Warren Buffett’s 2022 annual letter to Berkshire Hathaway shareholders

➡ Berkshire Hathaway's Compounded Anual Gain of 19.8% since 1965, beating the S&P by 9.9%!

➡At yearend 2022, Berkshire was the largest owner of eight of these giants: AmericanExpress, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.

➡Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers.

➡ Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal.

➡ The world is full of foolish gamblers, and they will not do as well as the patient investor.

➡ I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.

Warren Buffett’s 2022 annual letter to Berkshire Hathaway shareholders - Full.pdf

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