This spreadsheet supports STUDENT analysis of the case “Warren E. Buffett, 2015” (UVA-F-1769).

This spreadsheet was prepared by Robert F. Bruner, University Professor, Distinguished Professor of Business Administration, and Dean Emeritus. Copyright © 2017 by the University
of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved. For customer service inquiries, send an e-mail tosales@dardenbusinesspublishing.com. No part of this
publication may be reproduced, stored in a retrieval system, posted to the Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or
otherwise—without the permission of the Darden School Foundation. Our goal is to publish materials of the highest quality, so please submit any errata to
editorial@dardenbusinesspublishing.com.
Nov. 3, 2017
 X
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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
0 09/30/76 $100 $100
I
10/31/76 $96 $98
n-
c 11/30/76 $96 $97
.P 12/31/76 $127 $102
r 01/31/77 $131 $97
Ci 02/28/77 $124 $95
'76 lc 03/31/77 $136 $94
ae
### 04/30/77 $134 $94
s
### s 05/31/77 $143 $91
### 06/30/77 $143 $95 Berkshire Hathaway Class A Shares v
### A 07/31/77 $143 $94 S&P 500 Index over 39 Years
### 08/31/77 $146 $92 $1,000,000
### - 09/30/77 $151 $92
### 10/31/77 $159 $88 $100,000
P
### r 11/30/77 $193 $90
$10,000
### i 12/31/77 $197 $90
### c 01/31/78 $193 $85 $1,000
### e 02/28/78 $193 $83
###
'77 03/31/78 $201 $85 $100
### 04/30/78 $213 $92
$10
### 05/31/78 $243 $92 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2
### 06/30/78 $236 $91
### 07/31/78 $236 $96 (INDEX) Berkshire Hathaway Inc. Class A
### 08/31/78 $250 $98 (INDEX) S&P 500 - Price
### 09/30/78 $250 $97
### 10/31/78 $266 $89
### 11/30/78 $239 $89
### 12/31/78 $217 $91
### 01/31/79 $223 $95
### 02/28/79 $229 $91
###
'78 03/31/79 $260 $97
### 04/30/79 $271 $97
### 05/31/79 $271 $94
### 06/30/79 $321 $98
### 07/31/79 $436 $99
### 08/31/79 $493 $104
### 09/30/79 $479 $104
### 10/31/79 $393 $97
### 11/30/79 $443 $101
### 12/31/79 $457 $103
### 01/31/80 $479 $108
### 02/29/80 $479 $108
###
'79 03/31/80 $371 $97
### 04/30/80 $400 $101
### 05/31/80 $457 $106
### 06/30/80 $436 $110
### 07/31/80 $486 $116
### 08/31/80 $536 $116
### 09/30/80 $550 $119
### 10/31/80 $593 $121
### 11/30/80 $621 $134
### 12/31/80 $607 $129
### 01/31/81 $614 $123
### 02/28/81 $693 $125

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 X
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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
'80 0
### 03/31/81 $686 $129
I
### 04/30/81 $736 $126
n-
### c 05/31/81 $743 $127
### .P 06/30/81 $729 $125
### r 07/31/81 $693 $124
### Ci 08/31/81 $693 $117
### lc 09/30/81 $657 $110
ae
### 10/31/81 $721 $116
s
### s 11/30/81 $829 $120
### 12/31/81 $800 $116
### A 01/31/82 $729 $114
### 02/28/82 $736 $107
'81 -
### 03/31/82 $686 $106
### 04/30/82 $729 $111
P
### r 05/31/82 $721 $106
### i 06/30/82 $707 $105
### c 07/31/82 $679 $102
### e 08/31/82 $693 $114
### 09/30/82 $786 $114
### 10/31/82 $879 $127
### 11/30/82 $986 $132
### 12/31/82 $1,107 $134
### 01/31/83 $1,093 $138
### 02/28/83 $1,186 $141
###
'82 03/31/83 $1,379 $145
### 04/30/83 $1,393 $156
### 05/31/83 $1,400 $154
### 06/30/83 $1,300 $160
### 07/31/83 $1,357 $154
### 08/31/83 $1,457 $156
### 09/30/83 $1,779 $158
### 10/31/83 $1,871 $155
### 11/30/83 $1,929 $158
### 12/31/83 $1,871 $157
### 01/31/84 $1,893 $155
### 02/29/84 $1,829 $149
###
'83 03/31/84 $1,771 $151
### 04/30/84 $1,786 $152
### 05/31/84 $1,843 $143
### 06/30/84 $1,800 $146
### 07/31/84 $1,771 $143
### 08/31/84 $1,843 $158
### 09/30/84 $1,864 $158
### 10/31/84 $1,857 $158
### 11/30/84 $1,846 $155
### 12/31/84 $1,839 $159
### 01/31/85 $2,014 $171
### 02/28/85 $2,150 $172
###
'84 03/31/85 $2,618 $172
### 04/30/85 $2,643 $171
### 05/31/85 $2,657 $180
### 06/30/85 $3,071 $182
### 07/31/85 $3,014 $181
### 08/31/85 $2,914 $179

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 X
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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
### 0 09/30/85 $2,957 $173
I
### 10/31/85 $3,743 $180
n-
### c 11/30/85 $3,750 $192
### .P 12/31/85 $3,529 $201
### r 01/31/86 $3,221 $201
### Ci 02/28/86 $3,943 $216
'85 lc
### 03/31/86 $4,457 $227
ae
### 04/30/86 $4,157 $224
s
### s 05/31/86 $4,086 $235
### 06/30/86 $4,250 $238
### A 07/31/86 $4,036 $224
### 08/31/86 $4,143 $240
### - 09/30/86 $3,750 $220
### 10/31/86 $4,107 $232
P
### r 11/30/86 $3,914 $237
### i 12/31/86 $4,029 $230
### c 01/31/87 $4,429 $260
### e 02/28/87 $4,800 $270
###
'86 03/31/87 $5,029 $277
### 04/30/87 $4,829 $274
### 05/31/87 $4,871 $276
### 06/30/87 $5,000 $289
### 07/31/87 $5,657 $303
### 08/31/87 $5,700 $313
### 09/30/87 $5,886 $306
### 10/31/87 $4,750 $239
### 11/30/87 $4,143 $219
### 12/31/87 $4,214 $235
### 01/31/88 $4,329 $244
### 02/29/88 $4,500 $254
###
'87 03/31/88 $4,893 $246
### 04/30/88 $5,393 $248
### 05/31/88 $5,607 $249
### 06/30/88 $5,929 $260
### 07/31/88 $6,250 $258
### 08/31/88 $6,143 $248
### 09/30/88 $6,857 $258
### 10/31/88 $6,750 $265
### 11/30/88 $6,714 $260
### 12/31/88 $6,714 $264
### 01/31/89 $7,036 $283
### 02/28/89 $6,750 $274
###
'88 03/31/89 $7,071 $280
### 04/30/89 $8,964 $294
### 05/31/89 $9,179 $305
### 06/30/89 $9,393 $302
### 07/31/89 $10,714 $329
### 08/31/89 $11,393 $334
### 09/30/89 $12,321 $332
### 10/31/89 $12,157 $323
### 11/30/89 $11,786 $329
### 12/31/89 $12,393 $336
### 01/31/90 $10,650 $313
### 02/28/90 $10,321 $315

