Warren Buffett released his well-anticipated FY21 shareholder letter on 26 Feb 2022. My immediate reaction was that it was a short letter and Buffett acknowledged it, “Alas, there was little action of that sort in 2021.” There were 11 pages, lowest count in the past 5 years (13-16 pages). In fact, the last 5 years had fewer pages than the previous 5 (more than 20 pages). I’m not complaining as I prefer shorter, to-the-point reads. It was an observable pattern though. More importantly, the takeaways… #1 Berkshire has the most plant and equipment among American companies

“Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.”

That’s a cool fact. While the world is touting asset-light businesses, here we have Berkshire Hathaway being the asset heaviest company in America. It wasn’t deliberate but I think he saw these...