Value Is the Word From Buffett

Looking for subliminal investment tips in the annual letter to shareholders.

That Vulcan thing isn't easy to do.

Photographer: Scott Olsen/Getty Images

The letter is out. It isn't quite as long as last year's 50th-anniversary special, but at 18,473 words it's still the second-longest Berkshire Hathaway shareholder letter since Warren Buffett started writing them in their current chatty form in 1978 (I'm referring to the letter for 1977, which was sent out on March 14, 1978).

What's in it? Well, here's what's in it:

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