire invested $5 billion in Goldman Sachs preferred stock
yielding 10%, however attached thereto, Berkshire also received
warrants convertible into 43 million shares of Goldman Sachs equity.
General Electric
Berkshire invested $3 billion in GE, on terms nearly identical to the
Goldman deal.
2009 - Additions
Wrigley’s
In addition to Securities purchased in 2008, Berkshire added $1 billion
in fixed notes due 2013 & 2014.
SwissRe
Berkshire bought a $2.7 billion fixed income security yielding 12%
forever until converted or called (under favorable terms).
Dow Chemical
Finally, Berkshire Invested $3 billion in Dow Chemical convertible
preferreds yielding 8.5%.
OTHER INVESTMENTS - A wonderful lesson in parsimony.
If professional investors spent more time thinking, they might recognize a fallacy in the
underlying logic that prevents them from holding cash, namely the excuse, “Our investors
don’t pay us to do nothing. We have to be fully invested.” The fundamental job of a
professional money manager is, or at least should be, to decide when and where to invest. For
some reason investors often forget the when. (This has everything to to with knowledge of
underlying business value and I am in no way talking about market timing so please don’t
confuse the two.) Attractive investments are not always attractively priced. When sensible
investments aren’t readily available, the facts and sound logic are clearly telling you to hold
cash, and by the way, so too was Warren Buffett. Berkshire Hathaway had more than $40
billion in cash leading up to 2007. As the financial crisis unfolded, Buffett put to work as
much as could be invested without overextending the insurance business. Many of these
investments are itemized under the line item, Other Investments. Buffett’s other
investments were private placements, made at a time of corporate desperation (mid-2008
to mid-2009). Not only did Buffett have the luxury of where and when to invest, he also
determined the specific terms under which he invested. (Necessity never made a good
bargain.)
To think clearly, think independently. To
think independently, base your decisions
on the facts and sound logic.
Insurance operation
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
1
6
EQUITY INVESTMENTS, GAAP EQUITY METHOD
Shares Shares Cost est. Cost est.
Burlington Northern Santa Fe 22.5% 76,800,000 76,800,000 $ 6,600,000,000
Burlington Northern Santa Fe remaining 77.5% 264,500,000 264,500,000 26,500,000,000
Burlington Northern Santa Fe 100% 33,100,000,000
PREFERREDS, WARRANTS, NOTES, BNSF 100% - NET $ 54,300,000,000
PREFERREDS, WARRANTS, NOTES, BNSF 22.5% - NET 27,800,000,000
!"#$%&'()$*"+$("*&,!("'(-$.
! BERKSHIRE HATHAWAY, INC.
Insurance operation

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
17
Berkshire’s insurance float is roughly $62 billion and is
largely supported with $32.3 billion fixed maturity
securities and $21.2 billion fixed income securities, listed
under line item “Other Investments” (less equity in
BNSF,) the sum of which comes to $53.5 billion.
Berkshire Hathaway’s insurance units also hold a
combined $18.6 billion in cash and cash equivalents.
Naturally a portion of this cash is available for equity
investment to which I arbitrarily assign $8 billion,
leaving $10.6 billion with the insurers for the normal
course of business. Income earned on fixed investments
and cash generated by non-utility subsidiaries contribute
to the cash account available for investing operations.
(See page 20 for a table of Berkshire Hathaway Equity
Investments.)
2009 2008 2007 2006
Float $ 62,000 $ 58,500 $ 58,700 $ 50,887
Cash & fixed maturity
investments (adjusted)
72,186 60,460 56,772 59,862
Excess cash for equities 8,000 - - 7,000
$0
$35,000
$70,000
Fixed
Float
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INVESTMENTS
2009 2008 2007 2006
Net investments $ 136,055 116,568 136,771 121,030
Fixed Maturities 32,331 27,115 28,515 25,272
(Other) Fixed income 21,200
Total Fixed
53,531
Cash and cash equivalents 18,655 $ 18,845 $ 28,257 $ 34,590
Securities held by
Berkshire insurers 72,186
$72 billion exceeds Berkshire’s
insurance float ($62 billion) and
does not include equity
securities.
! BERKSHIRE HATHAWAY, INC.
Insurance operation

