1994 Annual Meeting
About 1994 Annual Meeting

(April 25, 1994) Buffett warns that excessive risks in the reinsurance business may not become evident until big problems arise years later, and calls derivatives a dangerous combination of "ignorance and borrowed money." He and Munger also tell investors why they don't need to do extraordinary things to get extraordinary results.

Berkshire Hathaway Shareholder Letters

Berkshire's per-share book value increased by a "satisfactory but unexciting" 14.3 percent in 1993, topping the S&P's 10.1 percent gain. Berkshire's stock price, however, soared by 39 percent. In his annual letter, Buffett called newly-acquired Dexter Shoe "highly competitive" against foreign imports and urged investors to hold the stock of a good business "with the same tenacity that an owner would exhibit if he owned all of that business."

READ 1993 LETTER (DATED MAR. 1, 1994)