Warren Buffett’s annual letter to Berkshire Hathaway shareholders for 2012 is more than 13,000 words long, but some words stand out more than others. There are 188 words in this year’s missive— including ”fret,” “software,” and “recession-resistant”—that Buffett had never used in his previous 35 letters, which describe his thoughts about Berkshire’s performance and the global business climate.
