The Art of Doing Nothing
A look at Berkshire’s 2021 annual letter

For investing nerds, Berkshire Hathaway’s annual letter is like Christmas in February. Relative to the cautionary tone of Berkshire’s 2020 annual letter, colored by its $11 billion write-down of its investment in Precision Castparts, a go-go market, and the beginnings of the SPAC craze, the 2021 letter strikes a more balanced tone. With his fortune…