Extreme fiscal conservatism is a corporate pledge we make to those who have joined us in ownership of Berkshire. In most years — indeed in most decades — our caution will likely prove to be unneeded behavior — akin to an insurance policy on a fortress-like building thought to be fireproof. But Berkshire does not want to inflict permanent financial damage — quotational shrinkage for extended periods can’t be avoided — on Bertie or any of the individuals who have trusted us with their savings. Berkshire is built to last.