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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
'89 0
### 03/31/90 $9,607 $323
I
### 04/30/90 $9,571 $314
n-
### c 05/31/90 $10,214 $343
### .P 06/30/90 $10,286 $340
### r 07/31/90 $10,000 $338
### Ci 08/31/90 $9,143 $306
### lc 09/30/90 $8,393 $291
ae
### 10/31/90 $8,500 $289
s
### s 11/30/90 $9,064 $306
### 12/31/90 $9,536 $314
### A 01/31/91 $10,571 $327
### 02/28/91 $11,536 $349
'90 -
### 03/31/91 $11,464 $357
### 04/30/91 $11,607 $357
P
### r 05/31/91 $12,500 $370
### i 06/30/91 $12,000 $353
### c 07/31/91 $12,179 $369
### e 08/31/91 $12,536 $376
### 09/30/91 $12,679 $369
### 10/31/91 $12,243 $373
### 11/30/91 $11,929 $357
### 12/31/91 $12,929 $396
### 01/31/92 $12,643 $388
### 02/29/92 $12,464 $392
###
'91 03/31/92 $12,786 $384
### 04/30/92 $13,036 $394
### 05/31/92 $13,000 $395
### 06/30/92 $13,179 $388
### 07/31/92 $13,607 $403
### 08/31/92 $13,036 $393
### 09/30/92 $13,429 $397
### 10/31/92 $13,536 $398
### 11/30/92 $15,818 $410
### 12/31/92 $16,786 $414
### 01/31/93 $17,286 $417
### 02/28/93 $17,821 $421
###
'92 03/31/93 $18,214 $429
### 04/30/93 $18,071 $418
### 05/31/93 $21,429 $428
### 06/30/93 $22,000 $428
### 07/31/93 $22,857 $426
### 08/31/93 $25,036 $440
### 09/30/93 $23,821 $436
### 10/31/93 $24,643 $445
### 11/30/93 $24,643 $439
### 12/31/93 $23,321 $443
### 01/31/94 $23,143 $458
### 02/28/94 $22,071 $444
###
'93 03/31/94 $22,750 $424
### 04/30/94 $23,000 $428
### 05/31/94 $23,000 $434
### 06/30/94 $23,000 $422
### 07/31/94 $28,000 $435
### 08/31/94 $27,286 $452

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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
### 0 09/30/94 $27,071 $440
I
### 10/31/94 $28,929 $449
n-
### c 11/30/94 $29,321 $431
### .P 12/31/94 $29,143 $436
### r 01/31/95 $35,143 $447
### Ci 02/28/95 $31,821 $463
'94 lc
### 03/31/95 $32,357 $476
ae
### 04/30/95 $30,857 $489
s
### s 05/31/95 $32,429 $507
### 06/30/95 $33,500 $518
### A 07/31/95 $35,357 $534
### 08/31/95 $36,429 $534
### - 09/30/95 $42,000 $555
### 10/31/95 $42,143 $553
P
### r 11/30/95 $44,714 $575
### i 12/31/95 $45,857 $585
### c 01/31/96 $45,571 $604
### e 02/29/96 $50,714 $609
###
'95 03/31/96 $48,357 $613
### 04/30/96 $47,857 $622
### 05/31/96 $43,571 $636
### 06/30/96 $43,857 $637
### 07/31/96 $44,143 $608
### 08/31/96 $44,714 $620
### 09/30/96 $45,929 $653
### 10/31/96 $46,286 $670
### 11/30/96 $47,429 $719
### 12/31/96 $48,714 $704
### 01/31/97 $49,714 $747
### 02/28/97 $50,714 $751
###
'96 03/31/97 $51,714 $719
### 04/30/97 $54,286 $761
### 05/31/97 $61,429 $806
### 06/30/97 $67,429 $841
### 07/31/97 $67,429 $907
### 08/31/97 $59,286 $855
### 09/30/97 $64,000 $900
### 10/31/97 $62,429 $869
### 11/30/97 $64,714 $908
### 12/31/97 $65,714 $922
### 01/31/98 $71,857 $931
### 02/28/98 $79,714 $997
###
'97 03/31/98 $96,000 $1,047
### 04/30/98 $98,000 $1,056
### 05/31/98 $101,000 $1,037
### 06/30/98 $111,864 $1,077
### 07/31/98 $100,150 $1,065
### 08/31/98 $86,429 $910
### 09/30/98 $85,143 $966
### 10/31/98 $92,143 $1,044
### 11/30/98 $97,000 $1,106
### 12/31/98 $100,000 $1,168
### 01/31/99 $92,857 $1,216
### 02/28/99 $101,571 $1,177

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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
'98 0
### 03/31/99 $102,000 $1,222
I
### 04/30/99 $109,142 $1,269
n-
### c 05/31/99 $102,857 $1,237
### .P 06/30/99 $98,429 $1,304
### r 07/31/99 $96,864 $1,263
### Ci 08/31/99 $91,714 $1,255
### lc 09/30/99 $78,571 $1,219
ae
### 10/31/99 $91,286 $1,295
s
### s 11/30/99 $81,857 $1,320
### 12/31/99 $80,143 $1,396
### A 01/31/00 $73,143 $1,325
### 02/29/00 $62,857 $1,298
'99 -
### 03/31/00 $81,714 $1,424
### 04/30/00 $84,714 $1,380
P
### r 05/31/00 $83,714 $1,350
### i 06/30/00 $76,857 $1,382
### c 07/31/00 $78,714 $1,360 100.00 100.00
### e 08/31/00 $82,429 $1,442 104.72 106.07
### 09/30/00 $92,000 $1,365 116.88 100.40
### 10/31/00 $91,000 $1,358 115.61 99.90
### 11/30/00 $94,143 $1,249 119.60 91.90
### 12/31/00 $101,428 $1,255 128.86 92.27
### 01/31/01 $97,714 $1,298 124.14 95.47
### 02/28/01 $100,428 $1,178 127.59 86.66
###
'00 03/31/01 $93,500 $1,103 118.78 81.09
### 04/30/01 $97,143 $1,187 123.41 87.32
### 05/31/01 $98,143 $1,193 124.68 87.77
### 06/30/01 $99,143 $1,163 125.95 85.57
### 07/31/01 $98,857 $1,151 125.59 84.65
### 08/31/01 $99,143 $1,077 125.95 79.23
### 09/30/01 $100,000 $989 127.04 72.75
### 10/31/01 $101,714 $1,007 129.22 74.07
### 11/30/01 $100,000 $1,083 127.04 79.64
### 12/31/01 $108,000 $1,091 137.21 80.24
### 01/31/02 $105,571 $1,074 134.12 78.99
### 02/28/02 $104,285 $1,052 132.49 77.35
###
'01 03/31/02 $101,571 $1,090 129.04 80.19
### 04/30/02 $104,928 $1,023 133.30 75.27
### 05/31/02 $106,571 $1,014 135.39 74.58
### 06/30/02 $95,429 $941 121.23 69.18
### 07/31/02 $97,571 $866 123.96 63.71
### 08/31/02 $104,285 $870 132.49 64.02
### 09/30/02 $105,571 $775 134.12 56.98
### 10/31/02 $105,985 $842 134.65 61.91
### 11/30/02 $103,285 $890 131.22 65.44
### 12/31/02 $103,928 $836 132.03 61.49
### 01/31/03 $96,571 $813 122.69 59.80
### 02/28/03 $88,143 $799 111.98 58.79
###
'02 03/31/03 $91,143 $806 115.79 59.28
### 04/30/03 $99,736 $871 126.71 64.08
### 05/31/03 $101,428 $916 128.86 67.35
### 06/30/03 $103,571 $926 131.58 68.11
### 07/31/03 $102,871 $941 130.69 69.21
### 08/31/03 $108,250 $958 137.52 70.45

