Warren Buffett's annual letter to Berkshire Hathaway shareholders is always much anticipated. While this year's missive talked up America and contained the usual analysis of his company's investments, such as its 5.2% stake in Apple, the letter hit the headlines more for what it was missing than what it contained.

Commentators noted how the burning issue of his successor was dodged, especially as 90-year-old Buffett is certainly aware of the great interest surrounding it, stating that "Charlie [vice chairman Charlie Munger, who is 97 years old] and I long ago entered the urgent zone [in terms of age]. That’s not exactly great news for us. But Berkshire shareholders need not worry: Your company is 100% prepared for our departure." Adding to the disappointment of the lack of a named successor, the lacklustre performance of Berkshire Hathaway shares last year wasn't addressed nor the lack of a dividend payout, and there was zero discussion of the competitive trading pressures the conglomerate is up against.

Many were also surprised that the letter makes no direct mention of hot topics such as last year's presidential election, the Black Lives Matter protests and January's storming of the Capitol, while COVID-19 is only referred to very briefly, which one commentator has called “tone deaf” and “disappointing”.

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