Berkshire Hathaway's Acquisition - Warren E Buffet 2005 Case Analysis

This case study analyzes Berkshire Hathaway's acquisition of PacifiCorp in 2005, examining the market reaction, valuation methods, and bid assessment. It evaluates the deal's impact on Berkshire Hathaway's market value and explores the financial implications of the acquisition. The analysis includes a review of Berkshire Hathaway's investment in MidAmerican Energy Holdings and its past performance, along with an assessment of its investments in companies like American Express and Coca-Cola. The study uses earnings multiple methods to value PacifiCorp and assesses the investment's potential to create value, providing a comprehensive overview of the financial strategies and outcomes associated with the acquisition.

Running head: FINANCE
Warren E Buffet 2005
Name of the Student:
Name of the University:
Author’s Note:

1WARREN E BUFFET
Table of Contents
In Response to Question 1...............................................................................................................2
In Response to Question 2...............................................................................................................3
In Response to Question 3...............................................................................................................5
In Response to Question 4...............................................................................................................7
In Response to Question 5...............................................................................................................8
In Response to Question 6...............................................................................................................9
In Response to Question 7.............................................................................................................10
Reference.......................................................................................................................................11
Appendix........................................................................................................................................13

2WARREN E BUFFET
In Response to Question 1
The acquisition of Pacific Corp by Berkshire Hathaway subsidiary company
MidAmerican Energy Holdings was done on May 24, 2005. The Berkshire Hathaway
Incorporation through its investment company MidAmerican Energy Holdings Company did the
acquisition. The parent company for the Pacific Corp was the Scottish Power plc, for an all 9.4
billion, which was a mix of debt and equity. The stock market took this acquisition as a positive
news for the Berkshire Hathaway Incorporation where the shares of the company rose by around
2.4% for that day when the acquisition was announced which represented an all-total rise of 2.55
billion dollars in the market value of the company (Peterson and Malko 2015).
The Berkshire Hathaway was having more than around 43 billion dollars of its
investment parked in Cash and Cash equivalents that were not earning sufficient for the investors
and stakeholders. Since the year 2001, it is crucial to note that the company was in search of
some potential investments that could bring potential source of revenue generation for the
company. The company was in search of an elephant i.e.., a company or an industry where the
investment done by the company is viable and the same was done by the company when the
company found that in the year 2004 (Sunderasan 2015). The return the Berkshire Hathaway saw
in the Energy Industry was lucrative and especially the company Pacific Corp was one of the
lucrative company. The company had some key feature such as it was one of the leading in terms
of market share; the low cost output and the 1.6 million-customer base were some of the key
feature. The company would create value for the MidAmerican Energy Holding Company,
which in turn will create the value for the Berkshire Hathaway company through the sources of
the investment done in the company. The Berkshire Company was having an ideal amount of

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investment to be deployed put in cash and cash equivalents however; the company due to scarce
investment asset class could not utilize the same (Aggarwal and Burgess 2014).
The 2.54 billion dollar increase in the market value of the Berkshire Hathaway Company
was seen when the company announced for the second biggest acquisition of the company for
about 9.4 billion dollars. The same would solve the problem of the Berkshire Hathaway
Company that the same was faced because of the pilling amount in the cash and cash equivalents
of the company since the year2011. The company found the lucrative energy sector company
Pacific Corp Company that was one of the lucrative company due to its presence in the major 6
states of the United States. The company along with the strong customer’s base and low cost
output along with the rising and better trade off profitability feature provided the company to
acquire the Pacific Corporation Company.
2004 2005
0
500
1000
1500
2000
2500
3000
3500
4000
Pacifi c Corporati on
Net Income Shareholder' Equity
Figure 1: Pacific Corporation Financials
In Response to Question 2
The choice of valuation method selected for the valuation of PacifiCorp was the use of
Earnings Multiple method and the valuation approach gives us the pricing and valuation of the
company in terms of the different components of the financial statements. Yes after the financial

