This episode comprises excerpts from Berkshire Hathaway's annual shareholder letters, penned by Warren Buffett. The letters expound on Buffett's investment philosophy, emphasizing long-term value investing in fundamentally sound businesses, rejecting short-term market speculation and the efficient market hypothesis. Buffett details Berkshire's investment strategies, including arbitrage and the avoidance of debt, while offering insights on market volatility and the importance of understanding a business's intrinsic value before investing. He also shares lessons learned from past investment mistakes, highlighting the dangers of excessive leverage and the pitfalls of following conventional wisdom blindly.
