Warren Buffett：Berkshire 2022 Letter, Excerpt 1

Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.

Source： https://www.berkshirehathaway.com/letters/2022ltr.pdf
Locator：2022 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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