In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire's. And I doubt very much that any reader of this letter will have a different experience in the future." "Buffett is very humble in assessing his own investment prowess, and unnecessarily so," said Thomas Russo, a partner at Gardner Russo & Quinn and longtime Berkshire investor. Buffett also said "trust and rules are essential" in running large businesses, even amid the inevitable disappointments, and urged investors not to dwell on near-term market conditions. Bill Smead, a longtime Berkshire investor at Smead Capital Management, said: "He's poking fun at people who try to add money without adding value."
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