Berkshire's stock price has fallen about 50% three times in 60 years under present management.

Count the peak-to-trough declines in Berkshire's share price of roughly 50% (about 45% or more) from 1965, when present management took over, to 2025-11-10. True: there were exactly three such declines. Mostly true: there were three declines, but one of them falls slightly short of 50% (for example about 44–49%) while still fitting 'about 50%', or a detail such as the 60-year span is slightly off. Mixed: there were two or four such declines. Mostly false: the count is clearly different, for example one or five or more, though large drawdowns did occur. False: Berkshire's stock never fell anywhere near 50% in that period.

Set before the research began.

1. E1 Berkshire Hathaway Approaches Record High The Rational Walk · 1 February 2013

   “Only fifteen months later, the stock closed at $72,400 on March 9, 2009, a decline of over 52 percent from its record high.”

2. E2 www.berkshirehathaway.com · letters · 2017ltrprintmgr file - Berkshire Hathaway Berkshire Hathaway Inc. Own record

   “Period March 1973-January 1975 10/2/87-10/27/87 6/19/98-3/10/2000 9/19/08-3/5/09 High 93 4,250 80,900 147,000 Low Percentage Decrease 38 2,675 41,300 72,400 (59.1%) (37.1%) (48.9%) (50.7%)”

3. E3 www.berkshirehathaway.com · letters · 2017ltrprintmgr file - Berkshire Hathaway Berkshire Hathaway Inc. Own record

   “In the next 53 years our shares (and others) will experience declines resembling those in the table.”

The count of three declines of about 50% comes only from the table in Berkshire's own 2017 letter [E2], which runs to 2009 and is not independent; the only independent item [E1] confirms just the 2008–2009 decline. No evidence covers the period from 2018 to 2025-11-10, so the count over the whole period in the criteria is not settled.