Chairman's Message to Shareholders

To the Shareholders of Berkshire Hathaway Inc.:

Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust and work to be worthy of it. Please note particularly that my partner and I never take a fee of any sort from Berkshire.

What We Do

Our goal is simple: We want to improve the operating results of our many subsidiaries and, when possible, to buy new businesses that are likely to deliver good returns on the capital they employ. We also try to hold our costs to a minimum.

At Berkshire, we make no attempt to pick the few winners that will emerge from an ocean of unproven enterprises. We're not smart enough to do that, and we know it. Instead, we try to apply a simple test: Can we understand the business?

Our Performance

In 2023, Berkshire's operating earnings – our preferred measure of performance – were $37.4 billion, an increase of $5.5 billion from 2022. Charlie and I focus on this operational figure and urge you to do so as well.

Looking Forward

America's economic soil remains fertile. Companies and entrepreneurs will continue to propel our country's growth. Yes, the road has been bumpy, and yes, more bumps will come. America's best days lie ahead.