1970 Shareholder Letter - Summary

1970 was a year of dramatically diverse earnings among Berkshire's operating units. The Illinois National Bank & Trust achieved record earnings, insurance operations grew substantially despite poor underwriting, and textile operations broke even in an increasingly difficult industry environment. The return on average shareholder's investment was approximately 10% — below American industry average but far better than if resources had continued to be devoted exclusively to textiles.

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Source: Full Letter