In the recently released annual letter to shareholders, Warren Buffett of Berkshire Hathaway expressed his gratitude towards his late partner Charlie Munger for being the architect behind the conglomerate's success. Buffett cautioned shareholders against heeding advice from Wall Street pundits urging frequent trading and emphasized the importance of long-term strategy.

The letter highlighted Berkshire Hathaway's financial performance, revealing a fourth-quarter profit of $37.57 billion, translating to $26,043 per Class A share. This marked a significant increase from the previous year's profit of $18.08 billion, or $12,355 per Class A share. Despite this success, Buffett advised investors to focus on the company's operating earnings rather than the paper value of investments.

Berkshire Hathaway reported a 28% surge in operating earnings to $8.48 billion, equivalent to $5,878.21 per Class A share, compared to the previous $6.63 billion, or $4,527.06 per Class A share. Analysts had predicted quarterly operating earnings of $5,717.17 per Class A share.

Additionally, Buffett disclosed Berkshire's decision not to sell its stakes in nearly 30% of Occidental Petroleum and 9% of five large Japanese trading houses. The conglomerate repurchased $2.2 billion of its shares in the fourth quarter, totaling $9.2 billion for the year.

Buffett's annual letter is eagerly anticipated by investors, with Berkshire Hathaway's stock reaching a new record of $632,820 per Class A share as the letter was released. The investor is known for his successful track record and wise counsel, making his yearly communication a highly anticipated event within the business world.