What's on Warren's mind?

After nearly ten months of uncharacteristic silence, Warren Buffett will share some his thoughts tomorrow (Saturday) morning in his annual letter to Berkshire Hathaway shareholders.

It will be part of the 2020 Annual Report, which will be posted around 8 AM Eastern Time on the company's website. Fourth quarter financial results will be released at the same time.

The last time we heard extensively from him was the 2020 annual meeting in May, when he expressed confidence the U.S. economy would survive the COVID-19 pandemic. "The American miracle, the American magic has always prevailed and it will do so again."

Since then, the stock market rebounded to new highs, with "meme stocks" like GameStop soaring and falling in a battle between rocket emojis on WallStreetBets and short-selling hedge funds, and seemingly everyone starting their own SPAC.

There were also widespread protests over racial injustice, a White House victory for Joe Biden, a violent riot at the Capitol, and a second impeachment acquittal for Donald Trump.

Also since the meeting on May 2, more than 437 thousand COVID deaths have been recorded in the United States and, more recently, 70 million doses of COVID vaccine have been administered in the country.

(Warren Buffett and Charlie Munger have received four of those doses, with both getting two shots of the Pfizer version.)

As CFRA Research analyst Cathy Seifert told Bloomberg, "If this letter doesn’t address some of the issues, people are going to be disappointed. There is an appetite for his thoughts."

We know what's on Charlie's mind

Munger spoke for two hours Wednesday at the Daily Journal annual meeting, which was live streamed by Yahoo Finance.

As you usual, he was not shy about what he's thinking, starting with the GameStop short squeeze: "It's really stupid to have a culture which encourages as much gambling in stocks by people who have the mindset of racetrack betters."

He put some of the blame on new brokers like Robinhood that are "selling them gambling services where you rake profits off the top ... I think it's a dirty way to make money. And I think that we're crazy to allow it." 

A Robinhood spokesperson told CNBC Munger's criticism is "disappointing and elitist."

Munger also doesn't like SPACs, saying "the world would be better off without them."

"I think this kind of crazy speculation in enterprises not even found or picked out yet, is a sign of an irritating bubble." He then added a typically explicit description of what he thinks the investment banking profession is willing to sell.

Speaking a bit more diplomatically, he acknowledged that "Warren got disenchanted with Wells Fargo," selling most of Berkshire's position in the bank's stock after its 2016 scandal.

BUFFETT AROUND THE INTERNET

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BERKSHIRE STOCK WATCH

BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Feb 26, 2021

Berkshire's top holdings of disclosed publicly-traded U.S. stocks by market value, based on today's closing prices.

Holdings are as of December 31, 2020 as reported in Berkshire Hathaway’s 13F filing on February 16, 2021, except for Apple, Bank of America, and U.S. Bancorp, which also include shares held as of December 31, 2020 as disclosed in New England Asset Management’s 13F filing on February 16, 2021.

The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.

QUESTIONS OR COMMENTS

Please send any questions or comments about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, but we don't forward questions or comments to Buffett himself.)

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The usual stock chart generator wasn't working tonight. I hope to have things back to normal next week.

-- Alex Crippen, Editor, Warren Buffett Watch