(Bloomberg) — Warren Buffett promised a hefty annual letter this year — some 20,000 words — as he celebrates his 50th anniversary running Berkshire Hathaway Inc. and charts its next half century.

The report, which is usually closer to 14,000 words, has long been a must-read on Wall Street — full of homespun wisdom about investing and business. The contents are a closely guarded secret before the release as Buffett, 84, exchanges drafts with retired Fortune magazine writer Carol Loomis.

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