![]() When large enterprises are being managed, both trust and rules are essential. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. First, we invest in businesses that we control, usually buying 100% of each. ![]() It is those dedicated savers that are forefront in my mind as I write this letter.Ĭharlie and I allocate your savings at Berkshire between two related forms of ownership. ![]() We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. To the Shareholders of Berkshire Hathaway Inc.:Ĭharlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. Warren Buffett’s annual letter to shareholders to be released today
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