Berkshire's simple secrets to success

In the firm's annual letter to shareholders, Warren Buffett and Charlie Munger reflect on Berkshire Hathaway's history and future prospects.
By Jason Stipp |  04-03-15

Berkshire Hathaway released its fourth-quarter results and 2014 annual letter Saturday morning--required (and highly anticipated) reading for value investors and Warren Buffett acolytes the world over.

Morningstar's stock analysts will sort through the earnings release in a separate report. Beyond the business results, Buffett's annual letters also include ruminations on investing and more than a handful of insightful quotes to tide investors over until Berkshire's annual meeting--also known as the Woodstock for Capitalists--which happens the first weekend in May.

Fifty years ago, current management took over at Berkshire, and on the occasion of this year's letter, Buffett and his business partner, Charlie Munger, each recounted the ride, along with their expectations for the next 50 years. Their portions were written independently, the letter stated, and "neither changed a word of his commentary after reading what the other had written."

There was a good bit of overlap between the two accounts and several interesting points worth consideration for investors today--both Berkshire shareholders and any other fundamentals-based long-term-minded investors.

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The next CEO and the next 50 years

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