Warren Buffett：Berkshire 2024 Letter, Excerpt 2

Pete paused as his wife, daughter and I leaned forward. Then he surprised us: “Well, I looked at Berkshire’s proxy statement and I wouldn’t want to make more than my boss, so pay me $100,000 per year.” After I picked myself off the floor, Pete added: “But we will earn X (he named a number) this year, and I would like an annual bonus of 10% of any earnings above what the company is now delivering.” I replied: “OK Pete, but if Forest River makes any significant acquisitions we will make an appropriate adjustment for the additional capital thus employed.” I didn’t define “appropriate” or “significant,” but those vague terms never caused a problem.

Source： https://www.berkshirehathaway.com/letters/2024ltr.pdf
Locator：2024 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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