Annual Letter to Shareholders

Berkshire Hathaway

Warren Buffett

Research

16 Pages

Warren Buffett reflects on Berkshire Hathaway’s strong 2023 performance, highlighting disciplined capital management, record cash levels, and the company’s readiness to act when opportunities arise. The letter also honors Charlie Munger’s influence and reinforces Berkshire’s long-term value investing principles.

Read Warren Buffett’s annual letter, which begins with a tribute to Charlie Munger.

Key Takeaways

Operating earnings surged: Berkshire posted a 21% increase in operating profit, reaching $37.4 billion for 2023, with strong Q4 results.
Cash reserves remain elevated: The firm ended the year with approximately $167 billion in cash and Treasuries, emphasizing flexibility and caution.
Acquisitions are scarce: With few attractive large-scale deals available, Buffett signaled more share repurchases and patience in deploying capital.
VIEW FULL REPORT

Join our newsletter to have all of this content + Exclusive Newsletter Bonus Content delivered to your inbox every week

Related Content

Miscellaneous
Thanksgiving Message from Warren Buffett
Nov 2025
Miscellaneous
2025 Annual Shareholder Letter
Mar 2025
Miscellaneous
Ruminating on Asset Allocation
Oct 2024

The information contained in this communication is of a general nature for informational purposes only, and does not constitute financial, investment, tax or legal advice. The information contained within this communication reflects the opinions of those referenced herein, and do not reflect the opinions of The Idea Farm, L.P. and its affiliates. Such opinions expressed herein are as of the date of production and are subject to change at any time without notice due to various factors, including changing market conditions or tax laws. Where data or information prepared by third parties is presented, no representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by The Idea Farm, L.P. or any other person. While such sources are believed to be reliable, The Idea Farm, L.P. does not assume any responsibility for the accuracy or completeness of such information and does not undertake any obligation to update the information contained herein as of any future date. Any links to third party websites are offered only for use at your own discretion. The Idea Farm L.P., and its affiliates, are separate and unaffiliated from any third parties listed herein and are not responsible for their products, services, policies or the content of their website. All investments are subject to varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product referenced directly or indirectly in this communication will be profitable, perform equally to any corresponding indicated historical performance level(s), or be suitable for your portfolio. Past performance is not an indicator of future results.

Scroll to Top