2020 Shareholder Letter

Date: February 2021 Author: Warren Buffett Company: Berkshire Hathaway Source: 2020 Letter (PDF)

Overview

Written during the COVID-19 pandemic, this letter contains critical lessons about crisis management and Berkshire's unprecedented moves (selling airline stocks, holding record cash).

Key Points

The COVID Crisis

Buffett explained the unique nature of the 2020 crisis and Berkshire's response.

Major Decisions

• Sold airline stocks (Southwest, etc.) — First time selling in a crisis
• Held record cash position ($140 billion+)
• No major acquisitions despite low prices

Famous Quotes

"The most important thing to do in a crisis is to maintain your liquidity and be ready to act when others are panicking."

Related

• letter-2008 — Financial crisis lessons
• letter-2021
• warren-buffett
• berkshire-hathaway
• capital-allocation

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This is a placeholder. Full summary coming soon.