It’s around that time of year again when Warren Buffett releases his annual letter to Berkshire Hathaway shareholders. (Buffett has been writing his annual letters since 1965 and you can read his past letters here.)

I shared 14 things I learned from Buffett’s 2016 annual letter the previous year (and the year before that). This year, Buffett has once again shared his wit and wisdom as he reveals his thoughts about Berkshire Hathaway’s past year’s performance and his outlook ahead.

So if you don’t have the time to go through all 17 pages of his latest essay, here are seven things I learned from Warren Buffett’s 2017 annual letter to Berkshire Hathaway shareholders:

1. New GAAP (generally accepted accounting principles) rules mean that Berkshire must now include unrealised fair value gains/losses in its net income figures. Previously, Berkshire only had to include realised gains and losses. As …