Here's a thread covering our 15 favorite parts from Buffett's incredible $BRK 2022 Shareholder Letter 🧵
1. Buffett claims Berkshire's *insane* 3,787,464% gain is merely a product of "a dozen truly great decisions":
1. Buffett claims Berkshire's *insane* 3,787,464% gain is merely a product of "a dozen truly great decisions":
2. The weeds wither away in significance as the flowers bloom:
3. $BRK's float has increased 8000x since entering the insurance business in 1967:
4. Warren also shared an incredible list of things he has learned from Charlie Munger throughout their six-decade long friendship:
5. The quarterly beat/miss expectations game is "disgusting", according to Warren:
6. When stacking all the $100 bills of corporate tax that $BRK has payed over the last decade, it would grow more than 21 miles into the sky:
7. $BRK's operating system:
8. GAAP earnings are 100% misleading:
9. Warren on repurchases:
"When you are told that all repurchases are harmful to shareholders [...], you are listening to either an economic illiterate or a silver-tongued demagogue"
10. Again on repurchases:
10. Again on repurchases:
!["When you are told that all repurchases are harmful to shareholders [...], you are listening to eith...](https://pbs.twimg.com/media/Fp1QsJnWAAIdxtF.png)
“It’s crucial to understand that stocks often trade at truly foolish prices”
11. Efficient markets exist only in textbooks:
11. Efficient markets exist only in textbooks:
12. Warren on what he calls the "American Tailwind":
13. $BRK's CEOs will always be "Chief Risk Officers":
14. Warren on near-term market forecasts:
"What worked for See’s in the days of Henry Ford’s model T works now."
15. Some incredible See's Candies stats from last year's annual meeting:
15. Some incredible See's Candies stats from last year's annual meeting:
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P.S. If you are going to Omaha in May, please let us know as a few of us from the Quartr team will be there. We'd love to meet up and chat 🙌
P.S. If you are going to Omaha in May, please let us know as a few of us from the Quartr team will be there. We'd love to meet up and chat 🙌
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