From Morningstar:

Warren Buffett of Berkshire Hathaway released his 2023 letter to shareholders, with financial results, highlighting key points on dividend payouts, successor plans, and long-term stock picks.

Buffett honored the late Charlie Munger in his letter, crediting him for Berkshire’s success and sharing investing principles for lasting wealth.

Berkshire Hathaway’s long-term stock picks include Coca-Cola, American Express, Occidental Petroleum, and Japanese financial conglomerates, signaling confidence in their future performance. Buffett emphasizes patience and quality investments.

Buffett acknowledges Berkshire’s significant cash reserves, attributing it to fiscal conservatism and strategic planning for potential investments and acquisitions during challenging financial times.

While Berkshire does not currently pay dividends, the question remains open for the future. Greg Abel emerges as a potential successor to Buffett, with the possibility of more information at Berkshire Hathaway’s upcoming annual meeting in May.



Read more at Morningstar: Warren Buffett on Charlie Munger, Cash Piles and…