Berkshire Hathaway (BRK.B) (BRK.A) paid $26.8B to the Internal Revenue Service last year, "about 5% of what all of corporate America paid," Chairman, CEO and legendary investor Warren Buffett wrote in his annual shareholders' letter on Saturday.

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 Chairman and Chief Executive Warren Buffett or his designated successors.