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
18
The above steps are useful only to the extent that
investors can reasonably estimate how much
capital from total investments is required for
normal insurance operations, the amount which
support float funds. In Berkshire’s case, the value
of float (the truly important value in insurance,)
commands an economic value in excess of its
carrying amount. Meaning, residual capital not
required for normal insurance operations should
be treated separately for valuation purposes.
The value of float is not easily calculated and will
vary from investor to investor, however, I am of
the opinion that Berkshire’s float is
conservatively worth $78 billion.
Berkshire Hathaway’s oat is
conservatively worth $78
billion.
/
0
$10,000
$23,750
$37,500
$51,250
$65,000
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
BERKSHIRE HATHAWAY INSURANCE FLOAT
! BERKSHIRE HATHAWAY, INC.
Insurance operation

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
19
Equities
As mentioned above, equities are not an essential part of
Berkshire’s insurance regulatory capital. We can
therefore separate equity securities from the insurance
operation. Equities are itemized below with few
exceptions-one of which is BYD. With respect to this
discussion, equities are valued at market as of December
31, 2009 ($56,289,000,000).
Security Name
Val ($MM) Ticker Pos % Port % O/S Filing Date Pos Chg % Pos Chg Val Chg ($MM) Market Cap ($MM) Filing Type
8urllnaLon norLhern SanLa le Corp 34,196.06 341,244,000 40.17 100 12-Feb-10 264,466,971 344.46 26,502.24 34,196.06 13D
Coca-Cola Co 10,544.00 KO-N 200,000,000 12.39 8.68 22-Feb-10 0 0 0 122,161.78 Proxy
Wells larao & Co 8,639.19 WFC-N 320,088,385 10.15 6.18 31-Dec-09 6,732,728 2.15 181.72 139,784.77 13F
Amerlcan Lxpress Co 6,143.27 AXP-N 151,610,700 7.22 12.67 31-Dec-09 0 0 0 45,703.00 13F
ÞrocLer & Camble Co 5,305.33 PG-N 87,503,411 6.23 3.01 31-Dec-09 -8,812,599 -9.15 -534.31 183,802.64 13F
kraû loods lnc 3,824.62 KFT-N 138,272,500 4.49 9.35 5-Jan-10 0 0 0 42,058.52 13G
Wal-MarL SLores lnc 2,086.54 WMT-N 39,037,142 2.45 1.02 31-Dec-09 1,200,500 3.17 64.17 206,016.00 13F
Wesco llnanclal Corp 1,956.16 WSC-A 5,703,087 2.3 80.1 31-Dec-09 0 0 0 2,673.92 13F
ConocoÞhllllps Co 1,925.92 COP-N 37,711,330 2.26 2.54 31-Dec-09 -19,718,838 -34.34 -1,007.04 71,368.23 13F
!ohnson & !ohnson 1,747.60 JNJ-N 27,132,467 2.05 0.99 31-Dec-09 -9,782,166 -26.5 -630.07 173,823.30 13F
uS 8ancorp uel 1,554.08 USB-N 69,039,426 1.83 3.6 31-Dec-09 0 0 0 47,078.93 13F
Moodvs Corp 852.63 MCO-N 31,814,610 1 13.44 31-Dec-09 -7,404,702 -18.88 -198.45 6,306.28 13F
WashlnaLon ÞosL Co 759.53 WPO-N 1,727,765 0.89 21.7 31-Dec-09 0 0 0 3,407.87 13F
1esco Þlc -underlvlna 604.39 TSCO-LN 90,000,000 0.71 1.13 25-Oct-09 0 0 0 50,816.88 UK Registers
Swlss 8elnsurance Co - underlvlna 527.66 RUKN-VX 11,262,000 0.62 3.04 12-Mar-10 0 0 0 16,682.93 Other Substantial/Declarable
nlke lnc - Class 8 504.84 NKE-N 7,641,000 0.59 1.92 31-Dec-09 0 0 0 26,868.43 13F
M & 1 8ank Corp 449.17 MTB-N 6,715,060 0.53 5.66 31-Dec-09 0 0 0 9,143.79 13F
CosLco Wholesale Corp 310.88 COST-O 5,254,000 0.37 1.2 31-Dec-09 0 0 0 26,786.13 13F
uSC Corp 239.86 USG-N 17,072,192 0.28 17.19 31-Dec-09 0 0 0 1,338.56 13F
8epubllc Servlces lnc 234.7 RSG-N 8,290,500 0.28 2.18 31-Dec-09 4,665,500 128.7 132.08 10,720.89 13F
nalco Poldlna Co 229.59 NLC-N 9,000,000 0.27 6.51 31-Dec-09 0 0 0 3,214.42 13F
SvmeLra llnanclal Corp 223.59 SYA-N 17,400,000 0.26 14.75 21-Jan-10 17,400,000 100 223.59 1,532.68 13G
