Warren Buffett is one of the best (if not the best) value investors of all time. Given Buffett’s advancing years, nobody truly knows how many more of Berkshire’s Shareholders Letter will be penned by the legend himself. As such, I highly recommend all value investors to seize the opportunity to learn directly from him.

In particular, Buffett had devoted a sizeable portion of this year’s letter (here) towards offering expert insights on the limits of current accounting standards. While accounting might be quite a technical and hence daunting subject for the unacquainted, Buffett’s signature clear and concise style allows the content to be easily understood by most.

Accounting aside, here are 3 things I learnt from Berkshire’s 2016 Shareholders Letter:

1) Insurance/Re-insurance industry outlook

While Buffett remained positive on Berkshire’s insurance units, he also offered an ominous warning on the industry’s outlook…