While some investors are likely to focus on the biggest-dollar moves made in the fourth quarter, such as the continued aggressive selling of No. 3 holding, Bank of America, the more telling action might be Berkshire's complete exit from the Vanguard S&P 500 ETF ( VOO 0.24%) and SPDR S&P 500 ETF Trust ( SPY 0.23%).

In total, Buffett made 18 transactions, encompassing 750,000 DVA shares. The transactions were executed at prices ranging from $150.77 to $159.15 per unit of DaVita stock. With the size of each individual transaction and the average price per share taken into account, Finbold estimates that the value of the billionaire’s trade was $116,055,616.

Billionaire Warren Buffett is viewed as one of the world’s greatest investors, so his annual letters to Berkshire Hathaway shareholders are always read closely for lessons

The Oracle of Omaha has $180 billion collectively invested in four brand-name companies with well-defined competitive advantages and phenomenal capital-return programs.

There’s a good chance that Berkshire Hathaway’s stock will lag the S&P 500 in the coming years. This is a matter of simple probabilities, and not a criticism of Berkshire Hathaway Chairman and Chief Executive Warren Buffett or his designated successors.

Warren Buffett's annual letter is chock full of tidbits and advice for Berkshire Hathaway investors including a hat tip for its stock holdings such as Apple, American Express, Coca-Cola and Moody’s.

Key Takeaways Warren Buffett's Berkshire Hathaway is set to report fourth-quarter earnings on Saturday.Buffett's annual shareholder letter, which investors look to for commentary on investments and the economy,