Warren Buffett’s 2013 letter is out

You can read it here.

 

The theme is very consistent with previous years – continue to manage existing businesses well, and deploy the large amounts of capital in new acquisitions, blue-chip stocks, and investing in businesses where the regulators will allow the firm to make a return based on the organisation’s legislated asset base (such as BNSF and MidAmerican).

 

Biggest take home message is not to change positions too frequently.  BigAir comes to mind immediately to me – a great business generating great cash.  Why divest to take a profit now?