Berkshire's investments in 1977

                                            SUMMARY OF BERKSHIRE'S 1977 INVESTMENTS

No. of Shares  Company                                     Cost      Market
-------------  -------                                   --------   --------
                                                           (000’s omitted)
    220,000    Capital Cities Communications, Inc. ..... $ 10,909   $ 13,228  
  1,986,953    Government Employees Insurance 
                  Company Convertible Preferred ........   19,417     33,033  
  1,294,308    Government Employees Insurance 
                  Company Common Stock .................    4,116     10,516
    592,650    The Interpublic Group of Companies, Inc.     4,531     17,187  
    324,580    Kaiser Aluminum& Chemical Corporation ...   11,218      9,981
  1,305,800    Kaiser Industries, Inc. .................      778      6,039
    226,900    Knight-Ridder Newspapers, Inc. ..........    7,534      8,736
    170,800    Ogilvy & Mather International, Inc. .....    2,762      6,960
    934,300    The Washington Post Company Class B .....   10,628     33,401
                                                         --------   --------
               Total ................................... $ 71,893   $139,081
               All Other Holdings ......................   34,996     41,992
                                                         --------   --------
               Total Equities .......................... $106,889   $181,073
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