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.

While reading the entire 42-page letter is well worth it, especially for Berkshire shareholders, whose annual meeting is scheduled for the weekend of May 1-3 in Omaha, Nebraskam, we've pulled out some of the gems in the form of six warnings to advisors and investors. 

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James J. Green

Jamie Green is editor of Jamie Green Reports, an advisor-focused writing, editing and shepherding service. He can be reached at [email protected]. Jamie is former Group Editorial Director of the Investment Advisory Group at ALM Media, where he had overall editorial responsibility for ThinkAdvisor.com and Investment Advisor and Research on Wealth magazines, monthly print magazines that have served advisors of all kinds for more than 30 years. In more than 30 years of experience in print and electronic journalism, Jamie has been covering the investment advisory industry since 1999. In the 1990s he worked for nine years at The New York Times, where he was editor of TimesFax, an electronic version of the newspaper of record now known as TimesDigest. In the 1980s he was editor of Tele/Scope, a pioneering electronic news service based in New York, and was editor of Telecommunications Research, a monthly journal. He holds a bachelor's degree in philosophy from St. Hyacinth College in Granby, Massachusetts, and studied theology on the graduate level at St. Anthony-on-the-Hudson, Rensselaer, New York.