Warren Buffett on Business: Principles from the Sage of Omaha

13.1. Long-Term Economic Goals

In good years and bad, Charlie and I simply focus on four goals:

1. 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;

2. Widening the "moats" around our operating businesses that give them durable competitive advantages;

3. Acquiring and developing new and varied streams of earnings;

4. Expanding and nurturing the cadre of outstanding operating managers who, over the years, have delivered Berkshire exceptional results.^[]