Warren Buffett

To be precise, Berkshire last year made four payments to the IRS that totaled $26.8 billion. That's about 5% of what all of corporate America paid.

To be precise, Berkshire last year made four payments to the IRS that totaled $26.8 billion. That's about 5% of what all of corporate America paid.

In the other hand, we own a small percentage of a dozen or so very large and highly profitable businesses with household names such as Apple, American Express, Coca-Cola, and Moody's. Many of these companies earn very high returns on the net tangible equity required for their operations. At year end, our partial ownership holdings were valued at $272 billion. Understandably,

In the other hand, we own a small percentage of a dozen or so very large and highly profitable businesses with household names such as Apple, American Express, Coca-Cola, and Moody's. Many of these companies earn very high returns on the net tangible equity required for their operations. At year end, our partial ownership holdings were valued at $272 billion. Understandably,

In the other hand, we own a small percentage of a dozen or so very large and highly profitable businesses with household names such as Apple, American Express, Coca-Cola, and Moody's. Many of these companies earn very high returns on the net tangible equity required for their operations. At year end, our partial ownership holdings were valued at $272 billion. Understandably,

Really outstanding businesses are very seldom offered in their entirety. But small fractions of these gems can be purchased Monday through Friday on Wall Street, and very occasionally, they sell at bargain prices. We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best apply your and my family's savings. Often, nothing looks compelling.

Really outstanding businesses are very seldom offered in their entirety. But small fractions of these gems can be purchased Monday through Friday on Wall Street, and very occasionally, they sell at bargain prices. We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best apply your and my family's savings. Often, nothing looks compelling.

Really outstanding businesses are very seldom offered in their entirety. But small fractions of these gems can be purchased Monday through Friday on Wall Street, and very occasionally, they sell at bargain prices. We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best apply your and my family's savings. Often, nothing looks compelling.

Very infrequently, we find ourselves knee-deep in opportunities. Greg Abel, the future CEO, has vividly shown his ability to act at such times as did Charlie. With marketable equities, it is easier to change course when I make a mistake. Berkshire's present size, it should be understood, diminishes this valuable option. We can't come and go on a dime.

Very infrequently, we find ourselves knee-deep in opportunities. Greg Abel, the future CEO, has vividly shown his ability to act at such times as did Charlie. With marketable equities, it is easier to change course when I make a mistake. Berkshire's present size, it should be understood, diminishes this valuable option. We can't come and go on a dime.

Very infrequently, we find ourselves knee-deep in opportunities. Greg Abel, the future CEO, has vividly shown his ability to act at such times as did Charlie. With marketable equities, it is easier to change course when I make a mistake. Berkshire's present size, it should be understood, diminishes this valuable option. We can't come and go on a dime.

Sometimes a year or more is required to establish or divest an investment.

Sometimes a year or more is required to establish or divest an investment.

Sometimes a year or more is required to establish or divest an investment.

In some countries, this reckless practice has become habitual, and in our country's short history, the U.S. has come close to the edge. Fixed coupon bonds provide no protection against runaway currency.

In some countries, this reckless practice has become habitual, and in our country's short history, the U.S. has come close to the edge. Fixed coupon bonds provide no protection against runaway currency.

In some countries, this reckless practice has become habitual, and in our country's short history, the U.S. has come close to the edge. Fixed coupon bonds provide no protection against runaway currency.

Businesses, as well as individuals with desired talents, however, will usually find a way to cope with monetary instability as long as their goods and services are desired by the country's citizenry. So too with personal skills.

Businesses, as well as individuals with desired talents, however, will usually find a way to cope with monetary instability as long as their goods and services are desired by the country's citizenry. So too with personal skills.

Businesses, as well as individuals with desired talents, however, will usually find a way to cope with monetary instability as long as their goods and services are desired by the country's citizenry. So too with personal skills.