Berkshire's Shareholder Letter: Preview

NEW YORK (TheStreet) -- Buffett fans and followers are getting anxious for the release of the Berkshire Hathaway(BRK.A) annual shareholder letter.

While we have already been treated to a preview of this hotly anticipated tome, the full piece is sure to be chock full of information regarding Warren Buffett's investing empire, as well as insight into the broader world.

Warren Buffett

2011 was a busy year for the billionaire investor, but here are a few topics that will be interesting to look for in this year's letter.

Personnel Changes

It has been a wild year for the Berkshire Hathaway roster as investors watched both new names join the ranks and old names step away under controversial circumstances. In last year's letter, Warren Buffett spent multiple paragraphs praising David Sokol for his efforts in turning around the struggling NetJets. Weeks later, however, Sokol would surprise investors, announcing that he was stepping down from his post.

>>Cramer: Oil Hoarders Driving Up Gas Prices

Although he claimed to be relinquishing his position to focus on his family's finances and his own philanthropy, investors would soon uncover reports of questionable Lubrizol trades he made prior to Berkshire's acquisition of the firm. Buffett would initially defend his protégé. However, his tone would eventually change after a Berkshire Hathaway Audit Committee uncovered actions that violated the firm's code of ethics.

Although the Sokol news stole headlines, it will be interesting to see if Buffett will spend excessive time rehashing the past. Instead, any discussion relating to personnel changes will likely center on the alternations that will or have already impacted the future of Berkshire Hathaway. Over the past few months, investors watched as Buffett's newest hires, Todd Combs and Ted Weschler, begin to take over the reins of the legendary Berkshire Hathaway portfolio. Commentators have speculated over whether Buffett would add a third, fixed income-focused portfolio manager to the mix.

Finally, readers may also uncover some new clues regarding the investor's succession plans. We have already learned that his son, Howard, will be taking over as non-executive chairman, but the futures of other potential Buffett heirs like Ajit Jain remain up in the air.