2015 is the 50th anniversary of the time when Warren took over a textile company called Berkshire Hathaway.
He bought about 69% and then used that as the vehicle and put unbelievable businesses in there including the first serious acquisition which was an insurance company, National Indemnity.
So he built this thing up and he decided he would go through the whole story.
The Berkshire system maximizes having very, very experienced people run their businesses, giving them autonomy, letting them do it for decades at a time including even if they make a few mistakes they know that Warren will be fine, he’ll stick with them. 
And so you have a mind blowingly good set of business managers.
The thing that really struck me for the first time in this letter was the value of experience.
He’s better today than ever because he’s seen so many businesses and he understands business profitability so incredibly well.
Warren’s annual letter this year is the most important one he’s ever written.
