"Warren Buffett's Annual Letter: Wall Street Warning and Berkshire's Record Cash"

In his annual letter to shareholders, Warren Buffett warns against heeding Wall Street advice and recounts Berkshire Hathaway's successes, crediting his late partner Charlie Munger for the company's architecture. Buffett reassures investors that Berkshire is a safe place for their cash, but cautions against expecting eye-popping performance. He also discusses the company's succession plan and praises vice chairman Greg Abel's readiness to take over as CEO. Berkshire's fourth-quarter profit more than doubled, but Buffett advises focusing on operating earnings rather than bottom line figures. Despite record stock repurchases, Berkshire's cash reserves continue to grow as Buffett struggles to find attractive investment opportunities.