Billionaire investor Warren Buffett, CEO of Berkshire Hathaway, had a lot to say in his annual letter to shareholders. His message was one of optimism and patience, despite the rocky market conditions in the past year.

Buffett also issued a clear warning against inflation, and admonished money managers for their “disgusting” behavior.

Berkshire Hathaway’s fourth-quarter operating earnings fell 8%, and its cash hoard swelled to nearly $130 billion. Buffett’s annual letter revealed the company’s “secret sauce” and a crucial lesson for investors.

The billionaire investor’s letter was met with mixed reactions, but overall it was seen as a sign of hope and resilience in the face of a difficult market.

For more information on Warren Buffett’s annual letter, view full coverage on USNN.