Warren Buffett’s highly anticipated shareholder letter was released this past weekend.
 
In this annual letter, Berkshire Hathaway's quarterly reports have offered investors a glimpse into the company's inner workings.
 
Buffett also highlighted the fact that among the biggest winners in Berkshire’s investment portfolio was its 5.4% stake in Apple. Buffett noted that the iPhone maker was now one of his company’s three biggest assets, with its stake worth $120 billion as of December 31, 2020.
 
Berkshire ended last year with $138 billion in cash. This is likely due to the market still being extremely overvalued. 
 
Being one of the best value investors in the world — if not the best in the world — Buffett understands the importance of only purchasing wonderful companies at discount prices. 
 
In the annual letter to shareholders, Buffett reminded investors that miracles do occur in middle America despite much of the attention on the east and west coast. 
 
“Success stories abound throughout America,” the investor said. “Since our country’s birth, individuals with an idea, ambition and often just a pittance of capital have succeeded beyond their dreams by creating something new or by improving the customer’s experience with something old.”
 
In today’s podcast, Phil and Danielle discuss a few key takeaways from Warren Buffett’s annual letter to shareholders, and why Warren Buffett and Charlie Munger are two of the most important value investors in history.
 
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