In the business world, the rearview mirror is always clearer than the windshield. - Warren Buffett

an unvaryingly strong liquid position and avoidance of money-market borrowings;

At Berkshire, we will continue to look for business-savvy directors who are owner-oriented and arrive with a strong specific interest in our company. Thought and principles, not robot-like “process,” will guide their actions. In representing your interests, they will, of course, seek managers whose goals include delighting their customers, cherishing their associates and acting as good citizens of both their communities and our country. Those objectives are not new. They were the goals of able CEOs sixty years ago and remain so. Who would have it otherwise?

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.