Warren Buffett

If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well. Pete Legal, one of a kind. Let me pause to tell you the remarkable story of Pete Legal, a man unknown to most Berkshire shareholders, but one who contributed many billions to their aggregate wealth. Pete died in November, still working at 80.

If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well. Pete Legal, one of a kind. Let me pause to tell you the remarkable story of Pete Legal, a man unknown to most Berkshire shareholders, but one who contributed many billions to their aggregate wealth. Pete died in November, still working at 80.

If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well. Pete Legal, one of a kind. Let me pause to tell you the remarkable story of Pete Legal, a man unknown to most Berkshire shareholders, but one who contributed many billions to their aggregate wealth. Pete died in November, still working at 80.

I first heard of Forest River, the Indiana company Pete founded and managed, on June 21, 2005. On that day, I received a letter from an intermediary detailing relevant data about the company, a recreational vehicle RV manufacturer. The writer said that Pete, the 100% owner of Forest River, specifically wanted to sell the Berkshire. He also told me the price that Pete expected to receive.

I first heard of Forest River, the Indiana company Pete founded and managed, on June 21, 2005. On that day, I received a letter from an intermediary detailing relevant data about the company, a recreational vehicle RV manufacturer. The writer said that Pete, the 100% owner of Forest River, specifically wanted to sell the Berkshire. He also told me the price that Pete expected to receive.

I first heard of Forest River, the Indiana company Pete founded and managed, on June 21, 2005. On that day, I received a letter from an intermediary detailing relevant data about the company, a recreational vehicle RV manufacturer. The writer said that Pete, the 100% owner of Forest River, specifically wanted to sell the Berkshire. He also told me the price that Pete expected to receive.

I liked this no-nonsense approach. I did some checking with RV dealers, liked what I learned, and arranged a June 28th meeting in Omaha. Pete bought along his wife, Sharon, and daughter, Lisa. When we met, Pete assured me that he wanted to keep running the business but would feel more comfortable if he could assure financial security for his family.

I liked this no-nonsense approach. I did some checking with RV dealers, liked what I learned, and arranged a June 28th meeting in Omaha. Pete bought along his wife, Sharon, and daughter, Lisa. When we met, Pete assured me that he wanted to keep running the business but would feel more comfortable if he could assure financial security for his family.

I liked this no-nonsense approach. I did some checking with RV dealers, liked what I learned, and arranged a June 28th meeting in Omaha. Pete bought along his wife, Sharon, and daughter, Lisa. When we met, Pete assured me that he wanted to keep running the business but would feel more comfortable if he could assure financial security for his family.

Pete next mentioned that he owned some real estate that was leased to Forest River and had not been covered in the June 21 letter. Within a few minutes, we arrived at a price for those assets as I expressed no need for appraisal by Berkshire but would simply accept his valuation.

Pete next mentioned that he owned some real estate that was leased to Forest River and had not been covered in the June 21 letter. Within a few minutes, we arrived at a price for those assets as I expressed no need for appraisal by Berkshire but would simply accept his valuation.

Pete next mentioned that he owned some real estate that was leased to Forest River and had not been covered in the June 21 letter. Within a few minutes, we arrived at a price for those assets as I expressed no need for appraisal by Berkshire but would simply accept his valuation.

Every company doesn't have an easy to understand business. And there are very few owners or managers like Pete. And of course, I expect to make my share of mistakes about the businesses Berkshire buys and sometimes Aaron evaluating the sort of person with whom I'm dealing.

Every company doesn't have an easy to understand business. And there are very few owners or managers like Pete. And of course, I expect to make my share of mistakes about the businesses Berkshire buys and sometimes Aaron evaluating the sort of person with whom I'm dealing.

Every company doesn't have an easy to understand business. And there are very few owners or managers like Pete. And of course, I expect to make my share of mistakes about the businesses Berkshire buys and sometimes Aaron evaluating the sort of person with whom I'm dealing.

But I've also had many pleasant surprises in both the potential of the business as well as the ability and fidelity of the manager. And experience? Our experience is that a single winning decision can make a breathtaking difference over time. Mistakes fade away. Winners can forever blossom.

But I've also had many pleasant surprises in both the potential of the business as well as the ability and fidelity of the manager. And experience? Our experience is that a single winning decision can make a breathtaking difference over time. Mistakes fade away. Winners can forever blossom.

But I've also had many pleasant surprises in both the potential of the business as well as the ability and fidelity of the manager. And experience? Our experience is that a single winning decision can make a breathtaking difference over time. Mistakes fade away. Winners can forever blossom.

Last year's performance in 2024. Berkshire did better than I expected, though 53% of our 189 operating businesses reported a decline in earnings. We were aided by a predictable large gain in investment income as Treasury bill yields improved and we substantially increased our holdings of these highly liquid short-term securities.

Last year's performance in 2024. Berkshire did better than I expected, though 53% of our 189 operating businesses reported a decline in earnings. We were aided by a predictable large gain in investment income as Treasury bill yields improved and we substantially increased our holdings of these highly liquid short-term securities.