Berkshire Hathaway Inc. Annual Report 2024

An annual shareholder letter from Warren Buffett discusses Berkshire Hathaway's performance, investment strategy, management perspectives, company developments, mistakes, and updates on key businesses, emphasizing a long-term approach to capital allocation and growth.

berkshirehathaway.com

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Lacking such assets as athletic excellence, a wonderful voice, medical or legal skills or, for that matter, any special talents, I have had to rely on equities throughout my life. In effect, I have depended on the success of American businesses and I will continue to do so.

Warren E. Buffett • Berkshire Hathaway Inc. Annual Report 2024

EEthan Anderson

Warren Buffett

These long-termers are the purchases that sometimes make the cash register ring like church bells.

Warren E. Buffett • Berkshire Hathaway Inc. Annual Report 2024

EEthan Anderson

Warren Buffett on businesses that are highly profitable over the long term, although not always in the short term.

One further point in our CEO selections: I never look at where a candidate has gone to school. Never!

Warren E. Buffett • Berkshire Hathaway Inc. Annual Report 2024

EEthan Anderson

Warren Buffett

The cardinal sin is delaying the correction of mistakes or what Charlie Munger called “thumb-sucking.” Problems, he would tell me, cannot be wished away. They require action, however uncomfortable that may be.

Warren E. Buffett • Berkshire Hathaway Inc. Annual Report 2024

EEthan Anderson

Warren Buffett

During the 2019-23 period, I have used the words “mistake” or “error” 16 times in my letters to you. Many other huge companies have never used either word over that span.

Warren E. Buffett • Berkshire Hathaway Inc. Annual Report 2024

EEthan Anderson

Warren Buffett