Key Quotes from 2002 Shareholder Letter

1. "In all respects 2002 was a banner year."

2. "We've yet to see a pro-forma presentation disclosing that audited earnings were somewhat high. So let's make a little history: Last year, on a pro-forma basis, Berkshire had lower earnings than those we actually reported."

3. "When valuations are similar, we strongly prefer owning businesses to owning stocks. During most of our years of operation, however, stocks were much the cheaper choice."

4. "'Except for' losses will forever be part of the insurance business, and they will forever be paid with shareholders' money."

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Source: Full Letter