Berkshire Hathaway Annual Letter to Shareholders 2023

Citations · 6

• “$27.6 billion for 2021; $30.9 billion for 2022 and $37.4 billion for 2023”

  p#22 · confidence 95%

• “Last year BNSF's earnings declined more than I expected, as revenues fell. Though fuel costs also fell, wage increases, promulgated in Washington, were far beyond the country's inflation goals.”

  p#86 · confidence 93%

• “the regulatory climate in a few states has raised the specter of zero profitability or even bankruptcy”

  p#90 · confidence 90%

• “Berkshire now occupies nearly 6% of the universe in which it operates. Doubling our huge base is simply not possible within, say, a five-year period”

  p#35 · confidence 94%

• “Berkshire owned 27.8% of Occidental Petroleum's common shares and also owned warrants that, for more than five years, give us the option to materially increase our ownership”

  p#61 · confidence 95%

• “I can't remember a period since March 11, 1942 – the date of my first stock purchase – that I have not had a majority of my net worth in equities, U.S.-based equities.”

  p#25 · confidence 95%