Berkshire Hathaway 2020 Letter to Shareholders

Berkshire earned $42.5 billion in 2020 according to generally accepted accounting principles (commonly called “GAAP”). The four components of that…

Operating earnings are what count most, even during periods when they are not the largest item in our GAAP total. Our focus at Berkshire is both to…

The two GAAP components pertaining to capital gains or losses (whether realized or unrealized) fluctuate capriciously from year to year, reflecting…

As I’ve emphasized many times, Charlie and I view Berkshire’s holdings of marketable stocks – at yearend worth $281 billion – as a collection of…