In good years and bad, Charlie and I simply focus on four goals:
Maintaining Berkshire's Gibraltar-like financial position, which features huge amounts excess liquidity, near-term obligations that are modest, and dozens of sources of earnings and cash;
Widening the "moats" around our operating businesses that give them durable competitive advantages;
Acquiring and developing new and varied streams of earnings;
Expanding and nurturing the cadre of outstanding operating managers who, over the years, have delivered Berkshire exceptional results.