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Final 12 months Berkshire Hathaway inventory went up 4% whereas the S&P 500 (together with dividends) fell 18%. Berkshire isn’t all the time a port within the storm, however it has all the time made it out of the storm by specializing in a very powerful issues: Free money stream, profitability, diversification and high quality of administration. That is how a conglomerate with only a few dozen individuals within the house workplace can put money into a whole lot of companies with 1000’s 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 glad to obtain and share this 12 months’s letter from our chairman, Mr. Warren Buffett.
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