More Praise for The Warren Buffett Way, First Edition

Source:
Berkshire Hathaway 1994 Annual Report.
Note:
Dollar amounts are in thousands.
Table A.19
Berkshire Hathaway 1995 Common Stock Portfolio
Number
Market
of Shares
Company
Cost
Value
49,456,900
American Express Company
$1,392.70
$ 2,046.30
20,000,000
Capital Cities/ABC, Inc.
345.00
2,467.50
100,000,000
The Coca-Cola Company
1,298.90
7,425.00
12,502,500
Federal Home Loan Mortgage Corp.
260.10
1,044.00
34,250,000
GEICO Corporation
45.70
2,393.20
48,000,000
The Gillette Company
600.00
2,502.00
6,791,218
Wells Fargo & Company
423.70
1,466.90
Total common stocks
$4,366.10
$19,344.90
Source:
Berkshire Hathaway 1995 Annual Report.
Note:
Dollar amounts are in millions.

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2 2 1
Table A.20
Berkshire Hathaway 1996 Common Stock Portfolio
Number
Market
of Shares
Company
Cost
Value
49,456,900
American Express Company
$1,392.70
$ 2,794.30
200,000,000
The Coca-Cola Company
1,298.90
10,525.00
24,614,214
The Walt Disney Company
577.00
1,716.80
64,246,000
Federal Home Loan Mortgage Corp.
333.40
1,772.80
48,000,000
The Gillette Company
600.00
3,732.00
30,156,600
McDonald’s Corporation
1,265.30
1,368.40
1,727,765
The Washington Post Company
10.60
579.00
7,291,418
Wells Fargo & Company
497.80
1,966.90
Total common stocks
$5,975.70
$24,455.20
Source:
Berkshire Hathaway 1996 Annual Report.
Note:
Dollar amounts are in millions.
Table A.21
Berkshire Hathaway 1997 Common Stock Portfolio
Number
Market
of Shares
Company
Cost
Value
49,456,900
American Express Company
$1,392.70
$ 4,414.00
200,000,000
The Coca-Cola Company
1,298.90
13,337.50
21,563,414
The Walt Disney Company
381.20
2,134.80
63,977,600
Freddie Mac
329.40
2,683.10
48,000,000
The Gillette Company
600.00
4,821.00
23,733,198
Travelers Group Inc.
604.40
1,278.60
1,727,765
The Washington Post Company
10.60
840.60
6,690,218
Wells Fargo & Company
412.60
2,270.90
Total common stocks
$5,029.80
$31,780.50
Source:
Berkshire Hathaway 1997 Annual Report.
Note:
Dollar amounts are in millions.

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Table A.22
Berkshire Hathaway 1998 Common Stock Portfolio
Shares
Company
Cost*
Market
50,536,900
American Express Company
$1,470
$ 5,180
200,000,000
The Coca-Cola Company
1,299
13,400
51,202,242
The Walt Disney Company
281
1,536
60,298,000
Freddie Mac
308
3,885
96,000,000
The Gillette Company
600
4,590
1,727,765
The Washington Post Company
11
999
63,595,180
Wells Fargo & Company
392
2,540
Others
2,683
5,135
Total Common Stocks
$7,044
$37,265
*Represents tax-basis cost which, in aggregate, is $1.5 billion less than GAAP cost. 
Source:
Berkshire Hathaway Annual Report, 1998.
Note:
Dollar amounts are in millions.
Table A.23
Berkshire Hathaway 1999 Common Stock Portfolio
Shares
Company
Cost*
Market
50,536,900
American Express Company
$1,470
$ 8,402
200,000,000
The Coca-Cola Company
1,299
11,650
59,559,300
The Walt Disney Company
281
1,536
60,298,000
Freddie Mac
294
2,803
96,000,000
The Gillette Company
600
3,954
1,727,765
The Washington Post Company
11
960
59,136,680
Wells Fargo & Company
349
2,391
Others
4,180
6,848
Total Common Stocks
$8,203
$37,008
*Represents tax-basis cost which, in aggregate, is $691 million less than GAAP cost. 
Source:
Berkshire Hathaway Annual Report, 1999.
Note:
Dollar amounts are in millions.

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2 2 4
Table A.26
Berkshire Hathaway 2002 Common Stock Portfolio
Shares
Company
Cost
Market
151,610,700
American Express Company
$1,470
$5,359
200,000,000
The Coca-Cola Company
1,299
8,768
15,999,200
H&R Block, Inc.
255
643
24,000,000
Moody’s Corporation
499
991
1,727,765
The Washington Post Company
11
1,275
53,265,080
Wells Fargo & Company
306
2,497
Others
4,621
5,383
Total Common Stocks
$9,146
$28,363
Source:
Berkshire Hathaway Annual Report, 2002.
Note:
Dollar amounts are in millions.
Table A.27
Berkshire Hathaway 2003 Common Stock Portfolio
Shares
Company
Cost
Market
151,610,700
American Express Company
$1,470
$7,312
200,000,000
The Coca-Cola Company
1,299
10,150
96,000,000
The Gillette Company
600
3,526
14,610,900
H&R Block, Inc.
227
809
15,476,500
HCA Inc.
492
665
6,708,760
M&T Bank Corporation
103
659
24,000,000
Moody’s Corporation
499
1,453
2,338,961,000
PetroChina Company Limited
488
1,340
1,727,765
The Washington Post Company
11
1,367
56,448,380
Wells Fargo & Company
463
3,324
Others
2,863
4,682
Total Common Stocks
$8,515
$35,287
Source:
Berkshire Hathaway Annual Report, 2003.
Note:
Dollar amounts are in millions.

