By
Borsgade
In keeping with tradition, Buffett has written an interesting letter to his fellow investors in connection with Berkshire’s annual report.
This year’s letter starts (appropriately enough) with a recognition of Charlie Munger’s efforts and impact on Berkshire Hathaway in the wake of Munger’s death. A role Buffett describes as the ‘architect’ behind Berkshire. Undoubtedly a title that would have pleased Munger, who was a great architecture enthusiast.
In the letter, Buffett touches on a number of topics, including what qualities he looks for when investing.
At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies – and simply sitting tight – can deliver wealth almost beyond measure. Even heirs to such a holding can – ugh! – sometimes live a lifetime of leisure.
We also hope these favored businesses are run by able and trustworthy managers, though that is a more difficult judgment to make, however, and Berkshire has had its share of disappointments.
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