Buffett's highly anticipated annual letter arrives Saturday. Here's what to expect

Warren Buffett is about to release his must-read annual letter where he's expected to pay a heartwarming tribute to the late Charlie Munger. The 93-year-old chairman and CEO of Berkshire Hathaway is slated to release his annual shareholder letter Saturday at 8:00 a.m. ET, along with the conglomerate's fourth-quarter earnings. It will be the first time Buffett's loyal followers hear from him after the passing of his right-hand man and business partner of 60 years. "What I'm looking forward to in the annual letter is what Warren Buffett writes about Charlie Munger," said Steve Check, president and CIO of Check Capital Management and a Berkshire shareholder since 1995. "They worked formally together at Berkshire for 45 years, and informally for about 20 years before that. It'll be a great recap I'm sure of their partnership over the decades." Munger died in November, just one month shy of his 100th birthday. His unparalleled business acumen as well as uniquely sharp tongue left a mark on generations of investors. Munger's investment philosophy rubbed off on a young Buffett, giving rise to the sprawling conglomerate worth $900 billion today. Succession details Munger's passing returned attention to Berkshire's succession plans. While it's been known that Greg Abel, vice chairman of Berkshire's non-insurance operations, will eventually succeed Buffett, shareholders still want more color on the future roles of other top executives at Berkshire. "Succession is a top-of-mind issue for many Berkshire investors," Cathy Seifert, Berkshire analyst at CFRA Research, said in a note. "Can we get an update on succession plans and more color on the next level of management talent that currently exists at Berkshire?" Buffett's investment lieutenants, Todd Combs and Ted Weschler, have taken on more responsibilities at Berkshire, independently overseeing about $15 billion each. But little has been disclosed about their track record in recent years. "I would like to know how Todd and Ted have done managing their portfolios over the last 10 years because they're going to be managing all the money," Check said. Record cash? Berkshire's cash pile swelled to a record $157.2 billion at the end of September. Investors expect the war chest grew even larger by the end of 2023. BRK.A 1Y mountain Berkshire Hathaway The Omaha-based conglomerate — owner of everything from Geico insurance to BNSF Railway to Dairy Queen ice cream — recently touched consecutive record highs, trading above $620,000 for Class A shares and boasting a market value above $900 billion. Berkshire has gained about 16% in 2024, more than double the S & P 500′s return, after climbing 16% in all of 2023. The run up in Berkshire shares may have curbed the amount of buyback activity in the fourth quarter. Berkshire spent $1.1 billion to repurchase shares in last year's third quarter.