[**Warren Buffett 2025 Shareholders Letter + Berkshire Hathaway 10-K**](https://macro.com/app/pdf/d9a4aa74-dcb3-45c7-8fa5-409286914a80/pdf/671879a1-ca33-42f6-8a9a-41667841259d)
**Top Ten Quotes:**
1. *"The cardinal sin is delaying the correction of mistakes."*
2. *"If you start fooling your shareholders, you will soon believe your own baloney."*
3. *"Greg Abel will replace me as CEO... Greg shares the Berkshire creed."*
4. *"Business talent is innate, with nature swamping nurture."*
5. *"I avidly believe in lifelong learning."*
6. *"Treasury Bill yields improved, boosting investment income."*
7. *"GEICO needed major repolishing... the 2024 improvement was spectacular."*
8. *"A staggering insurance loss will occur someday."*
9. *"Mistakes fade; winners can forever blossom."*
10. *"I expressed no need for appraisal... accepted his valuation."*