Warren Buffett just released his annual letter to Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) shareholders, and in this investor's eyes, it was his best in years.

Aside from the fitting tribute to longtime partner Charlie Munger, who passed away late last year at age 99, Buffett expounded on Berkshire's investments in a way he hadn't in many years.

It wasn't all good news, though. In fact, there were some chilling warnings on two of Berkshire's largest businesses: BNSF railroad and Berkshire Hathaway Energy. But the warnings weren't company-specific; rather, the adverse developments were relevant to investors in any railroad or utility stock.

Continue reading

Source Fool.com