Berkshire Hathaway Inc. Shareholders Letter

Charlie Munger's impact on Berkshire Hathaway and his role as the architect of the company, as well as Warren Buffett's reflection on their partnership and the company's operating results and investment philosophy.

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Bill and I had decided we were going to reinvest our profits and not resort to long-term borrowing. I felt very strongly about this issue, and we found we were clearly able to finance 100 percent growth per year by reinvesting our profits. After some discussion with the members of the board, they seemed to be impressed with what we were doing but s

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