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and investment evaluation evaluated on the Pacifi Corp Company the company can create Value
of the total $1.00 invested in the company will become around $1.23 in the market value
(Lenhart, et al. 2016).
MV Enterprise Book
Equity Value Value Rev EBIT EBITDA Net income EPS Book Value
Alliant Energy Corp. $3,333 $5,600 $2,805 $1.42 1.89x 13.33x 7.45x 34.15x 20.33x 1.19x
Cinergy Corp. $7,989 $13,231 $4,178 $2.15 2.82x 17.93x NA 32.75x 19.77x 1.91x
NSTAR $2,898 $5,287 $1,484 $1.78 1.79x 11.62x 7.53x 27.83x 15.25x 1.95x
SCANA Corp. $4,486 $7,967 $2,566 $2.34 2.05x 13.37x 9.52x 30.18x 16.99x 1.75x
Wisconsin Energy Corp. $4,048 $7,691 $2,522 $2.62 2.24x 14.51x 8.97x 25.13x 13.23x 1.61x
Median $4,048 $7,691 $2,566 $2.15 2.05x 13.37x 8.25x 30.18x 16.99x 1.75x
Mean $4,551 $7,955 $2,711 $2.06 2.16x 14.15x 8.30x 30.01x 17.11x 1.68x
Implied Value of $6,252 $8,775 $9,023 $7,596 $4,277 $5,904
PacifiCorp $6,584 $9,289 $9,076 $7,553 $4,308 $5,678
MV Enterprise Book
Equity Value Value Rev EBIT EBITDA Net Income Net Income Book Value
PacificCorp 5,663 1933.28 3377 0.81 $3,049 $656 $1,093 $252 $252.00 $3,377
Median - - - - 2.05 13.37 8.25 30.18 16.99 1.75
Mean - - - - 2.16 14.15 8.3 30.01 17.11 1.68
Implied Value of Pacific Corp 5633 1933.28 3377 0.81 6250.45 8770.72 9017.3 7605.36 4281.48 5909.75
5633 1933.28 3377 0.81 6585.84 9282.4 9071.9 7562.52 4311.72 5673.36
(dollars in millions) Enterprise Value as Multiple of:
MV Equity as Multiply
MV Equity as Multiply
Particulars EPS
EPSParticulars
(dollars in millions) Enterprise Value as Multiple of:
$3,377 $0.81
Pacific Corp
Market Value of Equity
Equals: Share Price * Outstanding
Share
O/S
Share
Mean
Multiple Book Value M.V
Alternative: Mean Multiple* Book Value 312.18 1.68 3371 5663.28
The market value of Equity or Pacific Corp was determined using the mean of the data
Enterprise Value
Debt+Equity-Cash and Cash Mkt. Net Debt Enterprise

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Equivalents Value Value
Or: Market Value - Net Debt 5633.28 3700 1933.28
Net Debt S.T Debt L. T Debt Cash Net
Debt
Net Debt = S.T. Debt + L.T. Debt 270 3629 199 3700
Investment Evaluation of Pacific Corp
Investment Horizon (Assumption) 5
Initial Investment 9.4
No Dividends are Paid and Cash Flows are
Reinvested
Return on Equity (Growth Rate) 15%
Discount Rate/Cost of Equity 9%
Year of Investments 0 1 2 3 4 5
Investment or Book Value of Equity 9.4 10.81 12.4315 14.29623 16.44066 18.90676
Market Value (Or Intrinsic Value) =
Present Value @ 9% of
18.907 = 12.288
Market/Book = 12.28/9.4 = 1.307234
In Response to Question 3
The Berkshire Hathaway Bid Assessment for the Pacific Corp was based on the deal done
by the Mid-American Energy Ltd Company where the company did the Acquisition for an all-
total deal of 9.4 billion dollars of investment done by the company. The Investment done by the
company by the Mid-American Energy Company was done through a mix of debt and equity
purchase for the company. The Parent company for the Pacific Corp was the Scottish Power plc.
Via the mix of cash investment, which was around 5.1 million dollars, and through debt 4.3
billion dollars via the debt approach (Fernandez 2015). The total investment was broken down in
a manner, which was compatible with the principle and guidelines of investment. The Bid for
Pacifi Corp was done by the Mid Energy Holding Company Ltd on the base of the fact that the
Berkshire Hathaway was sitting on a large amount of Cash and Cash Equivalents. The same was

