- Berkshire Hathaway's (BRK.A, BRK.B) annual letter hints now might not be the end of major purchases for the conglomerate, specifically in energy. “NV Energy will not be MidAmerican’s last major acquisition,” Warren Buffett writes of last year's $5.6B purchase.
- It's been a year since Berkshire crafted the food industry's biggest takeover with its part in the $28B purchase of Heinz, a "partnership template that may be used by Berkshire in future acquisitions of size," Buffett writes.
- "During the next decade, you will read a lot of news -- bad news -- about public pension plans," he writes, warning about the "gigantic financial tapeworm" created when "promises were made that conflicted with a willingness to fund them."
- No real clues about succession, but promise of a rock-solid business after he's gone: "A century hence, BNSF and MidAmerican Energy will still be playing major roles in our economy," Buffett wrote.
- Berkshire's full annual report