In good years and bad, Charlie and I simply focus on four goals: 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; widening the “moats” around our operating businesses that give them durable competitive advantages; acquiring and developing new and varied streams of earnings; expanding and nurturing the cadre of outstanding operating managers who, over the years, have delivered Berkshire exceptional results.
