Warren Buffet's letter to shareholders  MAR 02 2009

Warren Buffet has published his latest annual letter to the shareholders of Berkshire Hathaway, the giant holding company of which he is CEO and chairman. His letters are always a fun read.

The table on the preceding page, recording both the 44-year performance of Berkshire's book value and the S&P 500 index, shows that 2008 was the worst year for each. The period was devastating as well for corporate and municipal bonds, real estate and commodities. By year end, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.

As the year progressed, a series of life-threatening problems within many of the world's great financial institutions was unveiled. This led to a dysfunctional credit market that in important respects soon turned non-functional. The watchword throughout the country became the creed I saw on restaurant walls when I was young: "In God we trust; all others pay cash."

Paging through, I was surprised at how much stock Berkshire owns in some major companies, including 13.1% of American Express, 8.6% of Coca-Cola, 8.9% of Kraft, and 18.4% of The Washington Post. Berkshire's stock price is of interest as well; the stock has never split and the current price for one share is more than $73,000.

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