Because these transactions, which typically come in large chunks, can materially distort the company's figures, it will tell readers about them as they occur.

Ongoing disclosure promise from the 2000 letter about large, lumpy transactions that distort Berkshire's figures (e.g. retroactive reinsurance deals). True: later shareholder letters and annual reports from 2001 onward disclose such material transactions in the year they occur, including their effect on reported figures. Mostly true: they were generally disclosed promptly, with a minor lapse such as a brief mention or a slight delay for one transaction. Mixed: some material transactions were disclosed when they happened and others were not. Mostly false: disclosure was rare or came only well after the fact. False: later records show material distorting transactions of this type that were not disclosed to shareholders when they occurred.

Set before the research began.

1. E1 Management's Discussion Berkshire Hathaway Inc. Own record

   “Earned premiums in 2001 include $400 million from one retroactive reinsurance contract and a large quota share agreement.”

2. E2 Management's Discussion Berkshire Hathaway Inc. Own record

   “Unamortized deferred charges under BHRG contracts were $3.1 billion as of December 31, 2001 compared to $2.6 billion at December 31, 2000.”

3. E3 https://www.sec.gov/Archives/edgar/data/0001067983... U.S. Securities and Exchange Commission (filed by Berkshire Hathaway Inc.) Own record

   “year, a significant portion of which, derived from retroactive reinsurance and other large excess reinsurance contracts.”

4. E4 Chairman's Letter Berkshire Hathaway Inc. · 28 February 2002 Own record

   “a staggering $800 million of loss costs that actually occurred in earlier years, but that were not then recorded, were belatedly recognized last year and charged against current earnings.”

Berkshire's 2001 annual-report MD&A separately reports $400 million of 2001 earned premiums from one retroactive reinsurance contract and a large quota share agreement (E1). It also gives year-over-year figures for unamortized deferred charges under BHRG contracts (E2). A 2001 Berkshire SEC filing says a significant portion of a year's figure derived from retroactive reinsurance and other large excess reinsurance contracts (E3), and the 2001 letter says about $800 million of loss costs from earlier years were charged against the latest year's earnings (E4). These are Berkshire's own published disclosures. They show such transactions were reported in the year they happened, but they cover only 2001, so whether the ongoing promise was kept in later years is not shown.