In Warren Buffett's annual letter to shareholders, the Oracle of Omaha praised his old friend and Berkshire Hathaway partner Charlie Munger who passed away in November at age 99. Buffett also had some choice words for states drowning in regulatory red tape which is hurting some of his holdings. 

Following robust quarterly results and a record $167 billion in cash the conglomerate is moving closer to $1 trillion in market value.