The letter revealed that during 2020, Berkshire repurchased nearly $25 billion of its own shares, dwarfing the previous high of $5 billion in 2019.

But if Buffett’s readers were hoping for pearls of wisdom related to the pandemic, the assault on the U.S. Capitol, last summer’s national reckoning over race or the political state of the country, he didn’t offer any — at least directly. He simply offered a statement of his general bullishness on

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