What You Can Learn From Warren Buffett’s Mistakes

There was very little in the way of news in the annual letter to Berkshire Hathaway Inc. shareholders that Warren Buffett released Saturday morning. Buffett did mention that “Berkshire had a good year in 2022,” with operating earnings of $30.8 billion, and disclosed that subsidiary See’s Candies sold $400,309, or 11 tons, of its peanut brittle and chocolates at last year’s annual meeting in Omaha. But the main thing that stood out about the letter was its brevity — at 4,455 words, it was the shortest Buffett shareholder letter in 44 years.

Yes, I began assembling this data before the new letter came out — I suspected there might not be a lot else to discuss. The trajectory was already giving the unmistakable signal that the Berkshire chairman is winding things down. And, well, of course he is: Buffett is 92; his longtime business partner, Berkshire Vice Chairman Charles Munger, is 99.