After a decade of stability, the housing market became more volatile when inflation and mortgage rates started surging in 2022. Rising housing prices and mortgage rates have raised the cost of homeownership,

Buffett opened the 2024 letter by being candid about Berkshire's mistakes, essentially saying they are par for the course. By accepting that mistakes happen, Berkshire can focus more on its "batting average" by being right more often than it is wrong. But what Berkshire seems to care the most about is slugging.

The 94-year-old Buffett also acknowledged his advanced age in his annual letter, telling shareholders he now uses a cane and will spend less time fielding their questions at Berkshire's annual meeting in May.