Warren Buffett's exceptional investing skills and long-term commitment to his investments have earned him legendary status on Wall Street. Since taking over as CEO at Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) in 1965, Buffett has delivered staggering returns of 3,787,464%, or nearly 20% compounded annually. These returns have doubled the S 500's performance over that same period.

With results like this, it's no wonder why people comb through Buffett's annual letter to shareholders in search of valuable insights and guidance to become better investors. This year's letter to shareholders provides three key takeaways that can drastically enhance your own approach to investing.

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Source Fool.com