Warren Buffett
Berkshire Hathaway
2013
Annual Letter
On Long-Term Investing, Productive Assets, and the Nebraska Farm
Buffett uses a personal story about a Nebraska farm to illustrate the principles of long-term, productive asset investing. He details the partnership with 3G Capital to acquire Heinz, signaling a new model for large-scale acquisitions. The letter reinforces the idea that investors should ignore market volatility and focus on the underlying earnings power and future productivity of their holdings.