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The Art of Doing Nothing

A look at Berkshire’s 2021 annual letter

Warren Buffett, CEO of Berkshire Hathaway, drinks a Cherry Coca-Cola as he tours the exhibition floor prior to the Berkshire Hathaway annual meeting in Omaha, Nebraska on May 1, 2010
Photo: Bloomberg/Getty Images

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…

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