Warren Buffett Uses His Annual Letter to Warn About Wall Street and Recount Berkshire’s Successes

OMAHA, Neb.—Warren Buffett credited his longtime partner—the late Charlie Munger—with being the architect of the Berkshire Hathaway conglomerate he has received the credit for leading and warned shareholders in his annual letter Saturday not to listen to Wall Street pundits or financial advisers who urge them to trade often.

Mr. Buffett said he always writes his letter with smart, long-term investors like his sister Bertie in mind and tries to tell them what he thinks they would like to know about Berkshire.

“She is sensible—very sensible—instinctively knowing that pundits should always be ignored,” Mr. Buffett wrote about Bertie. “After all, if she could reliably predict tomorrow’s winners, would she freely share her valuable insights and thereby increase competitive buying? That would be like finding gold and then handing a map to the neighbors showing its location.”

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