Berkshire Hathaway Inc. Shareholders Letter
Charlie Munger's impact on Berkshire Hathaway and his role as the architect of the company, as well as Warren Buffett's reflection on their partnership and the company's operating results and investment philosophy.
berkshirehathaway.comA managerial “wish list” will not be filled at shareholder expense. We will not diversify by purchasing entire businesses at control prices that ignore long-term economic consequences to our shareholders. We will only do with your money what we would do with our own, weighing fully the values you can obtain by diversifying your own portfolios throu
... See moreDaniel Bakalarz added
In line with this owner-orientation, our directors are all major shareholders of Berkshire Hathaway. In the case of at least four of the five, over 50% of family net worth is represented by holdings of Berkshire. We eat our own cooking.
Juan Orbea and added
We bought businesses that we thought were decent businesses at sensible prices, and we had good people to run them. But we also bought marketable securities in Berkshire. Over time, the emphasis shifted from marketable securities to buying businesses. At first we bought some stocks. Then in 1967 I bought a local insurance company for $8.7 million.