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not justifiable by the Berkshire Hathaway Company when the return for the Company was not
justified as what the investors expected the range of outcome, which was supposed to be in the
range of 18-24%. However, it is crucial to note that the Berkshire Hathaway company was
always in the search of the Energy Sector, which could give boost to the Berkshire Hathaway
company by focusing on the Mid-American range. The reason for the Berkshire Hathaway
company assessing for the Pacifi Corp was mainly due to the Output potential of the company in
terms of delivering better profitability and in terms of having a low cost to output ratio where the
cost for producing the electricity was very less as compared to its competitors and industry
average. The Pacifi Corp Company with its potential profitability through optimum and efficient
utilization of resources had a very good customer base and the presence of the country was in
major six states, which would enable the company a strong investment focus. It should be noted
that when it comes to assessing the valuation of the Pacific Corp it should be noted that the
company was valued as compared to its competitors.
PacifiCorp Investment Analysis
Particulars Amount($) %
Cash 5.1 54.26%
Equity/Preferred Stock 4.3 45.74%
Total 9.4 100.00%

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In Response to Question 4
Investment Evaluation of Berkshire Hathaway Investments in Mid-American Energy
Holdings in 2000. The investment valuation was done because the company’s growth rate after
the year 2004 will be taken as 2% annual growth and the terminal value was derived considering
the discount rate of around 9% and the growth rate after the terminal value is taken as 2%
constant growth forever (Lawrence et al. 2017).
MidAmerican Energy Holdings Co Ltd (Review from 2000-04)
Particulars 2000 2001 2002 2003 2004 Terminal Value
Net Income 81 143 397 443 538 7839.43
Shareholder' Equity 1576 1708 2294 2771 2971 Discount Rate
Return on Equity 5.14% 8.37% 17.31% 15.99% 18.11% 9.00%
Cash Equity/Preffered Stock
40.00%
42.00%
44.00%
46.00%
48.00%
50.00%
52.00%
54.00%
56.00% Pacifi Corp Investment
Analysis

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In Response to Question 5
The Investment Analysis was done on the past performance of the Berkshire Hathaway
Company the return generated in the period 2004-2008 was around 10.77% annual returns. The
period generated in the period 1965-2004 was around 27.62% (Janda 2018).
Annualized Return from the Period
Analysis Period (2004-2008) Analysis Period (1964-2003)
Return Month Annual Return Month Annual
0.90% 12 10.77% 2.30% 12 27.62%
Annual Annual
0
0.05
0.1
0.15
0.2
0.25
0.3
10.77%
27.62%
Berkshire Investment Analysis
11/1/2014
1/1/2015
3/1/2015
5/1/2015
7/1/2015
9/1/2015
11/1/2015
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
1/1/2017
3/1/2017
5/1/2017
7/1/2017
9/1/2017
11/1/2017
1/1/2018
3/1/2018
5/1/2018
7/1/2018
9/1/2018
0
50000
100000
150000
200000
250000
300000
350000
Analysis Period (2004-2008)

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In Response to Question 6
As per the case study, which is provided Berkshire’s investment in shares of four product
stocks, which are American Express, Coca-Cola, Gillette and Wells Fargo. Berkshire has
invested in shares of American Express, the same is shown to be 151,610,700 shares, and the
company holds around 12.1% holdings of American Express. The investment in American
Express for the year yields a return of 17%. The maximum investment is made by the company
in the shares of Coca-Cola ltd, which is showing 200,000,000 shares (Agrawal, Catalini and
Goldfarb 2015). However, it is to be noted that the maximum return is generated by the
investment in American Express followed by the share investments, which is made in Coca-Cola
for the period. Berkshire has also made investment in the shares of Gillette and Well Fargo and
Company and the holdings of shares of the company is shown to be 96,00,000 and 56,448,380
respectively. Therefore, it can be concluded that the business earns maximum returns from the
shares of American Express and also fairly good amount of return from the shares of Coca-Cola
ltd.
3/1/1980
4/1/1981
5/1/1982
6/1/1983
7/1/1984
8/1/1985
9/1/1986
10/1/1987
11/1/1988
12/1/1989
1/1/1991
2/1/1992
3/1/1993
4/1/1994
5/1/1995
6/1/1996
7/1/1997
8/1/1998
9/1/1999
10/1/2000
11/1/2001
12/1/2002
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
Analysis Period (1964-2003)