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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
### 0 09/30/03 $107,142 $946 136.12 69.61
I
### 10/31/03 $111,157 $998 141.22 73.43
n-
### c 11/30/03 $119,642 $1,006 152.00 73.96
### .P 12/31/03 $120,357 $1,057 152.90 77.71
### r 01/31/04 $127,842 $1,075 162.41 79.05
### Ci 02/29/04 $135,000 $1,088 171.51 80.02
'03 lc
### 03/31/04 $133,285 $1,070 169.33 78.71
ae
### 04/30/04 $133,414 $1,052 169.49 77.39
s
### s 05/31/04 $127,142 $1,065 161.52 78.32
### 06/30/04 $127,071 $1,084 161.43 79.73
### A 07/31/04 $124,642 $1,047 158.35 77.00
### 08/31/04 $124,285 $1,049 157.89 77.17
### - 09/30/04 $123,785 $1,059 157.26 77.90
### 10/31/04 $120,357 $1,074 152.90 78.99
P
### r 11/30/04 $119,571 $1,115 151.91 82.04
### i 12/31/04 $125,571 $1,152 159.53 84.70
### c 01/31/05 $128,428 $1,122 163.16 82.56
### e 02/28/05 $128,857 $1,144 163.70 84.12
###
'04 03/31/05 $124,285 $1,122 157.89 82.51
### 04/30/05 $120,500 $1,099 153.09 80.85
### 05/31/05 $120,142 $1,132 152.63 83.27
### 06/30/05 $119,285 $1,132 151.54 83.26
### 07/31/05 $119,285 $1,173 151.54 86.26
### 08/31/05 $118,785 $1,160 150.91 85.29
### 09/30/05 $117,142 $1,168 148.82 85.88
### 10/31/05 $122,714 $1,147 155.90 84.36
### 11/30/05 $127,700 $1,187 162.23 87.33
### 12/31/05 $126,600 $1,186 160.84 87.24
### 01/31/06 $127,842 $1,216 162.41 89.46
### 02/28/06 $124,000 $1,217 157.53 89.50
###
'05 03/31/06 $129,071 $1,230 163.97 90.49
### 04/30/06 $127,142 $1,245 161.52 91.60
### 05/31/06 $131,842 $1,207 167.49 88.77
### 06/30/06 $130,941 $1,207 166.35 88.77
### 07/31/06 $130,857 $1,213 166.24 89.23
### 08/31/06 $137,281 $1,239 174.40 91.12
### 09/30/06 $136,857 $1,269 173.87 93.36
### 10/31/06 $150,678 $1,309 191.42 96.30
### 11/30/06 $153,000 $1,331 194.37 97.89
### 12/31/06 $157,128 $1,348 199.62 99.12
### 01/31/07 $157,214 $1,367 199.73 100.52
### 02/28/07 $151,700 $1,337 192.72 98.32
###
'06 03/31/07 $155,700 $1,350 197.80 99.30
### 04/30/07 $156,000 $1,409 198.19 103.60
### 05/31/07 $156,414 $1,454 198.71 106.97
### 06/30/07 $156,392 $1,428 198.68 105.07
### 07/31/07 $157,142 $1,383 199.64 101.71
### 08/31/07 $169,128 $1,401 214.86 103.02
### 09/30/07 $169,300 $1,451 215.08 106.70
### 10/31/07 $189,285 $1,472 240.47 108.29
### 11/30/07 $200,142 $1,407 254.26 103.52
### 12/31/07 $202,285 $1,395 256.99 102.62
### 01/31/08 $194,285 $1,310 246.82 96.35
### 02/29/08 $200,000 $1,264 254.08 93.00

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aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
'07 0
### 03/31/08 $190,571 $1,257 242.10 92.44
I
### 04/30/08 $191,214 $1,317 242.92 96.84
n-
### c 05/31/08 $192,357 $1,331 244.37 97.87
### .P 06/30/08 $172,500 $1,216 219.15 89.46
### r 07/31/08 $163,500 $1,204 207.71 88.58
### Ci 08/31/08 $166,571 $1,219 211.61 89.66
### lc 09/30/08 $186,571 $1,108 237.02 81.52
ae
### 10/31/08 $164,985 $921 209.60 67.71
s
### s 11/30/08 $148,571 $852 188.75 62.64
### 12/31/08 $138,000 $858 175.32 63.13
### A 01/31/09 $127,860 $785 162.44 57.72
### 02/28/09 $112,285 $698 142.65 51.38
'08 -
### 03/31/09 $123,857 $758 157.35 55.76
### 04/30/09 $134,285 $829 170.60 61.00
P
### r 05/31/09 $130,857 $873 166.24 64.24
### i 06/30/09 $128,571 $874 163.34 64.25
### c 07/31/09 $138,571 $938 176.04 69.01
### e 08/31/09 $144,071 $970 183.03 71.33
### 09/30/09 $144,285 $1,004 183.30 73.88
### 10/31/09 $141,428 $985 179.67 72.42
### 11/30/09 $143,714 $1,041 182.58 76.57
### 12/31/09 $141,714 $1,060 180.04 77.93
### 01/31/10 $163,714 $1,020 207.99 75.05
### 02/28/10 $171,142 $1,049 217.42 77.19
###
'09 03/31/10 $174,000 $1,111 221.05 81.73
### 04/30/10 $164,750 $1,128 209.30 82.94
### 05/31/10 $151,300 $1,035 192.21 76.14
### 06/30/10 $171,428 $979 217.79 72.04
### 07/31/10 $167,142 $1,047 212.34 76.99
### 08/31/10 $169,535 $997 215.38 73.34
### 09/30/10 $177,857 $1,084 225.95 79.76
### 10/31/10 $170,428 $1,124 216.51 82.70
### 11/30/10 $171,714 $1,122 218.15 82.51
### 12/31/10 $172,071 $1,195 218.60 87.90
### 01/31/11 $174,892 $1,222 222.19 89.89
### 02/28/11 $187,571 $1,261 238.29 92.76
###
'10 03/31/11 $179,000 $1,260 227.40 92.66
### 04/30/11 $178,214 $1,296 226.41 95.30
### 05/31/11 $169,678 $1,278 215.56 94.02
### 06/30/11 $165,864 $1,255 210.72 92.30
### 07/31/11 $159,285 $1,228 202.36 90.32
### 08/31/11 $156,812 $1,158 199.22 85.19
### 09/30/11 $152,571 $1,075 193.83 79.07
### 10/31/11 $167,071 $1,191 212.25 87.59
### 11/30/11 $169,285 $1,185 215.06 87.15
### 12/31/11 $163,935 $1,195 208.27 87.89
### 01/31/12 $168,464 $1,247 214.02 91.72
### 02/29/12 $168,477 $1,298 214.04 95.45
###
'11 03/31/12 $174,142 $1,338 221.23 98.44
### 04/30/12 $172,571 $1,328 219.24 97.70
### 05/31/12 $169,785 $1,245 215.70 91.58
### 06/30/12 $178,492 $1,294 226.76 95.20
### 07/31/12 $182,064 $1,311 231.30 96.40
### 08/31/12 $180,799 $1,337 229.69 98.31

