Final yr Berkshire Hathaway inventory went up 4% whereas the S&P 500 (together with dividends) fell 18%. Berkshire is just not at all times a port within the storm, but it surely has at all times made it out of the storm by specializing in a very powerful issues: Free money movement, profitability, diversification and high quality of administration. That is how a conglomerate with just some dozen folks within the residence workplace can spend money on a whole lot of companies with hundreds of workers and endure over the course of half a century (and, let’s hope, past).

As a long-time shareholder of Berkshire, I’m pleased to obtain and share this yr’s letter from our chairman, Mr. Warren Buffett.

Berkshire Hathaway 2022 annual report