1. 1 G492 session 2 Berkshire Hathaway 11 Jan 2006 Eric Rasmusen, erasmuse@indiana.edu

2. 2 Having delivered that thought, which I'll get back to, let me retreat to explaining derivatives, though the explanation must be general because the word covers an extraordinarily wide range of financial contracts. 7. A participial phrase at the beginning of a sentence must refer to the grammatical subject. I'll get back to that thought, but first let me retreat to explaining derivatives, though the explanation must be general because the word covers an extraordinarily wide range of financial contracts. Buffett broke the rule here.

3. 3 8. Choose a suitable design, and hold to it. A. Overall numbers and philosophy B. Acquisitions C. The economics of insurance D. How it applies to General Re and Geico E. Sources of earnings and non-insurance operations F. Derivative securities and General Re G. Investments in stocks and junk bonds H. Thoughts on corporate governance I. Shareholder charitable contributions (very short) J. The annual meeting