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 X
H)
a
tS
h&
D
aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
### 0 09/30/12 $189,571 $1,369 240.83 100.69
I
### 10/31/12 $185,007 $1,342 235.04 98.70
n-
### c 11/30/12 $188,451 $1,346 239.41 98.98
### .P 12/31/12 $191,514 $1,355 243.30 99.68
### r 01/31/13 $208,392 $1,424 264.75 104.70
### Ci 02/28/13 $218,000 $1,439 276.95 105.86
'12 lc
### 03/31/13 $223,257 $1,491 283.63 109.67
ae
### 04/30/13 $227,142 $1,518 288.57 111.65
s
### s 05/31/13 $244,714 $1,550 310.89 113.97
### 06/30/13 $240,857 $1,526 305.99 112.26
### A 07/31/13 $248,428 $1,602 315.61 117.82
### 08/31/13 $238,642 $1,552 303.18 114.13
### - 09/30/13 $243,442 $1,598 309.27 117.52
### 10/31/13 $247,135 $1,669 313.96 122.76
P
### r 11/30/13 $249,642 $1,716 317.15 126.21
### i 12/31/13 $254,142 $1,756 322.87 129.18
### c 01/31/14 $242,159 $1,694 307.64 124.58
### e 02/28/14 $248,154 $1,767 315.26 129.96
###
'13 03/31/14 $267,642 $1,779 340.02 130.86
### 04/30/14 $276,107 $1,790 350.77 131.67
### 05/31/14 $274,285 $1,828 348.46 134.44
### 06/30/14 $271,286 $1,863 344.65 137.00
### 07/31/14 $268,748 $1,835 341.42 134.93
### 08/31/14 $294,114 $1,904 373.65 140.02
### 09/30/14 $295,571 $1,874 375.50 137.84
### 10/31/14 $300,000 $1,918 381.13 141.04
### 11/30/14 $318,664 $1,965 404.84 144.50
### 12/31/14 $322,857 $1,956 410.16 143.90
### 01/31/15 $308,378 $1,896 391.77 139.43
### 02/28/15 $315,971 $2,000 401.42 147.08
###
'14 03/31/15 $310,714 $1,965 394.74 144.52
### 04/30/15 $304,857 $1,982 387.30 145.76
### 05/31/15 $306,857 $2,002 389.84 147.29
### 06/30/15 $292,642 $1,960 371.78 144.19
### 07/31/15 $305,714 $1,999 388.38 147.04
###
###
###
###
###
###
###
###
'15
###
###
###
###
###
### 305614.0% 1899.1%
### 22.8% 8.0%
###
###
###
###

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 X
H)
a
tS
h&
D
aP (INDEX) Berkshire
a (INDEX) S&P Berkshire - 7/31/00 to S&P 500 - 7/31/00
w Date Hathaway Inc. Class A -
t 500 - Price 7/31/2015 to 7/31/2015
a5 Price
e
y0
'16 0
###
I
###
n-
### c
.P
r
Ci
lc
ae
s
s

P
r
i
c
e

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 Berkshire - 7/31/00 S&P 500 - 7/31/00
Date
to 7/31/2015 to 7/31/2015

09/30/76
10/31/76
11/30/76
12/31/76
01/31/77 BRK.A S&P 500
02/28/77 5 Years 12.8% 13.8%
03/31/77 15 Years 9.5% 2.6%
04/30/77 39 Years 22.8% 8.0%
05/31/77
erkshire Hathaway Class A Shares versus
06/30/77
S&P 500 Index 07/31/77 over 39 Years
08/31/77
09/30/77
10/31/77
11/30/77
12/31/77
01/31/78
02/28/78
03/31/78
04/30/78
1979 1982 1985 198805/31/78
1991 1994 1997 2000 2003 2006 2009 2012 2015
06/30/78
07/31/78
(INDEX) Berkshire Hathaway Inc. Class A - Price
(INDEX) S&P 500 - Price
08/31/78
09/30/78
10/31/78
11/30/78
12/31/78
01/31/79
02/28/79
03/31/79
04/30/79
05/31/79
06/30/79
07/31/79
08/31/79
09/30/79
10/31/79
11/30/79
12/31/79
01/31/80
02/29/80
03/31/80
04/30/80
05/31/80
06/30/80
07/31/80
08/31/80
09/30/80
10/31/80
11/30/80
12/31/80
01/31/81
02/28/81

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 Berkshire - 7/31/00 S&P 500 - 7/31/00
Date
to 7/31/2015 to 7/31/2015

03/31/99
04/30/99
05/31/99
06/30/99
07/31/99
08/31/99
09/30/99
10/31/99
11/30/99
12/31/99
01/31/00
02/29/00
03/31/00
04/30/00
05/31/00
06/30/00
07/31/00
08/31/00 5% 6%
09/30/00 12% -5%
10/31/00 -1% 0%
11/30/00 3% -8%
12/31/00 8% 0%
01/31/01 -4% 3%
02/28/01 3% -9%
03/31/01 -7% -6%
04/30/01 4% 8%
05/31/01 1% 1%
06/30/01 1% -3%
07/31/01 0% -1%
08/31/01 0% -6%
09/30/01 1% -8%
10/31/01 2% 2%
11/30/01 -2% 8%
12/31/01 8% 1%
01/31/02 -2% -2%
02/28/02 -1% -2%
03/31/02 -3% 4%
04/30/02 3% -6%
05/31/02 2% -1%
06/30/02 -10% -7%
07/31/02 2% -8%
08/31/02 7% 0%
09/30/02 1% -11%
10/31/02 0% 9%
11/30/02 -3% 6%
12/31/02 1% -6%
01/31/03 -7% -3%
02/28/03 -9% -2%
03/31/03 3% 1%
04/30/03 9% 8%
05/31/03 2% 5%
06/30/03 2% 1%
07/31/03 -1% 2%
08/31/03 5% 2%

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 Berkshire - 7/31/00 S&P 500 - 7/31/00
Date
to 7/31/2015 to 7/31/2015

09/30/03 -1% -1%

10/31/03 4% 5%
11/30/03 8% 1%
12/31/03 1% 5%
01/31/04 6% 2%
02/29/04 6% 1%
03/31/04 -1% -2%
04/30/04 0% -2%
05/31/04 -5% 1%
06/30/04 0% 2%
07/31/04 -2% -3%
08/31/04 0% 0%
09/30/04 0% 1%
10/31/04 -3% 1%
11/30/04 -1% 4%
12/31/04 5% 3%
01/31/05 2% -3%
02/28/05 0% 2%
03/31/05 -4% -2%
04/30/05 -3% -2%
05/31/05 0% 3%
06/30/05 -1% 0%
07/31/05 0% 4%
08/31/05 0% -1%
09/30/05 -1% 1%
10/31/05 5% -2%
11/30/05 4% 4%
12/31/05 -1% 0%
01/31/06 1% 3%
02/28/06 -3% 0%
03/31/06 4% 1%
04/30/06 -1% 1%
05/31/06 4% -3%
06/30/06 -1% 0%
07/31/06 0% 1%
08/31/06 5% 2%
09/30/06 0% 2%
10/31/06 10% 3%
11/30/06 2% 2%
12/31/06 3% 1%
01/31/07 0% 1%
02/28/07 -4% -2%
03/31/07 3% 1%
04/30/07 0% 4%
05/31/07 0% 3%
06/30/07 0% -2%
07/31/07 0% -3%
08/31/07 8% 1%
09/30/07 0% 4%
10/31/07 12% 1%
11/30/07 6% -4%
12/31/07 1% -1%
01/31/08 -4% -6%
02/29/08 3% -3%

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 Berkshire - 7/31/00 S&P 500 - 7/31/00
Date
to 7/31/2015 to 7/31/2015

