Berkshire Hathaway’s 2017 Annual Report (PDF)

As usual, a cogent, clear-cut, plain-language read. I find Berkshire Hathaway to be such a fascinating company. Their principles are so simple, but because they require patience, no other company has followed them.

Here’s Warren Buffet on how they treat shareholders:

While I’m on the subject of our owners’ gaining knowledge, let me remind you that Charlie and I believe all shareholders should simultaneously have access to new information that Berkshire releases and, if possible, should also have adequate time to digest and analyze that information before any trading takes place. That’s why we try to issue financial data late on Fridays or early on Saturdays and why our annual meeting is always held on a Saturday (a day that also eases traffic and parking problems).

We do not follow the common practice of talking one-on-one with large institutional investors or analysts, treating them instead as we do all other shareholders. There is no one more important to us than the shareholder of limited means who trusts us with a substantial portion of his or her savings. As I run the company day-to-day — and as I write this letter — that is the shareholder whose image is in my mind.

★ Monday, 26 February 2018