Key Quotes from 2005 Shareholder Letter

1. "When we drive unit costs down in such a dramatic manner, we can offer ever-greater value to our customers."

2. "Berkshire's intrinsic value can be more precisely calculated than can the intrinsic value of most companies"

3. "We have attempted to ease this problem by clustering our businesses into four logical groups... The value of Berkshire may be either greater or less than the sum of these four parts."

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Source: Full Letter