10WARREN E BUFFET
In Response to Question 7
As per the investment philosophy of the business, the management of the company
believes in economic reality of the financial information and not just the accounting reality. The
management of the company rightly believes that the consolidated annual reports do not
discloses all relevant financial information of the business (Barton and Wiseman 2014). The
economic reality as stated by Buffet covers aspects such as long-term prosperity, operational
history of business and unlike accounting reality considers the cash flows of the business in order
to determine the worth (Ma, Zhao and Xi 2016). Another consideration which is considered by
the Buffet’s philosophy is related to opportunity costs and therefore in assessing an investment
an alternative investment must also be considered which will be an opportunity lost in case the
business select the current investment (Wong 2015). Another concept on which Buffet provided
emphasis is the concept of time value of money, which is an integral part for assessing the
performance of the investment and the worth of the investment.

11WARREN E BUFFET
Reference
Aggarwal, S. and Burgess, E., 2014. Performance-based models to address utility challenges.
The Electricity Journal, 27(6), pp.48-60.
Agrawal, A., Catalini, C. and Goldfarb, A., 2015. Crowdfunding: Geography, social networks,
and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2),
pp.253-274.
Barton, D. and Wiseman, M., 2014. Focusing capital on the long term. Harvard Business
Review, 92(1/2), pp.44-51.
Fernandez, P., 2015. How to value a seasonal company discounting cash flows.
Janda, K., 2018. Earnings Stability and Peer Selection for Indirect Valuation (No. 2018/14).
Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies.
Lawrence, K., de la Hoz, E., Barker, J. and Waldrip, J., 2017. Principal Aquatic Scientist.
Lenhart, S., Nelson-Marsh, N., Wilson, E.J. and Solan, D., 2016. Electricity governance and the
Western energy imbalance market in the United States: The necessity of interorganizational
collaboration. Energy Research & Social Science, 19, pp.94-107.
Ma, Y., Zhao, Q. and Xi, M., 2016. Decision-makings in safety investment: an opportunity cost
perspective. Safety science, 83, pp.31-39.
Peterson, C.E. and Malko, J.R., 2015. Ring Fencing Rocky Mountain Power in Utah. The
Electricity Journal, 28(6), pp.63-71.

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Strulik, H., 2015. Hyperbolic discounting and endogenous growth. Economics Letters, 126,
pp.131-134.
Sunderasan, S., 2015. The Condit Dam: A Make-or-Break Decision. In Cleaner-Energy
Investments (pp. 11-21). Springer, New Delhi.
Wong, J.D., 2015. Time Value of Money. In Encyclopedia of Public Administration and Public
Policy-5 Volume Set (pp. 1-8). Routledge.

