When Warren Buffet talks ... investors listen. Photo: Nati Harnik, AP.

The annual letter from Warren Buffett to Berkshire Hathaway’s shareholders is a touchstone of sorts. In the 2015 letter released earlier this month, Buffett and his longtime partner, Charlie Munger, review not just the 2014 financials of the Berkshire “conglomerate,” but look back over the last 50 years. In his avuncular style, Buffett provides plenty of advice for professional investors and “the little guy” along the way.

In the letter, Munger also addresses “the elephant in the room”: how Berkshire will proceed after Buffett departs.

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