Lessons From the Oracle: Warren Buffett's Shareholder Letter, Annotated

Your guide to the famous investor's views on the economy, insurance, and his portfolio

Warren Buffett published his annual letter to shareholders on Saturday.

At over $250,000 an A-Share, Berkshire Hathaway Inc. is probably out of reach for most people. But this document is still stuffed with insights into the craft of value investing, as well as providing a top-down view on the state of America from the man who's made an art of bottom-up analysis.

Here’s the play-by-play.

With contributions by Katherine Chiglinsky and Noah Buhayar