lnaersoll-8and Þlc 201.45 IR-N 5,636,600 0.24 1.76 31-Dec-09 -2,146,000 -27.57 -76.7 10,213.12 13F
CarMax lnc 194 KMX-N 8,000,000 0.23 3.59 31-Dec-09 -1,000,000 -11.11 -24.25 4,499.52 13F
ComcasL Corp - Cl A Speclal 192.12 CMCSK-O 12,000,000 0.23 1.57 31-Dec-09 0 0 0 11,850.72 13F
nesLle SA - uep 8cpL 164.39 NSRGY-5 3,400,000 0.19 0.09 31-Dec-09 0 0 0 181,853.56 13F
lron MounLaln lnc Þa 159.32 IRM-N 7,000,000 0.19 3.44 31-Dec-09 3,627,800 107.58 82.57 5,262.83 13F
Sanoñ-Avenus - uep 8cpL 153.31 SNY-N 3,903,933 0.18 0.15 31-Dec-09 0 0 0 96,660.15 13F
Lowe's Companles lnc 152.04 LOW-N 6,500,000 0.18 0.45 31-Dec-09 0 0 0 34,592.89 13F
n8C Lnerav lnc 141.66 NRG-N 6,000,000 0.17 2.29 31-Dec-09 0 0 0 5,719.85 13F
1orchmark Corp 124.11 TMK-N 2,823,879 0.15 3.41 31-Dec-09 0 0 0 3,849.50 13F
8ecLon ulcklnson & Co 118.29 BDX-N 1,500,000 0.14 0.64 31-Dec-09 300,000 25 23.66 18,353.88 13F
Ceneral LlecLrlc Co 117.68 GE-N 7,777,900 0.14 0.07 31-Dec-09 0 0 0 170,998.77 13F
unlLed Þarcel Servlce lnc 81.99 UPS-N 1,429,200 0.1 0.2 31-Dec-09 0 0 0 41,483.71 13F
Pome uepoL lnc 79.79 HD-N 2,757,898 0.09 0.16 31-Dec-09 0 0 0 53,052.86 13F
WellpolnL lnc 78.33 WLP-N 1,343,820 0.09 0.3 31-Dec-09 -2,050,393 -60.41 -119.52 27,466.01 13F
8ank of Amerlca Corp 75.3 BAC-N 5,000,000 0.09 0.05 31-Dec-09 0 0 0 165,689.84 13F
ClaxoSmlLhkllne Þlc - uep 8cpL 63.82 GSK-N 1,510,500 0.07 0.06 31-Dec-09 0 0 0 95,986.05 13F
SunLrusL 8anks lnc 48.66 STI-N 2,398,206 0.06 0.48 31-Dec-09 -681,572 -22.13 -13.83 11,889.52 13F
unlLed PealLh Croup lnc 35.81 UNH-N 1,175,000 0.04 0.1 31-Dec-09 -2,225,000 -65.44 -67.82 39,345.89 13F
Canneu Co lnc 32.7 GCI-N 2,202,200 0.04 0.93 31-Dec-09 -1,245,400 -36.12 -18.49 3,595.96 13F
Lxxon Mobll Corp 28.76 XOM-N 421,800 0.03 0.01 31-Dec-09 -854,490 -66.95 -58.27 307,573.38 13F
Comdlsco Poldlna Co lnc 15.38 CDCO-U 1,538,377 0.02 38.18 31-Dec-09 0 0 0 34.45 13F
kroml Loalsuk AC 4.45 K1R-XE 401,863 0.01 9.74 21-Sep-09 0 0 0 43.74 Other Substantial/Declarable
1ravelers Cos lnc 1.36 TRV-N 27,336 0 0.01 31-Dec-09 0 0 0 27,008.86 13F
! BERKSHIRE HATHAWAY, INC.
Insurance operation
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
20
2009 2008
Investing operations (securities at market + excess ins. cash)* Investing operations (securities at market + excess ins. cash)*
$ 64,200 $ 58,500
Value of Float Value of Float
78,000 70,000
Net insurance est. Net insurance est. 142,200 128,500
For the sake of this presentation, 22.5% BNSF equity, $6.6 billion, at cost, transferred to utilities net worth.
These holdings were included in investing operations in 2008.
For the sake of this presentation, 22.5% BNSF equity, $6.6 billion, at cost, transferred to utilities net worth.
These holdings were included in investing operations in 2008.
For the sake of this presentation, 22.5% BNSF equity, $6.6 billion, at cost, transferred to utilities net worth.
These holdings were included in investing operations in 2008.
For the sake of this presentation, 22.5% BNSF equity, $6.6 billion, at cost, transferred to utilities net worth.
These holdings were included in investing operations in 2008.
For the sake of this presentation, 22.5% BNSF equity, $6.6 billion, at cost, transferred to utilities net worth.
These holdings were included in investing operations in 2008.
For the sake of this presentation, 22.5% BNSF equity, $6.6 billion, at cost, transferred to utilities net worth.
These holdings were included in investing operations in 2008.
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! BERKSHIRE HATHAWAY, INC.
Berkshire
Hathaway, Inc.
Insurance Operations

