Buffett shareholder letter: Will always invest the vast majority of funds in stocks, with the value of tradable stocks held last year dropping to $272 billion

According to a report by Golden Ten, Buffett released his annual shareholder letter, in which he mentioned that the value of his tradable shares held last year decreased from $354 billion to $272 billion, but the value of his non listed controlling stake has increased and remains much higher than the value of his tradable stock investment portfolio. We will always invest the vast majority of their funds in stocks, primarily US stocks, despite many of these companies having significant international operations. Berkshire Hathaway will never be more inclined to hold cash equivalent assets and give up holding equity in high-quality companies, whether it is controlling equity or partial equity. In 2024, Berkshire's performance exceeded expectations, despite 53% of its 189 operating companies reporting a decline in earnings. Due to the increase in the yield of US treasury bond bonds, the holdings of these highly liquid short-term securities have increased significantly, and the investment income has achieved a predictable growth. Berkshire Hathaway has been continuously increasing borrowing denominated in Japanese yen, but not following any fixed pattern. All loans are fixed rate and there are no "floating rate" loans. We do not predict the future trend of foreign exchange rates, so we strive to maintain a near neutral position in terms of currency.