"Berkshire is now a sprawling conglomerate, constantly trying to sprawl further."

"To put the case simply: If the conglomerate form is used judiciously, it is an ideal structure for maximizing long-term capital growth."

"A conglomerate such as Berkshire is perfectly positioned to allocate capital rationally and at minimal cost."

"Today Berkshire possesses:
(1) an unmatched collection of businesses, most of them now enjoying favorable economic prospects;
(2) a cadre of outstanding managers who, with few exceptions, are unusually devoted to both the subsidiary they operate and to Berkshire;
(3) an extraordinary diversity of earnings, premier financial strength and oceans of liquidity that we will maintain under all circumstances;
(4) a first-choice ranking among many owners and managers who are contemplating sale of their businesses and
(5) in a point related to the preceding item, a culture, distinctive in many ways from that of most large companies, that we have worked 50 years to develop and that is now rock-solid.

"These strengths provide us a wonderful foundation on which to build."

"Managing Berkshire is primarily a job of capital allocation, coupled with the selection and retention of outstanding managers to captain our operating subsidiaries."

— Warren Buffett  ·  2014 Annual Report