03/31/08 -5% -1%

04/30/08 0% 5%
05/31/08 1% 1%
06/30/08 -10% -9%
07/31/08 -5% -1%
08/31/08 2% 1%
09/30/08 12% -9%
10/31/08 -12% -17%
11/30/08 -10% -7%
12/31/08 -7% 1%
01/31/09 -7% -9%
02/28/09 -12% -11%
03/31/09 10% 9%
04/30/09 8% 9%
05/31/09 -3% 5%
06/30/09 -2% 0%
07/31/09 8% 7%
08/31/09 4% 3%
09/30/09 0% 4%
10/31/09 -2% -2%
11/30/09 2% 6%
12/31/09 -1% 2%
01/31/10 16% -4%
02/28/10 5% 3%
03/31/10 2% 6%
04/30/10 -5% 1%
05/31/10 -8% -8%
06/30/10 13% -5%
07/31/10 -3% 7% 100.00 100.00
08/31/10 1% -5% 101.43 95.26 1% -5%
09/30/10 5% 9% 106.41 103.59 5% 9%
10/31/10 -4% 4% 101.97 107.41 -4% 4%
11/30/10 1% 0% 102.74 107.17 1% 0%
12/31/10 0% 7% 102.95 114.16 0% 7%
01/31/11 2% 2% 104.64 116.75 2% 2%
02/28/11 7% 3% 112.22 120.48 7% 3%
03/31/11 -5% 0% 107.09 120.35 -5% 0%
04/30/11 0% 3% 106.62 123.78 0% 3%
05/31/11 -5% -1% 101.52 122.11 -5% -1%
06/30/11 -2% -2% 99.24 119.88 -2% -2%
07/31/11 -4% -2% 95.30 117.31 -4% -2%
08/31/11 -2% -6% 93.82 110.65 -2% -6%
09/30/11 -3% -7% 91.28 102.71 -3% -7%
10/31/11 10% 11% 99.96 113.77 10% 11%
11/30/11 1% -1% 101.28 113.20 1% -1%
12/31/11 -3% 1% 98.08 114.16 -3% 1%
01/31/12 3% 4% 100.79 119.14 3% 4%
02/29/12 0% 4% 100.80 123.97 0% 4%
03/31/12 3% 3% 104.19 127.86 3% 3%
04/30/12 -1% -1% 103.25 126.90 -1% -1%
05/31/12 -2% -6% 101.58 118.95 -2% -6%
06/30/12 5% 4% 106.79 123.65 5% 4%
07/31/12 2% 1% 108.93 125.21 2% 1%
08/31/12 -1% 2% 108.17 127.68 -1% 2%

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 Berkshire - 7/31/00 S&P 500 - 7/31/00
Date
to 7/31/2015 to 7/31/2015

09/30/12 5% 2% 113.42 130.78 5% 2%

10/31/12 -2% -2% 110.69 128.19 -2% -2%
11/30/12 2% 0% 112.75 128.56 2% 0%
12/31/12 2% 1% 114.58 129.46 2% 1%
01/31/13 9% 5% 124.68 135.99 9% 5%
02/28/13 5% 1% 130.43 137.50 5% 1%
03/31/13 2% 4% 133.57 142.45 2% 4%
04/30/13 2% 2% 135.90 145.02 2% 2%
05/31/13 8% 2% 146.41 148.03 8% 2%
06/30/13 -2% -1% 144.10 145.81 -2% -1%
07/31/13 3% 5% 148.63 153.03 3% 5%
08/31/13 -4% -3% 142.78 148.24 -4% -3%
09/30/13 2% 3% 145.65 152.65 2% 3%
10/31/13 2% 4% 147.86 159.45 2% 4%
11/30/13 1% 3% 149.36 163.93 1% 3%
12/31/13 2% 2% 152.05 167.79 2% 2%
01/31/14 -5% -4% 144.88 161.82 -5% -4%
02/28/14 2% 4% 148.47 168.79 2% 4%
03/31/14 8% 1% 160.13 169.97 8% 1%
04/30/14 3% 1% 165.19 171.02 3% 1%
05/31/14 -1% 2% 164.10 174.62 -1% 2%
06/30/14 -1% 2% 162.31 177.94 -1% 2%
07/31/14 -1% -2% 160.79 175.26 -1% -2%
08/31/14 9% 4% 175.97 181.86 9% 4%
09/30/14 0% -2% 176.84 179.04 0% -2%
10/31/14 1% 2% 179.49 183.19 1% 2%
11/30/14 6% 2% 190.65 187.69 6% 2%
12/31/14 1% 0% 193.16 186.90 1% 0%
01/31/15 -4% -3% 184.50 181.10 -4% -3%
02/28/15 2% 5% 189.04 191.04 2% 5%
03/31/15 -2% -2% 185.90 187.72 -2% -2%
04/30/15 -2% 1% 182.39 189.32 -2% 1%
05/31/15 1% 1% 183.59 191.30 1% 1%
06/30/15 -5% -2% 175.09 187.28 -5% -2%
07/31/15 4% 2% 182.91 190.98 4% 2%

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Date

09/30/76
10/31/76
11/30/76
12/31/76
01/31/77 Diff
02/28/77 -1.0%
03/31/77 6.9%
04/30/77 14.8%
05/31/77
06/30/77
07/31/77
08/31/77
09/30/77
10/31/77
11/30/77
12/31/77
01/31/78
02/28/78
03/31/78
04/30/78
05/31/78
06/30/78
07/31/78
08/31/78
09/30/78
10/31/78
11/30/78
12/31/78
01/31/79
02/28/79
03/31/79
04/30/79
05/31/79
06/30/79
07/31/79
08/31/79
09/30/79
10/31/79
11/30/79
12/31/79
01/31/80
02/29/80
03/31/80
04/30/80
05/31/80
06/30/80
07/31/80
08/31/80
09/30/80
10/31/80
11/30/80
12/31/80
01/31/81
02/28/81

