Business School 2003

6 March 2004

Warren Buffett’s 2003 Letter to the Shareholders of Berkshire Hathaway is now available on line, as is the 2003 Annual Report which includes his letter. Both are pdf files.

Read all the letters dating back to 1977 carefully. Read them again. You’ll have one of the finest business educations money can buy.

Our federal tax return for 2002 (2003 is not finalized), when we paid $1.75 billion, covered a mere 8,905 pages. As is required, we dutifully filed two copies of this return, creating a pile of paper seven feet tall. At World Headquarters, our small band of 15.8, though exhausted, momentarily flushed with pride: Berkshire, we felt, was surely pulling its share of our countrys fiscal load.

Warren Buffett
2003 Letter to Shareholders

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