This the most coveted letter that investors look forward to each year. Having read them over the years, Warren Buffett’s investment principles have started to stick and grown on me over time. It’s these four investment tenets that Buffett highlights: invest in a business you understand, that has a wide economic moat, is run by honest and able managers, and don’t overpay for the business.

So if you don’t have the time to go through all 14 pages of his latest letter, here are 10 things I learned from Warren Buffett’s 2019 annual letter to Berkshire Hathaway shareholders:

1. The new GAAP rule to recognize unrealized gains and losses in the income statement is not a good reflection of the earning power of the business. Buffett has reiterated this for the past couple of years. With a portfolio size of close to a quarter-trillion dollars, fluctuations in the stock market