This Berkshire Hathaway Inc. shareholder letter details the company's 2022 performance, comparing its growth to that of the S&P 500. Buffett and Munger discuss their investment strategies, emphasizing long-term holdings in controlled businesses and publicly traded stocks chosen for their enduring economic strength, not short-term market fluctuations. The letter highlights the significant success of investments like Coca-Cola and American Express, illustrating the power of compounding returns and long-term vision. Finally, the letter reflects on the importance of competent management, risk assessment, and the American economy's overall positive trajectory.