NEW YORK ( TheStreet) -- Warren Buffett has released what is regarded as the most widely anticipated missive within the financial realm. The Berkshire Hathaway ( BRK.A) shareholder letter provides investors and non-investors alike with insight into Buffett's investment holding empire, as well as a clearer window into minds of both the Oracle and his partner, Charlie Munger . Without any self-penned autobiography of his own, some view this yearly document as the best and most thorough account of Buffett's business and personal life from the investor's own perspective. >>Warren Buffett can't be everywhere, or can he? In this letter, Buffett outlined the structure of Berkshire Hathaway and provided a forecast for the firm heading into the future. Additionally, Buffett gave his own take on a number of hot topics including the U.S. economy, which he is confident is on the mend; the U.S. financial system bailouts, which earned Buffett billions with Goldman Sachs ( GS); the investor's all-in purchase of Burlington Northern Santa Fe ( BNI); and his feelings regarding stock-fueled mergers and acquisitions, such as the Kraft ( KFT)- Cadbury ( CBY) deal, which Buffett adamantly disapproves. One of more interesting themes of Buffett's letter was his focus on Berkshire Hathaway's investing strategy. Recently, a hotly debated issue among Buffett watchers has been whether or not the investor's strategy has gone through a transformation. In the past, Buffett has risen to fame for his ability to find and scoop up undervalued companies with plenty of upside potential. In the past 18 months, this technique earned him impressive profits when he bet billions on Goldman Sachs as it was on the brink of collapse and when he purchased a large chunk of BYD, the Chinese small battery and electric car firm. While these two plays were typical of Buffett's traditional style of investing, a growing number of the investor's recent purchases have shown him to be focused more on stable, conservative growth rather than on staggering upside potential. Most notable was his railroad purchase, which Buffett has insisted on numerous occasions will not see any massive jumps under Berkshire ownership, but rather provide investors with strong, consistent returns for 100 years or longer.
Speculation about his strategy has been further fed since Buffett unveiled his portfolio holdings via 13-F filings. In late 2009, rather than buying up undervalued companies, the Oracle revealed that he instead opted to buy stable blue-chip firms such as Wal-Mart ( WMT), Johnson & Johnson ( JNJ) and Procter & Gamble ( PG). Prior to Saturday, Buffett watchers were largely left to speculate on whether or not the investor's methods have changed . However, in the annual letter, Buffett appears to put this speculation to rest. At the start of the letter, Buffett made reference to the company's historical performance against the benchmark S&P 500. Though he commended BRK's impressive ability to outperform the index, he noted that the strength going forward will be the company's ability to defend against market tumbles. While discussing the future outlook for Berkshire Hathaway, the financier explains that, though the firm has blown past its benchmark in the past, in recent years the advantage of the firm over the index has shrunk dramatically -- a quality Buffett insists will continue. Later, in the letter, Buffett again touches on the topic of stability again saying that, as the company continues to expand, returns are expected to be above average though not spectacular. As expected, this year's Berkshire Hathaway annual report provided investors with unmatched insight into Buffett's mind. Additionally, the missive highlighted what appears to be the Oracle's acceptance of the fact that Berkshire Hathaway's investment strategy has evolved to focus more on consistent, albeit more conservative growth. Going forward, when it comes to Berkshire Hathaway, the times appear to be changing. Do you feel that Buffett's aim towards stability will alter your and the market's view of him as an investor? Feel free to leave a comment below. -- Written by Don Dion in Williamstown, Mass.