Warren Buffett: Berkshire had a decent year in 2005
"My goal in writing this report is to give you the information you need to estimate Berkshire' s intrinsic value. I say "estimate" because calculations of intrinsic value, though all-important, are necessarily imprecise and often seriously wrong. The more uncertain the future of a business, the more possibility there is that the calculation will be wildly off-base. (For an explanation of intrinsic value, see pages 77 – 78.) Here Berkshire has some advantages: a wide variety of relatively-stable earnings streams, combined with great liquidity and minimum debt. These factors mean that Berkshire' s intrinsic value can be more precisely calculated than can the intrinsic value of most companies."
Read the complete report!