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
2
1
2009 2009 2008 2008 2007 2007
Manufacturing, Service and Retailing

Pre-tax earnings
$ 2,058 $ 4,023 $ 3,947
Net earnings 1,113 2,283 2,353
Approximate net worth 16,804 17,227 12,112
Finance & Financial Products
Pre-tax earnings $ 781 $ 787 $ 1,006
Net earnings 494 479 632
Approximate net worth 10,874 6,874 9,658
Utilities
Net earnings $ 1,071 $ 1,704 $ 1,114
Approximate net worth 13,963 10,970 8,600
(BNSF earmarked cash & 22.5% equity $14.6b) 28,563 - -
(BNSF 100% consolidated) 47,963 - -
Manufacturing, Service and Retailing, Finance &
Financial Products, and Utilities
Combined net earnings $ 2,678 $ 4,466 $ 4,099
Combined net worth
22.5% BNSF Pre-merger 56,241 35,071 30,370
100% BNSF Post-merger 75,641 - -
Non-Insurance Operating Businesses
On the low end of the valuation range, Berkshire’s non-insurance
operating businesses are worth their adjusted net worth.

Pre-merger (BNSF) net worth was roughly equal to
$56,000,000,000.
Post-merger (BNSF) net worth is roughly, $75,000,000,000.
Although, currently suffering from the global economic downturn,
I am still of the opinion that Berkshire Hathaway’s non-insurance
operating businesses command a liberal premium over basic net
worth.
Estimated value of Berkshire Hathaway’s non-insurance operating
units sold in private transactions:
BNSF 100% consolidated $88,000,000,000
2009
Non-insurance Value in Private
Negotiations $ 88,000
! BERKSHIRE HATHAWAY, INC.
Non-insurance
operations

