Subject: Re: Rest is noise
1st Q report they list 4th Q 2022 shareholder equity as $473,424. That's a little different than was listed in the annual report, $472,360.

Yes, that's supposed to happen. You can think of the shareholder equity as the size of our pizza. The number of shares outstanding is the number of slices. Most companies put a lot of focus on the size of this pizza, but some keep slicing the pizza into ever smaller slices so that your own slice doesn't grow. Berkshire is focused on growing per share value, so their focus is growing the size of your individual slices.

At its most basic calculation, you take the Assets (trains, factories, cash, power plants), and subtract the liabilities (things like debt, money owed to employees). The remaining money is shareholders equity.