Once again, Chris has earned my vote for year-end investor letter of the year. This is a must-read not just for followers of Berkshire Hathaway—as he gives the best update to the Berkshire valuation out there—but to all investors, as his discussion on profit margins and reversion to the mean is important for philosophies of every type (previous letters, including last year's roughly 70-page missive, can be found HERE).
