Berkshire Hathaway 2003 Annual Report
Transcript of Berkshire Hathaway 2003 Annual Report
![Page 1: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/1.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 1/78
![Page 2: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/2.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 2/78
![Page 3: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/3.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 3/78
![Page 4: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/4.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 4/78
![Page 5: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/5.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 5/78
![Page 6: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/6.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 6/78
![Page 7: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/7.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 7/78
![Page 8: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/8.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 8/78
![Page 9: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/9.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 9/78
![Page 10: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/10.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 10/78
![Page 11: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/11.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 11/78
![Page 12: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/12.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 12/78
![Page 13: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/13.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 13/78
![Page 14: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/14.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 14/78
![Page 15: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/15.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 15/78
![Page 16: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/16.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 16/78
![Page 17: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/17.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 17/78
![Page 18: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/18.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 18/78
![Page 19: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/19.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 19/78
![Page 20: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/20.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 20/78
![Page 21: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/21.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 21/78
![Page 22: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/22.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 22/78
![Page 23: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/23.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 23/78
![Page 24: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/24.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 24/78
![Page 25: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/25.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 25/78
![Page 26: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/26.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 26/78
![Page 27: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/27.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 27/78
![Page 28: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/28.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 28/78
![Page 29: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/29.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 29/78
![Page 30: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/30.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 30/78
![Page 31: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/31.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 31/78
![Page 32: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/32.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 32/78
![Page 33: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/33.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 33/78
![Page 34: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/34.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 34/78
![Page 35: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/35.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 35/78
![Page 36: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/36.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 36/78
![Page 37: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/37.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 37/78
![Page 38: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/38.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 38/78
![Page 39: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/39.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 39/78
![Page 40: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/40.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 40/78
![Page 41: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/41.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 41/78
![Page 42: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/42.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 42/78
![Page 43: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/43.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 43/78
![Page 44: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/44.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 44/78
![Page 45: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/45.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 45/78
![Page 46: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/46.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 46/78
![Page 47: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/47.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 47/78
![Page 48: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/48.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 48/78
![Page 49: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/49.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 49/78
![Page 50: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/50.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 50/78
![Page 51: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/51.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 51/78
![Page 52: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/52.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 52/78
![Page 53: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/53.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 53/78
![Page 54: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/54.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 54/78
![Page 55: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/55.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 55/78
![Page 56: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/56.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 56/78
![Page 57: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/57.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 57/78
![Page 58: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/58.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 58/78
![Page 59: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/59.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 59/78
![Page 60: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/60.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 60/78
![Page 61: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/61.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 61/78
![Page 62: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/62.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 62/78
![Page 63: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/63.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 63/78
![Page 64: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/64.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 64/78
![Page 65: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/65.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 65/78
![Page 66: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/66.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 66/78
![Page 67: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/67.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 67/78
![Page 68: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/68.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 68/78
![Page 69: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/69.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 69/78
![Page 70: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/70.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 70/78
![Page 71: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/71.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 71/78
![Page 72: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/72.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 72/78
![Page 73: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/73.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 73/78
![Page 74: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/74.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 74/78
![Page 75: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/75.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 75/78
![Page 76: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/76.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 76/78
![Page 77: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/77.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 77/78
![Page 78: Berkshire Hathaway 2003 Annual Report](https://reader031.fdocuments.us/reader031/viewer/2022021323/577daf2d1a28ab223f92338e/html5/thumbnails/78.jpg)
8/14/2019 Berkshire Hathaway 2003 Annual Report
http://slidepdf.com/reader/full/berkshire-hathaway-2003-annual-report 78/78