It’s always interesting to look into the mind of the extraordinarily successful. This time up to bat, we have Warren Buffett and Berkshire Hathaway. This is a copy of B&H’s annual report from 2008. There is a lot of great information to be found, especially in the Chairman’s Letter. What’s most interesting, however, is how even handed Mr. Buffett is when describing a less than exemplary year for his company.

Here’s my favorite passage, found on page 6:

In good years and bad, Charlie and I simply focus on four goals:

(1) maintaining Berkshire’s Gibraltar-like financial position, which features huge amounts of
excess liquidity, near-term obligations that are modest, and dozens of sources of earnings
and cash;

(2) widening the “moats” around our operating businesses that give them durable competitive
advantages;

(3) acquiring and developing new and varied streams of earnings;

(4) expanding and nurturing the cadre of outstanding operating managers who, over the years,
have delivered Berkshire exceptional results.

What’s your focus when the chips are down?

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