13WARREN E BUFFET
Appendix
Berkshire Investment Analysis
Analysis Period (2004-2008) Analysis Period (1964-2003)
Date
Adj
Close (%)Return Date
Adj
Close (%)Return
10/1/2018 329500 12/1/2003 84250
9/1/2018 320000 2.97% 11/1/2003 83750 0.60%
8/1/2018 315800 1.33% 10/1/2003 77810 7.63%
7/1/2018 301550 4.73% 9/1/2003 75000 3.75%
6/1/2018 282040 6.92% 8/1/2003 75775 -1.02%
5/1/2018 287200 -1.80% 7/1/2003 72010 5.23%
4/1/2018 290650 -1.19% 6/1/2003 72500 -0.68%
3/1/2018 299100 -2.83% 5/1/2003 71000 2.11%
2/1/2018 310250 -3.59% 4/1/2003 69815 1.70%
1/1/2018 323375 -4.06% 3/1/2003 63800 9.43%
12/1/2017 297600 8.66% 2/1/2003 61700 3.40%
11/1/2017 291500 2.09% 1/1/2003 67600 -8.73%
10/1/2017 280470 3.93% 12/1/2002 72750 -7.08%
9/1/2017 274740 2.09% 11/1/2002 72300 0.62%
8/1/2017 271450 1.21% 10/1/2002 74190 -2.55%
7/1/2017 262786 3.30% 9/1/2002 73900 0.39%
6/1/2017 254700 3.17% 8/1/2002 73000 1.23%
5/1/2017 248440 2.52% 7/1/2002 68300 6.88%
4/1/2017 247780 0.27% 6/1/2002 66800 2.25%
3/1/2017 249850 -0.83% 5/1/2002 74600 -10.46%
2/1/2017 257100 -2.82% 4/1/2002 73450 1.57%
1/1/2017 245980 4.52% 3/1/2002 71100 3.31%
12/1/2016 244121 0.76% 2/1/2002 73000 -2.60%
11/1/2016 237000 3.00% 1/1/2002 73900 -1.22%
10/1/2016 215700 9.87% 12/1/2001 75600 -2.25%
9/1/2016 216220 -0.24% 11/1/2001 70000 8.00%
8/1/2016 225760 -4.23% 10/1/2001 71200 -1.69%
7/1/2016 216000 4.52% 9/1/2001 70000 1.71%
6/1/2016 216975 -0.45% 8/1/2001 69400 0.86%
5/1/2016 211695 2.49% 7/1/2001 69200 0.29%
4/1/2016 219000 -3.34% 6/1/2001 69400 -0.29%
3/1/2016 213450 2.60% 5/1/2001 68700 1.02%
2/1/2016 202555 5.38% 4/1/2001 68000 1.03%
1/1/2016 194360 4.22% 3/1/2001 65450 3.90%
12/1/2015 197800 -1.74% 2/1/2001 70300 -6.90%
11/1/2015 201360 -1.77% 1/1/2001 68400 2.78%

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10/1/2015 204596 -1.58% 12/1/2000 71000 -3.66%
9/1/2015 195240 4.79% 11/1/2000 65900 7.74%
8/1/2015 202531 -3.60% 10/1/2000 63700 3.45%
7/1/2015 214000 -5.36% 9/1/2000 64400 -1.09%
6/1/2015 204850 4.47% 8/1/2000 57700 11.61%
5/1/2015 214800 -4.63% 7/1/2000 55100 4.72%
4/1/2015 213400 0.66% 6/1/2000 53800 2.42%
3/1/2015 217500 -1.89% 5/1/2000 58600 -8.19%
2/1/2015 221180 -1.66% 4/1/2000 59300 -1.18%
1/1/2015 215865 2.46% 3/1/2000 57200 3.67%
12/1/2014 226000 -4.48% 2/1/2000 44000 30.00%
11/1/2014 223065 1.32% 1/1/2000 51200 -14.06%
10/1/2014 null 12/1/1999 56100 -8.73%
11/1/1999 57300 -2.09%
10/1/1999 63900 -10.33%
9/1/1999 55000 16.18%
8/1/1999 64200 -14.33%
7/1/1999 67805 -5.32%
6/1/1999 68900 -1.59%
5/1/1999 72000 -4.31%
4/1/1999 76400 -5.76%
3/1/1999 71400 7.00%
2/1/1999 71100 0.42%
1/1/1999 65000 9.38%
12/1/1998 70000 -7.14%
11/1/1998 67900 3.09%
10/1/1998 64500 5.27%
9/1/1998 59600 8.22%
8/1/1998 60500 -1.49%
7/1/1998 70105 -13.70%
6/1/1998 78305 -10.47%
5/1/1998 70700 10.76%
4/1/1998 68600 3.06%
3/1/1998 67200 2.08%
2/1/1998 55800 20.43%
1/1/1998 50300 10.93%
12/1/1997 46000 9.35%
11/1/1997 45300 1.55%
10/1/1997 43700 3.66%
9/1/1997 44800 -2.46%
8/1/1997 41500 7.95%
7/1/1997 47200 -12.08%
6/1/1997 47200 0.00%

