Warren Buffett's 2023 letter to Berkshire Hathaway shareholders. The letter focuses on Berkshire's performance, investment strategies, including long-term holdings in Coca-Cola, American Express, Occidental Petroleum, and five major Japanese companies. Buffett discusses his partnership with the late Charlie Munger, emphasizing Munger's crucial role in shaping Berkshire's success. He also details the company's operating results, highlighting discrepancies between GAAP earnings and Berkshire's preferred "operating earnings" metric. Finally, the letter reflects on Berkshire's unique culture and long-term outlook, emphasizing conservative financial management and a commitment to shareholder value.