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 Berkshire Berkshire
S&P 500 - S&P 500 -
- 7/31/00 - 7/31/00
7/31/00 to 7/31/00 to
to to
7/31/2015 7/31/2015
7/31/2015 7/31/2015
Berkshire Hathaway "Class A" vs. S&P
07/31/00 100.00 100.00 500 Index
08/31/00 104.72 106.07 5% 6%
$1,000.0
09/30/00 116.88 100.40 12% -5%
10/31/00 115.61 99.90 -1% 0%
11/30/00 119.60 91.90 3% -8%
12/31/00 128.86 92.27 8% 0%
01/31/01 124.14 95.47 -4% 3% $100.0
02/28/01 127.59 86.66 3% -9%
03/31/01 118.78 81.09 -7% -6%
04/30/01 123.41 87.32 4% 8%
05/31/01 124.68 87.77 1% 1%
$10.0
06/30/01 125.95 85.57 1% -3%
2000 2003 2006 2009 2012 2015
07/31/01 125.59 84.65 0% -1%
08/31/01 125.95 79.23 0% -6% Berkshire - 7/31/00 to 7/31/2015
09/30/01 127.04 72.75 1% -8% S&P 500 - 7/31/00 to 7/31/2015
10/31/01 129.22 74.07 2% 2%
11/30/01 127.04 79.64 -2% 8%
12/31/01 137.21 80.24 8% 1%
01/31/02 134.12 78.99 -2% -2%
02/28/02 132.49 77.35 -1% -2%
03/31/02 129.04 80.19 -3% 4%
04/30/02 133.30 75.27 3% -6%
05/31/02 135.39 74.58 2% -1%
06/30/02 121.23 69.18 -10% -7%
07/31/02 123.96 63.71 2% -8%
08/31/02 132.49 64.02 7% 0%
09/30/02 134.12 56.98 1% -11%
10/31/02 134.65 61.91 0% 9%
11/30/02 131.22 65.44 -3% 6%
12/31/02 132.03 61.49 1% -6%
01/31/03 122.69 59.80 -7% -3%
02/28/03 111.98 58.79 -9% -2%
03/31/03 115.79 59.28 3% 1%
04/30/03 126.71 64.08 9% 8%
05/31/03 128.86 67.35 2% 5%
06/30/03 131.58 68.11 2% 1%
07/31/03 130.69 69.21 -1% 2%
08/31/03 137.52 70.45 5% 2%
09/30/03 136.12 69.61 -1% -1%
10/31/03 141.22 73.43 4% 5%
11/30/03 152.00 73.96 8% 1%
12/31/03 152.90 77.71 1% 5%
01/31/04 162.41 79.05 6% 2%
02/29/04 171.51 80.02 6% 1%
03/31/04 169.33 78.71 -1% -2%
04/30/04 169.49 77.39 0% -2%
05/31/04 161.52 78.32 -5% 1%
06/30/04 161.43 79.73 0% 2%
07/31/04 158.35 77.00 -2% -3%
08/31/04 157.89 77.17 0% 0%
09/30/04 157.26 77.90 0% 1%
10/31/04 152.90 78.99 -3% 1%
11/30/04 151.91 82.04 -1% 4%
12/31/04 159.53 84.70 5% 3%
01/31/05 163.16 82.56 2% -3%
02/28/05 163.70 84.12 0% 2%
03/31/05 157.89 82.51 -4% -2%
04/30/05 153.09 80.85 -3% -2%
05/31/05 152.63 83.27 0% 3%
06/30/05 151.54 83.26 -1% 0%
07/31/05 151.54 86.26 0% 4%
08/31/05 150.91 85.29 0% -1%
09/30/05 148.82 85.88 -1% 1%
10/31/05 155.90 84.36 5% -2%
11/30/05 162.23 87.33 4% 4%
12/31/05 160.84 87.24 -1% 0%
01/31/06 162.41 89.46 1% 3%
02/28/06 157.53 89.50 -3% 0%
03/31/06 163.97 90.49 4% 1%
04/30/06 161.52 91.60 -1% 1%
05/31/06 167.49 88.77 4% -3%
06/30/06 166.35 88.77 -1% 0%
07/31/06 166.24 89.23 0% 1%
08/31/06 174.40 91.12 5% 2%
09/30/06 173.87 93.36 0% 2%
10/31/06 191.42 96.30 10% 3%
11/30/06 194.37 97.89 2% 2%
12/31/06 199.62 99.12 3% 1%
01/31/07 199.73 100.52 0% 1%
02/28/07 192.72 98.32 -4% -2%
03/31/07 197.80 99.30 3% 1%
04/30/07 198.19 103.60 0% 4%
05/31/07 198.71 106.97 0% 3%
06/30/07 198.68 105.07 0% -2%
07/31/07 199.64 101.71 0% -3%
08/31/07 214.86 103.02 8% 1%
09/30/07 215.08 106.70 0% 4%
10/31/07 240.47 108.29 12% 1%
11/30/07 254.26 103.52 6% -4%
12/31/07 256.99 102.62 1% -1%
01/31/08 246.82 96.35 -4% -6%
02/29/08 254.08 93.00 3% -3%
03/31/08 242.10 92.44 -5% -1%
04/30/08 242.92 96.84 0% 5%
05/31/08 244.37 97.87 1% 1%
06/30/08 219.15 89.46 -10% -9%
07/31/08 207.71 88.58 -5% -1%
08/31/08 211.61 89.66 2% 1%
09/30/08 237.02 81.52 12% -9%
10/31/08 209.60 67.71 -12% -17%
11/30/08 188.75 62.64 -10% -7%
12/31/08 175.32 63.13 -7% 1%
01/31/09 162.44 57.72 -7% -9%
02/28/09 142.65 51.38 -12% -11%
03/31/09 157.35 55.76 10% 9%
04/30/09 170.60 61.00 8% 9%
05/31/09 166.24 64.24 -3% 5%
06/30/09 163.34 64.25 -2% 0%
07/31/09 176.04 69.01 8% 7%
08/31/09 183.03 71.33 4% 3%
09/30/09 183.30 73.88 0% 4%
10/31/09 179.67 72.42 -2% -2%
11/30/09 182.58 76.57 2% 6%
12/31/09 180.04 77.93 -1% 2%
01/31/10 207.99 75.05 16% -4%
02/28/10 217.42 77.19 5% 3%
03/31/10 221.05 81.73 2% 6%
04/30/10 209.30 82.94 -5% 1%
05/31/10 192.21 76.14 -8% -8%
06/30/10 217.79 72.04 13% -5%
07/31/10 212.34 76.99 -3% 7%
08/31/10 215.38 73.34 1% -5%
09/30/10 225.95 79.76 5% 9%
10/31/10 216.51 82.70 -4% 4%
11/30/10 218.15 82.51 1% 0%
12/31/10 218.60 87.90 0% 7%
01/31/11 222.19 89.89 2% 2%
02/28/11 238.29 92.76 7% 3%
03/31/11 227.40 92.66 -5% 0%
04/30/11 226.41 95.30 0% 3%
05/31/11 215.56 94.02 -5% -1%
06/30/11 210.72 92.30 -2% -2%
07/31/11 202.36 90.32 -4% -2%
08/31/11 199.22 85.19 -2% -6%
09/30/11 193.83 79.07 -3% -7%
10/31/11 212.25 87.59 10% 11%
11/30/11 215.06 87.15 1% -1%
12/31/11 208.27 87.89 -3% 1%
01/31/12 214.02 91.72 3% 4%
02/29/12 214.04 95.45 0% 4%
03/31/12 221.23 98.44 3% 3%
04/30/12 219.24 97.70 -1% -1%
05/31/12 215.70 91.58 -2% -6%
06/30/12 226.76 95.20 5% 4%
07/31/12 231.30 96.40 2% 1%
08/31/12 229.69 98.31 -1% 2%
09/30/12 240.83 100.69 5% 2%
10/31/12 235.04 98.70 -2% -2%
11/30/12 239.41 98.98 2% 0%
12/31/12 243.30 99.68 2% 1%
01/31/13 264.75 104.70 9% 5%
 02/28/13 276.95 105.86 5% 1%
03/31/13 283.63 109.67 2% 4%
04/30/13 288.57 111.65 2% 2%
05/31/13 310.89 113.97 8% 2%
06/30/13 305.99 112.26 -2% -1%
07/31/13 315.61 117.82 3% 5%
08/31/13 303.18 114.13 -4% -3%
09/30/13 309.27 117.52 2% 3%
10/31/13 313.96 122.76 2% 4%
11/30/13 317.15 126.21 1% 3%
12/31/13 322.87 129.18 2% 2%
01/31/14 307.64 124.58 -5% -4%
02/28/14 315.26 129.96 2% 4%
03/31/14 340.02 130.86 8% 1%
04/30/14 350.77 131.67 3% 1%
05/31/14 348.46 134.44 -1% 2%
06/30/14 344.65 137.00 -1% 2%
07/31/14 341.42 134.93 -1% -2%
08/31/14 373.65 140.02 9% 4%
09/30/14 375.50 137.84 0% -2%
10/31/14 381.13 141.04 1% 2%
11/30/14 404.84 144.50 6% 2%
12/31/14 410.16 143.90 1% 0%
01/31/15 391.77 139.43 -4% -3%
02/28/15 401.42 147.08 2% 5%
03/31/15 394.74 144.52 -2% -2%
04/30/15 387.30 145.76 -2% 1%
05/31/15 389.84 147.29 1% 1%
06/30/15 371.78 144.19 -5% -2%
07/31/15 388.38 147.04 4% 2%

Annualized 9.5% 2.6%

ass A" vs. S&P

2009 2012 2015

0 to 7/31/2015
0 to 7/31/2015
 Exhibit 1
Warren E. Buffett, 2015
Relative Share Price Performance of Berkshire Hathaway Class A Share, PCP, an
January 1, 2015, to August 13, 2015

Note: PCP = Precision Castparts; BRK.A = Berkshire Hathaway Class A shares; S&P500 = Standard & Poor’s 500 Index.
Data source: Google Finance.
bit 1
uffett, 2015
Hathaway Class A Share, PCP, and the S&P 500
o August 13, 2015

00 Index.
 Exhibit 2
Warren E. Buffett, 2015
Berkshire Hathaway Condensed Consolidated Financial Statements

Income Statement
(In millions, except per share data, unless otherwise
specified) 2011 2012

Revenue $143,700 $162,500

Operating expenses 123,080 134,810
Income from operations 20,620 27,690
Net interest expense 5,310 5,450
Income before income tax expense 15,310 22,240
Income tax expense 4,570 6,920
Consolidated net income $10,075 $15,310

Balance Sheet
(In millions, except per share data, unless otherwise
specified) 2011 2012
Assets:
Current assets $79,220 $91,200
Net property, plant, and equipment 100,400 106,900
Deferred tax assets 10,540 9,780
Other assets 213,040 229,320
Total assets $403,200 $437,200

Liabilities & Shareholder Equity:

Current liabilities $34,200 $47,290
Deferred tax liabilities 47,650 53,670
Long-term debt 58,890 50,810
Other long-term liabilities 93,460 93,830
Total liabilities 234,200 245,600
Shareholders’ equity 169,000 191,600
Total liabilities and stockholders’ equity
$403,200 $437,200

Data source: Factset.