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
22
BNSF is very capital intensive, why did
Berkshire Hathaway buy Burlington
Northern?
There is literally no close substitute to railroad
transportation, a service that is also both needed and
desired. Were the industry not subject to price
regulation, we would be talking about an economic
franchise, but we would also be talking about a clear
monopoly subject to anti-trust law. Instead, we have a
utility business and as is the case with utility
companies, railroads are effectively a regulated
monopoly. As the cost of goods increases over time
Burlington will pass along their capital costs to
customers. However as the cost of oil increases with
inflation, the relative attractiveness of rail transport
will also increase, but without proportional cost
increases. The extremely high fixed costs and similarly
high initial investment or replacement costs are
gigantic barriers to entry. Utility and railroad
businesses alike, have fairly calculable future earning
streams, which makes the use of leverage both
reasonable and smart.
How much is Burlington Northern
worth?
Debating whether or not Buffett paid a reasonable
price seems to me ridiculous. However, I had
calculated BNSF before mention of the merger and as
it turns out he appears to have paid what I thought to
be his maximum price. (This is also supported by
comments made by Buffett about the use of Berkshire
Hathaway shares in the acquisition.)
(It is important to recognize that Berkshire
Hathaway is enormous in size, limiting the
universe of opportunities within which Buffett can
invest meaningful amounts of shareholder capital.
As the universe gets smaller, so too must overall
investment returns, the consequence of an ever-
growing huge amount of capital. Berkshire owner
expectations should be significantly lower over the
next 20 years. That is not to discount Berkshire
altogether-owner partners should also expect to
earn quite reasonable rates of return over the same
period.)
In terms of replacement cost, I'm certain BNSF is
worth considerably more than $34 billion. Moreover, I
find it hard to believe that anyone wanting to enter this
business could acquire enough (connected) real estate
to build an equivalent network of roads. The cost
would certainly be well in excess of $34 billion. The
merger must be considered as a truly long-term
investment. Sometime in the future, say 50 years
hence, Burlington may very well be a 20% return
business. Today it is somewhere between 13% and
15%. It has some, but not excessive leverage.
Though I consider this very much a speculative
comment, I am also of the impression that the
merger will benefit the utilities operation directly.
Mid-American produces significant amounts of its
energy production via coal. The Powder River
Basin provides 40% of all coal used in the U.S. for
electrical power generation. Significant coal bed
methane deposits are also located in the Powder
River Basin. The Powder River Basin consists of 18
coal mines, from which, 30 states receive
approximately 400 million tons of coal every year.
According to the U.S. Energy Information
Administration, coal from Powder River Basin is
significantly less expensive than coal extracted
elsewhere in the U.S. selling, for instance, 1/6 the
price of Central Appalachian coal. The majority of
coal moved from Powder River Basin must first
travel 103 miles on a BNSF-Union Pacific jointly
owned line. Though partially owned by Union
Pacific, the line is primarily owned, and fully
operated by, BNSF. There are now a total of four
tracks jointly used in the basin by BNSF and UP.
Approximately 65 unit trains (115 cars) leave
daily, laden with coal.
! BERKSHIRE HATHAWAY, INC.
Burlington
Northern Santa Fe

