The most widely anticipated shareholder letter on Wall Street was released on Saturday.

Warren Buffett discussed many topics including Wall Street's obsession with quarterly results, Berkshire Hathaway's $112 billion cash pile and what he wants to do with it, his first stock purchase, the dangers of too much debt, and what he sees as the biggest risks ahead.

The "Oracle of Omaha" also gave a touching tribute to what he described as the "American Tailwind."

"It is beyond arrogance for American businesses or individuals to boast that they have 'done it alone,'" Buffett writes in tribute to America and its military personnel.

Here are the highlights from the chairman and CEO of Berkshire Hathaway: