Investors expecting big changes in tone, or radical shifts in strategy from Warren Buffett and Charlie Munger in Berkshire Hathaway’s 2018 shareholder letter were once again disappointed. For years, investors have studied succession plans at Berkshire for Buffett, 88, and Munger, 95, and this year’s letter gave further evidence of what they will be. New accounting rules, he argued, undervalue these operating businesses. When Berkshire Invests It Isn’t Just Stocks And Elephant-Sized DealsA theme that deserves more study at Berkshire is how it invests cash into its operating businesses. Don’t sleep on Jain and Abel as investors, Berkshire’s owned businesses generated $37.4 billion in operating cash flow last year.

Source: The North Africa Journal February 26, 2019 09:11 UTC