Victory Lap

He is taking a victory lap. The letter is backward looking and more about “look at me” than helping his partners know the future of the business.

Operating income grew a piddly CAGR 4.6% in 4 years for railroads, energy and manufacturing his favorite grove. Barely above inflation.

BRK is stuck in low growth, capital intensive, low margin business.

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You should spend you time on more valuable things like the Saul board.

4 Likes

" The letter is backward looking "

I almost hate to say it but the Divster has a fair point here. Crossed my mind.

:scream::joy::kissing_heart:

2 Likes