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• Omaha, Nebraska-based Berkshire Hathaway is a large holding company led by billionaire investor Warren Buffett. The company primarily operates through its subsidiaries in the insurance industry, but has a wide and diverse portfolio.

  On February 28, 2009, Buffett's annual letter to shareholders contained very bad news: the group's net income dropped 62% in 2008, the largest decline endured by the company since Buffett took over in 1965.Wall Street Journal: Berkshire Hathaway Reports Worst Year Ever (February 28, 2009)

• Fast Facts

  1. Annual revenue: $98.54 billion
  2. Headquarters: Omaha, Nebraska
  3. Staff: 233,000 as of 2007
  4. CEO: Warren Buffett
  5. Berkshire Hathaway companies include McLane Company, Dairy Queen, Clayton Homes and MidAmerican Energy Holdings
  6. CEO salary: $100,000
  7. Vice chairman: Charlie Munger
  8. Founded in 1839
  9. Founder: Oliver Chace
  10. Berkshire Hathaway is the highest priced stock on the New York Stock Exchange
  11. Fourth quarter 2008 was company's fifth year-over-year quarterly declineWall Street Journal: Berkshire Hathaway Reports Worst Year Ever (February 28, 2009)
  12. 4th quarter income fell to $76 per share from $1,904 per share in 4th quarter 2008Bloomberg: Berkshire Profit Plunges 96% on Stock Market Bets (Update3) (February 28, 2009)
  13. Per-share book value of Berkshire shares fell 9.6%MarketWatch: Buffett cops to mistakes, likes longer-term horizon (February 28, 2009)
  14. Berkshire still beat Standard and Poor's 500 index book value, which lost 37% in 2008Wall Street Journal: Berkshire Hathaway Reports Worst Year Ever (February 28, 2009)
  15. Net income fell to $4.99 billion from $13.21 billion in 2007Wall Street Journal: Berkshire Hathaway Reports Worst Year Ever (February 28, 2009)

• Berkshire Hathaway and Warren Buffett

  The chairman and CEO of Berkshire Hathaway is billionaire investor Warren Buffett. In 1962, Buffett began buying shares of the company, which was mostly a textile manufacturing firm at the time. Soon after purchasing the initial stock, Buffett gained majority control of the company and used it as a vehicle to invest in various insurance firms. The company expanded to other industries as time went on.

  Berkshire Hathaway's diverse portfolio includes the management of companies in industries such as home furnishings, newspaper publishing, candy manufacturing, encyclopedias, vacuum cleaners, jewelry sales and retail. The company's primary focus has followed the philosophy of value investing, which was developed by Columbia University economist Benjamin Graham.

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