1. Berkshire Hathaway BRK-A BRK-B

2. Warren Buffet Arguably the most famous Value Investor Age 79 Influenced by Benjamin Graham Looks at the Underlying investment

3. A Different Style: One Example Sanborn Map Had $65 a share in investments (Bonds, Etc.) Was selling at $45 A profitable map making business essentially being valued at - $20 a share? Took a board seat and paid a dividend of the investments and then left the map company behind to continue as it always had!

4. Structure Holding Company Business Groups – Insurance Geico – 1995 General Re – Reinsurrance – Manufacturing, Retail, Etc. Fruit of the Loom – 2002 Benjamin Moore – 2000 The Pampered Chef – 2002 McLane – 2003

5. Major Investments Wesco Financial (80%) Moody’s Corporation (19.1%) USG (19.0%) The Washington Post (18.2%) Burlington Northern (17.5%) American Express (13.1%) Wells Fargo (9.2%) Coca-Cola (8.6%)

6. Stock Structure Two Share Classes A Shares (BRK-A) – $100,600.00 – Full Voting Rights – Convertible to 30 B Shares B Shares (BRK-B) – $3,318.00 – 1/30 th of Voting Rights of the A Share – Not Convertible

7. Performance Overall Gain 1964-2008 – Berkshire: 362,319% – S & P 500: 4,276% Compounded Annual Gain 1965-2008 – Berkshire: 20.3% – S & P 500: 8.9% 2008 – Berkshire: -9.6% – S & P 500: -37%

8. Buffet Quotes Price is what you pay. Value is what you get. Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well. Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results. If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is going to do, and that's not our game.