Warren Buffett, chairman and CEO of Berkshire Hathaway, reflected on two personal investments in a letter to shareholders: a 400-acre farm purchased in 1986 for $280,000, and a retail property near New York University purchased in 1993. He stated that these two non-stock investments would be "solid and satisfactory holdings" for his descendants and anticipated that their income would continue to grow for decades to come. Buffett noted that by 2014, the farm investment's earnings had tripled and its value had increased fivefold; the retail property's annual dividends had exceeded 35% of the original equity investment, and it had also generated a special dividend of over 150% through refinancing.