video transcript

Warren Buffett -- the annual letter to shareholders this year with a couple surprises specifically to apologies. One for Berkshire's underperformance compared to the S&P 500. And the other for failing to make a big acquisition 2000. But he went back to result in -- and LG said that he and Charlie longer does business partner are hunting for more major acquisitions this year. You say much about what you'd like to acquire the he did say one of the things Berkshire will buy more newspapers. -- in the -- -- wolves achieved. One of the other issues the address this year was dividends. He actually spent three pages out of the twins -- page letter talking about nothing but Berkshire's dividend policy specifically. That it will pay -- Three years shareholders have been asking 10 Berkshire paid dividend. Why won't torture they want at this year he finally answered them. -- great links. Essentially his argument comes down to there are better ways reversion to spend its money and to grow value for shareholders. Then by giving money back to. So that was one of the major highlights letter. Also the acquisition talk also Buffett's confidence in America. He uses the letter every years -- groups. Express himself about his admiration for America American business opportunity. And he did that you this year. Virtual -- record spending. In 2013. Capital expenditures. It's railroad utility other assets. And he said flat out to other CEOs. If you worry about it. America's prospects over profitable business called. All quiet front.