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Fw: Morning Brief: Buffett on Berkshire's better-than-expected year

2024 LETTER, PDF, 

https://www.berkshirehathaway.com/letters/2024ltr.pdf

Sent: Saturday, February 22, 2025 at 08:03:27 AM PST

Subject: Morning Brief: Buffett on Berkshire's better-than-expected year

Key stories for the weekend and a special Buffett Brief.  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  

Saturday, Feb 22

👋 Good morning! Friday made for a rough end of the week, as the S&P 500 and Dow fell 1.7% and the Nasdaq lost even more ground, falling a further 2.2% as consumer sentiment nosedived. ‌ Today, we have a special Saturday Morning Brief from Myles Udland, our Head of News, on Warren Buffett's latest annual letter to Berkshire Hathaway shareholders.

📫 Buffett's latest reflections Berkshire Hathaway (BRK-B, BRK-A) CEO Warren Buffett defended his company's growing cash pile, reflected on mistakes, and again touted what he called the "American miracle" of US economic growth over the last two centuries as the conglomerate reported record operating earnings of $47.4 billion last year. ‌ In his 2024 annual letter to Berkshire shareholders published Saturday, Buffett said these record profits came despite more than half (53%) of the company's operating businesses reporting a decline in earnings last year. ‌ "In 2024, Berkshire did better than I expected though 53% of our 189 operating businesses reported a decline in earnings," Buffett wrote. ‌ "We were aided by a predictable large gain in investment income as Treasury Bill yields improved and we substantially increased our holdings of these highly-liquid short-term securities." ‌ At the end of the year, Berkshire's pile of cash and other cash-like securities, such as Treasury Bills, stood at $334.2 billion, almost double the $167.6 billion seen at the end of 2023. The value of Berkshire's equity portfolio stood at $272 billion at year-end; at the end of 2023, these holdings were valued at $354 billion. ‌ Major sales of Berkshire's stake in Apple (AAPL) during the first, second, and third quarters of 2024 saw the value of its holdings in the tech giant fall by about $100 billion.

At the top of this year's annual letter, Buffett began with reflections on the many mistakes made at Berkshire Hathaway over the years, but kept his comments general on the advice of the late Tom Murphy: "praise by name, criticize by category." ‌ "Sometimes I've made mistakes in assessing the future economics of a business I've purchased for Berkshire – each a case of capital allocation gone wrong. That happens with both judgments about marketable equities — we view these as partial ownership of businesses — and the 100% acquisitions of companies. ‌ "At other times, I've made mistakes when assessing the abilities or fidelity of the managers Berkshire is hiring. The fidelity disappointments can hurt beyond their financial impact, a pain that can approach that of a failed marriage." ‌ "During the 2019-23 period, I have used the words 'mistake' or 'error' 16 times in my letters to you," Buffett added. "Many other huge companies have never used either word over that span." ‌ Buffett added that, given his advanced age it "won't be long" before Greg Abel takes his place as CEO and writes annual letters to Berkshire shareholders. ‌ "Greg shares the Berkshire creed that a 'report' is what a Berkshire CEO annually owes to owners," Buffett wrote. "And he also understands that if you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well." ‌ In reference to Berkshire's current investments, Buffett also noted some of the "disappointments" that populate that portfolio. ‌ "We own nothing that is a major drag," Buffett wrote, "but we have a number that I should not have purchased." ‌ Read more here.

📰 Key stories for the weekend 📉 Dow, S&P 500, Nasdaq sink as consumers start to sour on US economy. ‌ 📉 Reddit stock falls more than 20% since last week's earnings report as 6-month rally eases. ‌ 🏆 Gold notches eighth weekly gain as precious metals shipments to US rise. ‌ ✈️ Why the model for low-cost airlines may be 'evaporating.' ‌ 🤝 Would a Tesla-Nissan mash-up make sense? ‌ 😔 Inflation fears surge in February as consumer sentiment plunges over tariff uncertainty. ‌ ⏮️ DEI retreat widens as Citigroup and PepsiCo roll back diversity policies. ‌ ⚡️Rivian posts $170 million 'gross profit' in Q4, sees losses decreasing as variable costs improve. ‌ 🧮 Elon Musk won't drop the idea of auditing the Fed. ‌ 🏥 UnitedHealth Group stock plummets on DOJ investigation report. ‌ 🛒 Walmart stock gets pummeled — here's what Wall Street is chatting about in the aftermath.

🎙️ 3 conversations we're still thinking about 🏦 Federal Reserve Bank of Atlanta president Raphael Bostic on how the inflation 'bumpiness' isn't surprising. ‌ 🍪 Lam Research CFO Doug Bettinger on how the AI-powered chip industry can grow amid tariffs and regulations.  ‌ 💰 Tusk Venture Partners founder Bradley Tusk on how venture capital has 'been' dead.

Morning Brief is written and edited by Ethan Wolff-Mann.

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Why banks are closing accounts without explanation, leaving Canadians scrambling

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【股票】50歲投資還來得及？1招讓退休金放大10倍？財金教授：只存高息ETF有4陷阱？！ft.周冠男｜下班經濟學518｜謝哲青 @TheStor...

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Honest Math - Free and Powerful Retirement Planning Software

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NVDA - Nvidia Corp Stock Comparison - Barchart.com

Bar chart


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The Highs and Lows of British Columbia's Property Taxes

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Nine Canadian fund managers offer their top picks and portfolio advice for 2025

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Fund Overlap | ETF Research Center

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Total Mkt is Better, 

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用人民币购买, 

• SP500

场内ETF	场外	规模	费用	发行时间
513500	050025	140亿	0.85%	2013
161125	012860	5亿	1.05%	2016

• N100

场内ETF	场外	规模	费用	发行时间
513100	160213	130亿	0.8%	2013
159501	016533	38亿	0.6%	2023
513300	015299	25亿	0.8%	2020

• VGT

场内ETF	场外	规模	费用	发行时间
161128	003721	16亿	1.05%	2016

https://blog.wenxuecity.com/myblog/80634/202411/26434.html 

地区	标普500指数	纳斯达克100指数
美国	VOO，SPY	QQQM，QQQ
中国	513500	513100
加拿大	VFV，ZSP	XQQ
英国	VUAG	EQQQ
欧盟	VUSA	EQQQ
日本	1655	1545
澳大利亚	IHVV	NDQ
台湾	00646	00662

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3 ETFs That Replicate Buffett's Investment Strategy (MOAT, XLF)