The Tell: 7 highlights from Warren Buffett’s Berkshire Hathaway investor letter

Billionaire investing legend Warren Buffett on Saturday released his annual letter to Berkshire Hathaway shareholders—an event that many investors circle on their calendars.

His annual investor letters, which he’s been producing for more than 50 years, are pored over for clues to Berkshire Hathaway’s BRK.A, +0.87%BRK.B, +1.01% plans, but also, and usually more productively, for the lessons the 87-year-old Buffett—and his right-hand man, Berkshire Vice Chairman Charlie Munger—have gleaned over the years as the world’s pre-eminent value investors.

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This year’s letter, coming in at 17 pages, is notably shorter than past missives.

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