Key Quotes from 2014 Shareholder Letter

1. "Fifty years ago, today's management took charge at Berkshire."

2. "Today, our emphasis has shifted in a major way to owning and operating large businesses. Many of these are worth far more than their cost-based carrying value. But that amount is never revalued upward no matter how much the value of these companies has increased."

3. "We completed two large acquisitions, spending almost $18 billion to purchase all of NV Energy and a major interest in H. J. Heinz."

4. "Over time, stock prices and intrinsic value almost invariably converge."

5. "The increase in Berkshire's per-share intrinsic value over the past 50 years is roughly equal to the 1,826,163% gain in market price."

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Source: Full Letter