Good afternoon, friends. Did you have a pleasant weekend?
Last night, Berkshire released its 2022 annual report, and the Oracle of Omaha, Buffett, issued his annual shareholder letter. For value investors, Mr. Buffett's letter holds significant learning value. The world is changing, and the Oracle is evolving; we must keep pace with him.
Below is the full text of Buffett’s letter to shareholders,with additional annotations in red brackets provided by me. If there are any misinterpretations, I welcome your generous guidance.

To the Shareholders of Berkshire Hathaway:

My long-term partner Charlie Munger and I are entrusted with managing substantial wealth belonging to many shareholders. We thank them for their enduring trust, which often begins in their early adulthood and continues to this day. In writing this letter, my first task is to express gratitude to our shareholders.

It is commonly believed that one should save during youth, hoping to maintain a certain standard of living after retirement and leave a legacy for family or friends.

However, the behavior we observe is different. A large number of Berkshire Hathaway investors are essentially "philanthropists." While they live comfortably, they ultimately give most of their funds to charitable organizations. This money changes the futures of many people they have never met.

The use of money exposes human nature. Charlie and I watch with great interest as the enormous wealth generated by Berkshire is directed toward fulfilling public needs, alongside shareholders who are not keen on frequent trading.(That is, they ensure the long-term nature of investment capital, which is crucial for Buffett, in contrast to fund managers who...