Warren Buffett recently released his 2014 letter to shareholders of Berkshire Hathaway. For the first time, he included the historical stock price in his annual letter, which has increased by, hold your breath, 1,826,163% in the last 50 years! The 2014 letter is special not just because it marked the completion of 50 years of Buffett being at helm at Berkshire, but also because it contains a bonus – Charlie Munger’s words of wisdom and vision for Berkshire over the next 50 years. What follows below are 7 valuable lesssons Buffett and Munger have provided in the letter.