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Warren Buffett's annual letter highlights Berkshire Hathaway's no-dividend policy. Discusses utility businesses' future and the impact of a cash pile on insurance. Ken Costa talks about a wealth transfer shift. Insights on BRK.A, BRK.B, DPZ, LULU.
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Quick takeaways
- Focus on operating earnings over net income for accurate business health assessment in diversified models like Berkshire Hathaway.
- Debate between reinvestment and dividend distribution arises from Berkshire's mounting cash reserves and evolving market conditions.
Deep dives
Buffett's Views on Operating Earnings vs. Net Earnings
Warren Buffett's latest Berkshire Hathaway annual report emphasizes his preference for operating earnings over net earnings. Buffett argues that net income is often misleading and doesn't reflect a company's true performance; he stresses the importance of looking at operating earnings to gauge a company's actual business health. This focus on operating earnings specifically relates to Berkshire Hathaway's diversified business model and investment activities, where fluctuations in net income may not accurately represent the company's core operations.
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