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As a BRK shareholder ...
The annual report in Feb. explained this pretty well. Buffett himself is managing 62 derivatives contracts. he explained that there is no counterparty risk but because of accounting conventions they must be marked-to-market every quarter. As a result he said, their results will swing by as much as a billion dollars per quarter even though the intrinsic value of these contracts will have changed very little. "Charlies and I will not be bothered by these swings" ... "and we hope you won't be either".
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