The only event as eagerly anticipated every spring as baseball’s opening day is Berkshire Hathaway’s Annual Report, and in particular, Chairman Warren Buffett’s (the “Sage of Omaha”)  Letter to its Shareholders. It needs no commentary from me except to note that this year Mr. Buffett’s partner, Charlie Munger, is no longer with us. The letter begins with a tribute to Mr. Munger and is followed by 13 pages of Mr. Buffett’s remarkable wisdom.

For those with even a casual interest in investing, it’s well worth your time.