The source material consists of the 1971 Annual Report for Berkshire Hathaway Inc., featuring a detailed message from Chairman Warren E. Buffett dated March 13, 1972. Buffett reports that 1971 operating earnings exceeded 14% of equity, highlighting the success of capital redeployment despite continued low returns and inadequate margins in the original textile business. The company’s burgeoning Insurance Operations experienced an exceptionally profitable year due to favorable market conditions, though management cautioned that industry-wide rate cutting would likely lead to a substantial decrease in volume during 1972. Berkshire's other main enterprise, The Illinois National Bank & Trust Co. of Rockford, remained highly profitable relative to its deposits, yet it faced struggles against lowering industry-wide interest rates that threatened 1972 earnings stability. The report also contains extensive audited financial statements for the consolidated entity, its Insurance Group, and its Bank Subsidiary, illustrating the company’s focus on maintaining a strongly financed position across all operations.