Warren Buffett, in his first annual letter to shareholders since the death of his business partner and long-time friend, Charlie Munger, credited his longtime partner for “being the architect” of Berkshire Hathaway.

The renowned investor and CEO tempered expectations by suggesting that exceptional performances may be a thing of the past.

In his

letter

, Buffett shared a series of investment insights and guidance:

“Our goal at Berkshire is simple: We want to own either all or a portion of businesses that enjoy good economics that are fundamental and enduring. Within capitalism, some businesses will flourish for a very long time while others will prove to be sinkholes.

“It’s harder than you would think to predict which will be the winners and losers. And those who tell you they know the answer are usually either self-delusional or snake-oil salesmen.

“At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies – and simply sitting tight – can deliver wealth almost beyond measure. Even heirs to such a holding can – ugh! – sometimes live a lifetime of leisure.

“We also hope these favored businesses are run by able and trustworthy managers, though that is a more difficult judgment to make, however, and Berkshire has had its share of disappointments.” – Buffett