A current test of this maxim involves Berkshire Hathaway, our largest equity holding which
is 16.29% of the Fund’s net assets.3 Since the start of the Fund, Berkshire’s share price has grown in line with increases in the company’s investments and shareholders’ equity. However, the company’s market value has not kept pace with non-insurance operating
earnings that will have more than quadrupled with recent acquisitions.
Mr. Buffett’s comments on his stunning charitable pledge tell the story: “I regard Berkshire
as an ideal asset to underpin the long-term well-being of a foundation. The company has a
multitude of diversified and powerful streams of earnings, Gibraltar-like financial strength,
and a deeply-imbedded culture of acting in the best interests of shareholders. . . . I expect Berkshire to become ever-stronger and more profitable as it makes new acquisitions and expands present businesses.”
is 16.29% of the Fund’s net assets.3 Since the start of the Fund, Berkshire’s share price has grown in line with increases in the company’s investments and shareholders’ equity. However, the company’s market value has not kept pace with non-insurance operating
earnings that will have more than quadrupled with recent acquisitions.
Mr. Buffett’s comments on his stunning charitable pledge tell the story: “I regard Berkshire
as an ideal asset to underpin the long-term well-being of a foundation. The company has a
multitude of diversified and powerful streams of earnings, Gibraltar-like financial strength,
and a deeply-imbedded culture of acting in the best interests of shareholders. . . . I expect Berkshire to become ever-stronger and more profitable as it makes new acquisitions and expands present businesses.”
