Subject: 2024 Annual Report Notes:
What a joy to read!
So nice to be reminded that in a world where "so many scoundrels and promoters seek to take advantage of those who mistakenly trust them with
their savings," I am fortunate enough to be invested in a business run by an honest, intelligent, trustworthy, gentleman, Warren Buffett.

A few highlights for me:
"If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well."

"I asked Pete what his compensation should be, adding that whatever he said, I would accept. (This, I should add, is not an approach I recommend for general use.)
Pete paused as his wife, daughter and I leaned forward. Then he surprised us: "Well, I looked at Berkshire’s proxy statement and I wouldn’t want to make more than my boss, so pay
me $100,000 per year." The four of us then went to dinner at Omaha’s Happy Hollow Club and lived happily ever after. During the next 19 years, Pete shot the lights out. No competitor came close to his
performance."

"We were aided by a predictable large gain in investment income as Treasury Bill yields improved and we substantially increased our holdings of these highly-liquid short-term securities."

"Our measure excludes capital gains or losses on the stocks and bonds we own, whether realized or unrealized. Over time, we think it highly likely that gains will prevail – why else
would we buy these securities? – though the year-by-year numbers will swing wildly and unpredictably. Our horizon for such commitments is almost always far longer than a single year.
In many, our thinking involves decades. These long-termers are the purchases that sometimes make the cash register ring like church bells."

"Fast forward 60 years and imagine the surprise at the Treasury when that same company – still operating under the name of Berkshire Hathaway – paid far more in corporate
income tax than the U.S. government had ever received from any company – even the American tech titans that commanded market values in the trillions."

"The American process has not always been pretty – our country has forever had many scoundrels and promoters who seek to take advantage of those who mistakenly trust them with
their savings. But even with such malfeasance – which remains in full force today – and also much deployment of capital that eventually floundered because of brutal competition or
disruptive innovation, the savings of Americans has delivered a quantity and quality of output beyond the dreams of any colonist. From a base of only four million people – and despite
a brutal internal war early on, pitting one American against another – America changed the world in the blink of a celestial eye."

"In a very minor way, Berkshire shareholders have participated in the American miracle by foregoing dividends, thereby electing to reinvest rather than consume. Originally, this
reinvestment was tiny, almost meaningless, but over time, it mushroomed, reflecting the mixture of a sustained culture of savings, combined with the magic of long-term compounding."

"So thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for
no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on
your part."

Great stuff! Thank you Warren, you're the best!