The Berkshire Hathaway 1998 Full-Year Report chronicles a year of massive expansion, with book value jumping 48.3% following the landmark acquisitions of General Re and Executive Jet. Buffett emphasized intrinsic value over book value, warning that issuing stock for mergers can distort reported figures. While the insurance engine, powered by GEICO, continued to generate vital investment "float," and brands like See’s and Dairy Queen remained strong, the company's massive size caused its stock portfolio to trail the S&P 500. Now holding the largest capital base in U.S. corporate history at $57.4 billion, Berkshire’s strategy remains focused on disciplined, "fat pitch" acquisitions for the long term.