Buffett’s letter is shorter than usual but remains upbeat, witty, and educational. Many of Buffett’s legendary quotes come from these letters filled with integrity, sardonic humor, and corniness.
This year’s message reminds us that the company’s well-positioned businesses reflect the economy, can withstand higher inflation, and pay a lot of taxes.
Buffett is always ready to vocalize his criticism aimed at company managements who use financial engineering to prop up earnings and their stocks more than is acceptable.
Property And Casualty Operations And Its Insurance “Float”
The first giant is Berkshire’s 100% ownership of its insurance companies, managed by Ajit Jain, which provide products that positively perform in economic growth and inflation.
Berkshire Hathaway Energy
According to Buffett, this utility business has long been making climate-conscious moves that are capital intensive, and the reason why it doesn’t pay dividends to Berkshire.