Warren Buffett quietly boosted his Japan bets, warned about Fed rate hikes, and defended his tax contributions. Here are 12 key insights from his annual letter.

Warren Buffett’s latest letter to Berkshire Hathaway shareholders contained plenty of nuggets for close followers of the investor and his company. Buffett blamed the stock-market boom for a surge in deceptive accounting, and assured investors that Berkshire would deal with higher interest rates and do its part to combat climate change. 

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