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### Warren Buffett’s Annual Letter Highlights

**OMAHA, Neb. (AP) ÔÇö Warren Buffett Gives Credit to Charlie Munger**

Warren Buffett acknowledged the pivotal role played by his late partner, Charlie Munger, in architecting the Berkshire Hathaway conglomerate. He cautioned shareholders against heeding the advice of Wall Street pundits and financial advisors advocating frequent trading.

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**Buffett’s Message to Investors**

Buffett reassured shareholders that Berkshire remains a secure investment choice, although its exceptional past performance may not be replicated due to limited attractive acquisition targets. He highlighted Berkshire’s readiness to capitalize on market disruptions with its substantial cash reserves.

**The Legacy of Charlie Munger**

As Buffett mourned Munger’s passing, he praised his partner’s pivotal role in shaping Berkshire and emphasized Munger’s preference for acquiring outstanding businesses at fair valuations. Munger’s influence and mentorship were paramount in Berkshire’s evolution into a diversified conglomerate.

**Financial Performance and Outlook**

Berkshire’s diverse portfolio yielded a significant profit in the fourth quarter, driven by robust performances in insurance businesses. Buffett emphasized the importance of focusing on operating earnings rather than bottom line profits, encouraging investors to assess underlying operational performance.

**Berkshire’s Share Repurchase and Market Value**

The company repurchased shares worth $2.2 billion in the fourth quarter, demonstrating confidence in its value. Berkshire’s stock reached record highs, reflecting investor confidence in Buffett’s leadership and long-term strategy.

**Conclusion**

Buffett’s annual letter serves as a compass for long-term investors, offering insights into Berkshire’s performance, strategic direction, and the enduring legacy of his partnership with Charlie Munger. By leveraging AI legalese decoder, investors can navigate complex legal text in financial disclosures, enhancing their understanding of investment opportunities and risks.

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