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5/1/1997 43000 9.77%
4/1/1997 38000 13.16%
3/1/1997 36200 4.97%
2/1/1997 35500 1.97%
1/1/1997 34800 2.01%
12/1/1996 34100 2.05%
11/1/1996 33200 2.71%
10/1/1996 32400 2.47%
9/1/1996 32150 0.78%
8/1/1996 31300 2.72%
7/1/1996 30900 1.29%
6/1/1996 30700 0.65%
5/1/1996 30500 0.66%
4/1/1996 33500 -8.96%
3/1/1996 33850 -1.03%
2/1/1996 35500 -4.65%
1/1/1996 31900 11.29%
12/1/1995 32100 -0.62%
11/1/1995 31300 2.56%
10/1/1995 29500 6.10%
9/1/1995 29400 0.34%
8/1/1995 25500 15.29%
7/1/1995 24750 3.03%
6/1/1995 23450 5.54%
5/1/1995 22700 3.30%
4/1/1995 21600 5.09%
3/1/1995 22650 -4.64%
2/1/1995 22275 1.68%
1/1/1995 24600 -9.45%
12/1/1994 20400 20.59%
11/1/1994 20525 -0.61%
10/1/1994 20250 1.36%
9/1/1994 18950 6.86%
8/1/1994 19100 -0.79%
7/1/1994 19600 -2.55%
6/1/1994 16100 21.74%
5/1/1994 16100 0.00%
4/1/1994 16100 0.00%
3/1/1994 15925 1.10%
2/1/1994 15450 3.07%
1/1/1994 16200 -4.63%
12/1/1993 16325 -0.77%
11/1/1993 17250 -5.36%

16WARREN E BUFFET
10/1/1993 17250 0.00%
9/1/1993 16675 3.45%
8/1/1993 17525 -4.85%
7/1/1993 16000 9.53%
6/1/1993 15400 3.90%
5/1/1993 15000 2.67%
4/1/1993 12650 18.58%
3/1/1993 12750 -0.78%
2/1/1993 12475 2.20%
1/1/1993 12100 3.10%
12/1/1992 11750 2.98%
11/1/1992 10725 9.56%
10/1/1992 9475 13.19%
9/1/1992 9400 0.80%
8/1/1992 9125 3.01%
7/1/1992 9525 -4.20%
6/1/1992 9225 3.25%
5/1/1992 9100 1.37%
4/1/1992 9125 -0.27%
3/1/1992 8950 1.96%
2/1/1992 8725 2.58%
1/1/1992 8850 -1.41%
12/1/1991 9050 -2.21%
11/1/1991 8350 8.38%
10/1/1991 8570 -2.57%
9/1/1991 8875 -3.44%
8/1/1991 8775 1.14%
7/1/1991 8525 2.93%
6/1/1991 8400 1.49%
5/1/1991 8750 -4.00%
4/1/1991 8125 7.69%
3/1/1991 8025 1.25%
2/1/1991 8075 -0.62%
1/1/1991 7400 9.12%
12/1/1990 6675 10.86%
11/1/1990 6345 5.20%
10/1/1990 5950 6.64%
9/1/1990 5875 1.28%
8/1/1990 6400 -8.20%
7/1/1990 7000 -8.57%
6/1/1990 7200 -2.78%
5/1/1990 7150 0.70%
4/1/1990 6700 6.72%

