Every year, Warren Buffett posts a letter to the shareholders of Berkshire Hathaway.

His company has compounded annual gains of 20% since 1965 (blowing away S&P500 or the "market" at 10%).

Here are some highlights of his letter for the year 2020.

👇👇👇 4 components of earnings:

- $21.9B of operating earnings,
- $4.9B of realized capital gains,
- $26.7B from unrealized gains by current holdings,
- $11B loss from a write-down

Although Berkshire made no big acquisitions & earnings fell 9%, intrinsic value per share went up by 5%