(In thousands) 2011 2012
Assume tax rate 21% 21%
Effective Tax Rate 29.85% 31.12%
NNE (Pretax non-operating Exp.) $ (4,195) $ (4,306)
NOPAT $ 5,880 $ 11,005

Net property, plant, and equipment $ 100,400 $ 106,900

Deferred tax assets $ 10,540 $ 9,780
Other assets $ 213,040 $ 229,320
Total Non Operating Assets $ 323,980 $ 346,000

Total Operating Assets $ 79,220 $ 91,200

Deferred tax liabilities $ 34,200 $ 47,290

Long-term debt $ 47,650 $ 53,670
Other long-term liabilities $ 58,890 $ 50,810
Total Non Operating Liabilities $ 140,740 $ 151,770

Total Operating Liabilities $ 93,460 $ 93,830

Net Operating Assets (NOA) $ (14,240) $ (2,630)

Net Non Operating Assets (NNO) $ (183,240) $ (194,230)

RNOA -13.05%
NNEP 2.28%
Financial Statements

Common Size Income Statement

2013 2014 2011 2012

$182,200 $194,700 Revenue 100% 100%

147,770 163,340 Operating expenses 86% 83%
34,430 31,360 Income from operations 14% 17%
5,630 3,250 Net interest expense 4% 3%
28,800 28,110 Income before income tax expense 11% 14%
8,950 7,940 Income tax expense 3% 4%
$19,850 $20,170 Consolidated net income 7% 9%

2013 2014 2011 2012

Common Size Balance Sheet
Assets:
$91,500 $107,900 Current assets 20% 21%
122,200 137,200 Net property, plant, and equipment 25% 24%
8,430 8,430 Deferred tax assets 3% 2%
271,270 281,070 Other assets 53% 52%
$493,400 $534,600 Total assets 100% 100%

Liabilities & Shareholder Equity:

$44,470 $48,510 Current liabilities 8% 11%
65,870 70,370 Deferred tax liabilities 12% 12%
65,590 71,930 Long-term debt 15% 12%
92,970 100,790 Other long-term liabilities 23% 21%
268,900 291,600 Total liabilities 58% 56%
224,500 243,000 Shareholders’ equity 42% 44%
Total liabilities and stockholders’
$493,400 $534,600 equity 100% 100%

2013 2014
21% 21%
31.08% 28.25%
$ (4,448) $ (2,568)
$ 15,402 $ 17,603

$ 122,200 $ 137,200
$ 8,430 $ 8,430
$ 271,270 $ 281,070
$ 401,900 $ 426,700

$ 91,500 $ 107,900

$ 44,470 $ 48,510
$ 65,870 $ 70,370
$ 65,590 $ 71,930
$ 175,930 $ 190,810

$ 92,970 $ 100,790

$ (1,470) $ 7,110
$ (225,970) $ (235,890)

-75.13% 62.42%
2.12% 1.11%
2013 2014

100% 100%
81% 84%
19% 16%
3% 2%
16% 14%
5% 4%
11% 10%

2013 2014

19% 20%
25% 26%
2% 2%
55% 53%
100% 100%

9% 9%
13% 13%
13% 13%
19% 19%
54% 55%
46% 45%

100% 100%
 Exhibit 4
Warren E. Buffett, 2015
Business-Segment Information for Berkshire Hathaway I
(dollars in millions)

Berkshire Hathaway Inc. Class B

BRK.B 084670702 2073390 NYSE Common stock

Segment Revenues EBIT

2014 2015 2014 2015
Insurance Group $ 45,623 $ 45,856 $ 7,025 $ 6,387
Manufacturing $ 36,773 $ 36,136 $ 4,811 $ 4,893
Service & Retailing $ 60,916 $ 71,689 $ 1,981 $ 2,222
Railroad $ 23,239 $ 21,967 $ 6,169 $ 6,775
Utility and Energy $ 17,614 $ 18,231 $ 2,711 $ 2,851
Finance & Financial Products $ 6,526 $ 6,964 $ 1,839 $ 2,086
Other $ 3,982 $ 9,978 $ 3,569 $ -
Total $ 194,673 $ 210,821 $ 28,105 $ 25,214

Source: SEC documents.

Sales
Dec '14 Dec '15
365 Days 365 Days
McLane Company 46,640 48,223
Insurance Group 45,623 45,856
Manufacturing 36,773 36,136
Service & Retailing 14,276 23,466
Burlington Northern Santa Fe 23,239 21,967
Berkshire Hathaway Energy 17,614 18,231
Investment & Derivative Gains/Losses 4,081 10,347
Finance & Financial Products 6,526 6,964
Investments in Kraft Heinz -- 730
Other -99 -1,099
Total 194,673 210,821

Operating Income
Dec '14 Dec '15
365 Days 365 Days
McLane Company 435 502
Insurance Group 7,025 6,387
Manufacturing 4,811 4,893
Service & Retailing 1,546 1,720
Burlington Northern Santa Fe 6,169 6,775
Berkshire Hathaway Energy 2,711 2,851
Investment & Derivative Gains/Losses 4,081 --
Finance & Financial Products 1,839 2,086
Investments in Kraft Heinz -- --
Other -512 --
Total 28,105 25,214

Assets
Dec '14 Dec '15
365 Days 365 Days
McLane Company 5,419 5,871
Insurance Group 225,432 219,451
Manufacturing 34,509 34,141
Service & Retailing 11,303 16,299
Burlington Northern Santa Fe 62,916 66,613
Berkshire Hathaway Energy 71,482 74,221
Investment & Derivative Gains/Losses -- --
Finance & Financial Products 32,164 37,621
Investments in Kraft Heinz -- --
Other 60,714 98,040
Total 526,186 552,257

Capital Expenditures
Dec '14 Dec '15
365 Days 365 Days
McLane Company 241 338
Insurance Group 94 115
Manufacturing 1,324 1,292
Service & Retailing 591 574
Burlington Northern Santa Fe 5,243 5,651
Berkshire Hathaway Energy 6,555 5,876
Investment & Derivative Gains/Losses -- --
Finance & Financial Products 1,137 2,236
Investments in Kraft Heinz -- --
Other -- --
Total 15,185 16,082

Depreciation Expense
Dec '14 Dec '15
 365 Days 365 Days
McLane Company 159 161
Insurance Group 69 77
Manufacturing 943 938
Service & Retailing 461 504
Burlington Northern Santa Fe 1,804 1,932
Berkshire Hathaway Energy 2,177 2,451
Investment & Derivative Gains/Losses -- --
Finance & Financial Products 602 610
Investments in Kraft Heinz -- --
Other -- --
Total 6,215 6,673
xhibit 4
E. Buffett, 2015
tion for Berkshire Hathaway Inc.
s in millions)