17WARREN E BUFFET
3/1/1990 6725 -0.37%
2/1/1990 7225 -6.92%
1/1/1990 7455 -3.09%
12/1/1989 8675 -14.06%
11/1/1989 8250 5.15%
10/1/1989 8510 -3.06%
9/1/1989 8625 -1.33%
8/1/1989 7975 8.15%
7/1/1989 7500 6.33%
6/1/1989 6575 14.07%
5/1/1989 6425 2.33%
4/1/1989 6275 2.39%
3/1/1989 4950 26.77%
2/1/1989 4725 4.76%
1/1/1989 4925 -4.06%
12/1/1988 4700 4.79%
11/1/1988 4700 0.00%
10/1/1988 4725 -0.53%
9/1/1988 4800 -1.56%
8/1/1988 4300 11.63%
7/1/1988 4375 -1.71%
6/1/1988 4150 5.42%
5/1/1988 3925 5.73%
4/1/1988 3775 3.97%
3/1/1988 3425 10.22%
2/1/1988 3150 8.73%
1/1/1988 3030 3.96%
12/1/1987 2950 2.71%
11/1/1987 2900 1.72%
10/1/1987 3325 -12.78%
9/1/1987 4220 -21.21%
8/1/1987 3990 5.76%
7/1/1987 3960 0.76%
6/1/1987 3500 13.14%
5/1/1987 3410 2.64%
4/1/1987 3380 0.89%
3/1/1987 3520 -3.98%
2/1/1987 3360 4.76%
1/1/1987 3100 8.39%
12/1/1986 2820 9.93%
11/1/1986 2740 2.92%
10/1/1986 2875 -4.70%
9/1/1986 2625 9.52%

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8/1/1986 2900 -9.48%
7/1/1986 2825 2.65%
6/1/1986 2975 -5.04%
5/1/1986 2860 4.02%
4/1/1986 2910 -1.72%
3/1/1986 3120 -6.73%
2/1/1986 2760 13.04%
1/1/1986 2255 22.39%
12/1/1985 2470 -8.70%
11/1/1985 2625 -5.90%
10/1/1985 2620 0.19%
9/1/1985 2120 23.58%
8/1/1985 2040 3.92%
7/1/1985 2110 -3.32%
6/1/1985 2150 -1.86%
5/1/1985 1860 15.59%
4/1/1985 1850 0.54%
3/1/1985 1815 1.93%
2/1/1985 1490 21.81%
1/1/1985 1395 6.81%
12/1/1984 1275 9.41%
11/1/1984 1280 -0.39%
10/1/1984 1300 -1.54%
9/1/1984 1305 -0.38%
8/1/1984 1290 1.16%
7/1/1984 1240 4.03%
6/1/1984 1260 -1.59%
5/1/1984 1290 -2.33%
4/1/1984 1250 3.20%
3/1/1984 1240 0.81%
2/1/1984 1280 -3.13%
1/1/1984 1325 -3.40%
12/1/1983 1310 1.15%
11/1/1983 1350 -2.96%
10/1/1983 1310 3.05%
9/1/1983 1240 5.65%
8/1/1983 1020 21.57%
7/1/1983 950 7.37%
6/1/1983 910 4.40%
5/1/1983 985 -7.61%
4/1/1983 975 1.03%
3/1/1983 965 1.04%
2/1/1983 830 16.27%

19WARREN E BUFFET
1/1/1983 765 8.50%
12/1/1982 775 -1.29%
11/1/1982 690 12.32%
10/1/1982 610 13.11%
9/1/1982 550 10.91%
8/1/1982 485 13.40%
7/1/1982 475 2.11%
6/1/1982 495 -4.04%
5/1/1982 505 -1.98%
4/1/1982 510 -0.98%
3/1/1982 480 6.25%
2/1/1982 515 -6.80%
1/1/1982 510 0.98%
12/1/1981 560 -8.93%
11/1/1981 575 -2.61%
10/1/1981 505 13.86%
9/1/1981 460 9.78%
8/1/1981 500 -8.00%
7/1/1981 485 3.09%
6/1/1981 510 -4.90%
5/1/1981 520 -1.92%
4/1/1981 515 0.97%
3/1/1981 480 7.29%
2/1/1981 485 -1.03%
1/1/1981 430 12.79%
12/1/1980 425 1.18%
11/1/1980 430 -1.16%
10/1/1980 420 2.38%
9/1/1980 385 9.09%
8/1/1980 380 1.32%
7/1/1980 340 11.76%
6/1/1980 305 11.48%
5/1/1980 320 -4.69%
4/1/1980 275 16.36%
3/1/1980 260 5.77%