Warren Buffett has warned shareholders his time is nearly up, talked up his successor, and taken steps to protect Berkshire Hathaway and his legacy.

There’s a good chance that Berkshire Hathaway’s stock will lag the S&P 500 in the coming years. This is a matter of simple probabilities, and not a criticism of Berkshire Hathaway (BRK-B, BRK-A) Chairman and Chief Executive Warren Buffett or his designated successors.

Billionaire Warren Buffett is viewed as one of the world’s greatest investors, so his annual letters to Berkshire Hathaway shareholders are always read closely for lessons.