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

In his annual letter to shareholders, Warren Buffett warns against listening to Wall Street pundits and financial advisers who urge frequent trading, and reassures investors that Berkshire Hathaway is a safe place to park cash despite the lack of attractively priced acquisition targets. He praises his late partner Charlie Munger's contributions to Berkshire and discusses the company's succession plan, with vice chairman Greg Abel set to replace him as CEO. Berkshire's diverse businesses delivered a strong profit, but Buffett cautions investors to focus on operating earnings rather than bottom line figures. Despite record stock repurchases and a recent acquisition, Berkshire's cash reserves continue to grow due to a lack of significant investment opportunities.