Berkshire Hathaway 2011 Annual Report Download - page 24

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Neither Charlie nor I will get so much as a clue about the questions to be asked. We know the
journalists and analysts will come up with some tough ones, and that’s the way we like it. All told, we expect at
least 54 questions, which will allow for six from each analyst and journalist and 18 from the audience. If there is
some extra time, we will take more from the audience. Audience questioners will be determined by drawings that
will take place at 8:15 a.m. at each of the 13 microphones located in the arena and main overflow room.
************
For good reason, I regularly extol the accomplishments of our operating managers. They are truly
All-Stars, who run their businesses as if they were the only asset owned by their families. I believe their mindset
to be as shareholder-oriented as can be found in the universe of large publicly-owned companies. Most have no
financial need to work; the joy of hitting business “home runs” means as much to them as their paycheck.
Equally important, however, are the 23 men and women who work with me at our corporate office (all
on one floor, which is the way we intend to keep it!).
This group efficiently deals with a multitude of SEC and other regulatory requirements and files a
17,839-page Federal income tax return – hello, Guinness! – as well as state and foreign returns. Additionally,
they respond to countless shareholder and media inquiries, get out the annual report, prepare for the country’s
largest annual meeting, coordinate the Board’s activities – and the list goes on and on.
They handle all of these business tasks cheerfully and with unbelievable efficiency, making my life easy
and pleasant. Their efforts go beyond activities strictly related to Berkshire: They deal with 48 universities (selected
from 200 applicants) who will send students to Omaha this school year for a day with me and also handle all kinds
of requests that I receive, arrange my travel, and even get me hamburgers for lunch. No CEO has it better.
This home office crew, along with our operating managers, has my deepest thanks and deserves yours
as well. Come to Omaha – the cradle of capitalism – on May 5th and tell them so.
February 25, 2012 Warren E. Buffett
Chairman of the Board
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