In this episode, we discuss the major points Warren Buffett covered in his 2021 annual letter and talk about some lessons investors can learn from them. 
We discuss: 
- the importance of recognizing mistakes and learning from them
- why operating earnings are a better measure of Berkshire's business than GAAP earnings
- the evolution of Buffett's investment approach over time
- why Berkshire's approach differs from most other conglomerates
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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