Core Insights - Warren Buffett has consistently communicated with Berkshire Hathaway investors through annual letters since 1977, highlighting successes and acknowledging mistakes while discussing the unique qualities of certain businesses [2] - As of 2020, Berkshire Hathaway has achieved a staggering return of 2,810,526% since Buffett took over in 1965, with a further 40% increase in the last five years, totaling 5,502,284% [3][6] Group 1: Key Businesses - The four key businesses identified by Buffett as "jewels" are crucial to Berkshire's value, with Apple being the most significant, generating over $100 billion in profit from a $40 billion investment [3][4] - Despite selling nearly 70% of its Apple shares in 2023 for tax reasons, Apple remains Berkshire's largest position, valued at $64.8 billion, constituting 20.7% of its total holdings [4] - Berkshire's property & casualty insurance operation allows the company to invest collected premiums, leveraging a "float" of $138 billion in 2020, which can be utilized for investments in stocks or bonds [5][7]