Abel: Berkshire is still evaluating numerous investment opportunities and will maintain patience and discipline.

In the shareholder letter, Abel stated: Throughout Berkshire's development, there have been observers who believe that our large cash position means we are pulling back from investing. This is not the case. We are still evaluating numerous investment opportunities and will maintain patience and discipline to seek suitable investment targets for the benefit of shareholders. In 2025, our investment strategy led Berkshire to announce the acquisition of two distinctly different companies: Oak Chemical and Bell Laboratories. Share buybacks are another important capital allocation choice. When the trading price of Berkshire stock is below our conservative estimate of intrinsic value, we will repurchase shares to ensure that buybacks can enhance the per-share value for long-term shareholders. If opportunities arise, we may also directly purchase a large stake from major shareholders. These acquisitions allow shareholders to hold a higher proportion of Berkshire's business assets without the need to add any of their own funds. Whether acquiring an entire company, purchasing part of a publicly traded company's shares, or buying back our own stock, we adhere to capital discipline. Regardless of the size of our cash and U.S. Treasury holdings, this principle will not change. We will carefully assess value, act patiently, and hold for the long term - preferably indefinitely.