巴菲特给股东的信 英文版

巴菲特给股东的信英文版

Dear Shareholders,

I wanted to take this opportunity to update you on the current state of Berkshire Hathaway and provide some insights into our recent activities.

Firstly, I am pleased to report that 2020 was another successful year for Berkshire Hathaway, despite the challenges brought about by the global pandemic. Our net earnings for the year were $42.5 billion, and our operating earnings were $21.9 billion. This success was largely driven by the outstanding performance of our operating businesses, as well as the improving market conditions.

Our insurance subsidiaries, in particular, had an exceptional year. Both GEICO and Berkshire Hathaway Reinsurance Group reported strong results, and we are confident in the long-term prospects of these businesses.

In addition to our operating businesses, we also made several significant investments during the year. Some of the notable investments include a substantial purchase of Apple stock, as well as new investments in Verizon Communications and Chevron Corporation. We believe that these investments align with our long-term financial goals and will continue to generate value for our shareholders in the years to come.

In terms of capital allocation, we continue to prioritize the repurchase of Berkshire Hathaway shares. In 2020, we repurchased a record $24.7 billion worth of shares, a further indication of our

confidence in the intrinsic value of our company. We will continue to pursue this strategy in the future, as long as we believe that repurchases represent good value for our shareholders.

Looking ahead, we remain optimistic about the future prospects of Berkshire Hathaway. Our strong balance sheet, diversified portfolio, and talented management team position us well to navigate any challenges that may come our way. We will continue to seek out attractive investment opportunities and grow our businesses organically in order to create long-term value for our shareholders.

Lastly, I want to express my gratitude to you, our shareholders, for your ongoing support and confidence in Berkshire Hathaway. We are committed to delivering on our promises and working tirelessly to generate superior returns for all of our shareholders.

Sincerely,

Warren Buffett