Berkshire reports a 62 percent drop in 2008 Saturday February 28, 9:15 am ET By Josh Funk, AP Business Writer Buffett reports 62 percent drop in 2008 net income in his worst year at Berkshire Hathaway OMAHA, Neb. (AP) -- Warren Buffett's Berkshire Hathaway Inc. has reported a 62 percent drop in its 2008 net income because investment and derivative losses of nearly $7.5 billion weighed on the results. Billionaire Buffett details his worst year leading Berkshire in a shareholder letter issued Saturday. Berkshire reported $4.99 billion net income, or $3,224 per share, in 2008. That's down from $13.21 billion, or $8,548, in 2007. Buffett says the Omaha-based company's book value -- assets minus liabilities -- declined 9.6 percent to $70,530 per share in 2008. Berkshire's book value declined only one other time under Buffett, and that was a 6.2 percent decline in 2001. Two analysts surveyed by Thomson Reuters on average expected Berkshire to report a 2008 profit of $5,534.50 per share. --- I envision we hit limit down in futures early Monday only to open down slightly and close down a moderate 1 or 2%, Just like 10/24/08.