According to online reports, Buffett published an annual shareholder letter, which mentioned that the value of tradable stocks held last year dropped from US$354 billion to US$272 billion, but the value of the unlisted controlling equity held has increased and is still much higher than the value of the tradable stock portfolio. We will always invest the vast majority of their money in stocks-mainly U.S. stocks, although many of these companies will have important international operations. Berkshire will never be more inclined to hold cash equivalent assets than give up holding equity in high-quality companies, whether it is a controlling stake or a partial stake.