berkshire_notes []

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===== How much operating income did Berkshire have in Q1 of 2023? ====
Go to the "2023 First Quarter Report" https://berkshirehathaway.com/qtrly/1stqtr23.pdf . You can also go there via

<code>
https://www.berkshirehathaway.com/ -> Annual & Interim Reports
-> link corresponding to (row = Year 2023, column = 1st Quarter)
-> Click on "2023 First Quarter Report (PDF file)"
</code>

In the quarter report, go to pg-28 (Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations) -> Results of Operations which has the below table

<code>
                                                                    First Quarter
                                                                 2023        2022
Insurance – underwriting                                        $    911    $   167
Insurance – investment income                                      1,969      1,170
BNSF                                                               1,247      1,371
Berkshire Hathaway Energy (“BHE”)                                    416        775
Pilot Travel Centers (“Pilot”)                                        83         -- 
Manufacturing, service and retailing                               2,982      3,025
Non-controlled businesses*                                           568        282 
Investment and derivative contract gains (losses)                 27,439     (1,580)
Other                                                               (111)       370 
Net earnings attributable to Berkshire Hathaway shareholders    $ 35,504    $ 5,580
------------
*  Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest. 
</code>
To get the operating earnings, subtract "Investment and derivative contract gains (losses)" from "Net earnings attributable to Berkshire Hathaway shareholders"

So, the operating earnings in Q1 of 2023 are
<code>
>>> 35504 - 27439
8065
</code>
and the operating earnings in Q1 of 2022 are
<code>
>>> 5580 - (-1580)
7160
</code>

So, the operating earnings increased by 12.6%
<code>
>>> round( ((8065 / 7160) - 1)*100, 1)
12.6
</code>

Notes:
  * The 12.6% and $8,065 million match with the numbers mentioned in the last paragraph of https://www.barrons.com/livecoverage/berkshire-hathaway-warren-buffett-annual-shareholder-meeting <code>
Berkshire’s first-quarter results were released earlier on Saturday morning,
showing a 12.6% rise in operating profit, to $8.1 billion.
</code>
  * https://www.businesswire.com/news/home/20230506005003/en/ shows that the operating earnings are \$8,065 million and \$7,160 million in Q1 or 2023 and 2022 respectively. This matches with the above calculation.
    * This press release is a bit easier to understand about operating earnings compared to my approach. But I do not know how to generalize it for other quarters (ex:- how to get the corresponding businesswire link?).
    * I found businesswire link in https://www.barrons.com/articles/berkshire-hathaway-inc-first-quarter-2023-earnings-release-e6e998bf
  * The operating income can get revised at a later point in time. For example, https://www.businesswire.com/news/home/20220430005003/en shows that the original operating income was \$7,040 million. But https://www.businesswire.com/news/home/20230506005003/en shows that it got revised to \$7,160 million.

===== How much cash does Berkshire hold at the end of year 2022? ====
Go to the annual report https://www.berkshirehathaway.com/2022ar/2022ar.pdf . You can also go there via

<code>
https://www.berkshirehathaway.com/ -> Annual & Interim Reports
-> Year link corresponding to (row, column) = (2022, Annual)
-> Click on "2022 Annual Report (PDF file)"
</code>

In the annual report, go to pg-86 (K-70)

<code>
                  (dollars in millions)
                                                   2022
Insurance and Other:
  Cash and cash equivalents                        $32,260
  Short-term investments in U.S. Treasury Bills    $92,774
Railroad, Utilities and Energy:
  Cash and cash equivalents                        $ 3,551
</code>

Summing up all these numbers gives \$128,585. So Berkshire has about \$129 billion in cash.

See also:
  * https://github.com/KamarajuKusumanchi/market_data/blob/master/berkshire/cash.txt - Berkshire's cash by quarter.

==== How much cash does Berkshire hold at the end of Q2 2023? ====
Go to the Q2 2023 report https://berkshirehathaway.com/qtrly/2ndqtr23.pdf. You can also go there via
<code>
https://berkshirehathaway.com/ -> Annual & Interim Reports
-> Link corresponding to (row, column) = (2023, 2nd Quarter)
-> Click on "2023 Second Quarter Report (PDF file)"
</code>

In the quarterly report, go to pg-3 in PDF (pg-2 in document) -> Consolidated Balance Sheets
<code>
                  (dollars in millions)
                                                   June 30, 2023
Insurance and Other:
  Cash and cash equivalents                        $44,611
  Short-term investments in U.S. Treasury Bills    $97,322
Railroad, Utilities and Energy:
  Cash and cash equivalents                        $ 5,444
</code>
Summing up all these numbers gives \$147,377. So Berkshire has about \$147 billion in cash at the end of Q2 2023.

See also:
  * https://github.com/KamarajuKusumanchi/market_data/blob/master/berkshire/cash.txt - Berkshire's cash by quarter.

==== What are the holdings of Berkshire? ====
  * https://www.cnbc.com/berkshire-hathaway-portfolio/ - shows the holdings of Berkshire.