Golden Finance reported that Buffett published an annual shareholder letter, which mentioned that the value of tradable shares held last year fell from $354 billion to $272 billion, but the value of the non-listed controlling shares held increased, and is still far higher than The value of a tradable stock portfolio. We will always invest the vast majority of their funds in stocks—mostly U.S. stocks, although many of these companies have important international operations. Berkshire will never be more inclined to hold cash equivalent assets and give up holding equity in high-quality enterprises, whether it is controlling equity or partial equity.