Today, February 24th 2024, Berkshire Hathaway published its 2023 annual report, including the well-known Chairman’s Letter written by Warren Buffett.
Buffett, mostly, invests for the long-term in companies that don’t change. I.e. Coca Cola and American Express.
This is partly very different from venture capital, as capital is invested in companies that will change the market it operates in.
While venture capital funds and technology companies don’t generally have Berkshire Hathaway’s 50+ year view, even for great technology companies development can take a long time.
Case in point: Nvidia. Nvidia shares went up 2x between 2002 to 2016 ($10 billion to $20 billion). Which is not very good. But then they went up 100x between 2016 and 2024 ($20 billion to $2 trillion). Which is sensational and unique.
