It is once again that time of the year where Warren Buffett has released his 2019 Shareholder’s Letter. Over the last 40 years, these letters have become an annual read across the value investors, where each letter always provides certain investing wisdoms that we can learn as beginners or refresh ourselves as more seasoned investors.

In this article, I will be sharing a summary of the 3 biggest takeaways I had after reading Berkshire Hathaway’s 2019 Shareholder’s Letter. For those interested in the full letter, you may find it here.

For the crux of Smith’s insight, I will quote an early reviewer of his book, none other than John Maynard Keynes: “I have kept until last what is perhaps Mr. Smith’s most important, and is certainly his most novel, point. Well-managed industrial companies do not, as a rule, distribute to the shareholders the whole of their