2005
Berkshire's gain in net worth during 2005 was $5.6 billion. Overall, Berkshire had a decent year by initiating five acquisitions. Buffett admits his goal of the report - "to give you the information you need to estimate Berkshire’s intrinsic value." He details the advantages of Berkshire's financial characteristics throughout the letter.
2004
Buffett admitted he did not do the job as well last year. He explained, "My hope was to make several multi-billion dollar acquisitions that would add new and significant streams of earnings to the many we already have. But I struck out."
2003
Berkshire's net worth gain was $13.6 billion. Berkshire’s long-term performance versus the S&P remains all-important. Buffett gave his friend Jack Bogle a plug noting that shareholders can buy the S&P through an index fund at very low cost.
2002
Berkshire's net worth gain during 2002 was $6.1 billion, making it a banner year. Berkshire acquired some important new businesses – with economic characteristics ranging from good to great, run by managers ranging from great to great.
2001
Berkshire’s loss in net worth during 2001 was $3.77 billion, Buffett himself took full blame saying, “Though our corporate performance last year was satisfactory, my performance was anything but. I manage most of Berkshires equity portfolio, and my results were poor, just as they have been for several years.” In the letter he details his mistake and plans for a fix.
2000
Buffett touted some key acquisitions that drove annual results. "I will tell you now that we have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement" he deadpanned.
1999
1999 was a tough one for the Oracle of Omaha. Berkshire had the worst absolute performance of my tenure, said Buffett at the time, compared to the S&P, the worst relative performance as well.
1998
Berkshire’s progress in 1998 — though more than satisfactory — was not as good as it looks. That’s because most of that 48.3% gain came from our issuing shares in acquisitions.