Sue Decker

Sue Decker argues that the growth of Berkshire Hathaway's operating earnings is more important than the stock portfolio or capital allocation. She points out that operating earnings are now $45 billion after tax, and a 12% increase adds $5.5 billion, which is as much as Burlington Northern earns in a year. This implies that focusing on operational execution can add significant value without needing acquisitions, making Berkshire's core business the key driver of future returns.