This 2020 Berkshire Hathaway Inc. shareholder letter reports strong financial performance despite a challenging year, exceeding the S&P 500's returns significantly over its history. The letter details Berkshire's diverse investment strategy, emphasizing its holdings in both controlled and non-controlled businesses, including significant positions in Apple and BNSF Railway. A key focus is on Berkshire's share repurchase program, highlighting its effectiveness in increasing shareholder value. The letter also showcases successful long-term investments in various companies, illustrating Berkshire's commitment to partnering with strong management teams and building enduring businesses. Finally, it announces plans for a virtual annual shareholder meeting, emphasizing the company's unique partnership-like relationship with its shareholders.