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2 2 5
Notes
Chapter 1 The World’s Greatest Investor
1. Carol J. Loomis, “The Inside Story of Warren Buffett,” 
Fortune
(April 11,
1988), 30.
2. Warren Buffett, “The Superinvestors of Graham-and-Doddsville,” 
Hermes
( Fall 1984).
3. Berkshire Hathaway Annual Report, 1999, 3.
Chapter 2 The Education of Warren Buffett
1. Adam Smith, 
Supermoney
(New York: Random House, 1972), 178.
2. Benjamin Graham and David Dodd, 
Security Analysis,
3rd ed. (New York:
McGraw-Hill, 1951), 38.
3. Ibid., 13.
4. Address by Warren Buffett to New York Society of Security Analysts, De-
cember 6, 1994, quoted in Andrew Kilpatrick, 
Of Permanent Value: The
Stor y of War ren Buf fett
( Birmingham, AL: AKPE, 2004), 1341.
5. John Train, 
The Money Masters
(New York: Penguin Books, 1981), 60.
6. Philip Fisher, 
Common Stocks and Uncommon Prof its
(New York: Harper
& Brothers, 1958), 11.
7. Ibid., 33.
8. Philip Fisher, 
Developing an Investment Philosophy,
The Financial Analysts
Research Foundation, monograph number 10, 1.
9. I am grateful to Peter Bernstein and his excellent book, 
Capital Ideas: The
Improbable Origins of Modern Wall Street
(New York: The Free Press,
1992), for this background information on Williams.

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2 2 6
N O T E S
10. Ibid., 151.
11. Ibid., 153.
12. Quoted on www.moneychimp.com.
13. Bernstein, 
Capital Ideas,
162.
14. Andrew Kilpatrick, 
Of Permanent Value: The Stor y of War ren Buf fett
( Birmingham, AL: AKPE, 2000), 89.
15. Munger’s sweeping concept of the “latticework of mental models” is the
subject of Robert Hagstrom’s book 
Investing: The Last Liberal Art
(New
York: Texere, 2000).
16. A frequent comment, widely quoted.
17. Robert Lenzner, “Warren Buffett’s Idea of Heaven: ‘I Don’t Have to Work
with People I Don’t Like,’ ” 
Forbes
(October 18, 1993), 43.
18. L. J. Davis, “Buffett Takes Stock,” 
New York Times
magazine (April 1,
1990), 61.
19. Ibid.
20. Berkshire Hathaway Annual Report, 1987, 15.
21. Berkshire Hathaway Annual Report, 1990, 17.
22. Benjamin Graham, 
The Intelligent Investor,
4th ed. (New York: Harper &
Row, 1973), 287.
23.
Adam Smith’s Money World,
PBS, October 21, 1993, quoted in Kilpatrick,
Of Permanent Value
(2004), 1337.
24. Warren Buffett, “What We Can Learn from Philip Fisher,” 
Forbes
(Octo-
ber 19, 1987), 40.
25. “The Money Men—How Omaha Beats Wall Street,” 
Forbes
(November 1,
1969), 82.
Chapter 3 “Our Main Business Is Insurance”: The Early Days of
Berkshire Hathaway
1. Berkshire Hathaway Annual Report, 1985, 8.
2. Warren Buffett, “The Security I Like Best,” 
The Commercial and Financial
Chronicle
( December 6, 1951); reprinted in Andrew Kilpatrick, 
Of Perma-
nent Value: The Stor y of War ren Buf fett,
rev. ed. ( Birmingham, AL: AKPE,
2000), 302.
3. Berkshire Hathaway Annual Report, 1999, 9.
4. The purchase price is often quoted as $22 billion, and in a sense that is true.
The two companies announced in June 1998 that Berkshire would acquire
all General Re shares at a 29 percent premium over the closing share price,
by trading an equivalent value in Berkshire stock. But six months passed be-
fore the deal f inally closed, and by that time both share prices had declined.
General Re shareholders received $204.40 for each share they owned, rather
than the $276.50 value the shares had back in June. The actual purchase

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N o t e s
2 2 7
price was thus approximately $16 billion in Berkshire stock, instead of $22
billion. Kilpatrick, 
Of Permanent Value
(2000), 18.
5. Andrew Kilpatrick, 
Of Permanent Value: The Stor y of War ren Buf fett
( Birmingham, AL: AKPE, 2004), 354.
6. Berkshire Hathaway Annual Report, 2000.
7. Special letter to shareholders, Berkshire Hathaway Quarterly Report, 2001.
8. Berkshire Hathaway Annual Report, 2003.
9. Robert Miles, 
The War ren Buf fett CEO
(Hoboken, NJ: Wiley, 2003), 70,
quoted in Kilpatrick, 
Of Permanent Value
(2004).
10. Quoted in Kilpatrick, 
Of Permanent Value
(2004), 375.
11. Berkshire Hathaway Annual Report, 2001.
12. Berkshire Hathaway annual meeting 2001, quoted in Kilpatrick,