Berkshire Chairman Warren Buffett

Berkshire Chairman Warren Buffett

Daniel Acker/Bloomberg

Warren Buffett, chairman of Berkshire Hathaway Inc., tours the vendor floor during the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska on May 5, 2012. Berkshire spent a record $9.8 billion last year on plant and equipment as it bolstered the railroad and energy units, Buffett wrote in the letter.