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
23
Key Ratios FYE: 12/31/09
Oper Margin 23.05 Curr Ratio 0.98
Net Margin 12.28 Debt/Equity 0.76
ROE 13.45 Int Coverage 5.22
ROA 4.45 CF/Share 10.42
Currency: USD
PER SHARE OVERVIEW
Date Earnings Dividend Sales/Shr.
Q4Y2009 5.01 0.40 10.80
Q3Y2009 5.25 0.40 10.55
Q2Y2009 5.83 0.40 9.73
Q1Y2009 5.64 0.40 10.05
Q4Y2008 6.08 0.40 12.83
Q3Y2008 5.75 0.40 14.40
Q2Y2008 5.23 0.32 13.14
Q1Y2008 5.43 0.32 12.51
INCOME STATEMENT (Millions) Y2009 Y2008 Y2007 Y2006 QUARTERLY REVENUE YEAR OVER YEAR*
Net Sales 14,016 18,018 15,802 14,985
Cost of Goods Sold 5,768 8,825 7,169 5,594
Selling and Admin Expenses 3,481 3,884 3,773 3,816
Amortization & Depreciation 1,537 1,397 1,293 1,130
Operating Income 3,230 3,912 3,567 3,495
Interest Expense 621 550 528 499
Pretax Income 2,641 3,368 2,962 3,001
Income Taxes 920 1,253 1,128 1,105
Net Income before Extraordinary Items/Pref Div 1,721 2,115 1,829 1,887
Net Income 1,721 2,115 1,829 1,887
BALANCE SHEET (Millions) Y2009 Y2008 Y2007 Y2006 FIVE YR SALES TO NET INCOME
ASSETS
Cash & Short-Term Investments 1,303 633 330 375
Receivables - Total 787 847 790 805
Inventories - Total 633 525 579 488
Total Current Assets 3,256 2,665 2,181 2,181
Net Property, Plant, and Equipment 32,294 30,847 29,567 27,676
Total Assets 38,675 36,403 33,583 31,643
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable 244 290 296 282
Debt In Current Liabilities 644 456 411 473
Total Current Liabilities 3,339 3,646 3,235 3,326
Long-Term Debt - Total 9,691 9,099 7,735 6,912
Total Liabilities 25,877 25,272 22,439 21,247
Minority Interests 0 0 0 0 FIVE YEAR SUMMARY DATA
Preferred Stock 0 0 0 0 Year Sales* Net Income* EPS
Common Stock 5 5 5 5 Y2005 12,987 1,531 4.01
Retained Earnings 13,941 12,764 11,152 9,607 Y2006 14,985 1,887 5.10
Capital Surplus 7,776 7,631 7,348 6,990 Y2007 15,802 1,829 5.10
Treasury Stock 8,428 8,395 7,222 5,929 Y2008 18,018 2,115 6.08
Total Common Equity 12,798 11,131 11,144 10,396 Y2009 14,016 1,721 5.01
CASH FLOW SUMMARY (Millions) Y2009 Y2008 Y2007 Y2006
Net Cash Provided by Operations 3,413 3,977 3,492 3,108 Growth Rate 1.92% 2.97% 5.72%
Net Cash Provided by Investments 2,637 3,073 2,415 2,086
Net Cash Provided by Financing (140) (601) (1,122) (722) * Millions
COMPANY DESCRIPTION PRIMARY SIC CODE: 4011 KEY FINANCIAL ITEMS IN US$ (Millions)
Y2009 Y2008 Y2007 Y2006
Market Cap. 33,604 25,679 28,939 26,415
Total Assets 38,675 36,403 33,583 31,643
Sales 14,016 18,018 15,802 14,985
Inc. Bef. Pref. 1,721 2,115 1,829 1,887
EXECUTIVE OFFICERS
ADDRESS
2650 Lou Menk Drive Tel +1 800 795-2673
City: State Zip
Fort Worth TEXAS 76131-2830
Matthew K. Rose
Carl R. Ice
Thomas N. Hund
Roger Nober
Chairman, President & Chief Executive
Executive Vice President & Chief
Operating Officer
Executive Vice President & Chief
Financial Officer
Executive Vice President & Secretary
BURLINGTON NORTHERN SANTA FE TEARSHEET
Burlington Northern Santa Fe Corporation. The Group's principal activity is operating railroad networks in North America. Through
its subsidiaries, it is engaged primarily in the freight rail transportation business. As on 31-Dec-2009, it operated in about 32,000
route miles covering 28 states and two Canadian provinces. Approximately 9,000 route miles of BNSF Railway's system consist of
trackage rights that permit BNSF Railway to operate its trains with its crews over other railroads' tracks. The BNSF railway
transports a range of products and commodities including transportation of consumer products, coal, industrial products and
agricultural products, derived from manufacturing, agricultural and natural resource industries.
DATA SOURCE: THOMSON FINANCIAL
$0
$20
$40
$60
$80
$100
$120
$140
Feb2006 Jun2006 Oct2006 Feb2007 Jun2007 Oct2007 Feb2008 Jun2008 Oct2008 Feb2009 Jun2009 Oct2009
48-Month Price
0
1000
2000
3000
4000
5000
6000
-3Q -2Q -1Q 0Q
Y2008 Y2009
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
0
500
1000
1500
2000
2500
Y2005 Y2006 Y2007 Y2008 Y2009
Net Income* Sales*
! BERKSHIRE HATHAWAY, INC.

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
24
Utilities and BNSF
Significant transportation contracts between Mid-
American and Burlington Northern expire within 2
years. The new, generally long term contracts, would
almost certainly include rate increases chargeable to
Mid-American. Given the heavily regulated nature of
both of these industries, I am uncertain whether
favorable terms are allowable between affiliate
companies, however I think it's fair to assume some
benefit will trickle down to the parent company.
The Merger
As of December 31, 2009, Berkshire Hathaway had
acquired 76,800,000 shares (22.5%) of Burlington
Northern through market share purchases. The
weighted cost of these share purchases was
approximately $6.6 billion. BNSF shareholders agreed
to sell the remaining 77.5% of BNSF to Berkshire
Hathaway in a cash and stock deal. The reported value of
the transaction was valued at $26.4 billion, or $100 per
share, thereby valuing Burlington Northern at
approximately $34 billion.
! BERKSHIRE HATHAWAY, INC.
Burlington
Northern Santa Fe

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
25
% BNSF
stock
% BNSF
stock
Shares Total cost Cost per
share
outstanding
acquired in
merger
Stock already owned, at cost 22.5 - 76,800,000 $ 6,600,000,000 $ 85.9375
MERGER OFFER
Acquired with cash 46.7 60.1 ⑴ 158,400,000 15,800,000,000 99.74747
Acquired with stock 30.8 39.9 ⑴, ⑵ 105,200,000 12,000,000,000 114.0684
Net Acquisition 100.0 340,400,000 34,400,000,000 101.0511

158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.
158,400,000 shares represent 46.7% of BNSF total shares outstanding or 60%
of BNSF shares not already owned; to be acquired.

Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Stock-currency value is equivocally 6% of Berkshire Hathaway
(i.e. 6% for 30.8%)
Berkshire acquired the remaining 77.5% of BNSF not
already owned. Were this consideration paid strictly with
cash, there would be nothing further to discuss, but
Berkshire used cash and stock. Meaning, stock, in effect,
was used as currency. The underlying value of stock-
currency (unlike cash-currency,) may be quite a bit
different from its traded market value; generally the
important value as far as the seller is concerned. Berkshire
Hathaway's stock-currency traded for about $180 billion at
the time of offer. Shares issued in conjunction with the
merger amount to approximately 6% of Berkshire
Hathaway. That is, 30% of BNSF’s total shares (or 39.9%
of BNSF’s shares not already owned) were acquired in
exchange for 6% of Berkshire Hathaway's stock-currency,
when Berkshire was selling for $180 billion. Based upon
conservative estimates at the time of offer, Berkshire’s
intrinsic value was, roughly $200 billion. The stock-
currency used in the transaction adjusted for underlying
value, suggests that the total cost of the deal was
understated by roughly $1.4 billion. If reference is made
to the cost as provided within the merger proxy,
adjustment should be made to the value of stock purchased
at market, before merger. This number was adjusted up
from cost to market which inflated this portion of the
acquisition cost, however the increase will come through
the income statement in the first quarter. There are many
ways to treat this. I take the actual cost to berkshire and
add thereto, the cost of undervalued stock-currency.

As of October
30, 2009
As of October
30, 2009
Implied
Consideration
Value
Implied
Consideration
Value
Enterprise Value/2010E
EBITDA




IBES

6.8 x

8.5 x
2010 Recovery Case

7.0

8.7
2011 Recovery Case

7.4

9.3
No Recovery Case

7.6

9.5
Deeper Recession Case 8.0 10.0
Price/2010E EPS




IBES

13.5 x

17.9 x
2010 Recovery Case

14.9

19.8
2011 Recovery Case

17.1

22.7
No Recovery Case

17.6

23.4
Deeper Recession Case 19.7 26.2

As of October
30, 2009
As of October
30, 2009
Implied
Consideration
Value
Analysis of Multiples at Offer Price. Goldman Sachs calculated and compared various financial multiples and ratios for BNSF based on
information that it obtained from BNSF management and estimates from the Institutional Brokers Estimate System (“IBES”):
! BERKSHIRE HATHAWAY, INC.
Burlington
Northern Santa Fe

©Matt Pauls
PO Box 523714, 6200 Rolling Road Springfield, Virginia 22152 matt@mattpauls.com
26
INTRINSIC VALUE ESTIMATE, Berkshi re Hathaway, Inc.
ADJUSTED NET WORTH ADJUSTED NET WORTH 2009 2008
Net insurance est.
$ 142,200 $ 128,500
Combined non-insurance operating businesses
75,641 35,071
Conservative value, Berkshire Hathaway inc.
217,841 163,571
NEGOTIATED SALE NEGOTIATED SALE 2009 2008
Net insurance est.
$ 142,200 $ 128,500
Combined non-insurance operating businesses
88,000 35,071
Conservative value, Berkshire Hathaway inc.
230,200 163,571
CURRENT
(BNSF 100% CONSOLIDATED)
ADJUSTED NET WORTH ADJUSTED NET WORTH
2009 2008
Net insurance est.
$ 142,200 $ 128,500
Combined non-insurance operating businesses
56,241 35,071
Conservative value, Berkshire Hathaway inc.
198,441 163,571
DECEMBER 31, 2009
(PRE-MERGER)
2009 2008
$128,500
$142,200
$35,071
$75,641
N
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10 Years 15 Years 20 Years
20%
20%
18%
22%
23%
12%
17%
14%
3%
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! BERKSHIRE HATHAWAY, INC.
Matt pauls
PO Box 523714, 6200 Rolling Road
Springfield, Virginia 22152
matt@mattpauls.com
(703) 659-9391
©Matt Pauls
CONTACT THE AUTHOR
Email questions, comments and general feedback to
matt@mattpauls.com

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