Buffett Says Berkshire’s 2005 Gain Beat S&P;’s
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Billionaire investor Warren E. Buffett said in his annual letter to shareholders of Berkshire Hathaway Inc. that his holding company’s net worth grew by $5.6 billion in 2005, which he dubbed “a decent year.”
That increased the book value -- assets minus liabilities -- of both classes of Berkshire stock 6.4%, beating the Standard & Poor’s 500 gain of 4.9% for the year.
Buffett, whose insurance holdings include auto insurer Geico Corp., praised Geico’s chief executive, Tony Nicely, for gaining market share and posting “commendable profits.”
“If you have a new son or grandson in 2006, name him Tony,” Buffett said.
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