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Fortune

Carol J. Loomis

Grading Berkshire after 50 years under Buffett: How does a 1,826,163% stock rise sound?

Berkshire Warren Buffett SP BNSF IBM

(Credit: Photograph by Bill Pugliano — Getty Images)

Most companies put out one annual report. Berkshire Hathaway (BRK.A) in effect posted two today, which when printed will have just one gold-colored cover, signifying a Golden Anniversary.

The first report is for 2014: a good year, says CEO Warren Buffett, 84, but hardly perfect (we’ll get to that).

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