Capital Expenditures Depreciation Total Assets

2014 2015 2014 2015 2014 2015
$ 94 $ 115 $ 69 $ 77 $ 225,432 $ 219,451
$ 1,324 $ 1,292 $ 943 $ 938 $ 34,509 $ 34,141
$ 832 $ 912 $ 620 $ 665 $ 16,722 $ 22,170
$ 5,243 $ 5,651 $ 1,804 $ 1,932 $ 62,916 $ 66,613
$ 6,555 $ 5,876 $ 2,177 $ 2,451 $ 71,482 $ 74,221
$ 1,137 $ 2,236 $ 602 $ 610 $ 32,164 $ 37,621
$ - $ - $ - $ - $ 60,714 $ 98,040
$ 15,185 $ 16,082 $ 6,215 $ 6,673 $ 503,939 $ 552,257
 Exhibit 5
Warren E. Buffett, 2015
Major Investees of Berkshire Hathaway
(dollar values in millions)

Shares** Cost*
151,610,700 American Express Company $ 1,287
400,000,000 The Coca-Cola Company 1,299
18,513,482 DaVita HealthCare Partners Inc. 843
15,430,586 Deere & Company 1,253
24,617,939 DIRECTV 1,454
13,062,594 The Goldman Sachs Group, Inc. 750
76,971,817 International Business Machines Corp. 13,157
24,669,778 Moody’s Corporation 248
20,060,390 Munich Re 2,990
52,477,678 The Procter & Gamble Company 336
22,169,930 Sanofi 1,721
96,890,665 U.S. Bancorp 3,033
43,387,980 USG Corporation 836
67,707,544 Wal-Mart Stores, Inc. 3,798
483,470,853 Wells Fargo & Company 11,871
Others 10,180
Total Common Stocks $ 55,056
Percent Gain of Market over Cost

*Actual purchase price and tax basis; GAAP “cost” differs in a few cases because o
**Excludes shares held by pension funds of Berkshire subsidiaries.
***Held under contract of sale for this amount.

Source: Berkshire Hathaway Inc. letter to shareholders, 2014

15
Hathaway
ns)

Market
$ 14,106
16,888
1,402
1,365
2,134
2,532
12,349
2,364
4,023
4,683 ***
2,032
4,355
1,214
5,815
26,504
15,704
$ 117,470

a few cases because of write-ups or write-downs that have been required under GAAP rules.

reholders, 2014
 Exhibit 9
Warren E. Buffett, 2015
PCP Consolidated Financial Statements

Income Statement
(In millions, except per share data, unless otherwise specified) 12 months ending March 31
2013 2014
Revenue $8,347 $9,533
Operating expenses1 6,188 6,874
Income from operations 2,159 2,659
Net interest expense 31 71
Income before income tax expense 2,128 2,588
Income tax expense 695 830
Consolidated net income from continuing operations 2 $1,433 $1,758

Balance Sheet 12 months ending March 31

(In millions, except per share data, unless otherwise specified) 2014
Assets:
Current assets $5,507
Net property, plant and equipment 2,300
Other assets 10,779
Total assets $18,586

Liabilities & Shareholder Equity:

Current liabilities $1,608
Long-term debt 3,569
Pension obligation 442
Other long-term liabilities 1,554
Total liabilities 7,173
Shareholders' equity3 11,413
Total liabilities and stockholders’ equity $18,586

*Note: Fiscal year ends March 31. Period listed as 2015 represents March 31, 2014, to March 31, 2015.
12 months ending March 31
2013 2014
Supplemental:
Depreciation & amortization $215 $293
Capital expenditures 1
$323 $355

Net working capital2 $3,368 $3,899

Increase in net working capital (decrease) $653 $531
Data source: SEC filings by Precision Castparts.
 2015
$10,005
7,393
2,612
65
2,547
816
$1,731

2015

$5,972
2,474
10,982
$19,428

$2,827
3,493
678
1,473
8,471
10,957
$19,428

2015

$325
$457

$3,145
($754)
 Exhibit 10
Warren E. Buffett, 2015
Comparable Firms

Price Per Share (dollars in millions)

Div. Per Total Cash and ST Debt LT Debt Net Debt Net
Company Shares O/S Low High Total Assets Rev EBITDA EBIT
Share Liabilities Equiv Income
Alcoa 1,216.7 $15.77 $16.03 $0.12 $37,399 $22,605 $1,877 $83 $8,769 $6,975 $23,906 $3,556 $2,185 $2,043
LISI 54.0 $21.30 $21.50 $0.37 $1,387 $677 $111 $46 $246 $181 $1,307 $193 $131 $81
ThyssenKrupp 565.9 $20.64 $20.85 $0.11 $41,547 $38,348 $4,122 $1,071 $6,651 $3,600 $41,304 $2,290 $1,314 $210
Allegheny Technologies 108.7 $34.59 $35.41 $0.72 $6,583 $3,861 $270 $18 $1,509 $1,257 $4,223 $283 $106 ($3)
Carpenter Technology 53.1 $61.75 $63.35 $0.72 $3,058 $1,553 $120 $0 $604 $484 $2,173 $382 $212 $133
Precision Castparts 141.8 $209.61 $211.36 $0.12 $19,428 $8,471 $474 $1,093 $3,493 $4,112 $10,005 $2,927 $2,602 $1,530

Note: Dollar values are in millions except for share prices and dividends per share, which are in dollar units. Shares outstanding (O/S) are stated in millions.
Alcoa, Inc., engages in lightweight metals engineering and manufacturing. Its products are used worldwide in aircraft, automobiles, commercial transportation, packaging, oil and gas, defense, and industrial applications.
LISI SA engages in the manufacturing of multifunctional fasteners and assembly components for three business sectors: Aerospace, Automotive, and Medical.
ThyssenKrupp AG engages in the production of steel. The Components Technology business area offers components for the automotive, construction, and engineering sectors.
 Exhibit 11
Warren E. Buffett, 2015
Valuation of PCP Based on Multiples for Comparable Firms

Company MV Enterprise Book CY ’14 Enterprise Value as Multiple of: MV of Equity as Multiple of:
Name Equity Value Value Rev EBITDA EBIT Net Income ### Revenue EBITDA EBIT ### Net Income Book Value

Alcoa $13,637 $23,164 $10,599 $23,906 $3,556 $2,185 $2,043 0.97x 6.51x 10.60x 6.68x 1.29x
LISI $1,332 $1,517 $709 $1,307 $193 $131 $81 1.16x 7.86x 11.56x 16.36x 1.88x
ThyssenKrupp $9,460 $12,924 $3,182 $41,304 $2,290 $1,314 $210 0.31x 5.64x 9.84x 45.05x 2.97x
Allegheny Technologies $1,804 $3,193 $2,598 $4,223 $283 $106 ($3) 0.76x 11.28x 30.09x NM 0.69x
Carpenter Technology $1,627 $2,220 $1,326 $2,173 $382 $212 $133 1.02x 5.81x 10.47x 12.25x 1.23x

Median $1,804 $3,193 $2,598 $4,223 $382 $212 $133

### 0.97x 6.51x 10.60x 14.31x 1.29x
Mean $5,572 $8,603 $3,683 $14,583 $1,341 $790 $493
### 0.84x 7.42x 14.51x 20.08x 1.61x

Precision Castparts $10,929 $10,005 $2,927 $2,602 $1,530

### ###
Implied Value - Median1 $9,705 $19,055 $27,581
### $21,894 $14,098
Implied Value - Mean 1
$8,404 $21,718 $37,755 $30,722 $17,596

The calculation of the implied values for PCP based on the median of the peer firms’ multiples takes the product of the median value of the multiples of comparable firms (line 8) and multiplies it
times the relevant base (revenue, EBITDA, EBIT, net income, or book value) for PCP. The same method is used for the calculation of the implied value based on the average or mean of the peer
firms’ multiples (line 9). For instance, the implied value based on the median multiple of EBIT ($37,755 million) is derived by multiplying 14.51 (the mean EBIT multiple for the comparable firms)
times $2,602 million (the EBIT of PCP).

Data source: Factset.